Oil and gas companies face an increasing risk of government investigations and significant financial penalties if they do not take appropriate steps to comply with international sanctions measures.
The president of a Miami-based company and its former sales representative were arrested Monday for their alleged roles to unlawfully obtain business advantages through bribery and kickbacks from Venezuela's state-owned and state-controlled energy company, Petroleos de Venezuela S.A. (PDVSA).
Laden with 400,000 barrels of Venezuelan oil, the Icaro sits in the azure waters of the Caribbean just off the Dutch island of Curacao. It’s been there more than a month, and it’s not going anywhere until state-owned oil company PDVSA pays its bills.
The Trump administration dealt its toughest blow yet to the authoritarian Venezuelan leader Nicolas Maduro, issuing new sanctions on the nation’s state-owned oil company PDVSA that effectively block his regime from exporting crude to the U.S.
US oil firm ConocoPhillips has reached an agreement with Venezuela's state-owned oil company to recover nearly £1.5 billion it was awarded as part of a decade-old expropriation dispute.
Venezuela’s state-run oil giant failed to erect firewalls that may have kept ConocoPhillips from freezing its oil assets in the Caribbean.
ConocoPhillips may finish what U.S. sanctions started.
A group of workers at Venezuela’s state-owned oil company are requesting wages in dollars as well as meal plans and better health insurance to make up for what they called "suffocating" economic conditions.
A trust linked to Venezuelan state oil company PDVSA is taking legal action against oil traders accused of illegally buying petrol products for less than market value, a news report said.
At 6:40 a.m., Pablo Ruiz squats at the gate of a decaying refinery in Puerto La Cruz, Venezuela, steeling himself for eight Sisyphean hours of brushing anti-rust paint onto pipes under a burning sun. For breakfast, the 55-year-old drank corn-flour water.
Venezuela’s state-owned oil company told employees they were banned from following users on social media except those officially authorized.
Harvest Natural Resources, a Houston based oil and gas producer, says it went out of business because it refused to pay $40 million in bribes to former officials and business partners of Venezuela's state-owned and state-controlled energy company, Petroleos de Venezuela S.A.
Already in default and struggling with sinking oil production, Venezuela’s state-run energy firm told its employees to cut costs and expenses by 50 percent in an austerity drive to reflect the broader economic crisis hitting the OPEC nation of 30 million people.
UK courts will decide whether a Russian shipping conglomerate was right to stake a claim to $20million worth of Venezuelan oil aboard one of its tankers, a news report said.
Venezuelan state oil firm PDVSA has asked a US judge to grant it victim status in a bribery case against two businessmen, a news report said.
Petroleos de Venezuela SA is getting ready to start what it’s dubbed “one of the world’s largest drilling projects” in the Orinoco heavy crude belt with investment totaling $3.2 billion even as its president, Eulogio Del Pino, says the global oil market is oversupplied.
PDVSA has signed finance agreement with Halliburton and Weatherford following payment challenges for companies working in the OPEC nation.
Four tankers carrying over two million barrels of US crude are stuck at sea and cannot discharge at a Caribbean terminal because Venezuela's state oil company has not yet paid supplier BP.
Rosneft has increased its stake in Venezuela's Petromongas heavy oil joint venture with a $500million investment.