Chevron has been in Venezuela for nearly 100 years. It could finally be forced to leave
5 years, 6 months ago

Chevron has been in Venezuela for nearly 100 years. It could finally be forced to leave

CNN  

New York CNN Business — Chevron’s nearly century-long relationship with Venezuela might not survive the Maduro regime’s fight with the United States. Chevron, the last major US oil company still operating in Venezuela, could be forced to leave unless US officials extend sanctions waivers scheduled to expire on July 27. A loss of Chevron’s expertise and resources would only make matters worse for Venezuela’s oil industry, which is already on the brink of collapse under President Nicolas Maduro. Chevron’s long history in Venezuela Chevron’s ties to Venezuela trace back to 1920 when the company started exploring for oil. Risk of nationalization If the sanctions waivers aren’t renewed and Chevron leaves, the hope is that the company would be able to resume its operations once relations between the United States and Venezuela improve.

Oil Sanctions Companies Venezuela Operations Company Maduro Halliburton Weatherford Waivers Leave Chevron Sanctions Waivers  forced  venezuela  nearly  companies  leave  chevron  100  waivers  finally  maduro  barrels  operations  company  sanctions  oil

History of this topic

Reliance, Venezuela’s PDVSA resume oil swap under U.S. authorisation, shows document
3 weeks, 6 days ago

Reliance, Venezuela’s PDVSA resume oil swap under U.S. authorisation, shows document

The Hindu  

“Reliance Industries and Venezuela’s state oil company PDVSA have resumed an oil swap that had been paused owing to U.S. sanctions on the South American country,” according to an internal PDVSA document showed on Thursday Reliance and other refiners had imported Venezuelan oil earlier this year under a broad U.S. license that expired in April. Reliance Industries denies any cash …

Venezuela arrests a former oil czar and accuses him of working with the US to undermine the industry
2 months, 3 weeks ago

Venezuela arrests a former oil czar and accuses him of working with the US to undermine the industry

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Venezuela's top prosecutor on Monday …

Venezuelan opposition calls on US to cancel oil company licenses to pressure Maduro
3 months, 4 weeks ago

Venezuelan opposition calls on US to cancel oil company licenses to pressure Maduro

Associated Press  

MEXICO CITY — Venezuela’s main opposition coalition on Monday called on the U.S. to cancel the licenses that allow Chevron and other energy companies to operate in the South American country to pressure President Nicolás Maduro to negotiate a transition from power. It’s about the situation that is impoverishing the country so badly that practically the whole population wants this …

OVL nears US approval for Venezuela operations amid sanctions challenges
4 months, 2 weeks ago

OVL nears US approval for Venezuela operations amid sanctions challenges

Live Mint  

ONGC Videsh Ltd is close to securing a crucial licence from the US Office of Foreign Assets Control, a move that would enable it to resume operations in Venezuela. OVL, the overseas arm of India's state-run ONGC, has sought a 'specific licence' similar to one granted to Chevron, which would allow the Indian company to operate in the heavily sanctioned …

Venezuela under Maduro — authoritarianism and economic chaos | Data
5 months ago

Venezuela under Maduro — authoritarianism and economic chaos | Data

The Hindu  

On July 28, Venezuela’s President Nicolas Maduro returned to power after a controversial election, whose results have been disputed by the Opposition and several countries. Chart 1 shows how Venezuela’s GDP started declining since Mr. Maduro’s ascent to power in 2013. As Chart 4 shows, Venezuela’s petroleum exports formed about 80% of the country’s exports and remained in the range, …

Reliance Industries gets US approval to continue crude oil import from Venezuela amid sanctions
5 months, 3 weeks ago

Reliance Industries gets US approval to continue crude oil import from Venezuela amid sanctions

Op India  

In a significant development, Reliance Industries Ltd., India’s largest privately held oil refiner, has obtained US approval to resume importing oil from Venezuela amid White House sanctions against the country. Notably, when President Nicolas Maduro and the opposition inked a deal to ensure free and fair elections last year, the United States temporarily lifted sanctions on the South American country’s …

