PDVSA Archives - Page 5 of 11 - The Daily Journal

Gilinski takes control of GeoPark and assumes operations at Bare block in the Orinoco Oil Belt

September 3, 2026September 3, 2026Tatiana Da GamaLeave a Comment

The Daily Journal.- Oil company GeoPark announced its strategic entry into Venezuela’s oil industry through the acquisition and development of the Bare block, located in the Orinoco Oil Belt, in a transaction that will make the Gilinski Group the company’s controlling shareholder. According to Bloomberg, the transaction includes a 25-year Production Participation Contract (CPP) with […]

Coinbase co-founder negotiates control of oil fields in Venezuela

September 3, 2026September 3, 2026Tatiana Da GamaLeave a Comment

The Daily Journal – Coinbase co-founder Fred Ehrsam is negotiating to gain control of at least three oil fields in Venezuela, according to sources familiar with the talks. Alvorada Heavy Industries Ltda currently operates the fields — Boca, Guico and Guara, located in the Orinoco Belt — while U.S. authorities review the company’s contracts and […]

Former Venezuelan oil ministers reject U.S. agreement, raising legal and sovereignty concerns

September 1, 2026October 17, 2026Tatiana Da GamaLeave a Comment

The Daily Journal – The announcement of the oil agreement between Venezuela’s acting president, Delcy Rodríguez, and U.S. President Donald Trump has triggered a wave of criticism from figures who have held some of the highest positions in Venezuela’s energy sector. Former oil ministers and former PDVSA presidents from across the ideological spectrum have questioned […]

Trump announces deal giving U.S. majority control over more than 65 billion barrels of proven oil reserves

August 29, 2026August 29, 2026Tatiana Da GamaLeave a Comment

The Daily Journal. — U.S. President Donald Trump announced Friday that Washington had reached an energy agreement with the Venezuelan government that he described as “the largest oil deal in world history,” under which U.S. companies will assume majority control over more than 65 billion barrels of proven crude oil reserves. In a message posted […]

Committee created to bring together commercial creditors of Venezuela’s debt

August 29, 2026August 29, 2026Tatiana Da GamaLeave a Comment

The Daily Journal. — A group of legal and financial advisers has created a committee to bring together and represent Venezuela’s commercial creditors, aiming to coordinate their participation in the debt restructuring process announced by the government, Reuters reported. The committee, formed in early August and scheduled for an official launch this Thursday, seeks to […]

OFAC issues eight amended general licenses for Venezuela and eases contractual requirements

August 27, 2026August 27, 2026Tatiana Da GamaLeave a Comment

The Daily Journal – The U.S. Department of the Treasury, through the Office of Foreign Assets Control (OFAC), issued a package of eight amended general licenses related to Venezuela on August 27, 2026, along with updates to several frequently asked questions. The action seeks to redefine the scope of permitted operations for U.S. and foreign […]

U.S. negotiates stake in Venezuelan oil fields, Axios reports

August 27, 2026October 17, 2026Tatiana Da GamaLeave a Comment

The Daily Journal – The Donald Trump administration is holding advanced talks with Venezuela’s interim government to acquire an equity stake in the South American country’s oil fields under a deal that official sources describe as “massive,” digital news outlet Axios reported Thursday. If the parties finalize the deal, it would cover more than a […]

Expert warns Venezuela has 17,000 abandoned oil wells

August 27, 2026August 27, 2026Tatiana Da GamaLeave a Comment

Carlos Mendoza Potellá said Venezuelan oil production will not recover quickly The Daily Journal.- Economist and oil industry expert Carlos Mendoza Potellá said Venezuela has approximately 17,000 abandoned oil wells that the country could reactivate; however, he warned that the process could take years. “We have 17,000 production-capable wells that we abandoned a long time […]

Cisneros Organization distances itself from Petrodelta claim and clarifies that three independent groups operate under the Cisneros name

August 27, 2026August 27, 2026Tatiana Da GamaLeave a Comment

The company clarified that it has no ties to the lawsuit filed by Oswaldo Cisneros’ successors The Daily Journal.- Cisneros Organization (OC) formally distanced itself from the lawsuit that Oswaldo Cisneros’ estate filed against the Venezuelan state over the reversal of the Petrodelta oil concession, a claim totaling US$2 billion. Through a dossier sent to […]

Venezuela raises oil production to 1.23 million barrels per day

August 26, 2026August 26, 2026Tatiana Da GamaLeave a Comment

The Daily Journal.- Venezuela’s oil production has surpassed 1.23 million barrels per day (bpd), reaching its highest level since February 2019, acting President Delcy Rodríguez reported. “Amid the emergency, our oil production did not stop. Today, it exceeds 1.23 million barrels per day, its highest level since February 2019,” Rodríguez said in an address to […]