The Daily Journal.— U.S. energy corporation Chevron will significantly expand its operating capacity in Venezuela by “more than doubling” the number of active drilling rigs as part of its five-year production plan, the company’s Chief Financial Officer Eimear Bonner said during a conference organized by Barclays. The deployment of new equipment supports the investment program […]
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The Daily Journal.— Activating each oil rig in Venezuela will create around 200 direct jobs, according to data from Petróleos de Venezuela (PDVSA) cited by Acting President Delcy Rodríguez. “Each rig activates 200 jobs, 200 workers,” Rodríguez said during the inauguration of a boulevard in Puerto La Cruz, Anzoátegui state. Rodríguez said job creation will […]
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The mechanism means that Venezuela, “an impoverished country, is subsidizing a rich country like the United States,” the economist said Neirlay Andrade.— Venezuela could face a fiscal sacrifice of around US$6 billion under the terms of the new oil agreement with the United States, according to an estimate presented Tuesday by economist José Guerra, who […]
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The Daily Journal. — Economist Francisco Rodríguez questioned the financial structure of the agreement signed with the United States to develop 17 Venezuelan oil fields. He warned that, based on the terms publicly presented so far, Venezuela would hand over strategic assets and supply crude oil under preferential terms without receiving guarantees in return. In […]
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The Daily Journal. — Petróleos de Venezuela S.A. (PDVSA) aims to increase production to 1.3 million barrels per day this year and 1.5 million in 2027, supported by the entry of private operators, the reactivation of drilling rigs and the adoption of new technologies, the company’s Executive Vice President Jovanny Martínez said. The target is […]
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The Daily Journal — Petróleos de Venezuela (PDVSA) President Héctor Obregón said Monday that the oil agreement with the United States involves three parties and allows renewals for as long as necessary. However, the underlying contract sets an initial 25-year term. “The contract has a 25-year term, but legally, by mutual agreement, the parties can […]
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The Daily Journal. — The Venezuelan government confirmed that hydrocarbon agreements with Chinese and Russian state-owned and private companies will remain in effect. It rejected claims that the recent energy deal with the United States would exclude capital from either country from oil extraction projects in Venezuela. Hydrocarbons Minister Paula Henao outlined the government’s official […]
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The Daily Journal.— General Electric (GE) Vernova plans to create more than 1,000 local jobs as part of a strategic partnership signed Wednesday to restore and stabilize electrical infrastructure supporting Venezuela’s oil industry, a senior executive from the U.S. company announced during a ceremony at Miraflores Palace. GE Vernova Venezuela President Carlos Mousadi and Petróleos […]
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The Daily Journal. — Venezuelan company Primavera Infinita signed a Production Participation Contract with Petróleos de Venezuela (PDVSA) on Wednesday to develop the Budare-Elotes block, located between Anzoátegui and Monagas states, as part of a new round of agreements aimed at adding new areas to the country’s oil production portfolio. The parties signed the agreement […]
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The Daily Journal.— U.S. oil exploration company Aspect Holdings will develop several fields in eastern Venezuela over the coming years as part of a new exploration agreement with Petróleos de Venezuela (PDVSA), company President Alex Cranberg announced Wednesday. The parties signed the agreement “for a joint technical and economic feasibility study for the development of […]
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