Venezuela denounces, rejects US seizure of Citgo oil firm
6 months, 4 weeks ago

Venezuela denounces, rejects US seizure of Citgo oil firm

China Daily  

Xinhua | Updated: 2024-06-18 09:50 CARACAS -- The Venezuelan government on Monday expressed its strong condemnation of the US authorities' process of "seizure of Citgo Petroleum Corporation." The government of Venezuela and PDVSA were excluded from the judicial sale of Citgo and were prevented from defending their rights before US courts," said the Venezuelan government in a statement. It added …

Billionaire Texas oilman inks deal with Venezuela’s state-run oil giant as US sanctions loom
8 months, 3 weeks ago

Billionaire Texas oilman inks deal with Venezuela’s state-run oil giant as US sanctions loom

Associated Press  

MIAMI — A company started by a Texas billionaire oilman announced a deal Wednesday with Venezuela’s state-owned oil company to rehabilitate five aging oil fields, days after the Biden administration put a brake on sanctions relief over concerns about the fairness of the country’s upcoming presidential election. It was created last year as a result of a merger with a …

US reimposes oil sanctions against Venezuela over election concerns
8 months, 4 weeks ago

US reimposes oil sanctions against Venezuela over election concerns

Al Jazeera  

Move in US election year could push up oil prices, but Washington says Maduro has not made promised electoral reforms. “ Nicolas Maduro and his representatives have not fully met the commitments made under the electoral roadmap agreement,” said US Department of State spokesperson Matthew Miller. “Therefore, General License 44 – which authorised transactions related to the oil and gas …

US reimposes oil sanctions on Venezuela as hopes for a fair presidential election fades
8 months, 4 weeks ago

US reimposes oil sanctions on Venezuela as hopes for a fair presidential election fades

Associated Press  

MIAMI — The Biden administration on Wednesday reimposed crushing oil sanctions on Venezuela, admonishing President Nicolás Maduro’s attempts to consolidate his rule just six months after the U.S. eased restrictions in a bid to support now fading hopes for a democratic opening in the OPEC nation. “There’s no sanction, no threat, that today can damage our efforts to build a …

Venezuela: US moves to reimpose sanctions over Maria Corina Machado ban from presidential election
11 months, 2 weeks ago

Venezuela: US moves to reimpose sanctions over Maria Corina Machado ban from presidential election

CNN  

CNN — The US has reimposed economic sanctions against a Venezuelan state-owned mining company and says it could go on to reimpose further sanctions on the country’s oil and gas sector after Venezuela’s Supreme Court barred main opposition candidate Maria Corina Machado from running for president last week. While US economic sanctions against the mining company are unlikely to cause …

Maduro orders the 'immediate' exploitation of oil, gas and mines in Guyana's Essequibo
1 year, 1 month ago

Maduro orders the 'immediate' exploitation of oil, gas and mines in Guyana's Essequibo

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Venezuelan President Nicolás Maduro on …

Maduro orders the ‘immediate’ exploitation of oil, gas and mines in Guyana’s Essequibo
1 year, 1 month ago

Maduro orders the ‘immediate’ exploitation of oil, gas and mines in Guyana’s Essequibo

Associated Press  

CARACAS, Venezuela — Venezuelan President Nicolás Maduro on Tuesday directed the country’s state-owned companies to “immediately” begin to explore and exploit the oil, gas and mines in Guyana’s Essequibo region, a territory larger than Greece and rich in oil and minerals that Venezuela claims as its own. Maduro said he would “immediately” proceed “to grant operating licenses for the exploration …

Venezuela’s gov, opponents resume talks; US eases sanction
2 years, 1 month ago

Venezuela’s gov, opponents resume talks; US eases sanction

Associated Press  

MEXICO CITY — Venezuela’s government and its opposition on Saturday agreed to create a U.N.-managed fund to finance health, food and education programs for the poor, while the Biden administration eased some oil sanctions on the country in an effort to boost the newly restarted talks between the sides. Venezuelan resources held in the international financial system will be directed …

