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An oil pump jack is seen in an oil field near Lake Maracaibo, in Cabimas, Venezuela October 14, 2022. REUTERS/Issac Urrutia/File Photo Acquire Licensing RightsHOUSTON, Dec 1 (Reuters) - Venezuela's oil exports remained almost unchanged in November at 651,000 barrels per day (bpd) even as an easing of U.S. sanctions is now allowing sales to trading houses, according to shipping and tanker tracking data. Washington in October temporarily lifted oil sanctions on the country as a way to encourage a presidential election in 2024, which prompted spot sales of Venezuelan crude and fuel oil to traders mostly bound for China. The stagnant production has driven PDVSA to offer trading houses and intermediaries a large portion of its oil stocks for exports. Besides seeking spot cash oil sales, PDVSA also has ramped up fuel imports since October.

Persons: Issac Urrutia, PDVSA, Marianna Parraga, Mircely Guanipa, Jonathan Oatis Organizations: REUTERS, Rights, China ., Reuters, Analysts, Chevron, Spain's, Thomson Locations: Lake Maracaibo, Cabimas, Venezuela, Washington, China, China . State, India, Venezuelan, United States, U.S, Houston, Maracay

Washington in mid-October issued a general license lifting through April sanctions on the country's oil production and exports. POLICY SHIFTThe U.S. imposed sanctions on Venezuela's oil industry to try to oust President Nicolas Maduro, whose 2018 re-election it considers a sham. In the last three weeks, PDVSA has signed new term deals to sell products, including fuel oil and asphalt cement with little known firms. LINING UPShortly after sanctions were eased last month, Trafigura chartered a vessel to pick up a fuel oil cargo at a Venezuelan port. The firm that won the offer is Romania-registered Ke Lo Ke Mgmt, PDVSA documents seen by Reuters showed.

Persons: Marco Bello, Nicolas Maduro's, PDVSA, Nicolas Maduro, Joe Biden's, Trafigura, Lo, Ke Lo Ke, Gunvor, Marianna Parraga, Gary McWilliams, Barbara Lewis Organizations: REUTERS, Gunvor, Reuters, Bloomberg, Thomson Locations: Puerto Cabello, Carabobo, HOUSTON, Washington, U.S, Venezuela, PDVSA, Venezuelan, Romania

Cutouts depicting images of oil operations are seen outside a building of Venezuela's state oil company PDVSA in Caracas, Venezuela January 28, 2019. U.S. sanctions that were in place on Venezuela since 2019 largely blocked state-run oil company PDVSA from exporting to its chosen markets. That changed last week, but Washington's six-month relaxation of the measures is too limited to spur new crude production. PDVSA also is in talks with Mercuria Energy and Sahara Energy on spot sales, the sources said. The Italian company and Spain's Repsol (REP.MC) have been in negotiations with PDVSA for months to expand gas output in Venezuela.

Persons: Carlos Garcia Rawlins, Trafigura, PDVSA, Pedro Tellechea, Tipco, Spain's, Eni, Maurel, prepay, Marianna Parraga, Laura Sanicola Organizations: REUTERS, Rights, Global, PDVSA, Bermuda, Mercuria Energy, Sahara Energy, U.S ., Reliance Industries, Valero Energy, PBF Energy, Eni, Valero, Reliance, U.S . Treasury Department, Traders, Thomson Locations: Caracas, Venezuela, U.S, Venezuela's, Sahara, PDVSA's, Houston, Washington

The auction could start a new chapter for the 113-year-old company, which has been owned by Venezuela for almost 40 years. Washington and Venezuela's political opposition wanted Citgo to anchor the country's economic future under a democratically elected government. The sale could become the biggest court auction ever held. Motiva, Valero and Citgo's ultimate parent, Venezuela's state oil company PDVSA, did not reply to requests for comment. "Citgo will be strategic for Venezuela in the next 20-25 years, not only as a refining company, but with an expanded role," director Medina said.

