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 giant Chevron plans to increase its crude oil output in Venezuela by 50% by the end of 2028, targeting production of 420,000 barrels per day (bpd), the company’s Chief Financial Officer Eimear Bonner said during a recent earnings call. The company’s financial results show a sustained recovery in its […]
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The Daily Journal – The U.S. Embassy in Venezuela expressed its support for a framework services agreement between state-owned Petróleos de Venezuela (PDVSA) and multinational company SLB (formerly known as Schlumberger), as part of efforts to modernize oil exploration and production in the South American country. PDVSA and SLB signed the agreement during the IMAGE […]
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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.- India’s state-owned Oil and Natural Gas Corporation (ONGC) obtained a license from the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) to fully resume operations in Venezuela, a senior company executive told The Economic Times. According to the Indian newspaper, the U.S. authorization clears the way for ONGC to “increase production, […]
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The Daily Journal. — Italian energy company ENI is negotiating new contracts with Venezuela and Petróleos de Venezuela (Pdvsa) to align its operations with the country’s new legal framework for the oil sector. At the same time, the company expects to accelerate development of the Junín 5 project in the Orinoco Oil Belt, Reuters reported. […]
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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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The Daily Journal. — U.S. corporations White Hilt Capital and Sunergon Oil Operating have formed a strategic alliance to support the development, production, and export of oil and gas in Venezuela’s Orinoco Oil Belt. Alejandro Terán Martínez, president of the Latin American Association of Oil Professionals of Texas (ALEP) and chief executive officer of Sunergon, […]
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The Daily Journal — ONGC Videsh Ltd. (OVL), the overseas arm of India’s state-owned Oil and Natural Gas Corporation, is developing a strategic plan to resume its crude oil production activities in Venezuela. The company continues to move forward with the initiative even though the Venezuelan State still owes more than $900 million in overdue […]
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The Daily Journal — The Government of India confirmed that discussions during Venezuelan Acting President Delcy Rodríguez’s visit to New Delhi included one central issue: outstanding debts owed to Indian companies, especially in the oil and pharmaceutical sectors, most of which accumulated before and during international sanctions on Caracas. During a press briefing, Rudrendra Tandon, […]
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