News: Oil and Gas

Venezuela’s Chavez Returns to Alo Presidente, Will Not Accept World Bank Verdict on Exxon

Jan 10th 2012

Exxon is pursuing its case with the World Banks’ ICSID, despite the verdict delivered in Paris last week (archive)

Venezuelan President Hugo Chavez returned to his weekly talk show programme last night, after his cancer diagnosis in June last year caused it to be cancelled for over seven months. On the show Chavez argued that the claim brought by Exxon against Venezuela's PDVSA was "about imperialism".

In its Seventh Year, CITGO-Venezuela Heating Oil Program Helps 400,000 US Citizens

Dec 29th 2011

CITGO President and CEO Alejandro Granado and Citizens Energy Chairman Joseph P. Kennedy II launched the seventh consecutive year of the CITGO-Venezuela Heating Oil Program today in New Jersey.

Venezuela Increasing Influence in Region Through Petrocaribe

Dec 13th 2011

(archive)

Venezuela's position as OPEC's biggest producer in Latin America has allowed the administration of Hugo Chavez to provide energy resources to Caribbean and Central American countries as the cornerstone of its regional geopolitics and diplomacy policies that aim at strengthening ties with its allies.

World Bank Tribunal Dismisses Brandes Case Against Venezuela

Aug 4th 2011

Venezuela won an international arbitration related to its nationalization of now state-owned telephone company, CANTV (Agencies)

An international arbitration panel dismissed a claim by Brandes Investment Partners against Venezuela seeking damages for the forced sale of its stock in the nationalization of the country’s phone company, state-oil company Petroleos de Venezuela SA said today in a statement.

OPEC: Venezuela has World’s Largest Oil Reserves

Jul 22nd 2011

According to OPEC, Venezuela has the world's largest known oil reserves, managed by state-owned PDVSA (Photo: Archive).

OPEC’s proven crude oil reserves rose 12.1 percent in 2010 to 1.19 trillion barrels led by Venezuela, which has surpassed Saudi Arabia as the group’s largest reserves holder, OPEC said in its Annual Statistical Bulletin.

Venezuela and Others Resist Pressures to Increase Production at OPEC

Jun 10th 2011

Venezuelan oil minister Rafael Ramirez at OPEC’s 159th ministerial meeting in Vienna, Austria (Agencies)

Venezuela and five other oil-exporting nations made history this week after they broke consensus and their insistence on maintaining oil production at current levels prevented the twelve-nation Organization of Petroleum Exporting Countries (OPEC) from increasing oil production quotas for the coming period.

Thousands March in Venezuela against U.S. Sanctions

May 31st 2011

Sunday’s march; placards say “PDVSA is ours until death”, and one to the left says “You don’t mess with my country, Ve

Around ten thousand people marched in Caracas on Sunday to protest the sanctions by the U.S. on Venezuela’s state oil company Petroleos de Venezuela (PDVSA) for trading with Iran.

Venezuela Rejects US Sanctions, Evaluates Oil Supply to US

May 27th 2011

Venezuelan workers of the state-owned oil company PDVSA denounce US sanctions against their firm (Photo: Archive).

Venezuela’s government strongly rejected the Obama administration’s attempt to sanction its state-owned oil industry, PDVSA, and interrupt its relations with other nations. Latin American nations and groups worldwide have expressed support for Venezuela’s deﬁant stance

ALBA Leads 'Collective Rejection' of U.S. Sanctions Against Venezuela

May 26th 2011

One of PDVSA’s many oil storage units, painted red (Photo: Archive)

On Wednesday the Latin American nations that make up the Bolivarian Alliance for the Peoples of the Americas (ALBA) joined regional voices in their “indignation and rejection” of the U.S. government’s decision to impose unilateral sanctions against Venezuela’s state-owned oil company, Petróleos de Venezuela (PDVSA).

Latin America and the Caribbean Move towards Energy Security

May 16th 2011

Ministers of Energy from the Countries of Latin America and the Caribbean meet in Caracas to discuss energy strategy for third C

One of the main issues analyzed during a meeting of the people responsible for the ‘energy area’ in the Countries of Latin America and Caribbean, was the construction of an institution in order to carry out proposals made within energy security, stated the Venezuelan Energy and Oil minister Rafael Ramirez.

Libyan Delegation in Venezuela to Find Peaceful Solution

Apr 29th 2011

A man in Spain protests the NATO bombardment of Libya (AP).

Venezuelan President Hugo Chavez announced Tuesday that a delegation from Libya arrived this week in Venezuela to evaluate peaceful solutions to the conﬂict the North African nation has been suffering for the past two months.

Venezuela Increases Windfall Tax as a Result of Rising Oil Prices

Apr 25th 2011

President Chávez announces windfall tax on the TV program La Hojilla (VTV)

This past Thursday Venezuela’s President Hugo Chávez declared that he would increase a windfall tax on petroleum companies in view of rising oil prices. Chávez announced on the television show La Hojilla that the measure was being taken in order to "adjust to the reality of oil prices on a global scale."

International Labor Organization Denies Venezuelan Business Association Request for Commission of Inquiry

Mar 25th 2011

Leroy Trotman, General Secretary of the Barbados Workers’ Union and spokesperson of the ILO Governing Body Workers’ Group (I

The International Labor Organization (ILO) on Wednesday denied a request by Venezuela’s largest business association, Fedecamaras, to launch an ILO inquiry into supposed violations of rights in Venezuelan.

Latin American Nations Pledge for Peace in Libya

Mar 11th 2011

ALBA's political council affirmed its support for Venezuelan President Hugo Chavez's proposed 'peace commission&#

Member states of the Latin American and Caribbean alliance, ALBA, pledged their support last Friday for a peace delegation to intercede in the insurrection currently playing out in the North African country of Libya.

PDVSA and ENI Sign Biggest Venezuela-Italy Energy Deal Ever

Nov 24th 2010

Venezuelan Oil and Energy Minister Rafael Ramirez (right) and ENI Chief Executive Paolo Scaroni

With a total investment of US$17 billion, Venezuela’s state oil company, PDVSA, and the Italian energy company ENI created two new mixed enterprises on Monday to extract and refine oil from Venezuela’s Orinoco Oil Belt.