Persons: Biden, Citgo, Nicolas Maduro's, Matthew Blair, Tudor, Blair, Jose Ignacio Hernandez, Leonard Stark, PDVSA, PDV, Juan Guaido, Natalie Shkolnik, Wilk Auslander, Nicolas Maduro, Stark, Evercore, Conoco, Horacio Medina, Carlos Jorda, Medina, Hernandez, Marianna Parraga, Erwin Seba, Gary McWilliams, Anna Driver Organizations: U.S . State Department, Reuters, Marathon Petroleum, Motiva Enterprises, Valero Energy, Koch Industries, Valero, U.S . Treasury, Holt, U.S, Crystallex International, PDVSA, National Assembly, Citgo, PDV, Supreme, Evercore, ConocoPhillips, Exxon Mobil, Exxon, U.S . Treasury Department's, Foreign Assets Control, Thomson Locations: United States, Petroleum, U.S, Houston, Venezuela, Washington, Saudi, Pickering, Citgo, Delaware, Caracas

A state oil company PDVSA's logo is seen at a gas station in Caracas, Venezuela May 17, 2019. The U.S. on Wednesday lifted most restrictions on Venezuela for six months for producing, selling and exporting oil to its chosen markets. But it is not expected to significantly boost Venezuela's deteriorated oil production or immediately lead to stronger exports. Venezuela can now receive direct payments for goods or services under the license issued by OFAC, which oversees American sanctions. PDVSA and Venezuela's oil ministry did not immediately reply to requests for comment.

Persons: Ivan Alvarado, PDVSA, Washington, Pedro Tellechea, Francisco Monaldi, Rice, Nicolas Maduro's, Monaldi, Maduro, Spain's, Joe Biden's, Marianna Parraga, Will Dunham, Marguerita Choy Organizations: REUTERS, Rights, U.S, Treasury's, Foreign Assets, Oil, OFAC, Washington, Chevron, Baker Institute, Venezuelan, Citgo Petroleum, Valero Energy, PBF Energy, India's Reliance Industries, Nayara Energy, Eni, Thomson Locations: Caracas, Venezuela, Venezuelan, U.S, Asia, PDVSA, United States, American, CHINA, EUROPE, China, India, PetroChina, Houston, Maduro, Washington

A state oil company PDVSA's logo is seen at a gas station in Caracas, Venezuela May 17, 2019. The United States on Wednesday lifted for six months most restrictions on Venezuela for producing, selling and exporting oil to its chosen markets. Not all sanctions on PDVSA were lifted by the United States. Before sanctions, India and the United States were other top destinations. PDVSA and Venezuela's oil ministry did not immediately reply to requests for comment.

Persons: Ivan Alvarado, PDVSA, Francisco Monaldi, Rice, Nicolas Maduro's, Monaldi, Maduro, Spain's, Joe Biden's, Marianna Parraga, Will Dunham Organizations: REUTERS, Rights, U.S, Treasury's, Foreign Assets Control, Washington, Chevron, Baker Institute, Venezuelan, Citgo Petroleum, Valero Energy, PBF Energy, India's Reliance Industries, Nayara Energy, Italy's Eni, United, Thomson Locations: Caracas, Venezuela, Venezuelan, United States, U.S, Asia, PDVSA, American, CHINA, EUROPE, China, India, PetroChina, Maduro, Washington

Rolling back Trump-era sanctions, U.S. officials issued general licenses for Venezuela's oil, gas and mining sectors in response to a deal between Venezuelan President Nicolas Maduro and the county's opposition on the 2024 presidential election. SLOW RECOVERYThe sanctions relief authorizes the production, sale and export of Venezuela's crude and gas, while keeping a ban on business with Russia. Since the U.S. imposed secondary oil sanctions on Venezuela in 2020, PDVSA had been unable to fulfill its supply contracts to clients in regions from Europe to Asia. An individual authorization to Chevron Corp (CVX.N) allowed the return of Venezuela's crude to the United States this year. Area chart shows data from U.S. EIA showing Venezuela crude oil production.

