The Italian oil company Eni presented a report last week reflecting a debt of $3.3 billion owed by Venezuela’s state-owned PDVSA to the firm. This comes amidst negotiations between Venezuela and the United States regarding oil and the easing of sanctions in this sector.

Eni’s annual report, which includes data up to the end of 2025, also includes “approximately $1 billion in accrued interest.”

To put this information in context, it’s important to note that Eni and the Spanish company Repsol produce gas at their jointly owned Perla offshore field — the only active offshore gas project in Venezuela — whose production is purchased by PDVSA primarily for national electricity generation.

PDVSA has not made the corresponding payments for these gas volumes, accumulating a multimillion-dollar debt with Eni and Repsol, who were unable to receive in-kind payments from PDVSA due to the tightening of US sanctions.

Although the situation has improved since the beginning of this year, the debt persists. However, Eni has indicated that it is in talks with US authorities regarding its potential participation in the reactivation of the Venezuelan oil sector.

M.Pino

Source: eleconomista

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With the recovery of the Venezuelan oil industry, confidence is increasing in other economic sectors, such as the automotive sector. In this area, Carlos Rondón, president of the National Chamber of Commerce and Auto Parts (Canidra), estimates that a positive boost will be seen in 2026.

The executive mentioned the significant progress made at the end of 2025. “The supply of spare parts, which for years was insufficient, now exceeds demand and allows us to easily meet the needs of the vehicle fleet. This change accompanies a notable rebound in vehicle sales, which have grown rapidly over the last three years.”

Last year, sales reached 38,000 units, representing an additional 120 % growth since 2023. “Three brands accounted for 80% of those sales. If this trend continues, Canidra estimates that the market could reach 50,000 units by 2026.”

According to the industry leader, the recovery of the oil sector will be crucial to sustaining this growth rate. He asserts that any improvement in oil activity “translates into greater mobility, more transportation, and consequently, an increase in demand for auto parts and related services.”

M.Pino

Source: finanzasdigital

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La entrada Oil industry recovery will favor the automotive sector in Venezuela apareció primero en Bitfinance.

Donald Trump, President of the United States, is advancing his plans to maximize commercial profits from Venezuelan oil, calling on international oil companies to return to the South American nation.

These companies, however, have requested guarantees to return to the Venezuelan oil industry, given the multimillion-dollar investment required in infrastructure and refining processes necessary for crude oil treatment.

One of the main demands of the international oil companies is political stability, stating that in the face of any risk, such as asset expropriation, the companies require guarantees from the United States.

Another demand, which goes hand in hand with US guarantees, is the fulfillment of Trump’s promises to “help them bring in equipment and personnel, export oil and gas, and generate revenue. Furthermore, they must have the assurance that this support will continue through future administrations and changes in Congress.”

They have also demanded improvements in tax conditions, financial mechanisms for paying outstanding debts, and access to talent in the face of the exodus of skilled personnel in recent years.

M.Pino

Source: elperiodicodelaenergia

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La entrada International oil companies set demands to return to Venezuela apareció primero en Bitfinance.

The United States granted a license to the Spanish company Repsol to continue operating in Venezuela after May 31. Meanwhile, the Treasury is studying applications from between 20 and 50 companies that wish to do business with the South American country in the hydrocarbon sector.

In the case of Repsol, the Spanish company recently signed an agreement with the state-owned Petróleos de Venezuela (PDVSA) to expand the number of oil fields to be exploited in a joint venture. “It is expected that in the coming months the assets will produce 20 thousand barrels per day, doubling what the European company currently produces in one of its three companies,” as mentioned in April by the executive director, Josu Jon Imaz.

Regarding the license applications that the United States has received from between 20 and 50 companies, it is important to remember that last month the US authorities committed to issuing individual licenses to oil companies that were interested in doing business in Venezuela.

The Treasury, however, remains cautious regarding the internal situation in the country ahead of the presidential elections on July 28. In any case, they understand that licenses are necessary to “make investments, authorize exports and imports of crude oil, oil and gas exploration, and negotiate contracts, among others.”

M.Pino

With information from national and international media and social networks

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La entrada The United States approved Repsol’s license to continue operating in Venezuela and studies other requests apareció primero en Bitfinance.

The president of the Venezuelan company PDVSA, Pedro Tellechea, indicated this Monday that they achieved the signing of a framework agreement with the Spanish company Repsol with the aim of reactivating the Petroquirquire joint venture. The initiative will give a strong boost to the oil industry.

