Latest news with #DelcyRodriguez
Yahoo
06-06-2025
- Business
- Yahoo
Venezuela signs nine oil deals to counter US sanctions
Venezuela's state-run oil company, Petroleos de Venezuela (PDVSA), has reportedly signed at least nine new agreements with foreign service providers, including two Chinese companies, to maintain oil production and sustain foreign currency inflows following the exit of Chevron due to US sanctions. The contracts allow foreign companies to operate existing wells and sell the output, diverging from PDVSA's traditional exclusive trading rights, reported Bloomberg, citing undisclosed sources. These agreements are part of President Nicolás Maduro's strategy to offset the withdrawal of Western oil majors, whose licences expired after the US Government declined to extend sanctions waivers. Chevron, responsible for nearly a quarter of Venezuela's oil production, saw its licence expire in early April, according to Bloomberg. The company had until 27 May to complete wind-down activities. Licences for other US service providers, namely Halliburton, Schlumberger, Baker Hughes, and Weatherford International, also expired in early May. Venezuela Vice-President and Oil Minister Delcy Rodriguez said: 'PDVSA has a plan to keep producing oil despite the US' unilateral coercive measures.' The new contracts allocate operational rights to foreign companies over blocks in Zulia state and the Orinoco Belt, Venezuela's main oil regions. PDVSA will hold at least a 50% stake in the crude output, with the partner companies managing operations and receiving a share of oil sales. These companies will also benefit from certain tax exemptions. PDVSA will finance its portion of investment through crude shipments. The companies involved include Aldyl Argentina, Anhui Guangda Mining Investing and China Concord Resources, according to internal PDVSA documents reviewed by Bloomberg. A US company, North American Blue Energy Partners, affiliated with energy investor Harry Sargeant III's Global Oil Management Group, signed a deal but reportedly withdrew due to the inability to secure a US operating licence. National Assembly Member of the Energy Committee William Rodríguez told the news agency that: 'The only way Venezuela can maintain and increase its production is by relying on private local and international companies that don't care about US sanctions. Unlike 2019, when sanctions first hit, there is a framework in place to operate outside the US banking system and a structured market with ally countries, including China, Iran and Russia.' Unlike earlier joint ventures, these 20-year contracts do not require approval from Venezuela's National Assembly. They are authorised under President Maduro's anti-blockade law, which bypasses traditional legislative processes and restrictions on foreign participation in the oil sector. Although Chevron can no longer produce oil in Venezuela, it holds a waiver to conduct equipment maintenance in the country. PDVSA predicts that the nine blocks under these 20-year contracts will yield a combined 600,000 barrels per day with $20bn (1.97trn bolivars) in capital expenditure, according to the document. The company plans to sign additional contracts in the coming months, partially reversing the oil nationalisation policies of late president Hugo Chavez from the mid-2000s, the report added. "Venezuela signs nine oil deals to counter US sanctions – report" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
01-05-2025
- Business
- Yahoo
Last Chevron-chartered vessel starts to return oil cargo in Venezuela, data and source say
HOUSTON (Reuters) -A vessel chartered by Chevron carrying some 300,000 barrels of Venezuelan oil was set to start discharging at a Venezuelan port on Thursday, according to shipping data and a source. It would be the last tanker to return its cargo following state company PDVSA's order to return the crude amid payment uncertainty related to U.S. sanctions. The Marshall Islands-flagged vessel, Dubai Attraction, on Thursday entered a berth in Amuay terminal, Venezuela, to start discharging the cargo it originally intended to export, LSEG shipping data showed. Chevron and PDVSA did not immediately reply to requests for comment. Venezuela's Vice President Delcy Rodriguez, who is also the OPEC country's oil minister, has blamed the U.S. measures for the issue, saying they prevented Chevron from paying for the oil. Venezuela's oil exports fell almost 20% in April to 700,000 barrels per day, the lowest in nine months, due to the cargo cancellations. Chevron's exports of Venezuelan crude to the U.S. plummeted 69% to some 66,000 bpd due to PDVSA's measures. Some tankers Chevron had chartered to move crude from Venezuela to the U.S. were marketed for spot contracts elsewhere, sources said last week. This signaled that Chevron does not expect to load all the cargoes it typically ships from Venezuela even if it eventually finds a way to resolve the disagreement with PDVSA. In March, President Donald Trump's administration revoked a license issued in 2022 by the U.S. Treasury Department for Chevron to operate in Venezuela. The May deadline was granted to wind down operations and oil exports. The same deadline was granted to other partners of PDVSA, including Eni, Repsol, Maurel & Prom and Reliance Industries, to wind down oil cargoes bound for Europe and Asia. Tankers chartered by trading house Vitol were loading and discharging normally at Venezuelan ports, according to the data and documents, while vessels chartered by Reliance Industries for India delivery and Maurel & Prom for Europe departed on schedule last week, ahead of the May 27 deadline to wind down cargoes and operations.