Persons: Leonardo Fernandez Viloria, Francisco Monaldi, Rice University's, Nicolas Maduro, Joe Biden, Monaldi, PDVSA, Baker Hughes, Maduro, Marianna Parraga, Julia Symmes Cobb, David Gregorio, William Mallard Organizations: REUTERS, Rights, South, Rice University's Baker Institute ., Trump, Venezuelan, OPEC, U.S, Chevron Corp, U.S Chevron, Eni, EIA, Thomson Locations: Jusepin, Venezuela, South American, U.S, American, Russia, Iran, Europe, Asia, United States, Trinidad and Tobago, China, Caribbean

A woman walks in the Chevron office as the U.S. government granted a six-month license allowing Chevron to boost oil output in U.S.-sanctioned Venezuela, in Caracas, Venezuela December 2, 2022. Current oil flows mark a 70%-increase from average output in 2022. But to go further requires large specialized drilling rigs that might be difficult to find in Venezuela, the people said. The California-based company's campaign calls for addition of at least two powerful drilling rigs. Other foreign oil companies in joint ventures with PDVSA also have begun early planning for possible drilling campaigns.

Persons: Gaby Oraa, Petropiar, PDVSA, Chevron, Marianna Parraga, Sabrina Valle, Matt Spetalnick, David Gregorio Our Organizations: Chevron, REUTERS, Companies, Chevron Corp, OPEC, Treasury, U.S . Office, Foreign Assets, U.S, PDVSA, Thomson Locations: Venezuela, Caracas, HOUSTON, Washington, The California, Lake Maracaibo, U.S

Monrovia NSU CHALLENGER bulk carrier transits the expanded canal through Cocoli Locks at the Panama Canal, on the outskirts of Panama City, Panama April 19, 2023. REUTERS/Aris Martinez Acquire Licensing RightsSept 12 (Reuters) - The Panama Canal could further reduce the maximum number of vessel transits authorized per day if a drought that has hit the waterway this year continues, its administrator said on Tuesday. In a move to ease the bottleneck of ships waiting, the canal has recently changed its reservation system to allow more non-booked vessels to pass and to give priority to the ships waiting the longest. The head of the Panama Canal Authority, Ricaurte Vasquez, said the waterway would opt for reducing daily transits if needed, before planning any further cut to authorized vessel draft, which affects shippers the most. PROLONGED DROUGHTVasquez said that even though this drought has not been the most severe Panama has ever seen, it could be very long.

Persons: Aris Martinez, Vasquez, Ricaurte Vasquez, Marianna Parraga, Gary McWilliams, Timothy Gardner Organizations: Monrovia NSU CHALLENGER, REUTERS, Aris, Panama Canal Authority, Thomson Locations: Cocoli, Panama, Panama City, Pacific

The U.S. in January granted Venezuela's PDVSA, Shell and NGC a two-year authorization to revive the project, which could boost Trinidad and Tobago's gas processing and exports. Negotiations between the trio initially had progressed little over a U.S. demand that the proposed Dragon gas project exclude cash payments to Venezuela or its state companies. "Discussions on the Dragon project involving the governments of Venezuela and Trinidad and Tobago and Shell are ongoing and commercially confidential," Shell told Reuters. PDVSA, Venezuela's oil ministry and Trinidad's energy ministry did not reply to requests for comment. A second could connect to Shell's Hibiscus field on Trinidad's side, allowing gas to flow to Trinidad, the people said.

Persons: Chris Helgren, Venezuela's PDVSA, Biden, PDVSA, Shell, Stuart Young, Nicolas Maduro, Keith Rowley, Trinidad's, Curtis Williams, Marianna Parraga, Timothy Gardner, Marguerita Choy Organizations: Shell, REUTERS, Rights, Tobago's National Gas Company, NGC, Reuters, Trinidad's Energy, U.S . Treasury, U.S . State Department, Trinidad's, U.S, Washington, Thomson Locations: Vancouver , British Columbia, Canada, Trinidad, U.S, Venezuela, Trinidad and Tobago, Maduro, Guiria, Point Fortin, Houston, Washington