Telechea highlighted that this agreement lays “the foundations to promote the activities” of the Petroquiriquire company, “which includes the Quiriquire, Mene Grande and Barua-Motatan fields, which is extremely important for both Spain and Venezuela.”

For his part, Francisco Gea Pascual del Riquelme, general director of Exploration and Production and member of the Executive Committee of Repsol, stated that the signing of this agreement will contribute to “promote the industry, society and the relationship not only between the Spanish oil company and PDVSA, but between both nations.”

Venezuela is beginning to regain stability in trade relations with other countries after the relaxation of United States sanctions, to lay the foundations for a firm economy as the year 2024 approaches.

Con la firma de acuerdos entre PDVSA y Repsol sentamos las bases para impulsar las actividades de la empresa mixta Petroquiriquire. Un nuevo paso para el fortalecimiento de las capacidades de nuestra industria, siempre abierta al diálogo y la cooperación para el beneficio común. pic.twitter.com/QtHUjBZDIk

— Rafael Tellechea (@TellecheaRuiz) December 18, 2023

M.Pino

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La entrada PDVSA-Repsol agreement will contribute to the revitalization of the oil industry apareció primero en Bitfinance.

Among the production objectives of the Venezuelan oil company PDVSA are plans to “restart drilling after five years of inactivity, even before the relaxation of sanctions,” as leaked by Reuters.

In this sense, the president of the oil company, Pedro Tellechea, has indicated that Venezuela is focused on reactivating 27,966 wells located in the oldest oil region in the territory, in the state of Zulia.

According to Tellechea, this could represent 1.7 million barrels per day (bpd) in national production. “However, experts note that to achieve such a drastic increase from this year’s 780,000 bpd production, PDVSA and its partners could need up to a decade of hard work and sustained investment.”

As an aspect against these expectations are the reports from Baker Hughes, which specify that the South American country only has “one active drilling platform of the more than 80 units that were operational in 2014.”

However, according to the Reuters agency, Pdvsa began negotiations with local and foreign oil companies in order to contract equipment and services that will allow it to reactivate the oil zone in the state of Zulia, where inactive SLB (former Schlumberger) equipment stands out. , Nabors Industries and Evertson International.

In this shift to reactivate inactive wells, the Venezuelan oil company is also considering the east of the country, since before the Barbados agreement, with temporary relief from some sanctions, PDVSA has been trying to recover wells and platforms in the southern part of the Anzoátegui state.

M.Pino

Source: bancaynegocios

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La entrada Venezuelan PDVSA seeks to reactivate 27,966 oil wells in the state of Zulia apareció primero en Bitfinance.

Asdrúbal Oliveros, economist and director of Ecoanalítica, stressed that the Venezuelan oil industry is experiencing “an unprecedented fragility and vulnerability in the country” that limits the recovery of the oil sector, despite registering an increase in daily production.

According to the economist, “Venezuelan production suffers a degradation of the productive capacity that causes significant inter-monthly falls in production to be registered.”

As will be recalled, production between 2014 and 2020 fell by 86 %, coupled with the rationing of diluents, the absence of active drills, the limitations in obtaining external financing that generate instability in production, and the stable recovery of local production.

The Organization of Petroleum Exporting Countries (OPEC) reported that Venezuela in March reported a production equivalent to 697,000 barrels per day, according to secondary sources. Observing an increase of 8,000 barrels per day, compared to the month of February 2022.

While the representatives of the Venezuelan government notified the agency that the production of March reached 728,000 barrels per day, registering a reduction in production of 60,000 barrels, compared to the month of February when it reported 788,000 barrels per day.

Difficulties in accessing foreign exchange

Another aspect that has an impact on the recovery of the Venezuelan oil sector and the country’s economy in general is the limitations that PDVSA has in accessing foreign currency, due to the fact that “about 60 % of the exported Venezuelan crude oil passes through the Russian financial system, which is in charge of to deliver dollars in cash to PDVSA.”

Oliveros said Russia is currently the most sanctioned nation in the world and a large part of its banking system is frozen or expelled from the global financial system, which “causes short-term complications for the Venezuelan government to access cash in dollars.”

He explained that in this context, Venezuela finds itself in a complex situation because it requires “1,062 million dollars to be able to guarantee the survival of its population. In addition to the increase in social spending and the 127.2 billion dollars from its creditors after more than 4 years of default.”

M. Rodríguez

Source: finanzasdigital.com

La entrada Fragility of the oil industry limits its recovery apareció primero en Bitfinance.