The Daily Journal.- Venezuela’s Vice President for Economic Affairs, Calixto Ortega, presented the country’s economic roadmap on Wednesday during a discussion in Bangkok on the sidelines of the International Monetary Fund (IMF) and World Bank annual meetings. The plan focuses on the oil and mining extractive industries. Ortega, a former president of the Central Bank […]
Continue Reading
Regional consumption increased by 170,000 barrels per day year over year in July, with both countries accounting for more than half of the growth, according to OPEC’s monthly report released Tuesday. The Daily Journal.- Brazil and Venezuela accounted for more than half of the year-over-year growth in Latin America’s oil demand in July, as regional […]
Continue Reading
The Daily Journal.— Acting President Delcy Rodríguez announced Thursday that her government is negotiating 44 additional agreements in the oil sector, which would add to the 61 already signed by state-owned Petróleos de Venezuela (PDVSA), bringing the total to 105 agreements so far this year. “In addition to the 61 agreements that PDVSA has already […]
Continue Reading
The state-owned oil company took advantage of eased U.S. sanctions to add heavy Merey crude to its refining mix The Daily Journal.- In a strategic move to secure energy supplies and reduce costs, state-owned Indian Oil Corporation (IOC) has advanced an industrial modernization plan aimed at increasing the complex’s capacity to 18 million metric tons […]
Continue Reading
The Daily Journal.- U.S. Energy Secretary Chris Wright said the U.S. government’s participation in oil projects in Venezuela could help reduce political risk for investors and provide a measure of stability in the event of future changes in government. Wright made the remarks during an interview with Charlotte Howard, U.S. editor of The Economist. His […]
Continue Reading
The Daily Journal.- Robert González, a leader of the United Federation of Venezuelan Oil Workers (Futpv), called on Petróleos de Venezuela (PDVSA) on Wednesday to immediately begin negotiations on the sector’s collective bargaining agreement, citing a delay of more than eight years in negotiations over labor benefits. González made the demand during a sector-wide plenary […]
Continue Reading
They warned that the power system represents the biggest obstacle, with a deficit of more than 1,500 MW and prolonged blackouts The Daily Journal.- Executives from major international oil companies warned this week that Venezuela’s power supply represents the biggest obstacle to their projects, citing a deficit of more than 1,500 megawatts (MW) and blackouts […]
Continue Reading
The Daily Journal.- Representatives of oil industry unions in Zulia state have called on workers to attend a meeting on October 1 to discuss collective bargaining negotiations and other labor issues affecting industry employees. The meeting will take place at 9:00 a.m. at the Casa de la Cultura and will bring together workers from Baralt […]
Continue Reading
The Daily Journal. — Improving regulatory efficiency and separating the functions of the state-owned oil company from those of the regulatory agency played a decisive role in expanding investment in Angola’s hydrocarbon sector, according to Geraldine Geraldo, Commercial and Strategy Director at Corcel PLC. During the panel “Attracting Upstream Investment in a Competitive World: Global […]
Continue Reading
The Daily Journal. — Venezuela needs to review the tax burden on its hydrocarbon industry to compete for international investment, according to Cristina Tovar, executive president of the Venezuelan Hydrocarbons Association (AVHI), who noted that the sector once operated under a government take of as much as 93%. “We came from a flat 93% government […]
Continue Reading
