Venezuela’s oil production is running 1.5 million barrels per day (bpd) short of its historic output but it is something that the country must address itself, Ecuador oil minister Carlos Perez said. Caracas should address the shortfall on its own, added Perez on the sidelines of the CERAWeek energy conference in Houston.
Emerging markets trade group EMTA has recommended that bonds issued by Venezuela’s state-owned oil firm PDVSA should be traded flat or without accrued interest, the way bonds in default are typically traded.
U.S. prosecutors announced charges against five former Venezuelan officials accused of soliciting bribes in exchange for helping vendors win favorable treatment from state oil company PDVSA, the latest case to stem from a US$1 billion graft probe.
A fire was registered late Friday at the Refining Complex of Amuay, northwest of Venezuela. The accident baddly affected a distiller. El secretary of the Petroleum’s workers federation, Iván Freites, denounced irregularities due to the lack of maintenance and investment in the oil industry by the State’s PDVSA
It is paradoxical how a country with the largest oil reserves in the world has a shortage of gasoline. Of course, Venezuela does not produce gasoline as such, but sells crude oil and imports gasoline, so with the sanctions imposed by various nations and the very crisis that PDVSA (State Company) suffers - which according to the unions works approximately 13% of its capacity- complicate the problem.
Venezuela has awarded licenses to a unit of Russian oil major Rosneft to develop two offshore gas fields, Rosneft said in a statement.Venezuelan President Nicolas Maduro signed the deal during a visit to Venezuela by Rosneft CEO Igor Sechin, it said.
Venezuela has pulled out of a partnership with Cuba in its Cienfuegos oil refinery and the Caribbean island has taken full ownership of the plant, Cuban state media said. Venezuela is grappling with an economic crisis that already forced it to slash cheap oil shipments to Cuba, which has had a knock-on effect on the island’s ailing economy.
China Petroleum & Chemical Corp., the state-controlled oil company, is suing Petroleos de Venezuela SA in U.S. courts for unpaid bills. Sinopec, as the Chinese company is known, also filed a request for arbitration against PDVSA at the International Chamber of Commerce, as it alleges damages of at least $23.7 million, according to court papers.
Venezuela's former oil czar resigned as ambassador to the United Nations, on what he said were orders from President Nicolas Maduro, a sign of growing divisions in the ruling socialist party amid a deepening economic crisis.
Venezuela's state-owned oil firm PDVSA said Friday it has started to repay US$233 million in interest on two bonds nearing default, days before the end of the 30-day grace period. Writing on Twitter, the company announced the transfer process was started to pay the interest on the PDVSA 8,5% 2020 Bonds and the PDVSA 6% 2022 Bonds.