Search results
Results from the WOW.Com Content Network
It has activities in exploration, production, refining and exporting oil as well as exploration and production of natural gas. Since its founding on January 1, 1976, with the nationalization of the Venezuelan oil industry, PDVSA has dominated the oil industry of Venezuela, the world's fifth largest oil exporter.
The country officially nationalized its oil industry on 1 January 1976 at the site of Zumaque oilwell 1 (Mene Grande), and along with it came the birth of Petróleos de Venezuela S.A. (PDVSA) which is the Venezuelan state-owned petroleum company. All foreign oil companies that once did business in Venezuela were replaced by Venezuelan companies.
Tax and royalty payments resulting from Chevron's license have provided a steady source of revenue to Maduro's administration since early 2023, a source familiar with Venezuela's oil industry said ...
On 4 December the captain of the large oil tanker Pilín León, named after the beauty queen, anchored in the Lake Maracaibo shipping channel and refused to move. The rest of PDVSA 13-ship fleet was quickly similarly grounded. Combined with the PDVSA management walkout, this effectively paralysed the Venezuelan oil industry. [citation needed]
Venezuelan state-run oil firm PDVSA has begun offering to ship its own oil, figuring in the costs in crude supply deals to help customers who have struggled to hire vessels to carry the country's ...
Venezuela's state oil company PDVSA has begun using tankers that navigate off radar to supply its closest political ally, Cuba, as a fleet of state-owned vessels that have historically covered the ...
Venezuela's oil industry took a major hit after the U.S. slapped energy sanctions on the country's exports last month, causing them to plummet 40 percent.Exports are down to 920,000 barrels per ...
Since president Hugo Chávez fired 18,000 PDVSA employees and replaced them with avowed loyalists of his own party, PDVSA has suffered from a series of safety and productivity problems. [7] [8] In 2003, two workers were injured in an explosion at an electrical substation at the Amuay refinery.