Venezuela ///

Oil & Gas in the Capitals

Jacques Sapir, Contributing Editor

Hope for improved Russian-U.S. relations has evaporated, following a U.S. congressional vote and retaliation taken by the Russian government.

Venezuela offers $5 million to aid Harvey victims via Citgo

Venezuela, still reeling from a fresh round of U.S. sanctions that make it harder to raise financing in capital markets, offered $5 million to help victims of Hurricane Harvey in parts of Texas through its subsidiary Citgo Petroleum Corp.

Venezuela oil minister, PDVSA head to switch roles, Maduro says

Venezuelan oil minister Nelson Martinez and state oil company president Eulogio Del Pino will switch roles as the South American country’s production wanes and money dries up.

Schlumberger, Halliburton IOUs preserve Venezuela link, for now

For Schlumberger Ltd. and Halliburton Co. the road to payment for services in Venezuela is increasingly long and winding.

Venezuela scorns threat of sanctions: "We kneel for no one"

President Nicolas Maduro said Venezuela’s authoritarian regime is prepared for additional retaliation from the U.S., one of the crisis-torn nation’s principal trade partners, including wide-reaching sanctions on its beleaguered economy and oil industry.

Venezuela's Citgo turns to Canada for oil as crisis deepens

Venezuela’s oil-supply woes are so dire that its U.S. refineries are turning to Canada for help.

Threat of Venezuelan oil ban pits oil boss Hamm against refiners

The prospect of a U.S. blockade of crude oil imports from Venezuela has ignited fierce lobbying in Washington pitting domestic energy producers such as oil tycoon Harold Hamm, who favor a get-tough approach, against refiners that depend on those supplies.

Niche U.S. oil driller gets a shot at world's biggest reserves

Venezuelan President Nicolas Maduro praised foreign companies wise enough to make deals with what he called “our beloved PDVSA.”

Chevron, Total withdraw foreign staff in Venezuela amid political turmoil

Repsol SA pulled all foreign workers from its oil fields in Venezuela amid a deepening political crisis, while Chevron Corp. and Total SA have removed a small number of employees, said people with knowledge of the companies. Norway’s Statoil ASA has withdrawn its expatriate staff.

Oil & Gas in the Capitals

Mauro Nogarin, Contributing Editor

Notwithstanding Latin America’s limited economic growth, exploration investments are the common denominator in the region’s major oil and gas plays.

First Oil

Kurt Abraham, World Oil

On July 30, either through their own free will, or through coercion and intimidation by their president, Nicholas Maduro, the citizens of Venezuela approved a new “Constituent Assembly.”

Russian oil giant lends support to Venezuela oil company

Russia’s largest oil company disclosed another advance payment to Venezuela’s state producer after the U.S. sanctioned President Nicolas Maduro on Monday.

As Venezuela spirals, U.S. oil confronts a $10-billion threat

The tanker Paramount Helsinki docked in Pascagoula, Mississippi, last week bearing the lifeblood of Chevron’s refinery there: 532,000 bbl of thick Venezuelan oil.

Potential U.S. oil sanctions increase risk of Venezuelan default

The specter of tighter U.S. sanctions is pushing up the perception that Venezuela is getting closer to defaulting on its bonds.

Oil traders await U.S. reaction to Venezuelan vote

Oil traded near $50/bbl in New York as efforts by Venezuela’s president to seize more power raised speculation the U.S. could step up sanctions.

Venezuela's PDVSA says it guarantees investor security amid uncertainty

Venezuela's PDVSA is guaranteeing "legal security" for all foreign companies in the leftist-run nation, the state oil producer said in a statement, rebuffing a government adviser's suggestion that their operations could be nationalized.

Venezuela looks abroad for fuel as domestic production wanes

Venezuela, home to the largest oil reserves in the world, is seeking to import 13 MMbbl of fuel this year as the country’s refineries are now operating at less than half of their capacity.

Exxon Mobil to proceed with Liza oil development, offshore Guyana

Exxon Mobil will proceed with the first phase of development for the Liza field, one of the largest oil discoveries of the past decade, located offshore Guyana.

Venezuela’s secret plot to sell banned Syrian oil in U.S. market

Syria and Venezuela plotted in recent years to evade international sanctions on Syria through a secret deal to transport its crude oil through Russia to the Caribbean.

Regional Report: Latin America

Emily Querubin, World Oil

Latin America schleps forward on its quest for recovery