My Kanal24 interview with Nataly Lutsenko, who was in Kyiv, Ukraine on11Jan25, posted here 18Jan.. I explained:
— The stepwise manner in which different Venezuelan oil basins can start being brought to market rapidly while recovery and new production can proceed to more complex and higher-investment projects over time.
Continue readingPosted in Chavez, Energy and Geopolitics, energy war, Enhanced oil production, European Union, Global Oil Market, Maracaibo, Oil Crisis, PDVSA, Putin, Russia, russia sanctions, Sanctions, Trump, U.S. oil, Ukraine, Uncategorized, US Foreign Policy, USA, Venezuela oil
Tagged Energy, geopolitics, Maduro, oil production, oil sector, OPEC, PDVSA, Putin, Russia, russia sanctions, Sanctions, Trump, Ukraine, Ukriaine war, United States, Venezuela, Venezuelan oil
Published Jan 10, 2026 – By, Brendan Cole, Senior News Reporter
Developing Venezuela’s oil industry following the removal of its leader, Nicolas Maduro, would require major legal and commercial changes, Exxon CEO Darren Woods has told President Donald Trump.
Woods gave a downbeat assessment of the viability of restoring oil production in the South American country believed to hold the world’s largest reserves, telling Trump that at the moment, the country’s industry was “uninvestable.”
Energy industry analyst, Thomas O’Donnell, told Newsweek on Saturday that one approach would be for companies to work on small projects to kickstart production before targeting the oil fields that require heavy investment.
Continue readingPublished Jan 10, 2026 – By, Brendan Cole, Senior News Reporter
Developing Venezuela’s oil industry following the removal of its leader, Nicolas Maduro, would require major legal and commercial changes, Exxon CEO Darren Woods has told President Donald Trump.
Woods gave a downbeat assessment of the viability of restoring oil production in the South American country believed to hold the world’s largest reserves, telling Trump that at the moment, the country’s industry was “uninvestable.”
Energy industry analyst, Thomas O’Donnell, told Newsweek on Saturday that one approach would be for companies to work on small projects to kickstart production before targeting the oil fields that require heavy investment.
Continue readingPosted in Chavez, Energy and Geopolitics, energy war, Enhanced oil production, Faja of the Orinoco, Global Oil Market, heavy oil, Latin America, Maduro, Maracaibo, Oil prices, Oil supply, OPEC, opec-plus, PDVSA, Russia, russia sanctions, Sanctions, The USA, Trump, U.S. oil, Uncategorized, Venezuela oil, Venezuela update
Tagged Darren Wood, Delcy Rodriguez, donald-trump, Energy, Exxon, Faja del Orinoco, geopolitics, heavy oil, Maduro, Maracaibo, news, Newsweek, oil sector, OPEC, politics, Russia, Tom O'Donnell interviews, Trump, United States, Venezuela
If you’re in New York: Luiz Pinto and I speak at Columbia University’s Institute for Latin American Studies (ILAS) on post-Chavez Venezuela, 12-noon, Thursday, 9 October: 
Posted in Chavez, Chavez lagacy, Chavez legacy, heavy oil, Hugo Chávez, Latin America, Leopoldo López, Maracaibo, PDVSA, PDVSA weakness, Uncategorized, Venezuela oil, Venezuela update, Venezuelan Democracy
Tagged Caracas, Chavez, Chavismo, Columbia University's Institute for Latin American Studies, Heavy crude oil, Hugo Chávez, Latin America, Maracaibo, Nicolás Maduro, oil sector, PDVSA, Petróleos de Venezuela, Rafael Ramírez, Venezuela
Last week, I was quoted in the Wall Street Journal on why Petróleos de Venezuela SA (PDVSA) is looking to sell its Citgo refining affiliate in the USA. The key motivation, in my estimation, is to finance projects critical to … Continue reading
Americas Quarterly today carries a followup that to my 29 August piece on Post-Chavez changes at PDVSA.
