PDVSA Company News

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Venezuela's PDVSA To Tap Oil Customers To Pay $449MM To ONGC
Wednesday, November 15, 2017 PDVSA will use existing crude oil customers or new Indian state buyers as intermediaries to settle $449 million owed to India's ONGC Videsh.

Venezuelan Oil Output Heads to 29-Year Low as Cash Crunch Grows
Friday, November 10, 2017 Venezuela is set to pump the least oil in almost three decades, just when it needs petrodollars the most.

US Oil Service Firms Face Hit from Venezuela Debt Restructuring
Monday, November 06, 2017 The companies' services are critical for Venezuela.

Venezuela State Oil Company Says It Made Vital Bond Payment
Friday, October 27, 2017 Venezuela's state-run oil company said it transferred the funds to make an $842 million principal payment on its bonds due Friday.

Venezuelan, State Oil Firm Bonds Drop Over Payment Concerns
Thursday, October 26, 2017 Bonds issued by PDVSA drop sharply amid concerns on cash-flow problems and regulatory hurdles.

Venezuela's Deteriorating Oil Quality Riles Major Refiners
Friday, October 20, 2017 PDVSA is increasingly delivering poor quality crude oil to major refiners in the United States, India and China.

Venezuela Confirms Discussing Citgo Collateral Swap With Rosneft
Wednesday, October 04, 2017 PDVSA is negotiating to swap Russian oil producer Rosneft's collateral in Venezuelan-owned, Citgo, adding that results are expected 'very soon.'

Venezuelans Face Growing Queues To Buy Gasoline
Thursday, September 21, 2017 Venezuelan drivers are facing growing queues to buy gasoline despite having the world's largest oil reserves.

Venezuela's Crude Supply To The United States Was Flat In August
Wednesday, September 13, 2017 Venezuelan crude sales to the US in August were largely unchanged at 638,935 bpd compared with the prior month, but continued to fall far short of year-earlier levels.

Venezuela Probing 'Spectacular' Overpricing In Orinoco Oil Contracts
Thursday, August 31, 2017 Venezuela's new chief prosecutor is investigating 'spectacular' overpricing in a dozen contracts in the nation's Orinoco oil belt.

Venezuela's Maduro Swaps Oil Minister And PDVSA President
Friday, August 25, 2017 Venezuelan President Nicolas Maduro names Oil Minister Nelson Martinez as the head of state oil company PDVSA.

PDVSA Negotiating Curacao Refinery Lease, Open to China Partner
Friday, August 25, 2017 PDVSA has operated the refinery for decades, but the cash-poor company has been reluctant to invest in it.

Venezuela's IOUs Pile Up, Keeping US Oil Servicers in Tow
Wednesday, August 23, 2017 For Schlumberger and Halliburton the road to payment for services in Venezuela is increasingly long and winding.

Venezuela's Oil Company Says 'Financial Blockade' Hurts Payments
Friday, August 18, 2017 A US-led 'financial blockade' has hurt PDVSA's capacity to collect payment for crude cargoes

No-Name US Oil Driller Gets Shot at World's Top Reserves
Wednesday, August 09, 2017 'It's very unorthodox to see a small player like Horizontal Well Drillers pop up on a project this size,' said Luke Lemoine, an energy analyst at Capital One Securities Inc.

Rosneft Says Lent Venezuela's State Oil Firm A Total Of $6B
Tuesday, August 08, 2017 Rosneft says it made around $6 billion in pre-payments to PDVSA and had no immediate plans to make any further advance payments soon.

Russian Oil Giant Lends Support to Venezuela Oil Company
Friday, August 04, 2017 Russia's largest oil company disclosed another advance payment to Venezuela's state producer after the US sanctioned President Nicolas Maduro on Monday.

PDVSA Asks Bondholders to Waive Financial Reporting Requirements
Thursday, August 03, 2017 PDVSA is asking bond investors for a temporary waiver from financial reporting requirements because it can't complete the documents on time.

Document: PDVSA's Refining Network To Work At 44% Of Capacity In Aug
Tuesday, August 01, 2017 PDVSA expects its refining network to work at 44% of capacity in August due to a lack of light crude and spare parts and planned maintenance work.

Court Orders PDVSA to Allow Sale of Oil at Sovcomflot's Request
Tuesday, July 18, 2017 The court action suggests even political allies of Venezuela such as Russia are losing patience with PDVSA's payment delays.

Venezuela's PDVSA Guarantees Investor Security Amid Uncertainty
Monday, July 10, 2017 PDVSA says in a statement it is guaranteeing "legal security" for all foreign companies in the leftist-run nation.

White House Is Said to Be Unlikely to Restrict Venezuelan Crude
Friday, July 07, 2017 U.S. officials have not made any decisions on what, if any, sanctions may be imposed on Venezuela.

Venezuela's PDVSA Says Cardon Refinery Cracker Working Normally
Wednesday, June 21, 2017 The catalytic cracking unit at Venezuela's 310,000-barrel-per-day (bpd) Cardon refinery is now working normally.

Venezuela Looks Abroad for Fuel as Domestic Production Wanes
Tuesday, June 20, 2017 Venezuela, home to the largest oil reserves in the world, is seeking to import 13 million barrels of fuel this year.

Venezuelan Refinery Reels As PDVSA Ships Light Oil To Cuba, Curacao
Tuesday, June 06, 2017 Venezuela's 187,000-barrel-per-day Puerto la Cruz refinery is running at 16 percent of capacity, mainly due to a lack of light oil.

Venezuela's Secret Plot to Sell Banned Syrian Oil in US Market
Thursday, May 25, 2017 The plan reportedly aimed to sell discounted Syrian oil to Venezuela through a Russian shell company, which would send it to Aruba for refining and distribution to US gas stations.

