Orinoco Insights
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News and insights
Articles on Venezuela’s politics, economy, and energy.
Delcy Rodriguez and Hector Obregon outline PDVSA plan for 2025
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.
Venezuela’s Nicolas Maduro and Delcy Rodriguez meet Repsol, fears that oil output may stagnate
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.
Venezuela oil output continues to grow in June
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.
Venezuela-US oil trade continues to grow
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.
Tellechea Projects 1.3 Mb/d for 2024
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.
What is happening with Venezuela’s oil licenses?
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.
The OFAC’s new licenses regime for 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.
Mapping Venezuela’s Oil Industry
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.
OFAC announces GL44A and specific licenses
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.
Sanctions Uncertainty Limiting Venezuelan Crude Exports To U.S.
The threat of renewed sanctions and unclear guidance from the White House would be limiting flows of Venezuelan oil into the U.S. market, according to traders.
Sanctions Again? U.S. Set To Revoke Venezuela Oil License
The OFAC reimposed sanctions on the gold sector, and is threatening to do the same with oil and gas in April, unless U.S. government demands are met.
U.S. “Wildcat Entrepreneurs” To Invest In Venezuelan Oil
A group of wildcat entrepreneurs visited Venezuela this week, aiming to revamp the country’s run-down oil sector, according to a source present in the meetings.
What is Venezuela’s short-term oil production capacity?
Report with exclusive insights from industry experts on the ground.