File Photo Acquire Licensing RightsSept 4 (Reuters) - Venezuela's oil exports in August fell 38% from a three-year high in July as state-run oil company PDVSA struggled to keep its heavy crude upgraders in service, according to vessel monitoring data and internal company documents. Venezuela's oil exports in August dropped to about 544,000 barrels per day (bpd) from more than 877,000 bpd in July, according to LSEG Eikon vessel tracking data. China remained the main destination for most of the OPEC member's crude and fuel exports, including cargoes transshipped through Malaysia. At the Petropiar crude upgrader, operated by PDVSA and Chevron and that processes extra heavy oil, maintenance affected a vacuum distillation unit. PDVSA boosted shipments of crude, fuel oil, gasoline blend stock and gas oil to ally Cuba to some 65,000 bpd, from 53,000 bpd in July.

Persons: PDVSA, Russia's Roszarubezhneft, Marianna Parraga, Marguerita Choy Organizations: American, Chevron, U.S, PDVSA, China National Petroleum Corp, Italy's Eni, Thomson Locations: Venezuela, U.S, China, Malaysia, Cuba, Houston, Maracay

[1/2] The logo of Italian energy company Eni is seen at the booth of Eni during the Nigeria International Petroleum Summit in Abuja, Nigeria February 10, 2020. Under the revised terms, Eni and Repsol can supply the state company with fuels, potentially helping Venezuela ease an intermittent scarcity that has led to long lines at gasoline stations in recent years. Eni and Repsol were not immediately available to respond to a Reuters request for comment. Crude received by Eni and Repsol under their swap deal has mostly been sent to Repsol's refineries in Spain. The field is run by the Petrosucre joint venture between Eni and PDVSA.

Persons: Afolabi, Repsol, PDVSA, Joe Biden's, Perla, Marianna Parraga, Francesca Landini, Pietro Lombardi, Mircely, Matt Spetalnick, David Holmes Organizations: Eni, Nigeria International Petroleum Summit, REUTERS, Companies, U.S . State Department, Kuwait Petroleum, Repsol, U.S . Treasury, PDVSA, Perla, Washington, Thomson Locations: Nigeria, Abuja, HOUSTON, Venezuela, Europe, Venezuelan, PDVSA's, Italy's Milazzo, Kuwait, U.S, Spain, Chevron, American, Venezuela's Gulf, Colombia, Milan, Madrid, Maracay, Washington

Washington has been trying to encourage negotiations between President Nicolas Maduro and the political opposition over elections in Venezuela and other demands. U.S. President Joe Biden's government is prepared to provide Venezuela sanctions relief if the country moves to restore democracy, the White House said on Wednesday. A new round of talks began last November in Mexico including Maduro's representatives, the opposition and U.S. officials, but have shown little progress. The White House declined to comment on the oil sanctions reframing proposal. MORE OIL FOR MORE PEOPLEThe U.S. is this time considering a specific offer to reframe oil sanctions on the country so crude buyers in Europe and other regions also can resume imports of Venezuelan oil in a structured, organized way, the people said.

Persons: Nicolas Maduro, Joe Biden's, Jorge Rodriguez, Biden, Donald Trump, Dinorah Figuera, Rodriguez, Marianna Parraga, Vivian Sequera, Mayela, Timothy Gardner, Diane Craft, Berkrot Organizations: Chevron Corp, U.S, White, National Security Council, U.S . State Department, National Assembly, Mayela Armas, Thomson Locations: CARACAS, WASHINGTON, American, Washington, Venezuela, U.S, United States, Mexico, Europe, China, Iran, Russia, Houston, Caracas

The Liberian MSC UNITED VIII container ship transits in the expanded canal through Cocoli Locks at the Panama Canal, on the outskirts of Panama City, Panama March 10, 2023. The Panama Canal Authority last week opened two additional slots per day for vessels without booking to transit to help clear bottlenecks on both sides of the interoceanic corridor. As of Tuesday, 125 booked and non-booked vessels were waiting to pass, down from more than 160 ships two weeks ago, according to official numbers. However, the average wait time for vessels to pass has risen to between 10 and 11 days this month, from 6-7 days last month. The waiting surpasses 17 days for cargo vessels and liquefied petroleum gas carriers, and is almost 13 days for tankers.

