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

Green Car Congress

Before the JV can begin operations, a ruling from the National Assembly of Venezuela must be obtained, as well as a resolution from the Oil and Mining Industry Ministry and a corresponding decree from the President of Venezuela. The Orinoco oil belt in Venezuela.

Could Venezuela Gas-Price Rise From 5 Cents Sell Greener Cars?

Green Car Reports

Until you see what our counterparts in Venezuela are paying for gas--with the nation''s subsidies, drivers pay a nominal 5 cents per gallon If you have friends in Europe, you might have heard them complaining of gas prices topping $8 per gallon. It''s certainly enough to make you feel better about the average $3.60 a gallon drivers pay in the U.S.

Trending Sources

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

Green Car Congress

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 plans to further develop the Orinoco Belt oil resources in the coming years.

Eni announces first production from the Junin-5 giant heavy oil field in Venezuela

Green Car Congress

PetroJunín, joint venture formed by PDVSA (60%) and Eni (40%), has started production from the Junín-5 giant heavy oil field, located in the Faja del Orinoco—the area with the largest untapped hydrocarbon reserves in the world, according to Eni.

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

Green Car Congress

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. Venezuela will send Reliance between 300,000 and 400,000 barrels per day. Venezuela currently sends 270,000 bpd to India; India’s oil consumption currently amounts to 4.2

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

Green Car Congress

an indirectly non wholly-owned subsidiary of Wison Engineering Services, was awarded a procurement and construction (PC) contract by Venezuela’s PDVSA Petroleo, S.A.for the site preparation for the Puerto la Cruz oil refinery Deep Conversion Project. The bulk of Venezuela’s oil reserves in the Orinoco Oil Belt is formed by heavy and extra heavy crude oil. This partnership will be also conducive to maintaining and deepening trade and economic cooperation between China and Venezuela.

Technip awarded contract for two hydrogen reformers in Venezuela to support expanded processing of Orinoco heavy crude

Green Car Congress

Technip was awarded a “significant” contract to supply its proprietary technology as well as engineering and procurement services for two hydrogen reformers in Venezuela. These 135-million standard cubic feet per day (151-thousand normal cubic meters per hour) reformers are part of the Deep Conversion project being executed by the consortium for Venezuela’s state oil company, Petroleos de Venezuela SA (PDVSA), to upgrade the Puerto La Cruz refinery.

Oil 1

IHS-CERA concludes “no material impact” on US GHG from Keystone XL; heavy crude from Venezuela most likely replacement

Green Car Congress

The study also found that any absence of oil sands on the US Gulf Coast would most likely be replaced by imports of heavy crude oil from Venezuela, which has the same carbon footprint as oilsands crude. the decision on Keystone XL may ultimately boil down to a determination of oil market share between Canada and Venezuela. Venezuela.

Oil 1

Rosneft and PDVSA sign tentative MoU for JV to develop heavy crude reserves in Venezuela’s Orinoco belt

Green Car Congress

Rosneft, the leader of Russia’s petroleum industry and majority owned (75.6%) by the state, and PDVSA, Venezuela’s state-owned oil and gas company, have signed a tentative memorandum of understanding (MoU) to set up a joint venture to develop heavy crude oil reserves in Venezuela as part of the Carabobo-2 project. After gaining all the required approvals from the Government and the National Assembly of Venezuela, Rosneft will extend a market rate $1.5

Oil 1

EIA: nearly 69% of US crude oil imports in 2011 originated from 5 countries; Canada alone accounted for 25%

Green Car Congress

The amount of crude oil the United States imported from its top five foreign suppliers—Canada, Saudi Arabia, Mexico, Venezuela, and Nigeria—increased slightly during 2011, even though total US crude oil imports fell to their lowest level in 12 years, according to the US Energy Information Administration. Canada, Saudi Arabia, Mexico, Venezuela, and Nigeria have consistently been America’s five largest crude oil suppliers, although their rankings varied from year to year.

New catalytic system for conversion of CO2 to methanol shows much higher activity than others now in use

Green Car Congress

Scientists at the US Department of Energy’s (DOE) Brookhaven National Laboratory, with colleagues from the University of Seville (Spain) and Universidad Central de Venezuela, have discovered a new, highly active catalytic system for converting carbon dioxide to methanol.

EIA: China is now the world’s largest net importer of petroleum and other liquid fuels

Green Car Congress

Because production levels from Iran, Libya, and Sudan and South Sudan dropped since 2011, China replaced the lost shares of crude oil and other liquids imports from these countries with imports from Oman, Iraq, the United Arab Emirates, Angola, Venezuela, and Russia.

PDVSA to boost Orinoco heavy oil production

Green Car Congress

Petroleos de Venezuela, S.A. PDVSA) is moving forward with a series of new heavy oil developments in the Orinoco Oil Belt that will allow a significant increase in production, while requiring the development of massive new infrastructure, Ruben Figuera, director of new developments in the Orinoco Oil Belt, told delegates to the World Heavy Oil Congress 2014 in New Orleans.

