• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Middle East on brink: Oil tankers attacked off Oman
  • 8 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 1 min Emissions Need To Be Halved To Avoid 3C Warming
  • 3 mins Iran downs US drone. No military response . . Just Destroy their Economy Completely. Can Senator Kerry be tried for aiding enemy ?
  • 11 hours The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 3 hours Coal Boom in Asia is Real and a Long Trend
  • 20 hours Hormuz and surrounding waters: Energy Threats to the World: Oil, LNG, shipping markets digest new risks after Strait of Hormuz attack
  • 36 mins Pioneer CEO Said U.S. Oil Production would be up to 15 mm bbls/day NOW if we had the pipelines. Permian pipelines STARTING Q3
  • 9 hours Solar Panels at 26 cents per watt
  • 21 hours OPEC, GEO-POLITICS & OIL SUPPLY & PRICES
  • 15 hours The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 14 hours US to become net oil exporter in November: EIA
  • 2 hours Huge UK Gas Discovery
  • 19 hours Trudeau approves Trans Mountain Pipeline
  • 15 hours Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 21 hours The Plastics Problem
Alt Text

Oil Flat Despite Middle East Tensions

Oil markets appear to have…

Alt Text

Supply Woes Keep Oil Prices Subdued

The fundamentals seem to be…

Alt Text

Is This The Best Dividend Stock In Oil & Gas?

Supermajors have had a tough…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

Wood Mac: Venezuela’s Oil Output To Fall Below 1 Million Bpd

Venezuela’s crude oil production could fall below 1 million bpd after the United States imposed new sanctions on its already struggling state oil company PDVSA, Wood Mackenzie analyst Ann-Louise Hittle warned.

“We believe production will likely fall to around 900,000 b/d under pressure from sanctions and a lack of materials for workovers, but we expect waivers will ease the full impact of the sanctions until they expire,” Hittle said.

Wood Mackenzie analysts believe the situation will require certain flexibility from local oilfield services providers as foreign companies exit the country. If these can cope with the task to maintain current production, the problem could partly be solved. However, it’s anyone’s guess what the level of expertise at these local companies is, not to mention their financial and equipment resources.

At the moment, Venezuela produces around 1.1 million bpd of crude, which is the lowest in several decades, leading to a slump in exports to a multi-decade low as well. Earlier this month, however, Bloomberg reported a fledgling U.S. company set up last year could help Venezuela turn around its falling oil production. Erepla Services LLC will provide the drilling rigs and crews necessary to increase crude oil production at the Tia Juana, Rosa Mediano, and Ayacucho 5 fields over a period of 25 years. In exchange, the U.S. company will buy all the oil produced at these fields and resell it, giving Venezuela’s PDVSA 50.1 percent of the proceeds and keeping 49.9 percent.

That’s the first sign of a shift in Caracas, first reported on by Reuters last September. The agency said at the time it had seen a draft contract between PDVSA and private companies for the handing over of oil field operatorship in a bid to reverse the production decline. The companies that signed the contract would undertake to boost the field’s production using their own money and equipment. For this, PDVSA would pay them a fee for the oil they extract.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment
  • Rachel Terrell on February 05 2019 said:
    Contracts are unenforceable without rule of law. Foreign investment is thus unlikely in China, Mexico, Russia, Venezuela, Saudi Arabia, et.al. When governments confiscate corporate investment they kill the golden goose for the next century.

Leave a comment





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