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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.

HOUSTON, April 28 (Reuters) - Chevron Corp (CVX.N) has stepped up sales of Venezuelan crude oil to rival U.S. refiners, adding PBF Energy Inc (PBF.N) and Marathon Petroleum Corp (MPC.N) to its list of customers for the crude, vessel tracking and loading schedules showed. Chevron, the last big U.S. oil producer still operating in U.S.-sanctioned Venezuela, has increased exports of the crude since January. So far in April, it has loaded about 148,000 barrels per day (bpd) of oil at Venezuelan ports, with cargoes going to at least three other U.S. refiners, besides Chevron's own refinery. In mid-April, Chevron sold about 550,000 barrels of Venezuelan crude to PBF for its 185,000-bpd Chalmette refinery, near New Orleans, U.S. Customs data on Refinitiv Eikon showed. Chevron has sent Venezuelan crude to its 369,000-bpd Pascagoula, Mississippi, refinery and this month shipped a cargo to a Bahamas oil-storage terminal, PDVSA's schedules showed.

[1/5] A Cuban tanker ship enters Havana's bay with a sign that reads in Spanish: "No more blockade", referring to the trade embargo on Cuba imposed by the U.S., Havana, Cuba, April 25, 2023. Venezuela's oil exports to Cuba so far this year have dropped to 55,000 barrels per day (bpd) from almost 80,000 in 2020. Cuba has also imported since November at least five cargoes from Russia, a long-time supplier, as well as fuel from Caribbean terminals and Europe, the data shows. Officials also blame U.S. sanctions, which complicate the financing and transport of fuel to Cuba, for the crisis. Venezuela's state oil company PDVSA and oil ministry, Pemex, and Mexico's foreign ministry did not reply to requests for comment.

[1/3] State worker Yuri Yon (L), talks to a colleague during their third day waiting in line for the arrival of a fuel tank truck in Havana, Cuba, April 5, 2023. "I've been three days waiting in this line for gasoline and we still don´t know if the (fuel) truck will arrive today," said private taxi driver Alexander Pérez, 43. "The situation across the country is critical and the lines endless, and they don´t give any explanation." Venezuela has ramped up oil supply to Cuba since early 2023, according to documents from state company PDVSA and shipping data. But Venezuela's supply in recent months has barely included clean refined products, especially gasoline and diesel, according to the documents and data.

HOUSTON/PUNTO FIJO, Venezuela, April 4 (Reuters) - Venezuela's oil exports rose in March to the highest monthly average since August, boosted by a resumption of loadings after an export freeze and by rising cargoes assigned to Chevron Corp (CVX.N), according to documents and shipping data. State oil company PDVSA has reinstated two export contracts after a January freeze by new boss Pedro Tellechea: a medium-term contract with Hangzhou Energy, and another with Portugal-based Adinius Sociedade de Servicios, the documents showed. Oil swap deals with Chevron, Cuba's state company Cubametales and Iran's Naftiran Intertrade Co (NICO) - and most exports of oil byproducts - have continued flowing without interruption during the freeze. Chevron received and exported about 115,000 bpd of Venezuelan heavy crude to the U.S., an increase from about 80,000 bpd in February. Oil exports averaged 774,420 bpd in March, the highest since August, as state company PDVSA reinstated supply contracts that allowed it to ship more crude and fuel in supertankers.

☆ PDVSA's supervising board to appeal new creditors' move to go after Citgo
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

HOUSTON, March 31 (Reuters) - A board that supervises Venezuela's overseas assets said it plans to file an appeal to a U.S. court's decision granting four firms the right to seize shares in one of the parent companies of Venezuela-owned U.S. refiner Citgo Petroleum. Other companies have sought to attach their own judgments to the case, leading to a feud this week among attorneys over priority. The decision by a U.S. judge in Delaware to approve the attachments is contingent on green light by the U.S. Treasury Department. An ad-hoc board created by Venezuela's National Assembly in 2019 to supervise PDVSA's foreign subsidiaries, especially Houston-based Citgo Petroleum, will oppose any conditioned auction, board's president Horacio Medina told Reuters. Reporting by Marianna Parraga and Gary McWilliams Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

Venezuelan oil resumed flowing to the U.S. in January under a Treasury Department license granted to Chevron that allowed it to expand output there and export the oil. Refiners including Valero and Phillips 66 (PSX.N) have bought cargoes from Chevron, according to U.S. Customs and shipping data. Chevron's license - and approvals granted to European firms Eni (ENI.MI) and Repsol (REP.MC) - allow only for oil or debt swaps. Chevron's resumption of Venezuelan crude imports has not led to an increase in the country's overall exports this year, according to PDVSA schedules and Refinitiv Eikon data. 2 U.S. oil company exported some 86,000 barrels per day of Venezuelan oil in February.

