Venezuela Aims to Boost Oil Production

Venezuela’s state oil company wants to increase crude production by nearly 8 percent this year. Petroleos de Venezuela SA says it hopes to produce more than 3.4 million barrels per day. State oil company vice president Luis Vierma says the company is investing some $15 million this year — up 50 percent from 2007. Vierma says that Venezuela is producing about 3.2 million barrels per day.... 

Venezuela opts for oil contracts in euros

Venezuelan state oil giant PDVSA has decided to sign some oil contracts in euros in the face of a plummeting dollar, local media reported, citing officials. “There are some contracts in euros, contracts for crude, products and spot markets in euros. This is a subject which we are working on,” said energy minister and Petroleos de Venezuela (PDVSA) chief, Rafael Ramirez, in an interview... 

Venezuela consolidates oil industry control as US giants pull out

Venezuela moved closer to nationalizing its oil-rich Orinoco River basin, after four foreign oil companies signed deals giving Venezuela the lion’s share of the profits and two US companies pulled out altogether. “ExxonMobil and ConocoPhillips are ending their participation in the exploration ventures,” Oil and Energy Minister Rafael Ramirez said Tuesday at the signing ceremony with... 

ConocoPhillips, Exxon Mobil pass on Venezuela deals

Oil giants ConocoPhillips and Exxon Mobil Corp. are set to withdraw from their joint venture projects in Venezuela’s Orinoco basin. The two companies refused to sign deals Tuesday that would see the Venezuelan government taking majority stakes in their Orinoco projects. Four other oil majors, U.S.-based Chevron Corp.; Britain’s BP Plc; France’s Total SA; and Norway’s Statoil... 

Tag: conocophillips approved

Venezuela May Create Private Oil Drilling Company, Envoy Says

Venezuela, which this week announced plans to nationalize 18 oil rigs operated by international companies, wants to establish a Latin American oil and gas drilling corporation. Such a company would give Petroleos de Venezuela and other Central and South American oil companies an alternative to North American rig operators, seismic providers and service firms, Bernardo Alvarez, Venezuela’s ambassador... 

Brazil’s Gas and Oil Reserves Edge Down Slightly in 2006

Brazil’s gas and oil reserves edged down slightly in 2006, the state-run oil firm Petroleo Brasileiro SA, or Petrobras, said in a release. Petrobras said a statement Saturday that its Brazilian oil and gas reserves receded to 10.573 billion barrels of oil equivalent by Dec. 31, 2006, compared to 10.578 billion barrels a year earlier, according to the strict criteria of the U.S. Securities and... 

PetroFalcon Corporation: Vinccler Oil and Gas, C.A. Confirms Oil and Gas Accumulation and Provides Update on ICO Pipeline

Vinccler Oil and Gas, C.A. , the wholly-owned subsidiary of PetroFalcon Corporation , announced that its 40%-owned joint venture, PetroCumarebo, S.A. (“PetroCumarebo”), confirmed the presence of oil and gas reservoirs with the LV-11 development well. PetroCumarebo subsequently suspended drilling operations and is in the process of skidding the rig for a re-drill of the well using a slightly... 

Mexico’s Calderon discusses ethanol, entry into Mercosur with Brazil

Mexico’s President-elect Felipe Calderon met Friday with Brazilian President Luiz Inacio Lula da Silva and top officials to discuss boosting bilateral auto trade and Mexico’s entry into a South American trade bloc. Calderon also met with Brazilian Trade Minister Luiz Furlan and Foreign Minister Celso Amorim. In addition to trade, the two countries discussed Mexico’s possible entry... 

Petroleos de Venezuela Says Gasoline Deliveries Are Normal

Petroleos de Venezuela SA, South America’s largest oil company, said its production and deliveries of gasoline and other petroleum products are normal even though several domestic refinery units aren’t operating. Caracas-based Petroleos de Venezuela said in a statement that it’s meeting all delivery obligations. The company said earlier this week that gasoline units at its El Palito... 

Fitch Ratings Comments on CITGO Petroleum Corporation

The ratings of CITGO Petroleum Corporation (CITGO) are not expected to change due to the announcement that Lyondell Chemical Company (Issuer Default Rating (IDR) of ‘BB-’ on Rating Watch Evolving) and CITGO have discontinued the auction process for the LYONDELL-CITGO Refining L.P. (LCR) refinery in Houston, Texas. Although bids exceeded $5.0 billion, these offers did not meet the owners’...