News: Oil and Gas

Japan and Venezuela Initiate Joint Orinoco Oil Projects and Expand Economic Ties

Apr 6th 2009

Venezuelan President Hugo Chavez (Left) and Japanese Prime Minister Taro Aso (YVKE Mundial)

Venezuelan and Japanese officials met in Tokyo on Sunday and Monday to create mixed enterprises to exploit Venezuela's Orinoco Oil Belt. The officials also planned future economic collaboration in the areas of finance, infrastructure, agriculture, automobile production, and oil-based chemical products.

Venezuelan State Oil Company to Pay Debts, Reduce Spending on Contractors

Mar 4th 2009

PDVSA President and Petroleum Minister Rafael Ramirez (archive)

The Venezuelan state oil company PDVSA announced Tuesday that it will immediately pay off its debts to 90% of its contractors, including nearly 6,000 private companies, cooperatives, small and medium size enterprises, and health care providers for PDVSA employees.

Venezuela and Russia Initiate Gas Exploration and Expand Strategic Alliance

Nov 8th 2008

A Venezuelan-Russian gas exploration station off the Venezuelan coast. (YVKE)

On Friday, the Venezuelan state oil company PDVSA and the Russian company Gazprom began drilling for gas in the Gulf of Venezuela. Government officials from both energy giants further concretized an alliance with cooperation agreements in a wide variety of areas.

Venezuela Increases Proven Oil Reserves by 30%

May 10th 2008

Minister of Energy and Petroleum, Rafael Ramirez (Archive)

Venezuela’s Minister of Energy and Petroleum, Rafael Ramirez, announced yesterday that the country’s proven oil reserves have been increased to 130 billion barrels, a 30% increase over previous official figures.

Venezuelan Oil Co. to Challenge Asset Freeze in Holland

Apr 22nd 2008

Venezuelan Energy Minister Rafael Ramirez (MINCI)

Venezuela expects to appear in court in the Netherlands before the end of the month in order to challenge an asset freeze obtained by the world’s largest oil company, ExxonMobil Corp against state oil company Petroleos de Venezuela, S.A.

New Venezuelan Oil Tax to Fund Public Health Care Programs

Mar 25th 2008

President Chavez announces an expansion of the medical care program in the city of Maracaibo.

Venezuelan President Hugo Chávez announced a new tax on extraordinary oil profits Monday, the revenue of which will help fund the expansion of health care programs known as the Barrio Adentro “missions,” which bring health care to marginalized communities with the help of Cuban doctors.

Exxon Must Undo False Accusations Against Venezuelan Oil Company

Mar 23rd 2008

The Orinoco Oil Belt is located in Venezuela's Orinoci river basin. It is estimated that Venezuela has about 250 billion barrels of extra-heavy oil.

Thursday marked the deadline for ExxonMobil to undo the damage it had done to the international reputation of the Venezuelan state oil company PDVSA by pursuing a $12 billion freeze of PDVSA assets in early February during international arbitration in a dispute over a nationalized Orinoco Oil Belt project.

London Court Rules in Favor of Venezuela in Dispute with Exxon

Mar 18th 2008

Oil Minister and PDVSA President Rafael Ramírez (Archive)

A British Judge declared today that the freezing of $12 billion in assets of the Venezuelan state oil company PDVSA shall be revoked. The decision is a major defeat for the world's largest oil company, ExxonMobil, which had won the temporary asset freeze in a dispute with PDVSA over the nationalization of an Exxon project.

Londoners Protest Exxon's Bid to Grab Venezuelan Resources

Mar 8th 2008

Solidarity activists and UK Members of Parliament protest against ExxonMobil (Venezuela Information Centre)

Solidarity campaigners rallied on Tuesday March 4th to defend Venezuela's oil resources from greedy transnational ExxonMobil at the Royal Courts of Justice in central London.

Venezuela Calls on Exxon to Resume Arbitration Process

Feb 19th 2008

Enery Minister Rafael Ramirez announces close of sucessful negotions with Italy's ENI (YVKE Mundial)

Venezuela's Energy Minister, Rafael Ramirez, called yesterday for U.S. oil giant ExxonMobil to return to the framework of international arbitration over a compensation claim for a recently nationalized oil joint venture.

Chavez Calls on Venezuela to Defend Its Oil Sovereignty

Feb 18th 2008

President Chavez speaks from the Petromonagas project, formerly called Cerro Negro, in the Orinoco Oil Belt. (Francisco Batista/MinCI)

Venezuelan President Hugo Chavez called on the Venezuelan people to defend the nation's oil sovereignty on his Sunday talk show Aló Presidente yesterday. Broadcasting from the former oil fields of ExxonMobil in the Orinoco River Basin, Chavez dedicated the show to the recent clash with the transnational oil company and the new projects of the Venezuelan state oil company, PDVSA.

Venezuelan State Oil Company Suspends All Business Relations with Exxon

Feb 12th 2008

Venezuelan Energy Minister Rafael Ramirez (ABN)

Venezuela's state oil firm PDVSA issued a statement today, in which it said that it was freezing all its business dealings with ExxonMobil, in retaliation for the company's hostile actions in the dispute over compensation for a recently nationalized oil joint venture.

Venezuelan Minister: Oil Company Asset Freeze is “Judicial Terrorism”

Feb 8th 2008

Venezuela's Energy Minister Rafael Ramirez (VTV)

Venezuela's Energy Minister, Rafael Ramirez, characterised a series of court orders obtained by Exxon Mobil Corp. in Britain, the Netherlands, and the Dutch Antilles, freezing up to $12 billion in assets of Venezuelan state oil firm PDVSA, as "judicial terrorism," in a statement today.

Venezuela: OPEC Should Become a Political Actor against Imperialism

Nov 19th 2007

Venezuela's President Chavez, Iran's President Amadinejad, and Saudia Arabia's King Abdullah at the 3rd OPEC Summit in Riadh. (AP)

The Organization of Petroleum Exporting Countries (OPEC) should reclaim its "anti colonial roots" and "convert itself into a geopolitical actor" in the fight against imperialism and exploitation, Venezuelan President Hugo Chavez argued at the 3^rd OPEC summit in Riyadh.

Venezuela's Oil Industry Signs New Labor Contract

Nov 3rd 2007

PDVSA President and Minister of Energy and Petroleum Rafael Ramirez (Archive)

Venezuela's state oil company, PDVSA, signed a new collective contract this week with its various labor unions. In addition to improved wages and benefits, the contract involved the joining together of the various labor unions into one United Confederation of Energy Workers (FUTEV).