The unpaid invoices originated with dozens of little-known companies acting as middlemen for Venezuela's oil exports since U.S. sanctions in 2020 halted deals with international trading firms and customers. Venezuela's Attorney General's office in October began a probe after oil tankers absconded without full payment to PDVSA. Venezuela's oil ministry and PDVSA did not reply to a request for comment. Maroil boosted Venezuela's petcoke exports following a commercial pact with PDVSA in 2016. In Venezuela, two heavy oil upgrading facilities controlled by PDVSA, Petro San Felix and Petrocedeno, produce and store petcoke.

CARACAS, March 25 (Reuters) - An expanding anti-corruption probe in Venezuela has led to the detention of 10 officials and 11 businessmen, the country's attorney general said on Saturday, adding that arrest warrants for 11 more people have been issued. The investigation, which began in October, is focused on state oil company PDVSA, a government entity supervising crypto currency operations, and the judiciary. This week, it led to the resignation of the country's powerful oil minister, Tareck El Aissami, who had served the government for two decades. The 21 people arrested face accusations of appropriation of public assets, money laundering, influence peddling and criminal association. Officials involved could also face charges of treason, the attorney general said.

☆ Oil spills and near misses: more ghost tankers ship sanctioned fuel
▼ + stars: | 2023-03-23 | by ( Jonathan Saul | ) www.reuters.com time to read: +9 min

REUTERS/Ronen ZvulunSummary Risk of accidents in focus as 'shadow' fleet growsStirs fears of oil spills, decades after Exxon ValdezHundreds of ships carry oil from sanctioned nationsMany ship certifiers and insurers have pulled servicesLONDON, March 23 (Reuters) - An oil tanker runs aground off eastern China, leaking fuel into the water. Many leading certification providers and engine makers that approve seaworthiness and safety have withdrawn their services from ships carrying oil from sanctioned Iran, Russia and Venezuela, as have a host of insurers, meaning there's less oversight of vessels carrying the flammable cargoes. Reuters was unable to independently verify the numbers regarding the size and growth of the shadow fleet. The U.S. Treasury didn't immediately respond to a request for comment on ships carrying sanctioned oil. SHIP-TO-SHIP TRANSFERSAround 774 tankers out of 2,296 in the overall global crude oil fleet are 15 years old or more, according to data provider VesselsValue.

HOUSTON, March 21 (Reuters) - Venezuela's state-run oil company PDVSA has accumulated $21.2 billion in accounts receivable, according to documents viewed by Reuters, after turning to dozens of little known intermediaries three years ago to export its oil under U.S. sanctions. The scale of the receivables explains a January freeze on supply contracts by PDVSA's new boss Pedro Tellechea, who sought to halt unpaid cargoes immediately after taking office. A series of attempts to tighten contract terms came after some vessels absconded without payment in recent years. PDVSA and Venezuela's oil ministry did not immediately reply to a request for comment. Reporting by Marianna Parraga; Editing by Gary McWilliams and Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

☆ Chevron-chartered tanker involved in collision with sanctioned vessel in Venezuela
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +2 min

Companies Chevron Corp FollowHOUSTON, March 20 (Reuters) - A Liberia-flagged oil tanker chartered by Chevron Corp (CVX.N) had a minor collision with another vessel, the Bueno, in Venezuelan waters on Sunday, according to sources and a shipping report seen by Reuters on Monday. Incidents involving vessels, oil spills, fires and power outages are very frequent in Venezuela as state-run PDVSA's aging oil infrastructure does not receive proper maintenance and needed repairs amid U.S. sanctions on the country. Both were told by the port captain to anchor in specific positions and await inspections, according to a PDVSA shipping report. Tanker Bueno has been working for PDVSA since last year, moving oil and fuel between domestic ports under a time-charter contract. As of Monday, the Kerala had moved away from the collision site while waiting for a loading window at the Bajo Grande terminal, according to Refinitiv Eikon vessel monitoring data.