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

Green Car Congress

Venezuela’s PDVSA signed a $4.0-billion, 8-year loan agreement with China Development Bank (CDB) for boosting production at the Sinovensa heavy oil joint venture in the Orinoco belt from 140,000 barrels per day to 330,000 barrels per day by 2016. 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.

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

Green Car Congress

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. RIA Novosti quoted President Putin as saying Venezuela and Russia have huge potential for joint investment projects, especially in energy.

PDVSA and Eni to Form Joint Ventures to Produce and Refine Heavy Crude Oil in Orinoco Region; Targeting 240,000 Barrels per Day

Green Car Congress

Venezuela state-owned PDVSA and Italy-based Eni are finalizing a planned 60:40 joint venture to produce heavy crude oil in Junin Block 5 in the Orinoco Oil Belt in Venezuela in 2014. In 2009, Venezuela produced about 600,000 barrels per day in joint ventures in the Orinoco Oil Belt.

CNPC and PDVSA to invest $14B to develop Junin 10 in Orinoco extra-heavy oil belt

Green Car Congress

China National Petroleum Corporation (CNPC) and Venezuela’s PDVSA (Petróleos de Venezuela SA) will invest about $14 billion to develop the Junin 10 block in the Orinoco extra heavy oil belt in Venezuela, according to a tweet sent out by Rafael Ramirez, the Venezuelan petroleum minister. In June 2012, Petróleos de Venezuela, SA (PDVSA) began drilling the first well in the Junin 10 block in cluster JA-16.

IHS Automotive forecasts 88.6M unit global light vehicle market in 2015; 2.4% growth

Green Car Congress

million units—a 10% drop from 2013; with politics impairing Argentina and Venezuela, and the economic climate weighing down markets like Brazil, Chile and Peru, where it may take a few years for demand to recover to previous highs. Uncertainty lingers over Argentina, Brazil, Chile and Venezuela for 2015. IHS Automotive forecasts global automotive sales for 2015 to reach 88.6 million, an increase of 2.4%

Brookhaven team identifies active sites on catalysts for converting CO2 to methanol

Green Car Congress

An additional co-author, Pedro Ramírez of Universidad Central de Venezuela, made important contributions to this study by helping to test the activity of the copper zinc and copper zinc oxide catalysts.

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

Green Car Congress

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.

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

Green Car Congress

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. OVL currently has stakes in two producing projects in Venezuela; Petro-Carabobo and Petro-Indovenezolana with investments of about US$341 million.

PDVSA and PetroChina move ahead with 400,000 barrel per day oil refinery in China; processing Orinoco heavy and extra-heavy crude

Green Car Congress

Petróleos de Venezuela SA (PDVSA) and PetroChina recently signed the Project for Development and Establishment of a joint venture to realize the future development of the Nanhai refinery. Venezuela has seen significant upward revisions in its proven oil reserves over the past few years due to the inclusion of massive reserves of extra-heavy oil in the Orinoco Belt. According to OPEC figures, then, Venezuela has now surpassed Saudi Arabia in terms of oil reserves (296.5

Opinion: How Much Longer Can OPEC Hold Out?

Green Car Congress

With the huge reduction in its revenues and growing discomfort among its members such as Venezuela, Libya and Nigeria over its current production levels, is OPEC really getting weaker? Venezuela’s Woes. by Gaurav Agnihotri for Oilprice.com.

Oil 1

PDVSA and Eni inaugurate first heavy crude pipeline in Junin-5 in Orinoco belt

Green Car Congress

The Venezuela Minister of Petroleum and President of the state-owned company PDVSA, Rafael Ramirez, and a delegation of Eni, composed of the members of the board of directors and led by the Chief Executive Paolo Scaroni and the President Giuseppe Recchi, inaugurated the first pipeline to evacuate oil from the Junin-5 field, located on the Orinoco oil belt. Eni has been present in Venezuela since 1998.

EIA: Top 5 US crude oil suppliers account for 72% of total crude imports; highest proportion since 1997

Green Car Congress

Crude oil imports from the top five foreign suppliers to the United States—which in 2012 were Canada, Saudi Arabia, Mexico, Venezuela, and Iraq, in that order—accounted for almost 72% of total US net crude oil imports, the highest proportion since 1997, according to the US Energy Information Administration (EIA). Venezuela. Venezuela’s state oil company sent more crude to US refineries, which exported more gasoline and other petroleum products back to Venezuela.

Opinion: The Saudi Oil Price War Is Backfiring

Green Car Congress

India, which was earlier importing most of its crude oil from Saudi Arabia, is now changing its strategy and buying more crude oil from Nigeria, Iraq, Mexico and Venezuela. by Gaurav Agnihotri of Oilprice.com.

CITGO to pay $737K penalty and implement pollution abatement projects at two refineries

Green Car Congress

an indirect, wholly-owned subsidiary of Petróleos de Venezuela, S.A. PDVSA), the national oil company of the Bolivarian Republic of Venezuela. Houston-based CITGO Petroleum Corp. CITGO) has agreed to pay a $737,000 civil penalty and to implement projects to reduce harmful air pollution, resolving alleged violations of the Clean Air Act (CAA) at its petroleum refining facilities located in Lemont, Ill. and Lake Charles (Westlake), La.

