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Argentina and Venezuela to cooperate in $2.2B 100,000 bpd extra-heavy oil joint venture in Orinoco Belt

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Argentina and Venezuela will form a joint venture targeting production of 100,000 barrels of extra-heavy oil per day in the Junin field area of the Orinoco Oil Belt. Venezuela President Hugo Chavez said that oil cooperation between the two countries dates back to 2004, with the late Argentine President Nestor Kirchner. Source: EIA.

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EIA estimates decrease in global surplus crude oil production capacity in 2022

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As of May 2022, surplus crude oil production capacity in non-OPEC countries decreased by 80% compared with 2021, according to the US Energy Information Administration’s (EIA) new report Global Surplus Crude Oil Production Capacity. In 2021, 1.4

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National oil companies hold top spots in Energy Intelligence’s ranking of top oil firms

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State-owned oil companies are retaining their dominant position in the world petroleum industry according to Energy Intelligence ’s annual ranking of the world’s top 50 oil and gas companies, which was published today in Petroleum Intelligence Weekly (PIW). Petroleos de Venezuela (PDVSA). National Iranian Oil Company (NIOC).

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PDVSA signs $4B loan agreement with China Development Bank for expansion of heavy oil production in Orinoco

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Venezuela’s PDVSA signed a $4.0-billion, Venezuela will also receive two other loans from China: one for $1.5 China and Venezuela are developing Orinoco blocks Junin 1, 4 and 8; Boyaca 4 and MP3. PDVSA holds a majority 64.25% stake in the Sinovensa JV; CNPC owns the remaining 35.75% stake. Schenk C.J., Charpentier, R.R.,

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ExxonMobil announces 6th oil discovery offshore Guyana with Ranger-1; Guyana may move from non-producer to regional powerhouse

Oil (..)

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PDVSA signs agreements with India’s Reliance and OVL for work in Orinoco

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The Venezuelan state oil company, Petroleos de Venezuela, SA (PdVSA), has signed agreements with two major Indian energy companies, Reliance and OVL, for work in Venezuela’s Orinoco heavy oil belt. Reliance Industries Limited (RIL) and PDVSA signed a Joint Study Agreement for Ayacucho Block 8 in Orinoco Oil Belt.

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Rosneft and PDVSA sign cooperation agreement on gas projects on Venezuelan shelf

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Rosneft’s President and Chairman of the Management Board Igor Sechin and Venezuelan Oil Minister and PDVSA President Rafael Ramirez, in the presence of the President Vladimir Putin, signed a cooperation agreement for implementation of offshore projects in Venezuela. Total reserves are estimated at 21 trillion cubic feet.

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