Biden eases Venezuela sanctions as opposition talks resume
2 years, 1 month ago

Biden eases Venezuela sanctions as opposition talks resume

Associated Press  

WASHINGTON — The Biden administration on Saturday eased some oil sanctions on Venezuela in an effort to support newly restarted negotiations between President Nicolás Maduro’s government and its opposition. The Treasury Department is allowing Chevron to resume “limited” energy production in Venezuela after years of sanctions that have dramatically curtailed oil and gas profits that have flowed to Maduro’s government. …

US eases Venezuela oil sanctions after gov’t, opposition ink deal
2 years, 1 month ago

US eases Venezuela oil sanctions after gov’t, opposition ink deal

Al Jazeera  

The easing of sanctions comes after the Venezuelan government and the opposition signed an accord to set up a UN-mandated fund. The Biden administration on Saturday eased some oil sanctions on Venezuela after the government of Nicolas Maduro and the opposition signed a broad ‘social accord’ to create a UN-administered fund to provide humanitarian aid to the Venezuelan people. The …

US-owned firms appear to help Venezuela avoid US sanctions
2 years, 1 month ago

US-owned firms appear to help Venezuela avoid US sanctions

Associated Press  

MIAMI — A company with an office in Houston and another owned by two American citizens appear to be helping Venezuela bypass U.S. sanctions and quietly transport millions in petroleum products aboard an Iranian-built tanker, The Associated Press has learned. The sanctions evasion effort is centered around an idled refinery and adjacent oil terminal on the Dutch Caribbean island of …

US-owned firms appear to help Venezuela avoid US sanctions
2 years, 1 month ago

US-owned firms appear to help Venezuela avoid US sanctions

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The sanctions evasion effort is centered around an idled …

The U.S. is trying to mend ties with Venezuela. One big reason? Oil
2 years, 2 months ago

The U.S. is trying to mend ties with Venezuela. One big reason? Oil

NPR  

The U.S. is trying to mend ties with Venezuela. In response to a crackdown on democracy by Venezuela's authoritarian leader Nicolás Maduro, Washington in 2019 placed sanctions on the country's vital oil sector. Over Thanksgiving weekend, the U.S. Treasury announced it would authorize U.S.-based Chevron to resume limited oil operations in Venezuela after the Maduro regime and the political opposition …

US could ease Venezuela sanctions, allow Chevron to pump oil: WSJ
2 years, 3 months ago

US could ease Venezuela sanctions, allow Chevron to pump oil: WSJ

Al Jazeera  

Biden administration preparing to ease sanctions if Caracas takes steps towards restoring democracy, report says. The United States is considering loosening sanctions on Venezuela so Chevron Corp can pump oil in the country if Caracas takes steps towards restoring democracy, the Wall Street Journal has reported. Under the proposed deal, the Biden administration would ease some sanctions in exchange for …

US officials back in Venezuela in a bid to rebuild ties
2 years, 6 months ago

US officials back in Venezuela in a bid to rebuild ties

Associated Press  

CARACAS, Venezuela — Senior U.S. government officials have quietly traveled to Caracas in the latest bid to bring home detained Americans and rebuild relations with the South American oil giant as the war in Ukraine drags on, forcing the U.S. to recalibrate other foreign policy objectives. President Nicolás Maduro confirmed the visit during televised remarks, saying the delegation would meet …

Biden renews sanctions license for Chevron in Venezuela
2 years, 7 months ago

Biden renews sanctions license for Chevron in Venezuela

Associated Press  

MIAMI — The Biden administration has renewed a license partially exempting Chevron from sanctions on Venezuela so it can keep operating in the oil-rich, socialist-run nation. The license issued Friday by the U.S. Treasury Department allows the California-based Chevron and other U.S. companies to perform only basic upkeep of wells it operates jointly with state-run oil giant PDVSA, dashing the …

