Deepsea Metro II finally finds buyer
A drillship which has been laid up in Venezuela since last year has now been sold.
Venezuela
Swiss regulators agree to provide US prosecutors with record connected to Venezuela probe
Swiss regulators have agreed to provide US prosecutors with records from at least 18 banks relating to Venezuela’s state oil company.
How does Venezuela fix energy crisis? Have a week-long national holiday
President Nicolas Maduro has a new strategy to stave off a major power crisis for Venezuela: a week-long holiday for all workers.
Drillship set to go under the hammer at auction
A drillship which has been laid up in Venezuela since last year is set to go under the hammer at auction today.
Rosneft increases stake in Venezuela heavy oil venture
Rosneft has increased its stake in Venezuela's Petromongas heavy oil joint venture with a $500million investment.
Venezuela expanding military influence over oil and mining
Venezuela President Nicolas Maduro moved to increase the military’s involvement in the country’s oil and mining industries with the creation of a new state company that will report to the Defense Ministry.
Saudi, Venezuela oil ministers hold ‘successful’ talks on market
Saudi Arabian Oil Minister Ali al-Naimi said he held “successful” talks with his Venezuelan counterpart about ways of cooperating to stabilize the crude market, without saying what steps producers should take to shore up prices.
Venezuela opposition wins two-thirds majority in blow to Nicolas Maduro
Venezuela’s opposition has won a key two-thirds majority in the National Assembly.
Venezuela sees oil summit plan advancing in bid to support price
Venezuelan proposals for a summit between OPEC and non-OPEC producers are advancing, and should focus on bolstering oil prices rather than limiting volumes, government officials said Tuesday. The country seeks a fair price for oil that will support economic growth and energy demand, Oil Minister Eulogio Del Pino said in an interview at Tuesday’s meeting between Venezuela and Saudi Arabia officials in Caracas. The oil price floor Venezuela is suggesting would be analyzed every quarter, he said. The Organization of Petroleum Exporting Countries has come under pressure from Venezuela and some other members to take action after the group decided last November not to reduce output. Saudi Arabia led OPEC’s decision to compete for market share against US shale producers rather than support prices. Oil in New York and London reached six-year lows last month amid excess global supply.
Man who scuppered Pacific Rubiales oil deal has a plan
The man who last month helped blow up a $1.6billion bid for Pacific Rubiales is now urging Latin America’s largest independent oil producer to expand amid the worst crude meltdown in decades.
Venezuela calls for emergency OPEC summit
Venezuela is pushing for an emergency OPEC meeting as well as joint coordination with Russia in a bid to stem the decline in oil price. President Nicolas Maduro said the cash-strapped country had called for a meeting to take place and said it had been in contact with all OPEC governments. He said:"We're working towards a special OPEC meeting, in coming days we'll announce .... We're making contacts with OPEC governments.
African nations, Iran eye Venezuela oil blend project
Algeria, Angola, Iran and Nigeria are interested in blending their light oil with Venezuela's heavy oil to get better a price for their crude, the president of Venezuelan state oil company PDVSA said on Monday.
Venezuela ordered to pay $1.6billion to Exxon
A World Bank tribunal has ordered Venezuela to pay oil giant ExxonMobil about $1.6billion to compensate for oil nationalisation. Venezuela said it would pay the award, but only after deducting a previous Exxon award from the International Chamber of Commerce (ICC) of $908million.