[1/5] A Venezuelan flag next to some flags of Venezuela's state oil company PDVSA is pictured near the company's headquarters, in Caracas, Venezuela March 20, 2023. REUTERS/Leonardo Fernandez ViloriaCARACAS, March 20 (Reuters) - Venezuela's President Nicolas Maduro on Monday accepted the resignation of the country's powerful oil minister following the detention of at least six high level officials amid a corruption probe focused on state-run company PDVSA and the judiciary. Arresting government officials for corruption is rare in Venezuela, a country that rights groups such as Transparency International have described as opaque. The sources also said that at least 20 lower level officials at PDVSA have been arrested in recent days. The arrests are the largest recent crackdown on alleged PDVSA corruption.

A large fire last year destroyed a portion of the country's largest oil terminal, Matanzas, and has created obstacles to discharge fuel imports. The Panama-flagged supertanker Nolan this week is loading 400,000 barrels of fuel oil for power generation at Venezuela's Jose terminal. Seeking to avoid its own fuel crisis, Venezuela's oil supplies to Cuba last year fell about 6% to 53,600 barrels per day (bpd), independent data based on tanker movement showed. PDVSA, Venezuela's oil ministry and Cuba's Center for International Press did not immediately reply to requests for comment. The tanker has not sent a signal from its transponder since mid-December while in Venezuela, according to Refinitiv Eikon vessel monitoring data.

The five-phase project to integrate gas production, storage, pipeline transportation and liquefaction is key for the South American country to monetize its vast reserves and become an exporter on liquefied natural gas (LNG). A delegation of technicians from Petronas traveled to Argentina in February to plan for the project. Drilling rigs could be imported for the upstream portion of the gas project as Argentina struggles to secure specialized equipment, YPF Chief Executive Officer Pablo Iuliano told journalists at the CERAWeek conference in Houston. If the decision is yes, then construction could begin between late 2023 and early 2024,The gas project with Petronas, the oil terminal and a two-phase gas pipeline connecting Vaca Muerta to the country's Northern region are needed to boost the country's oil and gas output and exports. Oil and gas producers expect the government will send draft legislation for promoting LNG production to Congress in the coming weeks, Iuliano said.

Among methods that produce what is known as green hydrogen are electrolysis to split water into hydrogen and oxygen using power from renewables. The technology for shipping hydrogen is still in early stages of development, said Chevron's vice president of hydrogen Austin Knight. About 30-35% of the total energy system will need hydrogen to decarbonize, he said. NextEra is working with the U.S. Treasury on rules that govern what can be considered green hydrogen, he said. The process is complicated by the variability of renewable power supply from wind and solar, he said.

HOUSTON, March 6 (Reuters) - Guyana's coming auction of offshore oil exploration blocks has lured at least 10 companies including Shell, Petrobras and Chevron, to consider the decade's hottest oil region, people close to the matter said. Guyana also has begun direct negotiations on the 14 blocks and other areas with governments that have state-controlled oil companies. The proposed rules will nearly double the government's take from oil production to 27.5% of royalties and profit oil, plus a new 10% corporate tax, compared to Exxon's main contract. "We believe it is asymmetric now, and a bit in favor of the companies," Jagdeo said. The Exxon group can use 75% of the oil production to offset a variety of costs, including construction of its new Guyana headquarters.

HOUSTON, March 3 (Reuters) - The chief executive of Saudi Arabian state oil company Aramco (2223.SE) will not attend an energy conference organized by S&P Global next week, the event's updated schedule showed. Amin Nasser, head of the world's largest oil company, had been listed as delivering a keynote address at CERAWeek, the largest gathering of high-profile oil executives and energy ministers. Nasser was one of the few high-level Saudi officials on this year's schedule and has been a regular presence at past CERAWeek conferences. The agenda for this year's event is dominated by major oil company executives and U.S. government officials, with fewer Middle East executives and officials. A record 7,000 people have signed up for the week-long event, which will includes discussions of fossil fuels, clean energy and advanced energy storage.

