Skip Navigation
The University of Texas at Austin
 

PDVSA News


PDVSA to buy some 8 million barrels of U.S. or Nigerian light crude

According to Reuters, PDVSA is actively seeking to purchase about 8 million barrels of U.S. or Nigerian light crude.  Lately the Venezuelan state-run oil company has been purchasing larger and larger tenders of diluents in order to meet its own decline of diluent outputs. by Marianna Parraga, Reuters, via Petroleumworld.com, March 10, 2016 Venezuela’s state-run…

From Champs to Chumps: Latin America Oil Giants Owe $275B

With the current energy economic climate affecting the Latin American Oil Giants, it is a universal concern that with their indebtedness and risky situations they are a threat to the regional economy.  The majority of these companies have garnered their current economic woes during the previous decade when oil price were high.  Now, state leaders…

Deepening default fears cast shadow over Venezuela’s oil flows

A major concern of oil market participants is the unheard of possibility of a major oil producing company defaulting on its debts.  PDVSA will be hard-pressed to meet its 5.2 billion payments in Fall of 2016, considering that the Venezuelan government exhausted their majority of cash reserves.  Experts are closely watching how a company’s default…

The Jackson School of Geosciences

Venezuela was the first South American country to purchase oil from the U.S since the oil bans were lifted. Last January, PDVSA refinery in Curacao received 548,000 barrels of light crude coming in from West Texas. by Sheela Tobben and Lucia Kassai, Bloomberg, Feb. 2, 2016 The U.S. is now supplying OPEC with crude oil,…

Venezuela Oil Group Seeks Incentives to Lure More Foreign Money

Hydrocarbon association in Venezuela is planning on making some changes to attract investors. The group intends to reduce royalties and taxes as well as granting more decision making power to its partners. by Pietro Pitts, Bloomberg, Jan. 26, 2016 Venezuela’s main hydrocarbon association has proposed measures aimed at attracting more investment from international oil companies…

Venezuela Delays Gas Exports to Colombia – Here’s Why

Venezuela has suspended nat gas supply to Colombia due to El Niño. Climate has brought drought and water shortages to Colombia and PDVSA has been notified that electrical generation might vary. The 2007 agreement between both countries states that Venezuela will supply Colombia with 39 million cubic feet of gas per day, which represents 3%…

Venezuela Oil Price Falls Below $30

Venezuela Oil Price Falls Below $30

Venezuelan oil hits an all time low by selling crude at $29.17, a fall of 6.6% and the lowest price it’s seen since February 2004. by Latin American Herald Tribune CARACAS — The price Venezuela receives for its mix of heavy oil continued tumbling this week, hitting an 11 year low as oil prices around…

Venezuela PDVSA negotiates light oil import deals for 2016

PDVSA is looking to secure crude oil imports for early next year. By blending imported light crude with its current production, PDVSA will be able to reduce costs and improve the quality of its final blends. According to the vice president of refining, the Venezuelan company has already received proposals which currently under review. by Alexandra Ulmer,…

Cuba to explore Gulf of Mexico for oil

Cuba to explore Gulf of Mexico for oil

Cuba is setting up a new drilling campaign to search for oil in its Gulf of Mexico zone. This campaign is expected to start either late 2016 or early 2017. Perforations, which go beyond 500 meters deep, will be performed by PDVSA and Sonangol. Cuba admits to have evidence of existing petroleum in this area, now they’re…

U.S. judge upholds Conoco as sole owner of coker at Sweeny, Texas refinery

As of last week, ConocoPhillips has been dictated the sole owner of Merey Sweeny LP, a refinery unit with capacity of 247,000 bpd. In 1990, Conoco and PDVSA formed a partnership to own and run the refinery unit, but in 2010 crude supply complications dissolved the pact. Conoco was obligated to assume PDVSA’s debt, while…

UT Main  |  UT Directory  |  UT Direct  |  Canvas  |  Privacy Policy  |  Accessibility
© 2022 Jackson School of Geosciences, The University of Texas at Austin
Site Last Modified: April 18, 2017
WP Twitter Auto Publish Powered By : XYZScripts.com