US to ease a few economic sanctions against Venezuela
2 years, 7 months ago

US to ease a few economic sanctions against Venezuela

Associated Press  

CARACAS, Venezuela — The United States government is moving to ease a few economic sanctions on Venezuela in a gesture meant to encourage resumed negotiations between the U.S.-backed opposition and the government of President Nicolás Maduro. Maduro himself is under indictment in the United States, accused of conspiring “to flood the United States with cocaine” and use the drug trade …

US moves to ease a few economic sanctions on Venezuela
2 years, 7 months ago

US moves to ease a few economic sanctions on Venezuela

Al Jazeera  

The limited changes will allow Chevron Corp to negotiate its licence with the state-owned oil company, Petroleos de Venezuela. The United States government is moving to ease a few economic sanctions on Venezuela in a gesture meant to encourage resumed negotiations between the US-backed opposition and the government of President Nicolás Maduro. The limited changes will allow Chevron Corp to …

Possible Russia oil embargo drives US outreach to Venezuela
2 years, 10 months ago

Possible Russia oil embargo drives US outreach to Venezuela

Associated Press  

MIAMI — Senior U.S. officials secretly traveled to Venezuela over the weekend in a bid to unfreeze hostile relations with Vladimir Putin’s top ally in Latin America, a top oil exporter whose re-entry into U.S. energy markets could mitigate the fallout at the pump from a possible oil embargo on Russia. But the impetus for a risky outreach to Maduro …

How Venezuela this year almost doubled its oil output
3 years ago

How Venezuela this year almost doubled its oil output

Al Jazeera  

Petroleos de Venezuela, known as PDVSA, won help from small drilling firms by rolling over old debts and later obtaining steady supplies of a key diluent from Iran. Venezuela this year almost doubled its oil production from last year’s decades-low as its state-owned company struck deals that let it pump and process more extra heavy crude into exportable grades. PDVSA’s …

Trump administration imposes Venezuelan oil-related sanctions
3 years, 11 months ago

Trump administration imposes Venezuelan oil-related sanctions

Al Jazeera  

The United States Treasury targeted three individuals, 14 entities and six vessels for their alleged ties to a network attempting to assist Venezuela’s oil sector. The United States on Tuesday sanctioned a network of oil trading firms, individuals and vessels that have helped Venezuelan state-run oil company Petroleos de Venezuela sell crude mainly to Asia despite Washington’s sanctions on the …

Iran sends biggest ever fleet of oil tankers to Venezuela
4 years, 1 month ago

Iran sends biggest ever fleet of oil tankers to Venezuela

Al Jazeera  

Defying US sanctions, Iran sends flotilla of about 10 vessels to help the Latin American nation fight a crippling fuel shortage. Iran is sending its biggest fleet yet of tankers to Venezuela in defiance of U.S. sanctions to help the isolated nation weather a crippling fuel shortage, according to people with knowledge of the matter. The country’s fuel crunch follows …

US sanctions four shipping firms for transporting Venezuelan oil
4 years, 7 months ago

US sanctions four shipping firms for transporting Venezuelan oil

Al Jazeera  

Venezuelan foreign minister warned that US moves to inhibit crude exports would complicate food and medicine imports. The United States Treasury Department on Tuesday said it had sanctioned four shipping firms for transporting Venezuelan oil, the latest escalation in Washington’s effort to depose socialist President Nicolas Maduro by cutting off the OPEC nation’s crude exports. In response, Venezuelan Foreign Minister …

Venezuela moves U.S. oil execs to a harsher jail after Trump hosts opposition leader
4 years, 11 months ago

Venezuela moves U.S. oil execs to a harsher jail after Trump hosts opposition leader

LA Times  

Venezuelan opposition leader Juan Guaido waves after being acknowledged by President Trump during the State of the Union address on Feb. 4, 2020. And last week they were moved to harsher facilities after President Trump’s red-carpet treatment of a key Venezuelan opposition leader during the State of the Union address. “He’s loved and he’s not forgotten,” Cristina Vadell, 28, said …