"From 2020 onwards, we've achieved extremely strong real economic growth overall," Singh said at Guyana's Energy Conference and Expo in Georgetown. Guyana's economy registered a real growth of 62% last year and it has been forecasted to expand by another 25% this year. "Real economic growth of 25% over a sustained period is an achievement that is rare in the historic economic context." By the end of 2026, the fund is expected to have increased its balance to $5.4 billion. Reporting by Neil Marks in Georgetown and Marianna Parraga in Houston Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

☆ Exclusive: Iran to start revamp at Venezuela's largest refining complex within weeks - sources
▼ + stars: | 2023-02-03 | by ( Mircely Guanipa | ) www.reuters.com time to read: +6 min

The companies are now expected to sign in the coming weeks a 460-million-euro contract to revamp the 955,000-bpd Paraguana refinery complex on the coast of western Venezuela, according to the sources. Iran's Foreign Minister Hossein Amirabdollahian arrived in Caracas on Friday and met Venezuela's oil minister Tareck El Aissami, according to tweets from the Iranian embassy in Caracas and Venezuela's oil ministry. PDVSA, NIORDC and Venezuela's oil ministry did not reply to requests for comment. A QUARTER OF CAPACITYA project to restore the complex's dilapidated power supply is also planned as part of the revamp, according to the sources. During the El Palito revamp, PDVSA sent home hundreds of Venezuelan workers to make way for the Iranian technicians, which triggered protests.

A total of 95 cargoes carrying LNG departed last month from U.S. ports mainly bound for customers in Europe, which received 68% of exports. In December, U.S. LNG exports had increased to 7.22 million tonnes as producers made an effort to supply as much as possible to Europe. Clients there took 79% of total exports that month. Delays to restart the second-largest U.S. LNG plant, Freeport LNG, after a fire have also created limitations to export the superchilled gas since mid-2022. Freeport LNG on Tuesday asked U.S. regulators for approval to supply natural gas to one of the three idled units at its Texas plant, a milestone in efforts to restore production after a seven-month outage.

[1/2] An oil tanker is docked while oil is pumped into it at the ships terminal of PDVSA's Jose Antonio Anzoategui industrial complex in the state of Anzoategui April 15, 2015. It reinforces measures implemented last year after several buyers skipped out on payments for oil, which provides most of the South American country's income. After taking the helm, Tellechea launched an extensive audit of supply contracts, according to a written order to PDVSA seen by Reuters. The new terms narrow a wide variety of contract modalities to a few requiring prepayment of cargoes entirely in cash or allowing payment via goods and services to Venezuela, but they must be received before Venezuela will release the oil, according to the documents. Even long-term buyers must abide by the new rules that require payment in full by cash before each oil delivery.

☆ Trinidad offers to pay for Venezuelan gas with humanitarian supplies
▼ + stars: | 2023-01-25 | by ( Curtis Williams | ) www.reuters.com time to read: +2 min

The U.S. Treasury Department on Tuesday issued a license allowing Trinidad to co-develop the Dragon gas field, which holds 4.2 trillion cubic feet of reserves on the Venezuelan side of the maritime border with Trinidad. The project would have Trinidad import the gas and turn it into exportable liquefied natural gas (LNG). So we buy the gas and we pay for it in a variety of ways," Rowley told journalists late on Tuesday. Venezuela has resorted to swaps to make its economy work amid stiff U.S. sanctions prohibiting financial transactions or the use of dollars to pay Venezuela or the country's state companies. Shell (SHEL.L), which operates the neighboring Hibiscus field in Trinidad, ideally could become the operator, said Trinidad's Rowley.

PDVSA has found reserves of 4.2 trillion cubic feet (TCF) in the Dragon field, on the Venezuelan side of its maritime border with Trinidad. Even with Washington's granting of Trinidad's request, it could take years of investment and development to bring Venezuelan gas to Trinidad and boost LNG to Europe, experts say. In addition, with no payments authorized to Venezuela, it could be difficult for Trinidad to craft a deal with Caracas. "At the request of the Government of Trinidad and Tobago, the United States Department of the Treasury issued a specific license to enable Trinidad and Tobago to develop the Dragon gas field," the senior administration official said. The Chevron license is meant to reopen some oil flows that were shut by U.S. sanctions nearly four years ago.

Jan 24 (Reuters) - At least one chemical plant and an oil refinery were scrambling to recover from operational upsets on Tuesday after severe weather tore through an oil and gas refining hub outside Houston. Shell (SHEL.L) said it was experiencing an incident at its Deer Park chemicals facility following severe weather, according to a company tweet. Petroleos Mexicanos also reported operational upsets due to weather at its neighboring oil refinery, according to a company alert. The National Weather Service issued a tornado warning for the Houston area on Tuesday afternoon. Exxon Mobil (XOM.N) said operations at its Baytown, Texas, plant were stable following the severe weather, with no injuries reported.

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