Reuters
01-05-2025
- Business
- Reuters
Last Chevron-chartered vessel starts to return oil cargo in Venezuela, data and source say
HOUSTON, May 1 (Reuters) - A vessel chartered by Chevron (CVX.N), opens new tab carrying some 300,000 barrels of Venezuelan oil was set to start discharging at a Venezuelan port on Thursday, according to shipping data and a source. It would be the last tanker to return its cargo following state company PDVSA's order to return the crude amid payment uncertainty related to U.S. sanctions. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. The Marshall Islands-flagged vessel, Dubai Attraction, on Thursday entered a berth in Amuay terminal, Venezuela, to start discharging the cargo it originally intended to export, LSEG shipping data showed. Chevron and PDVSA did not immediately reply to requests for comment. Venezuela's Vice President Delcy Rodriguez, who is also the OPEC country's oil minister, has blamed the U.S. measures for the issue, saying they prevented Chevron from paying for the oil. Venezuela's oil exports fell almost 20% in April to 700,000 barrels per day, the lowest in nine months, due to the cargo cancellations. Chevron's exports of Venezuelan crude to the U.S. plummeted 69% to some 66,000 bpd due to PDVSA's measures. Some tankers Chevron had chartered to move crude from Venezuela to the U.S. were marketed for spot contracts elsewhere, sources said last week. This signaled that Chevron does not expect to load all the cargoes it typically ships from Venezuela even if it eventually finds a way to resolve the disagreement with PDVSA. In March, President Donald Trump's administration revoked a license issued in 2022 by the U.S. Treasury Department for Chevron to operate in Venezuela. The May deadline was granted to wind down operations and oil exports. The same deadline was granted to other partners of PDVSA, including Eni ( opens new tab, Repsol ( opens new tab, Maurel & Prom ( opens new tab and Reliance Industries ( opens new tab, to wind down oil cargoes bound for Europe and Asia. Tankers chartered by trading house Vitol ( were loading and discharging normally at Venezuelan ports, according to the data and documents, while vessels chartered by Reliance Industries for India delivery and Maurel & Prom for Europe departed on schedule last week, ahead of the May 27 deadline to wind down cargoes and operations.
