Schlumberger Ltd. will reduce activity in Venezuela after the world’s largest oil services provider failed to collect enough payments from the national oil company.
Venezuela’s opposition-controlled National Assembly is questioning the legality of a $500 million deal Rosneft OJSC made with the state oil company to increase its stake in a local oil venture.
A drillship which has been laid up in Venezuela since last year has now been sold.
Swiss regulators have agreed to provide US prosecutors with records from at least 18 banks relating to Venezuela’s state oil company.
President Nicolas Maduro has a new strategy to stave off a major power crisis for Venezuela: a week-long holiday for all workers.
A drillship which has been laid up in Venezuela since last year is set to go under the hammer at auction today.
Rosneft has increased its stake in Venezuela's Petromongas heavy oil joint venture with a $500million investment.
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 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’s opposition has won a key two-thirds majority in the National Assembly.
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.
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 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.
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.
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.