Persons: Aris Martinez, Gustavo Petro, Andres Manuel Lopez Obrador, Abe Eshkenazi, Elida Moreno, Marianna Parraga, Marguerita Choy Organizations: Liberian MSC UNITED, REUTERS, PANAMA CITY, Panama Canal Authority, Reuters, Tuesday, Panama, U.S, U.S ., Association for Supply Chain Management, Thomson Locations: Cocoli, Panama, Panama City, PANAMA, Asia, South America, Europe, China, U.S . West Coast, Chicago, Houston

Monrovia NSU CHALLENGER bulk carrier transits the expanded canal through Cocoli Locks at the Panama Canal, on the outskirts of Panama City, Panama April 19, 2023. The Panama Canal is important for moving consumer goods from Asia to the United States, especially ahead of peak selling seasons like Christmas. The Canal also is maintaining a suspension of extraordinary auctions for transit slots in both locks through Sep. 2. "Demand remains high, which proves that the Panama Canal is still competitive in most segments, even with measures taken to save water," the authority added. The Panama Canal has a 40%-market share of containers moving from Northeast Asia to the U.S. East Coast.

Persons: Aris Martinez, Elida Moreno, Marianna Parraga, Gary McWilliams, Grant McCool Organizations: Monrovia NSU CHALLENGER, REUTERS, PANAMA CITY, Panama Canal Authority, Canal Authority, U.S ., Thomson Locations: Cocoli, Panama, Panama City, PANAMA, Asia, United States, South, Pacific Coast, Northeast Asia, U.S . East Coast

The Frontera-CGX group could become the next oil consortium to advance an oil exploration project in Guyana to development after an Exxon Mobil-led (XOM.N) group did so. Frontera on Thursday said the joint venture was "excited by the definitive presence of oil in the Maastrichtian and Campanian, and the presence of hydrocarbons in the Santonian" areas of its exploration territory. "We believe there is significant potential in the block," it said, adding that the presence of light oil had been detected. Frontera posted net income of $80.2 million in the second quarter, compared with a loss of $11.3 million or in the prior quarter and net of $13.5 million in the second quarter of 2022, the firm said on Thursday. Capital expenditures rose to $154.9 million in the reported period -of which almost $73 million were related to Guyana-, from $131.5 million in the prior quarter.

Persons: Marianna Parraga, David Gregorio Our Organizations: HOUSTON, Frontera Energy, Energy, Exxon Mobil, Exxon, Frontera, Thomson Locations: Frontera, Guyana

Monrovia NSU CHALLENGER bulk carrier transits the expanded canal through Cocoli Locks at the Panama Canal, on the outskirts of Panama City, Panama April 19, 2023. REUTERS/Aris Martinez/File PhotoPANAMA CITY, Aug 10 (Reuters) - The drought-hit Panama Canal has temporarily limited the number of new reserved passage slots to help ease a bottleneck of ships that are waiting to transit without reservations, the waterway's authority said on Thursday. The canal, however, in June postponed further restrictions that would have required ships to lighten their loads to more easily pass. The bottleneck of vessels waiting to pass, however, has grown, prompting logistics and supply chain experts to predict more disruptions. Still, the bottleneck will not fall as hard on shippers as pandemic-era mishaps, including the Suez Canal blockage in 2021, according to shipping firms and customers.

Persons: Aris Martinez, Ricaurte Vasquez, Anatol Feygin, Rolf Habben Jansen, Lloyd, Elida Moreno, Marianna Parraga, Lisa Baertlein, Marguerita Choy Organizations: Monrovia NSU CHALLENGER, REUTERS, PANAMA CITY, Reuters, El, El Nino, Walmart, Cheniere Energy, Thomson Locations: Cocoli, Panama, Panama City, China, El, Suez

Cuban tanker Petion is seen at a shipyard in Veracruz, Mexico April 9, 2021. Mexico has emerged as a top provider, sending oil on a vessel owned by state oil company Petroleos Mexicanos (Pemex) and ships managed by Cuba. The ship previously ferried Venezuelan crude and fuel oil to Cuba, according to Refinitiv Eikon data. Cuba-flagged tanker Delsa also delivered Mexican crude from Pajaritos to Cienfuegos in June, and then sailed to Venezuela, where it loaded oil, the data showed. HELP NEEDEDRussia supplied Cuba with some 12,000 bpd of oil, mostly crude, between February and July, according to the Eikon data.

