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.

Facing an under-equipped downstream sector, Mauritania partners with Sonatrach to create a joint venture aiming to structure petroleum products distribution and reduce import dependency, without yet disclosing specific investments.
Dalinar Energy, a subsidiary of Gold Reserve, receives official recommendation from a US court to acquire PDV Holdings, the parent company of refiner Citgo Petroleum, with a $7.38bn bid, despite a higher competing offer from Vitol.
Oil companies may reduce their exploration and production budgets in 2025, driven by geopolitical tensions and financial caution, according to a new report by U.S. banking group JP Morgan.
Commercial oil inventories in the United States rose unexpectedly last week, mainly driven by a sharp decline in exports and a significant increase in imports, according to the US Energy Information Administration.
TotalEnergies acquires a 25% stake in Block 53 offshore Suriname, joining APA and Petronas after an agreement with Moeve, thereby consolidating its expansion strategy in the region.
Orlen announces the definitive halt of its Russian oil purchases for the Czech Republic, marking the end of deliveries by Rosneft following the contract expiry, amid evolving logistics and diversification of regional supply sources.
Equinor and Shell launch Adura, a new joint venture consolidating their main offshore assets in the United Kingdom, aiming to secure energy supply with an expected production of over 140,000 barrels of oil equivalent per day.
Equinor announces a new oil discovery estimated at between 9 and 15 mn barrels at the Johan Castberg field in the Barents Sea, strengthening the reserve potential in Norway's northern region.
Sierra Leone relaunches an ambitious offshore exploration campaign, using a 3D seismic survey to evaluate up to 60 potential oil blocks before opening a new licensing round as early as next October.
Faced with recurrent shortages, Zambia is reorganising its fuel supply chain, notably issuing licences for operating new tanker trucks and service stations to enhance national energy security and reduce external dependence.
The closure of the Grangemouth refinery has triggered a record increase in UK oil inventories, highlighting growing dependence on imports and an expanding deficit in domestic refining capacity.
Mexco Energy Corporation reports an annual net profit of $1.71mn, up 27%, driven by increased hydrocarbon production despite persistently weak natural gas prices in the Permian Basin.
S&P Global Ratings lowers Ecopetrol's global rating to BB following Colombia's sovereign downgrade, while Moody’s Investors Service confirms the group's Ba1 rating with a stable outlook.
Shell group publicly clarifies it is neither considering discussions nor approaches for a potential takeover of its British rival BP, putting an end to recent media speculation about a possible merger between the two oil giants.
The anticipated increase in the tax deduction rate may encourage independent refineries in Shandong to restart fuel oil imports, compensating for limited crude oil import quotas.
Petro-Victory Energy Corp. starts drilling of the AND-5 well in the Potiguar Basin, Brazil, as the first phase of an operation financed through its strategic partnership with Azevedo & Travassos Energia.
The Texan Port of Corpus Christi has completed major widening and deepening work designed to accommodate more supertankers, thus strengthening its strategic position in the US market for crude oil and liquefied natural gas exports.
BP Prudhoe Bay Royalty Trust is offering its interest in Prudhoe Bay, North America’s largest oil field, as part of its planned dissolution, assisted by RedOaks Energy Advisors for this strategic asset transaction.
CNOOC Limited’s Hong Kong subsidiary and KazMunayGas have concluded a nine-year exploration and production contract covering nine hundred and fifty-eight square kilometres in Kazakhstan, sharing investment and operations equally.
Donald Trump announced that the United States will no longer oppose Chinese purchases of Iranian oil, immediately triggering a drop in global crude oil prices and profoundly reshaping international energy trade partnerships.