Limited damage to Venezuela’s oil, gas, and refining infrastructure was reported following the earthquakes of June 24.

According to Reuters, “most of the country’s major producing regions, refineries, pipelines, and terminals are located far from the affected cities. However, the power outage has raised concerns about whether oil production can be maintained at its pre-earthquake level of approximately 1.2 million barrels per day, according to sources,” the news outlet reported.

The Paraguaná refining complex continued operating at the same level as before the earthquakes, according to workers. No major damage was reported in the Orinoco Oil Belt or western Venezuela.

“Major international energy companies stated that their projects were operational.” However, Pequiven and PDVSA have not provided information on the status of their operations.

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Source: bitacoraeconomica

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La entrada Venezuela’s energy sector infrastructure suffered limited damage during earthquakes apareció primero en Bitfinance.

A new set of licenses was announced by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) on June 10. The resolutions expand and update the authorizations for energy and mining operations related to the country.

Licenses 46C, 47A, 48B, 50B, 51B, 52A, and 54A immediately supersede the previous versions published between February and March of this year.

“Among the most relevant changes, OFAC authorized new operations related to the export, marketing, and transportation of Venezuelan oil and petrochemical products to the United States.”

According to the announcement, the benefit covers U.S. companies established before January 29, 2025. “License 50B also ratified permits for transnational corporations such as Chevron, Repsol, Shell, BP, Eni, and Maurel & Prom for activities related to the Venezuelan oil and gas sector.”

On the other hand, license 47A authorizes the export of diluents to Venezuela, and license 48B authorizes the “supply of technology, software, equipment, and services for oil, petrochemical, and electrical projects within the country.”

In the mining sector, operations related to Venezuelan minerals, including gold, are being made more flexible through licenses 51B and 54A, which will allow the export, transport, processing, and supply of goods linked to mining activities under strict oversight mechanisms and periodic reporting.

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La entrada OFAC issues new licenses for oil, gas, and gold trading in Venezuela apareció primero en Bitfinance.

The Middle East conflict has repercussions at both the regional and global levels. The increase in oil prices has spread to the gas and fuel sectors, prompting the European Union to prepare contingency measures to minimize the effects on consumers.

The EU is streamlining procedures for importing non-Russian gas amidst the escalating conflict in the Middle East, which has impacted supply. This has led to more flexible requirements, reduced red tape, and faster response times from authorities.

Currently, the United States, Africa, and Qatar are considered potential alternatives for importing liquefied natural gas.

There are specific initiatives in the region, such as in Italy, where Prime Minister Giorgia Meloni announced a reduction of €0.25 per liter of fuel to alleviate the effects of price increases caused by the war. The measure was approved by the Council of Ministers through a decree-law.

Spain, for its part, is reportedly evaluating similar options; that is, reducing taxes, offering incentives for consumption, “eliminating the CO₂ price, or returning to the ‘Iberian exception’ or a cap on gas prices,” according to European media.

Although the International Energy Agency has stated that member countries can release more oil onto the market, France does not share this view. Finance Minister Roland Lescure has indicated that the country cannot replace lost flows with existing reserves.

In any case, the consequences of the conflict in the Middle East and the closure of the Strait of Hormuz are being felt globally, with price increases in oil, gas, electricity, and fuels, forcing governments to scramble to find alternatives not only for supply but also to minimize the impact on the population.

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With information from international media

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La entrada Middle East conflict accelerates relief measures in the energy sector apareció primero en Bitfinance.

The Executive Vice President of the Republic, Delcy Rodríguez, reported that oil production in Venezuela is normal and is following the plan outlined for increased production in various fields.

The official, also Minister of Hydrocarbons, stated through her Telegram channel that the state-owned Petróleos de Venezuela, PDVSA, “is maintaining the wells in production, through its own efforts, a fundamental component of its daily production. Likewise, international companies operating in the country without a license from any foreign government are operating fully, subject to the laws of the Republic.”

He emphasized that Venezuela has its doors open to transnational corporations whose licenses were revoked by the United States government, following the guidelines of the contracts signed with the national industry, in accordance with the Venezuelan legal framework.

