Venezuelan oil industry – Summaries of news and views OnVenezuela https://onvenezuela.com Wed, 07 Feb 2024 21:40:01 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.5 https://onvenezuela.com/wp-content/uploads/2020/01/cropped-Screen-Shot-2019-12-20-at-12.31.03-PM-1-32x32.png Venezuelan oil industry – Summaries of news and views OnVenezuela https://onvenezuela.com 32 32 Venezuela Oil Industry Fears Losing Ground if US Revives Sanctions https://onvenezuela.com/venezuela-oil-industry-fears-losing-ground-if-us-revives-sanctions/?utm_source=rss&utm_medium=rss&utm_campaign=venezuela-oil-industry-fears-losing-ground-if-us-revives-sanctions Thu, 08 Feb 2024 09:37:00 +0000 https://onvenezuela.com/?p=16972

Reimposed sanctions would cause Venezuela’s oil production to fall 30% to 600,000 barrels a day in a matter of months, according to Fernando Ferreira, director of geopolitical risk at Rapidan Energy Group. Data compiled by Bloomberg show the country’s production in January increased 22% from a year earlier after the US eased sanctions in October, allowing US companies to engage with state-owned Petróleos de Venezuela SA.The nation’s revenue from oil, meanwhile, would rise between $2 billion and $3 billion this year if sanctions return — compared to increasing $6 billion to $8 billion without them, JP Morgan analyst Katherine Marney wrote in a note on Tuesday. By Fabiola Zerpa. Full Text -> Yahoo!

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Venezuela’s Crumbling Oil Industry Is An Environmental Time Bomb https://onvenezuela.com/venezuelas-crumbling-oil-industry-is-an-environmental-time-bomb/?utm_source=rss&utm_medium=rss&utm_campaign=venezuelas-crumbling-oil-industry-is-an-environmental-time-bomb Fri, 22 Oct 2021 13:19:50 +0000 https://onvenezuela.com/?p=11733

Two decades of mismanagement, malfeasance, and corruption coupled with ever harsher U.S. sanctions have caused Venezuela’s once-mighty oil industry, which saw the OPEC member become a leading world oil exporter, to implode. In the space of just over two decades, petroleum output has plunged from over three million barrels per day to an average of 527,000 barrels for September 2021, according to the latest OPEC Monthly Oil Market Report.That rapid disintegration is the result of chronic underinvestment in industry infrastructure and operations including regular maintenance as well as overhaul operations. Aside from profoundly impacting Venezuela’s petroleum production the heavily corroded state of the OPEC member’s energy infrastructure means that hydrocarbon emissions and oil spills are becoming an everyday occurrence. By Matthew Smith. Full Text-> OilPrice

Traducción de cortesía -> Dos décadas de mala gestión, mala conducta y corrupción, junto con sanciones estadounidenses cada vez más duras, han provocado la implosión de la otrora poderosa industria petrolera de Venezuela, que vio al miembro de la OPEP convertirse en un importante exportador mundial de petróleo. En el espacio de poco más de dos décadas, la producción de petróleo se ha desplomado de más de tres millones de barriles por día a un promedio de 527.000 barriles para septiembre de 2021, según el último Informe Mensual del Mercado de Petróleo de la OPEP. Esa rápida desintegración es el resultado de una subinversión crónica en la infraestructura y en las operaciones de la industria, incluido el mantenimiento regular y las operaciones de revisión. Además de impactar profundamente la producción de petróleo de Venezuela, el estado fuertemente corroído de la infraestructura energética de los miembros de la OPEP significa que las emisiones de hidrocarburos y los derrames de petróleo se están convirtiendo en algo cotidiano

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Venezuela will not reform oil law this year, socialist lawmaker says https://onvenezuela.com/11019-2/?utm_source=rss&utm_medium=rss&utm_campaign=11019-2 Thu, 16 Sep 2021 11:02:27 +0000 https://onvenezuela.com/?p=11019

Maduro said earlier this year that the Assembly would consider reforms to the legislation that would allow for “new business models,” after a collapse in crude output due to years of underinvestment and mismanagement and, more recently, U.S. sanctions aimed at Maduro’s ouster.But Angel Rodriguez, a lawmaker from the ruling United Socialist Party of Venezuela who leads the committee, said his colleagues needed more time to evaluate proposals, receive comments from interested parties, and debate. By Deisy Buitrago. Full Text -> Reuters

Traducción de cortesía -> Maduro dijo a principios de este año que la Asamblea consideraría reformas a la legislación que permitirían “nuevos modelos de negocios”, luego de un colapso en la producción de crudo debido a años de subinversión y mala administración y, más recientemente, las sanciones de Estados Unidos destinadas a la destitución de Maduro. Ángel Rodríguez, un legislador del gobernante Partido Socialista Unido de Venezuela que lidera el comité, dijo que sus colegas necesitaban más tiempo para evaluar las propuestas, recibir comentarios de las partes interesadas y debatir.

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The collapse of the Venezuelan oil industry: The role of above-ground risks limiting foreign investment https://onvenezuela.com/the-collapse-of-the-venezuelan-oil-industry-the-role-of-above-ground-risks-limiting-foreign-investment/?utm_source=rss&utm_medium=rss&utm_campaign=the-collapse-of-the-venezuelan-oil-industry-the-role-of-above-ground-risks-limiting-foreign-investment Fri, 07 May 2021 15:40:38 +0000 https://onvenezuela.com/?p=9050

Weak institutions, policy instability, and the lack of credible property rights for the sector generated high “above ground risks” inhibiting FDI during the oil boom, despite the massive resource base and the substantial number of deals signed. FDI underperformance contributed to the decline of the Venezuelan oil industry, even before the imposition of U.S. sanctions. By Francisco Monaldi, iIgor Hernández and José La Rosa Reyes. Full Text -> ScienceDirect

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