Persons: Yahir, Vilma, Pemex, Delsa, Esperanza, Washington, Marianna Parraga, David Sherwood, Adriana Barrera, Marguerita Choy Organizations: REUTERS, HOUSTON, Cuban, U.S . Treasury Department's, Foreign Assets Control, U.S . State Department, Reuters, San, Thomson Locations: Veracruz, Mexico, Venezuela, Mexico Mexican, Cuba, Russia, Washington, Mexico's, Cienfuegos, Havana, U.S, San Jose

REUTERS/Jonathan Bachman/File PhotoHOUSTON, July 21 (Reuters) - A U.S. court set Oct. 23 as the start date for a long-expected auction of shares in Venezuela-owned refiner Citgo Petroleum's parent to pay creditors with judgments against the South American nation. U.S. Judge Leonard Stark in Delaware this week accepted a recommendation by a court official in charge of organizing the auction. Proceeds from any sale of PDV Holding shares would be used to pay off creditors previously cleared by the court. Any sale of Citgo without the participation of Venezuela would be "hurtful," Pedro Tellechea, Venezuela's oil minister, said on Friday. "It's not a PDVSA asset.

Persons: Jonathan Bachman, Judge Leonard Stark, PDV, Pedro Tellechea, Horacio Medina, Stark, Venezuela's, Hugo Chavez, PDVSA, Marianna Parraga, Gary McWilliams, Richard Chang, Grant McCool Organizations: Citgo Petroleum, REUTERS, South, Petróleos, PDV, U.S . Treasury Department, PDVSA, Crystallex, ConocoPhillips, Siemens Energy, Tree Investments, Inc, Huntington Ingalls Industries, ACL1 Investments, Rusoro, Koch Industries, Thomson Locations: U.S, Stowell , Texas, Venezuela, South American, PDV, Delaware

A negotiating team representing the South American country has held settlement talks with some of those creditors and holders of defaulted PDVSA bonds. The U.S. has shielded Houston-based Citgo from creditors since the company in 2019 severed ties with its ultimate parent, Venezuela's state oil firm Petroleos de Venezuela (PDVSA.UL), which is controlled by President Nicolas Maduro. Horacio Medina, chief of the board that supervises Citgo, did not immediately reply to a request for comment. A sales process for Citgo shares that could begin as soon as September is under consideration by a U.S. judge in Delaware. Venezuela this month lost a separate appeal trying to block new creditors from attaching to the Delaware case.

Persons: Nicolas Maduro, Horacio Medina, Citgo, PDVSA's, PDVSA, Katherine Polk Failla, Marianna Parraga, Gary McWilliams, Matthew Lewis Organizations: U.S . Treasury Department, Treasury, Crystallex International, ConocoPhillips, Siemens Energy, Tree Investments, U.S, Huntington Ingalls Industries, ACL1 Investments, Rusoro, Koch Industries, New, Thomson Locations: Venezuela, Petroleum, U.S, Houston, Petroleos, Delaware, New York, Manhattan

HOUSTON/CARACAS, July 7 (Reuters) - Venezuela's opposition is crafting a proposal for the country to redirect about 200,000 barrels per day of its oil exports to a trustee to pay creditors with claims on the nation's foreign assets. A negotiation team representing Venezuela in late 2022 began formal talks with some creditors, including miner Crystallex and oil producer ConocoPhillips (COP.N), to avoid the loss of Citgo. A license by the U.S. Treasury Department would be required and Venezuelan state oil company PDVSA would not have access to cash flow from those exports, Medina said. One of the opposition's arguments is that PDVSA is currently forced by U.S. sanctions to sell its oil in Asia at deep discounts. Energy analysts estimate the U.S. Gulf Coast has more room for processing Venezuela's heavy sour crude grades.

