The Daily Journal.- North American Blue Energy Partners (NABEP) has begun deploying 11 new oil well maintenance rigs (workover rigs) in Venezuela, along with two 1,500-horsepower drilling rigs that arrived in the country on October 7, the company announced in a statement. According to NABEP, this marks the first time in more than 15 years […]
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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 […]
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The Daily Journal.— U.S.-based Pacific Coast Energy Company (PCEC) plans to invest $3.5 billion over the life of its contracts with Petróleos de Venezuela (PDVSA) to reactivate and develop oil fields in the Delta and Cabimas blocks, the company said. PCEC, a California-based company specializing in heavy crude production, took over operations at the fields […]
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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 […]
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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 […]
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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 […]
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The Daily Journal. — The United States updated on Monday the licensing framework governing certain commercial and investment activities related to Venezuela’s oil, gas, petrochemical, and electricity sectors through General Licenses 46E, 48D and 49B issued by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC). The new provisions replace previous versions of those […]
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Julio A. López, Editor-in-Chief. Veteran oil executive Ali Moshiri said he has not signed any memorandum of understanding (MOU) with the Venezuelan government. “The information published by Bloomberg is incorrect,” Moshiri told this publication. The clarification comes just hours after Bloomberg published a report claiming that Moshiri’s team in Caracas had already signed a memorandum […]
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The mechanism means that Venezuela, “an impoverished country, is subsidizing a rich country like the United States,” the economist said Neirlay Andrade.— Venezuela could face a fiscal sacrifice of around US$6 billion under the terms of the new oil agreement with the United States, according to an estimate presented Tuesday by economist José Guerra, who […]
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The Daily Journal.— The Donald Trump administration expects new investments and energy agreements between the United States and Venezuela to double Venezuelan oil production in less than five years, according to a U.S. Department of Energy fact sheet released Friday by the U.S. Embassy in Caracas. The document presents agreements signed this week with companies […]
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