Venezuela has announced plans to ship oil to Portugal in exchange for food products and other goods that have been running short in the South American country.
Venezuela, Latin America’s largest oil producer, will send as many as 30,000 barrels of crude a day to Portugal by late 2008, President Hugo Chavez has said. He said […]

Venezuela’s Congress has given initial approval to a windfall oil tax that extends President Hugo Chavez’s campaign to increase government revenue from the oil industry.
The tax will tap into private company profits amid record oil prices above $100 per barrel, and will step up his confrontation with the global energy giants, like BP.

President Hugo Chávez has scored a significant victory over Exxon Mobil when a British court lifted a $12bn freeze on Venezuelan assets and sided with his administration against the oil giant.
The ruling backed Venezuela’s government in a row with the US multinational over an oil field in the Orinoco, a decision which could embolden other […]

Ecuador is reopening its main oil pipeline, three days after a landslide ruptured an 80-meter (262-foot) section of the duct, spilling thousands of barrels of oil into the local environment.
The ecological fallout from the 4,000 barrel spill in a mountainous region 25 miles east of Ecuador’s capital, Quito, is “grave,” as many tributaries for the […]

Venezuela has confirmed it has paid $1.8 billion in compensation to French, Norwegian and Italian oil companies for nationalizing key oil fields in the Orinoco basin in 2006.
France’s Total, Norway’s Statoil and Italy’s ENI gained the settlement after they accepted the book price for the assets Venezuela’s state-run PDVSA oil company took over.