The Daily Journal. — Venezuelan company Primavera Infinita signed a Production Participation Contract with Petróleos de Venezuela (PDVSA) on Wednesday to develop the Budare-Elotes block, located between Anzoátegui and Monagas states, as part of a new round of agreements aimed at adding new areas to the country’s oil production portfolio. The parties signed the agreement […]
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The Daily Journal.— U.S. oil exploration company Aspect Holdings will develop several fields in eastern Venezuela over the coming years as part of a new exploration agreement with Petróleos de Venezuela (PDVSA), company President Alex Cranberg announced Wednesday. The parties signed the agreement “for a joint technical and economic feasibility study for the development of […]
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The Daily Journal.- Oil company GeoPark announced its strategic entry into Venezuela’s oil industry through the acquisition and development of the Bare block, located in the Orinoco Oil Belt, in a transaction that will make the Gilinski Group the company’s controlling shareholder. According to Bloomberg, the transaction includes a 25-year Production Participation Contract (CPP) with […]
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The Daily Journal.— Chevron plans to invest more than $7 billion in Venezuela over the next five years and more than double its production in the country to approximately 600,000 barrels per day, following new agreements that improve the fiscal, commercial and legal terms governing its joint ventures. The expansion represents one of the largest […]
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Carlos Mendoza Potellá said Venezuelan oil production will not recover quickly The Daily Journal.- Economist and oil industry expert Carlos Mendoza Potellá said Venezuela has approximately 17,000 abandoned oil wells that the country could reactivate; however, he warned that the process could take years. “We have 17,000 production-capable wells that we abandoned a long time […]
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The Daily Journal – U.S. energy company Crossover Energy has entered the final stage of negotiations to finalize oil agreements with Venezuela, CEO Eric McCrady confirmed during a conference in Houston. The company is finalizing the agreements with Petróleos de Venezuela (PDVSA) and the Ministry of Hydrocarbons. Crossover Energy entered Venezuela after acquiring control of […]
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The Daily Journal.- Rebuilding Venezuela’s energy infrastructure, which has suffered severe damage from corrosion and years of accumulated deterioration, will require multibillion-dollar investments that industry estimates place between US$100 billion and US$220 billion. Economist Francisco Monaldi, director of the Latin America Energy Program at Rice University’s Baker Institute for Public Policy, estimates that the minimum […]
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The Daily Journal — Fluxus Oil, Gas & Energy, owned by Brazilian businessmen Joesley and Wesley Batista, has acquired a stake in a Venezuelan oil production project, according to a Bloomberg report. The transaction adds to a series of private agreements that have emerged following the sanctions relief promoted by the administration of U.S. President […]
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