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Pdvsa

All articles tagged with #pdvsa

energy8 days ago

US independents eye PDVSA deals to revive Venezuela’s oil output

Independent U.S. oil producers are expected to sign production contracts with Venezuela’s state oil company PDVSA at a Houston ceremony, marking a step in Washington’s push to boost Venezuela’s oil output. The talks, attended by Venezuela’s oil officials, could add up to about 300,000 barrels per day of new production next year, though broader growth hinges on a clearer political framework, dispute resolution, and infrastructure restoration after earthquakes. The White House is not formally involved in the signing, but the moves reflect ongoing U.S. pressure to secure oil revenues for rebuilding efforts.

via Politico|
#contracts#energy#oil
Ex-Congressman and Lobbyist Convicted of Secret Venezuela Lobbying and $50M Laundering Scheme
crime3 months ago

Ex-Congressman and Lobbyist Convicted of Secret Venezuela Lobbying and $50M Laundering Scheme

A Miami federal jury found former U.S. Representative David Rivera and associate Esther Nuhfer guilty of secretly lobbying for Venezuela without registering under FARA and of money-laundering tied to a $50 million contract with PDVSA. They allegedly used coded messages, moved contract proceeds to fund Rivera’s campaign and Nuhfer’s residence, and conspired to obscure the foreign influence. Rivera faces up to 60 years; Nuhfer up to 30, with sentencing to follow.

via Department of Justice (.gov)|
#crime#fara#lobbying
Chevron expands heavy-oil footprint in Venezuela via PDVSA asset swap
business4 months ago

Chevron expands heavy-oil footprint in Venezuela via PDVSA asset swap

Chevron and PDVSA agreed to an asset swap that expands Chevron’s heavy-oil position in Venezuela: Chevron will raise its stake in the Petroindependencia joint venture to 49% and Petropiar will gain rights to develop the Ayacucho 8 area in the Orinoco Belt, while Venezuela will receive Chevron’s 60% and 100% operated interests in the offshore Plataforma Deltana Block 21 and Block 32 gas licenses, and its 25.2% non-operated stake in Petroindependencia. The deal consolidates key assets for development and reinforces Chevron’s long-standing role in Venezuela and regional energy security.

via Chevron|
#ayacucho-8#business#chevron
US eases PDVSA sanctions as Fed hints at a single rate cut this year
world5 months ago

US eases PDVSA sanctions as Fed hints at a single rate cut this year

The U.S. eases sanctions on Venezuela's state-owned PDVSA to help dampen oil prices amid the Iran war, while the Federal Reserve signals only one rate cut this year after holding rates steady. The wrap also notes a temporary Pakistan–Afghanistan ceasefire, Illinois' Juliana Stratton moving toward a U.S. Senate seat, a Southwest heat wave, a landmark WNBA salaries deal, Venezuela's win at the World Baseball Classic, and stocks slipping on energy-price worries and limited rate-cut expectations.

via PBS|
#federalreserve#illinoisprimary#oilprices
US loosens Venezuela oil sanctions with general license
world6 months ago

US loosens Venezuela oil sanctions with general license

The United States issued a general license easing some sanctions on Venezuela’s oil sector, allowing U.S. entities to lift, export, sell, transfer, or refine Venezuelan-origin oil while keeping production sanctions in place; the measure excludes Russia, Iran, North Korea, and Cuba, and bans certain payment terms, signaling a shift toward investment-driven relief as Washington pursues Venezuela’s oil‑sector reconstruction after Maduro’s ouster earlier this month.

via Reuters|
#oil#pdvsa#sanctions
Trump's 'Stole' Oil Remark Misreads Venezuela's Nationalization History
world7 months ago

Trump's 'Stole' Oil Remark Misreads Venezuela's Nationalization History

FactCheck.org notes that Trump’s claim that Venezuela “stole” U.S. oil oversimplifies history. Venezuela nationalized its oil industry in 1975, creating PDVSA and gaining control over production; a 2007 move further increased state ownership in the Orinoco Belt, with some foreign partners expropriated and others allowed to stay under revised terms. Exxon Mobil and ConocoPhillips pursued arbitration and were awarded large sums, though payments have been incomplete; other firms like Chevron continued operations under new terms. The oil itself remains owned by Venezuela, and future investment depends on governance, sanctions relief, and reforms. The piece also notes a U.S. idea to seize and monetize some oil already produced, illustrating ongoing policy debate rather than a simple transfer of property.

via FactCheck.org|
#nationalization#oil#pdvsa
Trump hints Exxon ban in Venezuela after CEO calls it 'uninvestable'
world7 months ago

Trump hints Exxon ban in Venezuela after CEO calls it 'uninvestable'

Trump warned he may block ExxonMobil from investing in Venezuela after CEO Darren Woods described the country as 'uninvestable,' saying reforms to the legal framework and investment protections are needed; the moment came as the White House urged a $100 billion push for oil-industry investment and as Trump signed an executive order to shield Venezuelan oil revenues held in US accounts from creditors.

via The Guardian|
#exxonmobil#pdvsa#sanctions
U.S. captures Maduro, shifting control of Venezuela's oil and impacting markets
world7 months ago

U.S. captures Maduro, shifting control of Venezuela's oil and impacting markets

The arrest of Nicolás Maduro has raised questions about control over Venezuela's oil industry, which is primarily managed by the state-owned PDVSA, with potential influence from U.S., Russian, and Chinese companies. Political instability and sanctions have severely impacted production and exports, and any regime change could further disrupt the industry. While some companies like Chevron are positioned to benefit from a more pro-U.S. government, the long-term recovery of Venezuela's oil sector faces significant physical and financial challenges.

via CNBC|
#energy-markets#maduro-arrest#oil-control
international-crime1 year ago

Turkish National Arrested in US for Venezuela Sanctions Evasion

Taskin Torlak, a Turkish national, was arrested in Miami for allegedly conspiring to violate U.S. sanctions by smuggling Venezuelan oil for the benefit of Venezuela's state-owned company, PdVSA. The scheme involved deceptive practices such as re-naming and re-flagging tankers to evade detection. Torlak and his co-conspirators reportedly received millions from PdVSA and concealed the transactions from U.S. financial institutions. The case is being prosecuted by the U.S. Department of Justice, with investigations led by Homeland Security Investigations Washington D.C.

via Department of Justice|
#international-crime#oil-smuggling#pdvsa
"US Reimposes Sanctions on Venezuela's Oil Sector Amid Election Concerns"
energy-international-relations2 years ago

"US Reimposes Sanctions on Venezuela's Oil Sector Amid Election Concerns"

Venezuela's loss of a key U.S. license allowing oil exports is expected to impact the volume and quality of its crude and fuel sales, prompting a rush for individual U.S. deal authorizations. The move marks a setback from President Joe Biden's policy of re-engagement with Maduro but stops short of a return to the "maximum pressure" campaign under former President Donald Trump. The withdrawal of the license could force Venezuela's state company PDVSA to resort to selling oil through intermediaries, eroding its finances further and limiting access to hard currency.

via Reuters|
#energy-deals#energy-international-relations#oil-sector