Rodríguez emphasized that PDVSA also “maintains its growing gas production for domestic supply and is focused on export projects with international companies, as well as its national refining system.”

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Source: elaragueno

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La entrada Venezuela maintains normal oil production apareció primero en Bitfinance.

The Minister of Petroleum, Pedro Tellechea, chaired a meeting with the board of directors of PDVSA Gas to analyze strategies that allow the country to strengthen the gas sector.

During the meeting, in the city of Anaco, Anzoátegui state, Tellechea took stock of the “productive and operational processes that are fundamental to continue strengthening recovery and growth in the face of illegal sanctions,” as highlighted in his account on the social network X.

Desde el estado Anzoátegui realizamos una importante reunión de balance con la Junta Directiva de PDVSA, donde revisamos la consolidación de procesos productivos y operativos fundamentales para seguir afianzando la recuperación y el crecimiento frente a las sanciones ilegales. https://t.co/xCQCO2W9Al

— Rafael Tellechea (@TellecheaRuiz) May 21, 2024

Likewise, the operational forests and objectives for this year were analyzed; “hiring plans and performance indicators, with the purpose of complying with strategic actions towards achieving objectives.”

The executive vice president of PDVSA, Héctor Obregón, also participated in this meeting; the vice president of Gas and president of Pdvsa Gas, Luis González; the vice minister of Gas and director of Offshore, Paula Henao; and the vice president of Pdvsa Gas, director of Processing, David Molina Ortiz; and other members of the Board of Directors of Petróleos de Venezuela S.A. (PDVSA).

Venezuela’s proven gas reserves amount to 195 trillion cubic feet. This figure places the South American nation in ninth place worldwide.

In this sense, President Nicolás Maduro’s recovery plan “includes optimizing processes and evaluating new perspectives in order to increase proven reserves and promote the country as a safe provider of clean energy, highlighted the PDVSA team.”

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Source: ultimasnoticias

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La entrada Venezuela reviews strategies to strengthen the gas business apareció primero en Bitfinance.

Sanctions on the oil and gas sectors of Venezuela will return in the month of April, as announced this Tuesday by United States authorities.

The State Department issued an official statement stating: “The actions of Nicolás Maduro and his representatives in Venezuela, including the detention of members of the democratic opposition and the prohibition of candidates from competing in this year’s presidential elections, are incompatible with the agreements signed in Barbados last October by representatives of Nicolás Maduro and the Unitary Platform.”

State Department spokesman Matthew Miller noted that the revocation of sanctions relief against Venezuela is a response to the undemocratic actions of Maduro’s representatives.

In response to anti-democratic actions by Maduro representatives, the United States has revoked sanctions relief for Venezuela’s gold sector. The relief for Venezuelan oil and gas sectors will be renewed in April only if Maduro representatives follow through on their commitments.

— Matthew Miller (@StateDeptSpox) January 30, 2024

The official reactions have not been long in coming. Nicolás Maduro, president of the South American nation, declared in response to the reestablishment of sanctions that migrants without documents who are repatriated from the United States on direct flights will not be allowed to enter the country.

Delcy Rodríguez, vice president of Venezuela, described the measures as rude, indicating that they are blackmail and an ultimatum to the country.

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Source: elimpulso

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La entrada Oil sanctions against Venezuela return in April apareció primero en Bitfinance.

PDVSA and the French company Maurel & Prom will jointly produce oil and gas in Lake Maracaibo, according to an agreement signed by both companies.

The agreement comes after the temporary lifting of several sanctions by the United States, the country’s oil company reported.

Likewise, it establishes the reactivation of the Petroregional del Lago mixed company, in the Urdaneta field in the state of Zulia, according to a press release from the state company.

The Venezuelan Minister of Petroleum, Rafael Tellechea, explained that this is an “extremely important” agreement for “increasing production and to continue promoting the development of the state oil company, for the benefit of the growth of the national economy.”

In addition, the president of PDVSA also announced that a gas flaring project in the north of the state of Monagas is “almost ready”, which includes alliances with the Spanish company Repsol and the Italian company Eni, the “next” companies with which the state company, he assured, is going to sign an agreement.

