Top related persons:
Top related locs:
Top related orgs:

Search resuls for: "Venezuelan Oil"


10 mentions found


POLITICAL TALKSFollowing oil sanctions on Venezuela in 2019, Chevron received an exemption to trade its Venezuelan crude to recoup pending debts. Chevron's four PDVSA joint ventures produced about 200,000 barrels per day of crude oil and exported the crude around the world prior to the sanctions. It also allows the U.S. company to import supplies to help process the country's crude oil into exportable grades. That limits any wider expansion of Venezuelan oil production. Chevron and other U.S. oil refiners could benefit from supplies of Venezuela's heavy crude flowing to their U.S. Gulf Coast processing plants.
The U.S. will require that Chevron report details of its financial operations to ensure transparency. WASHINGTON—The U.S. said it would allow Chevron Corp. to resume pumping oil from its Venezuelan oil fields after President Nicolás Maduro’s government and an opposition coalition agreed to implement an estimated $3 billion humanitarian relief program and continue dialogue in Mexico City on efforts to hold free and fair elections. Following the Norwegian-brokered agreement signed in Mexico City, the Biden administration granted a license to Chevron that allows the California-based oil company to return to its oil fields in joint ventures with the Venezuela national oil company, Petroleos de Venezuela SA. The new license, granted by the Treasury Department, permits Chevron to pump Venezuelan oil for the first time in years.
WASHINGTON—The U.S. said it would allow Chevron Corp. to resume pumping oil from its Venezuelan oil fields after President Nicolás Maduro ’s government and an opposition coalition agreed to implement a humanitarian program and continue dialogue in Mexico City on efforts to hold free and fair elections. Following the agreement, the Biden administration granted Chevron a license that would allow the California-based oil company to return to its Venezuelan oil fields in joint ventures with Venezuela’s national oil company Petróleos de Venezuela SA. The new license, granted by the Treasury Department, would permit Chevron to pump Venezuelan oil for the first time in years.
The decision allows Chevron to revive existing oil projects in the U.S.-sanctioned country and bring new oil supplies to refiners in the United States. However, it restricts cash payments to Venezuela, which could reduce the amount of oil available to Chevron. License terms are designed to prevent Venezuelan state-run oil firm PDVSA from receiving proceeds from Chevron's Venezuelan petroleum sales, U.S. officials said. A Chevron spokesperson said the company was reviewing the license terms and declined immediate comment. Proceeds due Venezuela from Chevron's oil sales would go into a humanitarian fund rather than to PDVSA.
HOUSTON, Nov 23 (Reuters) - A U.S. license allowing Chevron Corp to expand Venezuela's oil production and export its oil will be designed to prevent the country's state-run oil firm PDVSA to profit from the sales, according to a person familiar with the matter. Any approval would allow it to resume producing and export crude oil that has been barred by U.S. sanctions. Terms of the U.S. license under consideration will "prevent PDVSA from receiving profits from the oil sales by Chevron," the person said. White House officials want to "shift oil sales from illicit and non-transparent channels to transparent, legitimate channels," the person said. A Chevron spokesman did not comment on the terms of the proposed license, but said its Venezuelan operations are “in compliance with the current sanctions framework."
The U.S. is poised to grant a license to Chevron Corp. to pump oil in Venezuela, a policy shift that would ease yearslong sanctions and could open the door for other oil companies to do business there. The U.S. oil company would regain partial control of its oil-production and maintenance activities in dilapidated Venezuelan oil fields it has retained stakes in through joint ventures with the state-run oil company Petróleos de Venezuela SA It wouldn’t make new investments there until certain debts are repaid, which could take years, according to people familiar with the matter.
TERMS OF THE LICENSEThe terms readied for approval will prevent Venezuela's state-run oil firm PDVSA from receiving proceeds from Chevron's oil sales. And they will "the use of corrupt shadow firms that control the flow of Venezuela oil to countries like China," said a person familiar with the matter in Washington. The United States this year has kept oil prices from soaring by releasing more than 200 million barrels of the nation's emergency oil reserves. Chevron is a partner with PDVSA in several oil joint ventures that pump and process crude oil for export. Following oil sanctions on Venezuela in 2019, Chevron got an exemption to trade its Venezuelan crude to recoup billions of dollars in pending debt.
HOUSTON, Nov 7 (Reuters) - A unit of Italian oil company Eni (ENI.MI) has been assigned two 1-million-barrel cargoes of Venezuelan diluted crude oil for November loading, according to a document from state-run PDVSA seen by Reuters on Monday. The cargoes mark the resumption of an oil-for-debt deal authorized by the U.S. government earlier this year as an exception to sanctions on Venezuela's oil sector. Eni plans to take the Venezuelan crude onboard the Suezmax tankers Africa and Gladiator. Africa was in Venezuelan waters on Monday waiting to load, while Gladiator is scheduled to depart from U.S. waters to Venezuela after discharging a previous cargo, according to Refinitiv Eikon vessel monitoring data. Between June and July, Eni received a total of 3.6 million barrels of DCO.
[1/5] An oil pump jack is seen in an oil field near Lake Maracaibo, in Cabimas, Venezuela October 14, 2022. "Among those remaining in the partnerships, few hope to ever recoup pending dividends or commercial debts from PDVSA." Since TotalEnergies and Equinor in 2021 exited one of Venezuela's flagship oil upgrading projects, Petrocedeno, smaller firms have followed. With companies and workers leaving almost en masse, the abandonment of oilfields is visible near Maracaibo Lake, among Venezuela's oldest producing region. Between 2019 and 2021, PDVSA delivered oil cargoes to partners to reduce outstanding debt.
Some of the electronics obtained through the scheme have been found in Russian weapons platforms seized in Ukraine, prosecutors said. They used a German company to ship the military technologies, as well as Venezuelan oil, to Russian purchasers, prosecutors said. The U.S.-origin technologies can be used in fighter aircraft, ballistic and hypersonic missile systems, smart munitions, and other military applications, Treasury said. After the initial round of U.S. sanctions on PDVSA, Russia's Rosneft emerged as a key intermediary for Venezuelan crude. After Washington sanctioned Rosneft subsidiaries over their dealings with PDVSA, dozens of firms with no track record of oil trading have been intermediating in sales of Venezuelan oil to Chinese buyers.
Total: 10