Time of India
01-05-2025
- Business
- Time of India
Venezuela loses 20% of oil exports after cargo cancellations to Chevron
Venezuela's oil exports fell almost 20 per cent to some 700,000 barrels per day (bpd) in April, the lowest level in nine months, as cargo cancellations to U.S.-based producer Chevron forced ships to return and left some ports empty, ship tracking data and documents showed. Venezuela's state-run company PDVSA last month suspended most of the loading windows it had assigned to Chevron and ordered the return of some oil cargoes bound for the U.S. amid payment uncertainty related to the enforcement of U.S. sanctions. The measures cut Chevron short of a May 27 deadline the U.S. Treasury Department had set to wind down oil operations and exports from the OPEC country, which has been under U.S. energy sanctions since 2019. A total of 32 vessels departed from Venezuelan waters last month, carrying an average of 698,767 bpd of crude and fuel and 357,000 metric tons of oil byproducts and petrochemicals, according to LSEG vessel monitoring data. The main destination of Venezuela's oil exports was China with some 428,000 bpd, followed by the U.S. with 138,000 bpd and India with 64,200 bpd, the data and documents showed. Chevron's exports of Venezuelan crude to the U.S. plummeted 69 per cent to some 66,000 bpd due to PDVSA's measures. However, other customers of the state company, including France's Maurel & Prom, U.S. Global Oil Terminals and India's Reliance increased their intake of Venezuelan crude and byproducts ahead of the May 27 deadline. As part of oil swaps with some of those companies, Venezuela's imports of heavy naphtha rose to some 94,000 bpd in April, from 82,000 bpd in March, allowing PDVSA to increase storage of much-needed diluents for its extra heavy crudes. PDVSA did not reply to a request for comment. Venezuela's Oil Minister Delcy Rodriguez this month traveled to China to discuss oil businesses. The company between late March and early April halted one of its main crude upgraders, Petropiar, operated along with Chevron, to modify the facility's output, one of its strategies to refine more domestically, according to one of the documents. Also in April PDVSA inaugurated loading of a new crude grade for export, Blend 22, with the first cargo bound for the U.S. Venezuela's government has rejected President Donald Trump's hardening of sanctions on the South American country, saying the measures amount to an "economic war."
Reuters
01-05-2025
- Business
- Reuters
Venezuela loses 20% of oil exports after cargo cancellations to Chevron
May 1 (Reuters) - Venezuela's oil exports fell almost 20% to some 700,000 barrels per day (bpd) in April, the lowest level in nine months, as cargo cancellations to U.S.-based producer Chevron (CVX.N), opens new tab forced ships to return and left some ports empty, ship tracking data and documents showed. Venezuela's state-run company PDVSA last month suspended most of the loading windows it had assigned to Chevron and ordered the return of some oil cargoes bound for the U.S. amid payment uncertainty related to the enforcement of U.S. sanctions. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. The measures cut Chevron short of a May 27 deadline the U.S. Treasury Department had set to wind down oil operations and exports from the OPEC country, which has been under U.S. energy sanctions since 2019. A total of 32 vessels departed from Venezuelan waters last month, carrying an average of 698,767 bpd of crude and fuel and 357,000 metric tons of oil byproducts and petrochemicals, according to LSEG vessel monitoring data. The main destination of Venezuela's oil exports was China with some 428,000 bpd, followed by the U.S. with 138,000 bpd and India with 64,200 bpd, the data and documents showed. Chevron's exports of Venezuelan crude to the U.S. plummeted 69% to some 66,000 bpd due to PDVSA's measures. However, other customers of the state company, including France's Maurel & Prom ( opens new tab, U.S. Global Oil Terminals and India's Reliance ( opens new tab increased their intake of Venezuelan crude and byproducts ahead of the May 27 deadline. As part of oil swaps with some of those companies, Venezuela's imports of heavy naphtha rose to some 94,000 bpd in April, from 82,000 bpd in March, allowing PDVSA to increase storage of much-needed diluents for its extra heavy crudes. PDVSA did not reply to a request for comment. Venezuela's Oil Minister Delcy Rodriguez this month traveled to China to discuss oil businesses. The company between late March and early April halted one of its main crude upgraders, Petropiar, operated along with Chevron, to modify the facility's output, one of its strategies to refine more domestically, according to one of the documents. Also in April PDVSA inaugurated loading of a new crude grade for export, Blend 22, with the first cargo bound for the U.S. Venezuela's government has rejected President Donald Trump's hardening of sanctions on the South American country, saying the measures amount to an " economic war."
