The United States has renewed a license that will extend the authorization to select oilfield services companies to keep assets in Venezuela. The license does not allow the companies to drill, process, or handle Venezuelan-derived crude oil, Reuters reported on Tuesday.
Venezuela’s state oil company PDVSA has got new management that plans to boost production of crude to 1.17 million barrels daily by the end of the year, Reuters has reported, citing an internal document.
TEHRAN- Iran and Venezuela inked several memorandums of understanding (MOUs) on the expansion of cooperation in the fields of oil, gas, and petrochemicals.
According to the 2022 BP Statistical Review of World Energy, Venezuela has more proved oil reserves than any other country in the world. Venezuela’s 304 billion barrels of proved reserves just edges out Saudi Arabia’s 298 billion barrels. Both are far ahead of U.S. proved reserves of 69 billion barrels.
President Joe Biden’s decision to authorize U.S. supermajor Chevron to recommence lifting crude oil in Venezuela breathed hope into President Nicolas Maduro’s plans to rebuild the country’s shattered oil industry. The harsh January 2019 sanctions imposed by Biden’s predecessor Donald Trump cut Caracas off from global energy and financial markets, nearly bankrupting Venezuela.
Latin America’s largest economy Brazil is experiencing a massive offshore energy boom which has seen the country overtake Venezuela and Mexico
Venezuela is working with China and Indonesia to kick-start the country’s oil industry after years of halted operations.