• 4 minutes Natural gas is crushing wind and solar power
  • 7 minutes OPEC and Russia could discuss emergency cuts
  • 10 minutes Peak Shale Will Send Oil Prices Sky High
  • 13 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 13 mins On Venezuela
  • 2 hours CCP holding back virus data . . . . . . Spanish Flu 1918 MUTATED, Came in 3 waves, Lasted 14 months and killed upward 5% World population
  • 1 hour "Criticism of migration will become a criminal offense.  And media outlets that give room to criticism of migration, can be shut down." - EU Official to the Media.
  • 1 day Cheap natural gas is making it very hard to go green
  • 5 hours The Great Recession recovery wasn't powered by Obama; it was oil and gas
  • 7 hours Gold.
  • 26 mins WTI are we seeing the perfect storm
  • 11 hours Engineering, Politics and Political Correctness from Down Under
  • 20 hours I Love Hills
  • 1 day Oil and gas producers fire back at Democratic presidential candidates.
  • 5 hours So the west is winning, is it? Only if you’re a delusional Trump toady, Mr Pompeo, by Simon Tisdall
  • 1 day Investments worthy in versatile and clean natural gas

What Next for Repsol and Venezuela?

Bottom Line: After Petroleum Minister Rafael Ramírez announced on 4 December 2013 that Spanish oil and gas company Repsol and the Venezuelan government would be signing an agreement to invest US$1.2 billion in Venezuelan petroleum company Petroquiriquire S.A., on 6 December it was reported that the signing would be delayed until the following week. A source from state-owned oil and gas company Petróleos de Venezuela (PDVSA), majority shareholder of Petroquiriquire, referred to the current electoral situation, with municipal elections taking place on 8 December. He indicated that the agreement could be completed shortly afterward, without specifying a date. If the agreement is signed, Venezuela will have contracted almost US$10 billion in oil financing in 2013.

Analysis: Repsol has had contracts in Venezuela since 2000, and in 2009 discovered one of the world’s largest natural gas fields, La Perla. They also hold an 11 percent stake in the Carabobo-1 project, located in Venezuela’s Orinoco belt, which contains a large amount of extra heavy crude. In October 2013, Repsol CEO Antonio Brufau affirmed the company’s commitment to long-term investment in Venezuela. In early November technical manager for crude oil assets Cosme Vargas announced that Repsol would be investing US$4 billion between 2013 and 2022, which will help increase oil output from the 40,000 barrels per day (bpd) presently to almost 100,000 bpd in 2022.

As economic and…




Oilprice - The No. 1 Source for Oil & Energy News