This article was written by Rocio Cara Labrador and originally appeared on Council on Foreign Relations on November 30, 2018. It is reproduced here under CC BY-NC 4.0. Venezuela, home to the world’s largest oil reserves, is a case study in the perils of… Read More ›
Mariano Vela, a geologist with 20 years of experience in the oil sector, will oversee Chevron Corp’s operations in Brazil, reported Reuters. According to his Linkedin profile, Vela has been Chevron’s “Global Earth Science Sponsor” since January 2015.
President Martín Vizcarra’s administration repealed decrees signed by his predecessor granting Tullow Oil licenses to five offshore oil blocks covering 28,000 square kilometers.
As global oil prices rise, so too has interest in offshore drilling with countries like Brazil and Guyana attracting a lot of attention. However, the renewed interest seems to be passing over Uruguay which failed to attract bids for any offshore blocks.
Venezuela oil production fell last month as global oil prices continue to rise, according to OPEC’s April report. Other nations in the region like Brazil and Guyana are taking advantage of higher energy prices by investing in new offshore production.
Rosneft, a Russian state-controlled oil company, says that Venezuela is repaying its debt on schedule. Rosneft is a major investor in the Venezuelan energy sector and the state-owned oil company, PDVSA, and the Russian government has been integral in propping up the… Read More ›
Crude oil production in Venezuela continues to fall, but some believe that the industry can turnaround with the right leadership in Caracas.