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Petrobras puts shallow-water fields in northeastern Brazil on the block

OilNOW -
(Reuters) - Brazilian state-run oil firm Petrobras has kicked off a sale process for its Atum, Curima, Espada and Xareu offshore oilfields, the company said on Friday. In a securities filing, Petroleo Brasileiro SA, as the company is formally known,...
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Oil from US-sanctioned Venezuela regime lines up off China

OilNOW -
(Bloomberg) -- Venezuela’s oil exports have collapsed since the U.S. placed sanctions on its state producer, but some crude from the OPEC member is still making its way to buyers in Asia. Officially, China hasn’t imported any Venezuelan crude since...
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Venezuela’s fall leaves world’s richest oil reserves tapped by a single rig

OilNOW -
(Bloomberg) --Venezuela’s fall from oil superpower to failing producer can be illustrated in one image: a single drilling rig working the world’s largest oil reserves. As fields across the nation shut amid a relentless U.S. campaign to cut Venezuela off...
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Brazil’s Petrobras says it will not hire oil tankers that visited Venezuela

OilNOW -
(Reuters) - Brazil’s Petroleo Brasileiro SA has told shippers it will not hire any tankers that have visited Venezuela in the past 12 months, the state-controlled oil company said on Friday, signaling adherence to U.S. sanctions on the Latin...
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U.S. court tosses $1.4 billion judgment against former Venezuelan oil minister

OilNOW -
(Reuters) - A federal judge in Texas set aside a $1.4 billion default judgment against a former Venezuelan oil minister, ruling he was not properly notified of the lawsuit, but said the U.S. company that alleged fraud and bribery...
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Oil tankers turn away from Venezuela as more sanctions loom

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(Reuters) - Oil tankers that were sailing toward Venezuela have turned around and others have left the country’s waters as the United States considers blacklisting dozens of ships for transporting Venezuelan oil, according to shipping data and industry sources. The...
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U.S. to cut off Iran-Venezuela trade by sanctioning oil tankers

OilNOW -
(Bloomberg) - The Trump administration is preparing sanctions on as many as 50 oil and fuel tankers as part of an effort to cut off trade between Iran and Venezuela, according to a person familiar with the matter. The sanctions...
Regional

Underperforming offshore wells rack up over $100 billion in abandonment liabilities worldwide

OilNOW -
(Bloomberg) - Aging offshore oil wells that once brought market prominence to Europe, the U.S. Gulf and Brazil are increasingly money losers that companies want to shut down amid low oil prices and a struggling global economy. But the...
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Days of cheap gas are over in country with largest oil reserves in the world

OilNOW -
Venezuela President Nicolas Maduro has said fuel prices will increase in the cash-strapped South American country from June, putting a limit on state subsidies that for decades had allowed citizens to fill their gas tanks virtually for free. Although the...
News

Venezuela’s oil exports sink to 17-year low, choked by U.S. sanctions

OilNOW -
(Reuters) - Venezuela’s oil exports plummeted in May to their lowest level since 2003 as U.S. sanctions choked exports and two Mexican firms that had acted as intermediaries for Venezuelan crude sales stopped receiving oil, Refinitiv Eikon data and...
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Guyana gov’t can withdraw up to 96% of last year’s oil earnings in 2025 budget

The Guyana government can withdraw 96% of its 2024 earnings from the oil sector, based on the withdrawal rule...

OilNOW is a Resource Center founded and owned by Guyanese. OilNOW is an apolitical, non-partisan, privately owned agency that strives to ensure the highest degree of accuracy and balance.

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