Pay in fuel, not cash: India’s Nayara buying Venezuelan oil without violating US sanction, says report
5 years, 3 months ago

Pay in fuel, not cash: India’s Nayara buying Venezuelan oil without violating US sanction, says report

Live Mint  

India's Nayara Energy has been using Russian giant Rosneft as an intermediary to acquire Venezuelan oil, paying it in fuel rather than cash to avoid violating US sanctions, three sources with knowledge of the transactions said. But Washington has said that firms, including Rosneft, that take Venezuelan oil to monetize loans are not violating sanctions as long as cash does …

New round of US sanctions targets Venezuelan oil shipped to Cuba
5 years, 3 months ago

New round of US sanctions targets Venezuelan oil shipped to Cuba

Al Jazeera  

US Treasury says Cuba-based entities are circumventing sanctions on Venezuelan oil giant PDVSA. The United States Department of the Treasury targeted four groups and four vessels on Tuesday for moving Venezuelan oil to Cuba in violation of Washington’s sanctions, it said in a statement. Since the US imposed sanctions on Venezuela‘s state-owned oil company Petroleos de Venezuela, SA in January, …

US adds oil-sector firms, ships to Venezuela sanctions list
5 years, 9 months ago

US adds oil-sector firms, ships to Venezuela sanctions list

The Hindu  

The United States on Friday added two companies involved in shipping oil from Venezuela to Cuba, along with nearly three dozen ships, to a financial sanctions list aimed at increasing pressure on Venezuelan President Nicolas Maduro to step down and turn over power to the opposition. Cuba is a major importer of crude oil from Venezuela and, in exchange, sends …

Reliance Industries says not breaching US sanctions against Venezuela; recent fuel exports agreed before restrictions
5 years, 9 months ago

Reliance Industries says not breaching US sanctions against Venezuela; recent fuel exports agreed before restrictions

Firstpost  

In 2012, Reliance signed a 15-year deal to buy between 300,000 to 400,000 bpd of heavy crude from PDVSA. New Delhi: Reliance Industries, operator of the world’s largest oil refining complex, on Friday said in a statement it was not breaching US sanctions against Venezuela. The company said its recent fuel exports to Venezuela were agreed to before Washington-imposed sanctions …

Venezuela turns to India for oil exports as US sanctions bite
5 years, 11 months ago

Venezuela turns to India for oil exports as US sanctions bite

Live Mint  

Houston/Mexico City/Moscow: Venezuelan oil company PDVSA is looking to double exports to India as US sanctions hobble deliveries to the United States and Europe. The country's oil exports since the sanctions took effect on 28 January have fallen to 1.15 million barrels per day of crude and refined products, Refinitiv Eikon data showed, down from about 1.4 million bpd. US …

Venezuela seeks raising oil supplies to India to counter US sanctions
5 years, 11 months ago

Venezuela seeks raising oil supplies to India to counter US sanctions

Deccan Chronicle  

Greater Noida: Battling crippling US sanctions, Venezuela on Monday said it wants to sell more crude oil to India as it looked at the world's third-biggest oil consumer to boost revenues. Venezuelan Oil Minister and President of the Latin American state-run oil company PDVSA Manuel Quevedo hinted at being open for an alternative payment mechanism to circumvent US sanctions. He …

Venezuela moves to replace US executives on Citgo board
5 years, 11 months ago

Venezuela moves to replace US executives on Citgo board

Al Jazeera  

Citgo is facing unprecedented challenges to its finances and management after the US government imposed sanctions. Venezuela‘s state-run oil company Petroleos de Venezuela is taking steps to remove at least two American executives from the board of directors of its United States‘s refining subsidiary, Citgo Petroleum Corp, according to people close to the matter. Citgo is facing unprecedented challenges to …

Oil prices rise on Venezuelan supply disruptions following US sanctions; Brent crude futures up
5 years, 11 months ago

Oil prices rise on Venezuelan supply disruptions following US sanctions; Brent crude futures up

