All publications by tag «PDVSA»
“There was a request from our colleagues in Venezuela to carry out a restructuring,” Russian finance minister Anton Siluanov said. “There are difficulties in fulfilling the debt.”
U.S. - The Trump administration imposed new sanctions prohibiting trading new debt and equity issued by the Venezuelan government and state oil company PDVSA.
Venezuela's president on Sunday created an executive vice president post and named new vice presidents to lead PDVSA in what he described as a shake-up of the state oil company and an effort to root out corruption in the OPEC nation's principal industry.
Venezuela has borrowed over $50 billion from China under a financing arrangement created by late socialist leader Hugo Chavez in 2007, in which a portion of its crude and fuel sales to the world's second-biggest economy are used to pay down loans.
Crisis in the global energy industry provides a unique opportunity to expand Rosneft and PDVSA cooperation, which may have a substantial effect on the global oil markets balancing.
Venezuela and state oil company PDVSA face heavy debt payments this year amid weak oil markets and continuing decay of its socialist economic model. Neither have been able to borrow in recent years because the extremely high yields have made such operations too costly.
Efficient joint efforts in the assets’ management enabled to reach remarkable increase of hydrocarbon production volumes both at brownfields and greenfields. Well-elaborated investment strategy provides favorable financial outcome from joint projects despite the challenging macroeconomic environment.
Rosneft, as part of a PetroMiranda JV including PDVSA and Gazprom Neft, has drilled an unprecedented horizontal well GG1-14 at the Junin-6 block. The well is unique for the shallow depth, only 1,140 feet or about 347 meters, of the reservoir interval and the length of horizontal section 4,920 feet or 1,500 meters. The total length of the well is 6,059 feet (some 1,847 meters).
The parties confirmed their intention to create a joint venture for gas and condensate offshore production in Venezuela as part of Mariscal Sucre project. The signed document provides for performing of additional joint research aimed at selection of optimum plan of this project implementation.
Venezuela and Russia's top oil producer, Rosneft, have agreed on around $14 billion in investment in the South American OPEC country's oil and gas sector, President Nicolas Maduro said on Wednesday evening.