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The Revival Of Venezuela's Oil Industry Is Emboldening Maduro


Politics, Geopolitics & Conflict

Amid an easing of sanctions on Venezuela and Chevron’s return to production, Maduro is taking advantage of the situation to quash his opponents. This week, he issued an arrest warrant for opposition leader Juan Guaido, whom he has accused of embezzling state oil money. Guaido is living in exile in Miami at present and is recognized by Washington as the rightful leader of Venezuela.

As the push and pull continues, however, now that certain doors have been opened, Brazil’s state-run Petrobras is also said to be looking into possibilities of a Chevron-style return to Venezuela’s collapsing oil industry.

Discovery & Development

Petrobras has received a permit to begin drilling offshore in the Potiguar Basin in the northeast of Brazil after months of back and forth with the country’s regulator, Ibama. Drilling is set to begin in November, and the area will be surveyed to assess the area’s economic viability following a discovery made a decade ago at the Pitu well. Two exploratory wells will be drilled in block BM-POT-17. Petrobras is hoping the basin holds similar reserves to the riches found in Guyana.

A consortium made up of TotalEnergies, Eni, and QatarEnergy has bid on exploration licenses for two blocks in the Lebanese Exclusive Economic Zone. The bids for Blocks 8 and 10 would give the consortium all blocks at the southern end of the economic zone if their bid is successful,…

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