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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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Venezuela to supply up to 400,000 barrels of heavy crude oil per day to India

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State-run oil company Petróleos de Venezuela, S.A. PDVSA) and India’s Reliance Industries Limited (RIL), last week signed two agreements to boost extra-heavy crude oil production in Venezuela’s Orinoco Oil Belt (FPO) and sell up to 400,000 barrels per day (bpd) to the country. million barrels of crude oil per day.

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Wison wins site preparation contract for refinery project in Venezuela; largest refinery PC project in Latin America by Chinese company

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The completion of the Puerto la Cruz oil refinery will effectively enhance the heavy oil processing capacity and oil quality in Venezuela, which will constitute a vital impetus to economic growth, employment, and technological innovation and application in the country. —Asdrúbal Chávez J., Vice President at PDVSA.

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Russia’s Rosneft to invest $16B to develop Carabobo 2 extra-heavy crude in Venezuela; first oil from Junin

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Russian oil and gas major Rosneft, 75% owned by the government, will invest $16 billion in a planned joint venture project with Venezuela’s state oil and gas company PDVSA to develop the Carabobo 2 block in the southern Orinoco extra-heavy crude belt in Venezuela, according to Rosneft CEO Igor Sechin. Source: EIA.

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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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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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