Venezuela: $3.5 billion in oil revenues by 2022

Venezuela has earned about $3.5 billion in oil revenues in 2022, President Nicolas Maduro announced.

Share:

Venezuela has earned about $3.5 billion in oil revenues in 2022, President Nicolas Maduro announced, noting that this figure was not even 10% of the $56 billion in revenues collected even five years ago.

“This year we are getting barely about $3.5 billion in oil revenue, less than 10% of what the country’s normal oil income was,” the president said at a ceremony with oil workers in the northwestern state of Zulia, the cradle of Venezuelan oil exploitation.

“Venezuela had an annual income of $56 billion from oil alone,” he noted.

“With the criminal sanctions and the criminal blockade of U.S. imperialism, this dropped to 700 million at one point, we lost 99% of our income,” he continued.

The United States, which does not recognize Mr. Maduro’s re-election in 2018, has imposed heavy sanctions against Venezuela.

The oil industry has suffered from these sanctions, but production had begun to decline long before, due in part to years of lack of investment, mismanagement, corruption and poor maintenance of facilities, according to many experts.

By 2020, production had fallen to 400,000 barrels per day, the level of 1934. It is currently about 700,000 barrels per day, down from 3.2 million in 2002.

Mr. Maduro has been insisting for months on the “revival” of the oil industry.

In September, he said Venezuela was “ready and willing” to “supply the world oil and gas market” as the absence of Russian crude on the market after the invasion of Ukraine in February pulled up prices.

“We are ready … to gradually and quickly increase oil production, expand and increase the production of refined products,” Maduro had said, promising to reach a production of 2 million barrels per day this year.

However, this goal seems difficult to achieve in the short term.

The expansion of the global oil and gas fishing market is accelerating on the back of offshore projects, with annual growth estimated at 5.7% according to The Insight Partners.
The Competition Bureau has required Schlumberger to divest major assets to finalise the acquisition of ChampionX, thereby reducing the risks of market concentration in Canada’s oilfield services sector. —
Saturn Oil & Gas Inc. confirms the acquisition of 1,608,182 common shares for a total amount of USD3.46mn, as part of its public buyback offer in Canada, resulting in a reduction of its free float.
OPEC slightly adjusts its production forecasts for 2025-2026 while projecting stable global demand growth, leaving OPEC+ significant room to increase supply without destabilizing global oil markets.
Talks between European Union member states stall on the adoption of the eighteenth sanctions package targeting Russian oil, due to ongoing disagreements over the proposed price ceiling.
Three new oil fields in Iraqi Kurdistan have been targeted by explosive drones, bringing the number of affected sites in this strategic region to five in one week, according to local authorities.
An explosion at 07:00 at an HKN Energy facility forced ShaMaran Petroleum to shut the Sarsang field while an inquiry determines damage and the impact on regional exports.
The Canadian producer issues USD 237 mn in senior notes at 6.875 % to repay bank debt, repurchase USD 73 mn of 2027 notes and push most of its maturity schedule to 2030.
BP revised upwards its production forecast for the second quarter of 2025, citing stronger-than-expected results from its US shale unit. However, lower oil prices and refinery maintenance shutdowns weighed on overall results.
Belgrade is engaged in complex negotiations with Washington to obtain a fifth extension of sanctions relief for the Serbian oil company NIS, which is majority-owned by Russian groups.
European Union ambassadors are close to reaching an agreement on a new sanctions package aimed at reducing the Russian oil price cap, with measures impacting several energy and financial sectors.
Backbone Infrastructure Nigeria Limited is investing $15bn to develop a 500,000-barrel-per-day oil refinery in Ondo State, a major project aimed at boosting Nigeria’s refining capacity.
The Central Energy Fund’s takeover of the Sapref refinery introduces major financial risks for South Africa, with the facility still offline and no clear restart strategy released so far.
PetroTal Corp. records production growth in the second quarter of 2025, improves its cash position and continues replacing key equipment at its main oil sites in Peru.
An explosion caused by a homemade explosive device in northeastern Colombia has forced Cenit, a subsidiary of Ecopetrol, to temporarily suspend operations on the strategic Caño Limón-Coveñas pipeline, crucial to the country's oil supply.
U.S. legislation eases access to federal lands for oil production, but fluctuations in crude prices may limit concrete impacts on investment and medium-term production, according to industry experts.
Permex Petroleum Corporation has completed a US$2mn fundraising by issuing convertible debentures, aimed at strengthening its cash position, without using intermediaries, and targeting a single institutional investor.
Petróleos de Venezuela S.A. (PDVSA) recorded $17.52bn in export sales in 2024, benefiting from increased volumes due to U.S. licences granted to foreign partners, according to an internal document seen by Reuters.
The detection of zinc in Mars crude extracted off the coast of Louisiana forced the US government to draw on its strategic reserves to support Gulf Coast refineries.
Commissioning of a 1.2-million-ton hydrocracking unit at the TANECO site confirms the industrial expansion of the complex and its ability to diversify refined fuel production.