On 10 January, Venezuela’s incumbent president Nicolás Maduro was sworn in for a third term, amidst accusations of electoral fraud.

What are the incentives that Venezuelan SEZs have to offer, what are the main challenges, and what are the first projects that the government can present?

On Tuesday, Vice President Delcy Rodriguez presented a $22.7 billion national budget for 2025 at the National Assembly.

Venezuela would be discreetly launching a mass privatisation programme, according to various sources who claim to have information on the matter.

On Wednesday, Venezuela’s Vice President Delcy Rodriguez and PDVSA CEO Hector Obregon outlined plans for the sector at the Oil Chamber’s 2024 conference.

The United Nations Development Programme has upgraded its growth forecast for Venezuela this year, in its Second Quarter report published on 7 October.

A court in Trinidad and Tobago approved sending PDVSA payments from the island nation to ConocoPhillips, to cover the $1.33bn claim against the Venezuelan state-owned oil company.

On 23 September, Venezuela’s President Nicolas Maduro and Vice President Delcy Rodriguez held a meeting with Repsol executives, with the backdrop of tense relations between Madrid and Caracas.

On 19 September, Venezuelan president Nicolas Maduro announced changes in the administrations relating to trade and ports, as he spoke to the Productive Economy Council.

On 29 August Venezuelan Vice President Delcy Rodriguez announced reforms to encourage growth in the financial sector.

New measures include reducing reserve requirements, allowing hard currency transactions between Venezuelan banks, and notes issued by the finance ministry.

On 29 August, the Central Bank of Venezuela said that the national economy grew by 8.8% in the second quarter of this year, and 8.4% in the first quarter.

Early on Monday morning, the head of Venezuela’s National Electoral Council Elvis Amoroso sparked an international backlash by declaring President Nicolás Maduro as the winner of Sunday’s election.

Venezuela’s crude oil production continued to increase in June, according to the latest OPEC report released on Wednesday. Output has been on a trend of slow yet sustained growth for two years.

On Wednesday, delegations from the governments of Venezuela and the US met virtually to discuss the election this month, as well as other issues.

On 28 June, the United Nations Development Programme released its forecast of 4.2% economic growth for Venezuela.

Speaking at the Andesco business association conference, Ecopetrol CEO Ricardo Roa presented a 10-year plan to ensure a stable natural gas supply for Colombia, which includes imports from Venezuela from 2025.

The US Energy Information Administration shows that Venezuelan oil exports have increased this year, reaching 180,000 barrels per day in March. That month, the South American country rose to become the sixth source of crude imports in the US, and seventh for all oil products.

Many people think Venezuelan debt is a lost cause, a game only to be played by rinky-dink hedge funds. After all, the bonds have been in default since 2017 — a longer period in limbo than even Argentina suffered after its 2001 default.

Trinidad and Tobago received a “specific license” from the US Treasury’s OFAC to develop a new gas project in Cocuina-Manakin field. The offshore reservoir is shared between the island nation and Venezuela and involves BP and Trinidad’s National Gas Company.

On Friday, Oil Minister Rafael Tellechea presented data and projections from PDVSA at Fedeindustria’s yearly event. Tellechea, who is also president of the state-owned oil company, said that production is finally expected to exceed 1.2 million barrels per day this year.

In an interview with Efecto Cocuyo, Francisco Palmieri said that 20 to 50 oil and gas companies have submitted bids for a specific license to operate in Venezuela.

On May 6th, the OFAC approved Maurel et Prom’s specific license in relation to its Petroregional del Lago joint venture, in Lake Maracaibo. The Paris-based company submitted its bid back on September 1st, 2023 before General License 44 was introduced.

At Orinoco Research, we start to evaluate the following fields: Boscan, Tomoporo, Furrial, and Bolivar Coastal, as well as the Orinoco Oil Belt and the Paraguana Refining Complex.

The OFAC will replace General License 44 with GL 44A, which will last until 31 May this year. GL44 allowed for the purchase of Venezuelan oil and gas.

BP president for Trinidad and Tobago, Sir David Campbell met with Trinidadian energy minister Stuart Young and Venezuelan oil minister Rafael Tellechea.

On Tuesday, the Venezuelan electoral authority, the CNE, announced that elections will take place on July 28th. The CNE board approved the electoral roadmap unanimously.