Drilling rig (PDVSA)
NOTE: During the past couple weeks, while in Maracaibo and Caracas, I was repeatedly told of a new offshore payment mechanism that PDVSA has begun offering to its Joint Venture foreign partners. Venezuelan private sector leaders took credit for the general idea. Continue reading
Posted in Chavez, Chavez lagacy, Chavez legacy, China, Faja of the Orinoco, heavy oil, Hugo Chávez, Latin America and Caribbean, Maracaibo, PDVSA, Trade and Commerce, Venezuela oil, Zulia
Tagged Americas Quarterly, Caracas, Maracaibo, Nicolás Maduro, PDVSA, Petróleos de Venezuela, Twitter, Venezuela
PDVSA oil rigs in Venezuela (TalCual)
Throughout 2012, and especially after President Hugo Chávez’ death in early March 2013, Venezuela’s national oil firm, Petróleos de Venezuela S.A. (PDVSA), has taken measures beyond anything done in the past decade to raise its lagging production. While the likely impact merits cautious analysis, the drivers of the Bolivarian Republic’s scramble for increased oil revenues are clear. … Continue reading
Posted in Chavez, Chavez lagacy, Chavez legacy, China, Faja of the Orinoco, Gaddafi, heavy oil, Latin America and Caribbean, Libya, Maracaibo, Oil prices, OPEC, PDVSA, PDVSA weakness, The USA, U.S. oil, Venezuela oil, Zulia
Tagged Beijing, Carabobo, Caracas, China, Heavy crude oil, Hugo Chávez, Nicolás Maduro, OPEC, PDVSA, Petróleos de Venezuela, president hugo chavez, Rafael Ramírez, South America, United States, Venezuela, Venezuelan
Petrodelta,SA rig in the south of Monagas state, Venezuela (PDVSA 2011 Annual Rept)
In March, U.S.-based Harvest Natural Resources (HNR) had disclosed to shareholders it was in exclusive confidential negotiations with a national oil company (NOC) to sell its 32% stake in Petrodelta SA–a lucrative, mature, medium-heavy Faja oil field in the south of Monagas state, in which PDVSA holds a 60% share. Thursday evening, Harvest surprised observers by announcing they had signed an agreement with the Indonesian National Oil company, Pertamina.
The big question immediately being asked was: “Indonesia? Why not China?” I was quoted at length Friday morning on this question by Bloomberg’s Nathan Crooks in Caracas (See:
Leopoldo López, former Mayor of Chacao, Caracas
(Note: this post was expanded and some corrections made 23 Sept. Also, Part B will treat the “oil angle” – what are the policies of opposition candidates H. Capriles, P. Pérez and L. López as compared to the Chavista policies on PDVSA and on spending the nations’ oil income?)
This past week, the Inter-American Court of Human Rights overturned the administrative disqualification (inhabilitación) of Venezuelan opposition politician Leopoldo López from running as an electoral candidate. (see: decision of the Corte Interamericana de Derechos Humanos, and press release from Lopez’ organization. )
What might be the effect on the October 2012 election? In polls till now, Lopez has run third behind top-runner Henry Capriles, his former political ally and governor of Miranda State, and behind Pablo Pérez, the governor of Zulia State. The Chávez administration has been actively shaping who may run for the opposition ever since President Chavez’ first electoral loss, in the December 2007 plebiscite. This decision is clearly a setback for this policy.
Posted in Chavez, corruption, Henry Capriles, Hugo Chávez, Human Rights, Institutions and rule of law, Leopoldo López, Maracaibo, PDVSA, Uncategorized, Venezuela update, Venezuelan Democracy, Venezuelan elections, Zulia
Tagged American Convention on Human Rights, Government, Henrique Capriles Radonski, Hugo Chávez, Human rights, Human Rights and Liberties, Inter-American Court of Human Rights, Leopoldo López, Manuel Rosales, Miranda (state), Petróleos de Venezuela, United States, Venezuela, Zulia
The Global Barrel 