Fridays off in Venezuela to ease energy crisis

Employees in Venezuela will get every Friday off in a bid to save electricity. President Nicolas Maduro said the long weekends will apply in the months of April and May in the country hit by blackouts. It is part of the government’s emergency plan to fight the power crunch as a result of a prolonged […]

Venezuela to receive $5bn to boost oil sector

Venezuela is receiving $5 billion (£3.2bn) to boost its oil sector. The government said the funding comes from China and aims to increase oil production in the country which is currently is 2.5 million barrels per day. The deal was signed by Venezuelan President Nicolas Maduro during a visit to China this week. Venezuela’s Government also announced China will […]

Venezuela ordered to pay Exxon Mobil $1.6bn

Venezuela was yesterday ordered to pay US oil company Exxon Mobil around $1.6 billion (£1bn) after taking over its oil sites in 1997. The South American country renationalised the Cerro Negro and La Ceiba projects which Exxon owned. The oil projects were in the Orinoco river basin. Judges on a tribunal of the World Bank’s […]

Venezuelans fight to halt deadly refinery fire

Firefighters in Venezuela are desperately trying to control a blaze at an oil refinery after the death toll reached 41 yesterday, according to reports. Two oil tanks at the state-owned Petróleos de Venezuela (PDVSA) refinery were engulfed by flames after a gas leak caused an explosion on Saturday, reports said. A third tank subsequently caught […]

OPEC must stay out of Iran oil dispute, says Venezuelan minister

Venezuelan Oil Minister, Rafael Ramirez, has said the Organization of Petroleum Exporting Countries (OPEC) should not get involved in the dispute between Iran and the West over the Straits of Hormuz, according to reports. Iran threatened to block the Straits, a major artery for the world’s oil which carries nearly 20% of global consumption every […]

Russia targets Venezuelan oil

Venezuela could be Russia’s next big oil focus after Rosneft signed a “tentative” agreement with the South American state-owned oil firm PDVSA. The Russian power firm said yesterday together they hope to develop exploration blocks in the Orinoco oil belt which are estimated to hold 40 billion barrels. Rosneft said it is set to pay […]

Venezuelan gas platform sinks in Caribbean

A gas platform has keeled over and sunk in the Caribbean off the coast of Venezuela just a week after it was inaugurated by the Venezuelan energy minister. The Aban Pearl was being used to extract offshore gas for Venezuela’s state oil company, PDVSA. According to Venezuela’s energy and oil minister Rafael Ramirez, the accident […]