The Americans move out and the Chinese move in. The day after Exxon and ConcoPhillips pulled out of heavy oil projects in Venezuela, the China Petrochemical Corp, known as Sinopec, the nation’s second-largest oil producer, is in talks to drill for oil in the country. The company is seeking “heavy oil” projects, said a company … Read More
Latin American oil
Exxon, Conoco Drop Venezuela Oil Projects
Exxon Mobil and ConocoPhillips have decided to abandon their heavy crude oil projects in eastern Venezuela rather than cede majority ownership and operating control to the government. Yesterday was the deadline set by President Hugo Chavez for the six foreign owners of four mega-projects in Venezuela’s Orinoco Belt region to agree to terms of turning … Read More
Ecuador Throws Out World Bank Rep Over Oil Aid:
Direct World Bank financing for oil companies is worth hundreds of millions of dollars a year, but the Bank’s behind the scenes work to make the world safe for Big Oil is priceless. While Bank support for mega-projects involving companies like Exxon and BP may get most of the attention, the Bank’s biggest impact on … Read More
Big Oil Cedes Control to Chávez
Four multinational oil companies have finally agreed to cede control of Venezuela’s last remaining privately run oil projects to President Hugo Chávez’s government. Officials from Chevron, BP, Total and Statoil signed memorandums of understanding this week agreeing to give state oil company Petróleos de Venezuela a majority stake in three of the projects. Exxon Mobil … Read More
Chavez On Collision Course Again
President Hugo Chavez has set a May 1 deadline for an ambitious plan to wrestle control of several major oil projects from American and European companies. So a showdown seems inevitable, with officials warning that they might sell American refineries meant to process Venezuelan crude oil.
China Deals with Chavez
Something of Chinese and Russian theme today. Underpinning two of the stories is China’s growing international search for oil and gas to keep feeding its rapidly expanding economy. The other issue is the geo-politics of the Russian oil industry. Lets start in Venezuela, where President Hugo Chavez has said China will rival the United States … Read More
Giuliani Oil Lobby “Scandal”
US Republican presidential hopeful Rudy Giuliani is embroiled in controversy over the antics of his law firm which lobbies for Citgo Petroleum, which is controlled by the Venezuelan state oil company and President Hugo Chavez. Records filed at the Texas Ethics Commission showed the law firm, Houston-based Bracewell & Giuliani, may have received up to … Read More
Oil-Rich Mexico Output Declines
The State oil company of Mexico, Pemex is in trouble, reports the New York Times. Its production and proven reserves are falling, and it has no money to reverse the slide. This is important for the US because Mexico is the second-largest supplier of imported oil to the United States, after Canada. If the company … Read More
Chavez Nationalizes Last Foreign Oil Fields
Even more trouble for the oil majors. Venezuela’s President Chavez has announced a new law that nationalizes the last remaining oil production sites that are under foreign company control. The nationalizations, which affect oil production in the heavy fuel Orinoco Oil Belt, will take effect on May 1st of this year, until which time companies … Read More
Chavez Urges Action on Climate
He may have built his political dynasty on the back of Venezuela’s petroleum wealth, but President Hugo Chavez has suddenly urged the world to cut back on oil use to fight climate change. He wants to use some oil revenues in a venture to manufacture solar panels and has begun doling out millions of energy-saving … Read More