Venezuela Oil Executive Arrested in Corruption Probe
Tuesday, May 23, 2017 Venezuela has arrested the manager of the Petropiar heavy crude upgrader, owned by state oil company PDVSA and U.S. major Chevron Corp.

Fuel Shortage Again Hits Oil-rich Venezuela Amid Refinery Woes
Wednesday, May 17, 2017 The waits at gasoline stations heap extra hardship on the nation of 30 million.

PetroVietnam Says Venezuela Oil Project Still Stalled, Hopes To Reactivate
Wednesday, May 03, 2017 PetroVietnam's joint venture with PDVSA remains stalled but the Vietnamese company hopes ongoing talks will lead to reactivation of operations.

PDVSA Notes Rally After Oil Company's $2.2 Billion Payment
Wednesday, April 12, 2017 Bonds issued by Venezuela's state oil company rallied after the country made $2.2 billion in payments on matured notes.

Crude Apill Hits Venezuela Oil Port, Exports Unaffected
Wednesday, March 29, 2017 PDVSA confirms reports of a crude spill from a pipeline connecting its main oil-exporting complex with a tanker loading facility, but said shipments have not been affected.

PDVSA Said to Be Preparing for Exit of President Del Pino
Tuesday, March 28, 2017 Petroleos de Venezuela SA is preparing for the departure of its president Eulogio Del Pino.

Venezuela PDVSA Says In Grace Period For 2035 Bond
Tuesday, November 22, 2016 PDVSA confirms it is using a 30-day grace period for coupon payments on its 2035 bond, but said a JP Morgan report of payment delays on other bond issues was wrong.

Venezuela's PDVSA Reaches $1.45B In Finance Deals With Oil Firms
Friday, November 04, 2016 PDVSA announces financing deals totaling nearly $1.45 billion with local firm Delta Petroleum and India's ONGC.

US Said to Be Closing In on PDVSA-Linked Seizures, Charges
Tuesday, October 25, 2016 Federal prosecutors are preparing to charge several individuals and confiscate their property over the alleged looting of Venezuela's state oil company.

Venezuela PDVSA Swaps $2.8B 2017 Bonds, Gains Financial Breather
Monday, October 24, 2016 PDVSA says a debt swap allowed it to push back some $2.798 billion in payments originally due next year to 2020, giving the cash-strapped company a financial breather.

Ex-Venezuela PDVSA Boss Denies $11B Corruption Allegations
Thursday, October 20, 2016 Former PDVSA President Rafael Ramirez denied as "irresponsible lies" a Venezuelan congressional investigation accusing the state oil company of corruption to the tune of $11 billion during his decade-long tenure.

Spain's Repsol Provides $1.2B Credit Line For Venezuela Oil JV
Friday, October 07, 2016 Repsol is providing a credit line of up to $1.2 billion to boost oil output at a joint venture it runs with PDVSA.

ConocoPhillips Sues Venezuela's PDVSA, Calls Bond Swap 'Fraudulent'
Friday, October 07, 2016 Subsidiaries of ConocoPhillips have sued Venezuelan state oil company PDVSA in a Delaware court, according to a court filing.

Venezuela PDVSA Awards $3.2B Oil Service Contracts, Protest Brews
Wednesday, September 21, 2016 Venezuela's state oil company PDVSA says it has awarded $3.2 billion in contracts to drill wells in the Orinoco Belt.

Oil Servicers Looking For Output Boost In Venezuela, PDVSA Says
Tuesday, September 20, 2016 The world's largest oilfield services providers are making plans to help boost output in Venezuela, according to the president of the country's state-run oil company.

Columbia Univ.: Global Oil Market Faces Less Venezuela Supply In 2017
Tuesday, August 16, 2016 The global oil market faces a sharp drop in supply in 2017 from Venezuela, traditionally a prominent exporter, as an acute political and economic crisis halts investments needed to squeeze more crude from wells, Columbia University says in a report.

Lack Of Investment, Payment Delays Hamper Venezuela Oil Output
Monday, August 15, 2016 Venezuela, which holds the world's largest crude reserves, is on track to suffer its steepest annual oil output drop in 14 years.

Venezuela's PDVSA Issued $831M Debt to Pay Providers this Year
Wednesday, July 13, 2016 PDVSA has issued $831 million in promissory notes this year to repay debts to service providers, according to its latest financial statement.

Venezuela's Energy Woes Spread To Its Closest Ally: Cuba
Friday, July 08, 2016 Venezuela's falling crude output and financial woes have left it struggling to maintain a 15-year-old oil assistance program to its closest ally, Cuba.


Venezuela's Oil Output Decline Accelerates as Drillers Go Unpaid
Tuesday, June 28, 2016 Venezuela's oil output, already the lowest since 2009, is set to slide further this year as contractors scale back drilling after the cash-strapped country fell more than $1 billion behind in payments.

Venezuela Says Oil At $50 Enough To Avoid PDVSA Default
Friday, June 17, 2016 Crude prices around $50 a barrel are enough for Venezuela's state oil producer to avoid a default on its debt, company president and national oil minister Eulogio Del Pino says in an interview.

Venezuelan Pleads Guilty in U.S. over PDVSA Bribery Scheme
Thursday, June 16, 2016 A Venezuelan businessman has pleaded guilty to charges stemming from his participation in a scheme to corruptly obtain contracts from Venezuela's state oil company, the U.S. Justice Department said.

From Champs To Chumps: Latin America Oil Giants Owe $275B
Friday, March 11, 2016 The Latin American state-run oil companies whose largesse filled government coffers during the crude boom are quickly becoming dangerous liabilities as soaring debt levels spook investors.