Orinoco Insights
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News and insights
Articles on Venezuela’s politics, economy, and energy.
US-Venezuela talks bring hope for election
On Wednesday, delegations from the governments of Venezuela and the US met virtually to discuss the election this month, as well as other issues.
UNDP forecasts 4.2% growth for Venezuela
On 28 June, the United Nations Development Programme released its forecast of 4.2% economic growth for Venezuela.
Colombia’s Ecopetrol to import Venezuelan gas from 2025
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.
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.
Venezuela’s long and winding debt restructuring road
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.
BP and Trinidad receive OFAC license for new Venezuela project
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.
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.
Understanding Venezuela’s tourism rebound
Venezuela already starts with an advantage with its natural endowments. It has the longest Caribbean coastline with hundreds of islands, white-sand beaches, keys, and natural swimming pools. A varied range of natural reserves cover rainforests, mountains, savannahs, and even a desert—and of course, the famous Angel Falls in Canaima. The country can also draw on its culture, like its rich musical tradition, as attractions.
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.
Maduro announces subsidies increase
This article has been edited from its original version, after it was confirmed that the minimum wage is not increasing, but subsidies are rising by USD 30.
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.
BP Seeking Natural Gas Opportunities In Trinidad-Venezuela Waters
BP president for Trinidad and Tobago, Sir David Campbell met with Trinidadian energy minister Stuart Young and Venezuelan oil minister Rafael Tellechea.
Elections on July 28th
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.
Maduro Meets Guyanese President And Makes Election Announcements
On Friday, Venezuelan president Nicolas Maduro landed in Saint Vincent and the Grenadines for the summit of the Community of Latin American and Caribbean States (CELAC).
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.
Essequibo: Military build-up at the border?
The Center for Strategic and International Studies published a report on February 9th arguing that Venezuela is building up troop numbers along its border with Guyana. The report was published just days after ExxonMobil announced it would increase its drilling in contested waters; the Venezuelan Ministry of Defence said it would respond to what it said was a “provocation”.
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.