Firstpost  

Washington on Monday announced export sanctions against Venezuela’s state-owned oil firm PDVSA, limiting transactions between US companies that do business with Venezuela Singapore: Oil prices rose on Wednesday as concerns about supply disruptions following US sanctions on Venezuela’s oil industry outweighed downward pressure from a darkening outlook for the global economy. Washington on Monday announced export sanctions against Venezuela’s state-owned …

US slaps sanctions on Venezuela's State-owned oil company with view to forcing President Nicolas Maduro to resign
5 years, 11 months ago

US slaps sanctions on Venezuela's State-owned oil company with view to forcing President Nicolas Maduro to resign

Firstpost  

The move would potentially cost the country $11 billion in revenues, a move that seeks to force President Nicolas Maduro to give up power after the opposition leader Juan Guaido declared himself interim president Washington: The US has slapped sanctions on Venezuela’s state-owned oil company that would potentially cost the country $11 billion in revenues, a move that seeks to …

U.S. hits Venezuela state-owned oil company with sanctions
5 years, 11 months ago

U.S. hits Venezuela state-owned oil company with sanctions

The Hindu  

The Trump administration on Monday imposed sanctions on the state-owned oil company of Venezuela, a potentially critical economic move aimed at increasing pressure on President Nicolas Maduro to cede power to the opposition. They are also aimed at boosting Mr. Maduro’s rival, opposition leader Juan Guaido, whom the administration recognized last week as Venezuela’s legitimate leader. “The United States is …

US hits Venezuela’s state-owned oil company with sanctions
5 years, 11 months ago

US hits Venezuela’s state-owned oil company with sanctions

Al Jazeera  

President vows to take action as US steps up pressure with new sanctions aimed at forcing him cede power to opposition. The United States has imposed sweeping sanctions on Venezuela’s state-owned oil firm, in a move aimed at pressuring President Nicolas Maduro to cede power to the opposition in the crisis-hit South American country. ‘Hands off Venezuela!’ In response to …

Power struggle in Venezuela could hit oil market, says Saudi Arabia; Latin American nation sits on world's largest crude reserves
5 years, 11 months ago

Power struggle in Venezuela could hit oil market, says Saudi Arabia; Latin American nation sits on world's largest crude reserves

Firstpost  

The crisis in OPEC member Venezuela, where the president is locked in a power struggle with the opposition, could impact the oil market, the Saudi energy minister said on Monday. Riyadh: The crisis in OPEC member Venezuela, where the president is locked in a power struggle with the Opposition, could impact the oil market, Saudi Arabia’s energy minister Khalid al-Falih …

Venezuela: sanctions approved by Trump on state-owned oil company
5 years, 11 months ago

Venezuela: sanctions approved by Trump on state-owned oil company

CNN  

Washington CNN — The United States on Monday sanctioned Venezuela’s state-owned oil company, bringing to bear the most significant financial pressure so far on Venezuela’s embattled President Nicolas Maduro. Treasury Secretary Steve Mnuchin and national security adviser John Bolton announced the sanctions against Petroleos de Venezuela, S.A. – the parent company of the US-based Citgo oil company – on Monday …

U.S. goes after Venezuelan oil company with sanctions
5 years, 11 months ago

U.S. goes after Venezuelan oil company with sanctions

LA Times  

Workers wait for customers at their vegetable stand at a wholesale food market in Caracas, Venezuela, on Monday, Jan. 28, 2019. Ramping up pressure to unseat the government of President Nicolas Maduro, the Trump administration Monday took the long-awaited step of sanctioning Venezuela’s oil company, that country’s lifeline, and saying it will divert revenue to the party of his chief …

How the chaos in Venezuela will impact oil prices
5 years, 11 months ago

How the chaos in Venezuela will impact oil prices

CNN  

New York CNN Business — The diplomatic relationship between the United States and Venezuela is in shambles – and it hit a new low this week. Sanctions on Venezuela’s oil industry would deliver a staggering blow on the country’s crashing economy, but also have important implications for the United States. “There’s a lot of doubt in the market that Trump …

Discover Related