• 2 hours Oklahoma Rig Explodes, Leaving Five Missing
  • 4 hours Lloyd’s Sees No Room For Coal In New Investment Strategy
  • 7 hours Gunmen Kidnap Nigerian Oil Workers In Oil-Rich Delta Area
  • 9 hours Libya’s NOC Restarts Oil Fields
  • 11 hours US Orion To Develop Gas Field In Iraq
  • 3 days U.S. On Track To Unseat Saudi Arabia As No.2 Oil Producer In the World
  • 3 days Senior Interior Dept. Official Says Florida Still On Trump’s Draft Drilling Plan
  • 3 days Schlumberger Optimistic In 2018 For Oilfield Services Businesses
  • 3 days Only 1/3 Of Oil Patch Jobs To Return To Canada After Downturn Ends
  • 3 days Statoil, YPF Finalize Joint Vaca Muerta Development Deal
  • 3 days TransCanada Boasts Long-Term Commitments For Keystone XL
  • 3 days Nigeria Files Suit Against JP Morgan Over Oil Field Sale
  • 4 days Chinese Oil Ships Found Violating UN Sanctions On North Korea
  • 4 days Oil Slick From Iranian Tanker Explosion Is Now The Size Of Paris
  • 4 days Nigeria Approves Petroleum Industry Bill After 17 Long Years
  • 4 days Venezuelan Output Drops To 28-Year Low In 2017
  • 4 days OPEC Revises Up Non-OPEC Production Estimates For 2018
  • 4 days Iraq Ready To Sign Deal With BP For Kirkuk Fields
  • 4 days Kinder Morgan Delays Trans Mountain Launch Again
  • 4 days Shell Inks Another Solar Deal
  • 5 days API Reports Seventh Large Crude Draw In Seven Weeks
  • 5 days Maduro’s Advisors Recommend Selling Petro At Steep 60% Discount
  • 5 days EIA: Shale Oil Output To Rise By 1.8 Million Bpd Through Q1 2019
  • 5 days IEA: Don’t Expect Much Oil From Arctic National Wildlife Refuge Before 2030
  • 5 days Minister Says Norway Must Prepare For Arctic Oil Race With Russia
  • 5 days Eight Years Late—UK Hinkley Point C To Be In Service By 2025
  • 5 days Sunk Iranian Oil Tanker Leave Behind Two Slicks
  • 5 days Saudi Arabia Shuns UBS, BofA As Aramco IPO Coordinators
  • 6 days WCS-WTI Spread Narrows As Exports-By-Rail Pick Up
  • 6 days Norway Grants Record 75 New Offshore Exploration Leases
  • 6 days China’s Growing Appetite For Renewables
  • 6 days Chevron To Resume Drilling In Kurdistan
  • 6 days India Boosts Oil, Gas Resource Estimate Ahead Of Bidding Round
  • 6 days India’s Reliance Boosts Export Refinery Capacity By 30%
  • 6 days Nigeria Among Worst Performers In Electricity Supply
  • 7 days ELN Attacks Another Colombian Pipeline As Ceasefire Ceases
  • 7 days Shell Buys 43.8% Stake In Silicon Ranch Solar
  • 7 days Saudis To Award Nuclear Power Contracts In December
  • 7 days Shell Approves Its First North Sea Oil Project In Six Years
  • 7 days China Unlikely To Maintain Record Oil Product Exports
Oil Traders Have Never Been This Bullish

Oil Traders Have Never Been This Bullish

Speculators have placed a record…

Peak Oil Demand Is A Slow-Motion Train Wreck

Peak Oil Demand Is A Slow-Motion Train Wreck

Peak oil demand has been…

Venezuelan Default Swap Bonds At 19.25 Cents On The Dollar

PDVSA

The value of Venezuelan oil company PDVSA’s debt bonds stood at 19.25 cents on the dollar, according to the results of the first stage of an auction to land on a final payout value for the securities.

The default swaps would insure investors in case of Caracas’ total bankruptcy, promising at least some payment on their contracts. The final value for the swaps should be published later today.

The International Swaps and Derivatives Association declared both Venezuela and the PDVSA in default in November after Caracas missed several debt payments. S&P Global Ratings also declared Venezuela in default last month, just as the country’s Vice President Tareck El Aissami met with creditors to discuss the restructuring of its debt. According to reports from the meeting, it only lasted about half an hour and did not result in any agreement on how to proceed. The ratings agency said Caracas failed to make a $200-million payment on a debt by the end of the 30-day grace period.

Russia threw a lifeline to Venezuela last month after the two countries signed a deal to restructure $3.15 billion worth of Venezuelan debt owed to Moscow. Under the terms of the deal that Russia’s Finance Ministry announced, Venezuela will be repaying the debt over the next ten years, of which the first six years include “minimal payments”. But the deal doesn’t include funds that Venezuelan companies—including state oil firm PDVSA—have borrowed from Russia, Venezuelan Economy and Finance Minister Simon Zerpa said, as quoted by Reuters.

Russia, as well as China, are the main sources of funds for the Venezuelan regime now that the U.S. slapped a series of sanctions on Venezuela’s government and its oil company PDVSA, including on issuance of new debt.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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