Opinion: Oil Market ShowdownCan Russia Outlast The Saudis?

Green Car Congress

Venezuela, an OPEC member, has even proposed an emergency summit meeting. by Dalan McEndree for Oilprice.com. Two men enter, one man leaves, two men enter, one man leaves, two men enter. — Mad Max: Beyond Thunderdome.

What Does The Next OPEC Meeting Have In Store?

Green Car Congress

The 2 June 2016 OPEC meeting will be held amid a backdrop of oil prices near $50 per barrel, a sharp drop in Nigerian production due to sabotage, turmoil in Venezuela, Saudi Arabia operating with a new oil minister, and Iran aggressively pumping close to pre-sanction levels. by Rakesh Upadhyay for Oilprice.com. The next OPEC meeting on the 2nd of June will act as little more than a forum for continued altercations between Saudi Arabia and Iran.

Global Gas Prices | Hybrid Sales

Hybrid SUV Blog

Venezuela. sales of hybrid SUVs and other fuel efficient vehicles will prove interesting to watch this year, especially if fuel prices remain relatively low. Expert predictions about where oil and gas prices are headed vary widely.

Opinion: Who Will Be Left Standing At The End Of The Oil War?

Green Car Congress

Then we have Venezuela, where production costs hover just over $23 per barrel on average, but where disaster is imminent. For Venezuela, the breakeven point is particularly elusive because the country’s oil is very heavy and very dirty —and thus very expensive to extract and refine.

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

Green Car Congress

Petroleos de Venezuela (PDVSA). 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). It is the only ranking system that compares private sector firms with national oil companies.

Gas Prices: You Could Pay $10 A Gallon. Or Just 6 Cents. Why?

Green Car Reports

But you may wish you were in Caracas, Venezuela, where enormous government subsidies cut the price to a ridiculous 6 cents per gallon. What did you pay for gasoline the last time you filled up? If you're in the U.S., probably about $2.70 per gallon. Yep, six pennies. And you may thank your stars you're not in Asmara, Eritrea, where taxes

State Department releases final environmental impact statement on Keystone XL Pipeline Project; analysis of GHG emissions

Green Car Congress

The top four suppliers were Mexico, Venezuela, Saudi Arabia, and Nigeria. million bpd was heavy crude oil similar to the crude oil that would be transported by the proposed Project; Mexico and Venezuela were the major suppliers. Comparison of the percent differential for WTW (well-to-wheel) GHGs from gasoline produced from WCSB oil sands using different production processes relative to gasoline produced from reference crudes. Source: FEIS, Appendix V. Click to enlarge.

2016 Ford Explorer SUV replaces 2.0L EcoBoost with new 2.3L EcoBoost unit; more power and torque, same fuel economy expected

Green Car Congress

Ford Explorer is built in North America at Chicago Assembly Plant, as well as in Venezuela and now, Russia.

US Lifted The Crude Oil Export Ban, And Exports Went Down

Green Car Congress

crude oil is Venezuela. In early February, Venezuela’s state-run oil company PDVSA imported a 550,000-barrel cargo of West Texas Intermediate (WTI) through its U.S.-based Venezuela started importing foreign crudes in 2014 amid a fall in its own production—buying mostly Angolan and Nigerian light grades. by Charles Kennedy of Oilprice.com.

IEA: Global oil discoveries and new projects fell to historic lows in 2016 while US shale surged; “two-speed” market

Green Car Congress

It brings an additional cause of concern for global energy security at a time of heightened geopolitical risks in some major producer countries, such as Venezuela, the IEA said.

EIA: US importing more crude from Canada, even as total imports falling; 25% of imports in 2011, 28% so far in 2012

Green Car Congress

Canada is the largest supplier of foreign oil to the United States, followed by Saudi Arabia, Mexico, and Venezuela.

Platts: June OPEC output of 32.73M barrels of crude per day, highest since Aug. 2008

Green Car Congress

Venezuela acted as a check on the overall level though, as the crisis-hit country’s production continues to hit fresh lows. Analysts also said Venezuela’s oil sector continues to see power rationing, which is exacerbating the output decline. Oil production from the Organization of the Petroleum Exporting Countries (OPEC) crude oil output surged 300,000 barrels per day (b/d) in June, close to an eight-year high of 32.73

IEA World Energy Outlook view on the transport sector to 2035; passenger car fleet doubling to almost 1.7B units, driving oil demand up to 99 mb/d; reconfirming the end of cheap oil

Green Car Congress

A growing share of output comes from natural gas liquids (more than 18 mb/d in 2035) and unconventional sources (10 mb/d, largely from Canada and Venezuela). Change in primary oil demand by sector and region in the central New Policies Scenario, 2010-2035. WEO 2011. Click to enlarge.

Cars 19