Persons: Horacio Medina, Nicolas Maduro, Medina, PDVSA, refiners Citgo, Marianna Parraga, Rosalba O'Brien Organizations: HOUSTON, Petroleum, ConocoPhillips, United Nations, Maduro, U.S . Treasury Department, Valero Energy, PBF Energy, Treasury Department, Chevron Corp, PDVSA, Chevron, . Energy, Gulf, Thomson Locations: CARACAS, Venezuela, Venezuelan, United States, China, Houston, Washington, American, Asia, Chevron, Caracas

HOUSTON, June 30 (Reuters) - Negotiators representing Venezuela have held settlement talks with bondholders and creditors owed billions of dollars from defaults and expropriation claims, the head of a board supervising the country's foreign oil assets told Reuters. The U.S. has for years shielded Citgo from seizure under a license that will expire next month if not renewed. Some $2.6 billion in court-approved claims from Crystallex International, ConocoPhillips (COP.N), Siemens Energy (ENR1n.DE) and Red Tree Investments could be applied to auction proceeds. "We have progressed with the bondholders and Crystallex since party representatives officially met for the first time late last year and in February, respectively. IN 'GOOD FAITH'A negotiation team representing Venezuela also has held talks with ConocoPhillips, but they have not swapped financial proposals, he said.

Persons: Horacio Medina, Medina, Ryan Lance, Citgo, Marianna Parraga, Gary McWilliams, David Evans Organizations: Reuters, Citgo Petroleum, Crystallex International, ConocoPhillips, Siemens Energy, Tree Investments, U.S . Treasury, U.S, Thomson Locations: Venezuela, U.S, New York, Delaware, Washington

[1/2] Oil tanker Kerala, chartered by Chevron, is loaded in the Bajo Grande oil terminal at Maracaibo Lake, in the municipality of San Francisco, Venezuela, January 5, 2023. To back up its license application, Chevron last year signed an oil-for-debt swap with Venezuela's state-run PDVSA. The initial exports have rapidly drained the ventures' oil inventories, which had built up for years. Chevron plans to continue pushing up heavy crude output mainly at oilfields in eastern and western Venezuela belonging to its Petropiar and Petroboscan projects, according to the sources. GOLDEN TICKETChevron's license broke a four-year U.S. prohibition on Venezuelan oil exports to the United States designed to oust President Nicolas Maduro.

HOUSTON, May 8 (Reuters) - A U.S. court of appeals has granted Venezuela a temporary stay preventing six companies from joining a proposed court auction of shares in a Citgo Petroleum parent to enforce judgments for past expropriation of assets. The companies had won conditional attachments to a federal case in which the judge has approved a process to auction the shares to pay a $970 million judgment won by miner Crystallex. The six hold arbitration awards or judgments that total about $2.6 billion and wanted those awards to be included in the auction. The proposed auction, which could break up the seventh largest U.S. refiner to pay creditors, took a giant step forward last month with a greenlight from the U.S. Treasury. Washington has since recognized the opposition-led congress as the entity controlling the refining subsidiary, extending protection to prevent its breakup at the hands of Venezuela creditors.

Companies Chevron Corp FollowHOUSTON, April 28 (Reuters) - U.S. oil producer Chevron Corp (CVX.N) could raise its production in Venezuela this year by up to 50%, to 150,000 barrels of oil per day (bpd), without significant new investments, Chief Executive Michael Wirth said on Friday. The second-largest U.S. producer in November became the first U.S. producer to get a license from the U.S. Treasury Department to revive oil output and resume exports from Venezuela after a three-year pause triggered by U.S. sanctions. The company is producing about 100,000 bpd in Venezuela, and the growth, Wirth said, is limited by terms of its U.S. license, which includes limits to activities it can do. Chevron is offering input to the U.S. government on the matter, Wirth said, but he refrained from saying whether the company has requested a license extension. Chevron has been able overcome operational issues to ramp up output and exports, including finding tanker owners willing to work in Venezuela, easing infrastructure bottlenecks and repairing oil upgrading facilities.

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