The withdrawal of Shell's branch in Colombia, EP Offshore Ventures Limited, leaves Ecopetrol with full control of the COL-5, Purple Angel, and Fuerte Sur offshore contracts in the Colombian Caribbean Sea.
Although Shell's withdrawal from the South American country strengthens Ecopetrol's position…
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oil
Petroperú projects to close 2025 with losses of $223 million
The president of the Peruvian oil company Petroperú, Alejandro Narváez, presented the company's balance sheet for the end of this year last week, with estimates of $223 million.
At the close of 2024, this figure stood at $774 million,…
OPEC+ to increase crude oil production to 548,000 barrels per day
Crude oil pumping will increase to 548,000 barrels per day starting August 1, according to a decision by OPEC+.
The measure was agreed upon by 22 members of the Saudi-led organization through a virtual meeting last Saturday, July 5.
In an…
Tension in the Middle East causes rising of oil prices
Conflicts in the Middle East have always influenced oil prices. The current crisis in the region is no exception, and the increase in the price of a barrel of crude oil has a positive impact on the Venezuelan economy.
Expert opinions…
OFAC extends deadline for Chevron to liquidate operations in Venezuela
Chevron has until May 27 to liquidate its operations in Venezuela. This was decided by the U.S. Office of Foreign Assets Control (OFAC), according to an announcement on Tuesday.
U.S. President Donald Trump had been considering giving the…
Venezuela and Turkey agreed on cooperation measures in the energy sector
The Vice President of Venezuela and also Minister of Hydrocarbons, Delcy Rodríguez, met on Friday, February 14, in Istanbul, Turkey, with the Turkish Minister of Energy, Alparslan Bayraktar, to review the agreements between both nations on…
China to invest in industrial park in western Venezuela
Venezuela and China are moving forward with strategic projects in the state of Falcón, in western Venezuela, with an investment of $10 billion in sectors such as tourism and oil.
According to the vice president of Venezuela, the objective…
Oil supply to be assured this year
According to the International Energy Agency (IEA) oil supply forecasts for 2025, the figures will be favorable.
Despite the impact on the sector of low demand from China, the agency “increased its forecast for growth in global oil demand…
OPEC+ postpones deadline to increase crude oil supply until April 2025
OPEC+, the alliance led by Russia and Saudi Arabia, announced last week the decision to postpone the deadline to increase its crude oil supply until April 1, 2025.
As will be recalled, in 2023, the eight countries that make up OPEC+ agreed…
Bank of America predicts oil price drop to $65 per barrel in 2025
Bank of America estimates point to a drop in the price of a barrel of oil in 2025 to $65 per barrel due to an excess of supply and a decrease in demand, marked by the advance of clean energy.
According to Francisco Blanch, head of global…
Traditional and digital assets among the 10 most valuable investments in the world
The top 10 investments worldwide include traditional assets, such as oil, gold and silver, along with digital or technological assets, such as AI and cryptocurrencies.
Technology companies, such as Microsoft, Google or Meta are in the…
OFAC extends oil service companies’ licenses to operate in Venezuela for six months
The Office of Foreign Assets Control of the United States Department of the Treasury (OFAC) announced on Thursday, November 7, the extension for six months, until May 9, 2025, of the licenses to operate in Venezuela for the oil service…