Hoy firmamos un acuerdo trasversal entre PDVSA y la empresa Maurel & Prom para incrementar la producción petrolera y gasífera en el Lago de Maracaibo, contribuyendo a potenciar las capacidades de nuestra industria en beneficio de la recuperación integral de la economía nacional. pic.twitter.com/OuqkyCyCXW

— Rafael Tellechea (@TellecheaRuiz) November 8, 2023

Taken from Doble Llave

(Referential image source: @PDVSA, social network)

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La entrada PDVSA and Maurel & Prom sign agreement to produce oil and gas apareció primero en Bitfinance.

The state oil company PDVSA signed several memorandums of understanding with Iran, regarding oil, gas and petrochemicals. These are the first binational initiatives after the resignation of Tareck el Aissami from the Ministry of Petroleum.

The Iranian Minister of Oil, Javad Oji, and his Venezuelan counterpart Pedro Rafael Tellechea, recently met to sign the agreements, with the participation of the Venezuelan Vice President, Delcy Rodríguez.

The main objective of these agreements is “to strengthen bilateral cooperation between Iran and Venezuela in the upstream and downstream sectors of the oil industry.”

Both parties have also focused on the “development of oil and gas fields”, as well as the reconstruction and renovation of oil refineries in the Venezuelan territory in order to maximize their capacity.

Other key sectors that were also considered establishing the new agreements are: “the reconstruction and modernization of the Venezuelan petrochemical complexes with Iranian technical and engineering services and equipment; the reconstruction and modernization of the loading dock, the oil terminal and the trade and export of oil, gas condensate and petroleum products.”

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Source: curadas.com

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La entrada Venezuela and Iran sign agreements on oil, gas and petrochemicals apareció primero en Bitfinance.

The consumer price index (CPI) in Germany stood at 10 % in November, which represents a slowdown of four tenths compared to the year-on-year increase registered in October and the same figure as in September, according to the data advance and provisional published this Tuesday by Destatis, the German statistical office.

The data of 10.4 % of the previous month had been a record high for the country since there are records of reunified Germany.

The prices of goods have registered an increase during the month of November of 17.2 % compared to the penultimate month of 2021. This rise is six tenths lower than that of October and the same data as that observed in September.

This increase is the result of a 38.4 % growth in energy prices (compared to 43 % in October). On its side, food has become more expensive by 21 %, seven tenths more than in October.

The prices of services in the country have registered an interannual increase of 3.7 % in November, three tenths less than in the previous month.

In monthly terms, prices in Germany contracted by 0.5 % in the month of November, which compares with a rise of nine tenths in the tenth month of October.

According to harmonized data, year-on-year inflation was 11.3 % in November. This represents a slowdown of three tenths compared to the previous month. On its side, the monthly data registers flat growth, after having risen 1.1 % in October.

This Tuesday the advance data for the month of November for inflation in Spain was also known, which stood at 6.8 % in the interannual rate, compared to 7.3 % in October. On his side, the harmonized data has been 6.6 %, seven tenths less.

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Source: dpa

La entrada German inflation slows to 10 % in November apareció primero en Bitfinance.

The supply of gas to the Italian Eni from Russia was suspended by the government of Vladimir Putin. In this way, Gazprom has cut the supply arguing that it is a consequence of the recent change in regulations in Austria, the country through which the gas pipeline passes.

Deliveries to Eni were canceled this Saturday, Gazprom told the media. According to the Russian company, they cannot transport it across the border to Austria.

This was stated by Eni in a statement. The situation is delicate due to the consequences for the population of this cut, in the midst of the crisis aggravated by the leaks detected in the Nord Stream 1 and 2 pipelines, which link Russia and Germany.

For its part, the Russian Gazprom indicated in another statement that “the transport of Russian gas (…) through Austria has been suspended due to the refusal of the Austrian operator to confirm the transport authorizations” and that “it is working on the resolution of the issue”.

The European bloc’s sanctions on Russian gas exports have led dependent countries to look for alternatives, in the midst of the Russia-Ukraine conflict, which has also increased the prices of both gas and electricity in the rest of the world.

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Source: bancaynegocios

La entrada Italian Eni stops receiving gas from Russia’s Gazprom apareció primero en Bitfinance.