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US Treasury allows Chevron to resume oil production in Venezuela, delivery to US only

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The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has issued Venezuela General License (GL) 41 , authorizing Chevron Corporation to resume limited natural resource extraction operations in Venezuela. This authorization prevents PdVSA (Petróleos de Venezuela, S.A.) 41, whichever is later.

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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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Eni and PDVSA launch major heavy-oil projects in Orinoco Belt in Venezuela

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Italy-based oil and gas major Eni and PDVSA (Petróleos de Venezuela), the state-owned oil and gas corporation of the Bolivarian Republic of Venezuela, signed contracts for the creation of two joint ventures (Empresas Mixtas, Mixed Enterprises). Eni in the Bolivarian Republic of Venezuela. Map of Orinoco’s Faja area. Schenk C.J.,

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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. The US Geological Survey estimated the recoverable oil resources of the Orinoco Oil Belt Assessment Unit. Schenk C.J.,

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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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PdVSA doubling capacity and modernizing El Palito Refinery for influx of more Orinoco heavy crudes

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The Venezuelan national petroleum company Petróleos de Venezuela, S.A. According to Oil and Gas Journal (OGJ), Venezuela had 211 billion barrels of proven oil reserves in 2011, the second largest the world. billion barrels in 2010, due to the the inclusion of the massive reserves of extra-heavy oil in Venezuela’s Orinoco belt.

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