Venezuela is one of the world’s largest oil producers with about 87 billion barrels of proven conventional oil reserves and huge non-conventional (heavy oil) deposits, most of which are located in the Orinoco oil belt. For full story, click here
Venezuelan President Hugo Chavez plans to enter into a strategic alliance with Russia aimed at developing his country’s oil industry, according to a senior government minister. For full story, click here
PetroVietnam signed a 25-year accord with Venezuela to produce and explore for oil at an estimated cost of US$11.4 bn. For full story, click here
Chavez government is making new effort to promote foreign investment in the Orinoco area, by auctioning proven heavy oil reservoirs located in Carabobo Block. For full story, click here
Falling oil prices, a global financial crunch and political risk concerns will likely leave Venezuela struggling to attract investor interest in a bid process for 3 heavy oil blocks. Jorge Pinon, Sn research associate, University of Miami, said: I don’t see anyone jumping on the bandwagon to get into Venezuela. In this environment you’re going to see a run [...]
Falling prices, a global financial crunch and political risk worries may leave Venezuela struggling to attract investor interest in a bid process for t3 heavy oil blocks that opened on Thursday. Jorge Pinon, Sn Research Associate, Center for Hemispheric Policy at University of Miami, said: I don’t see anyone jumping on the bandwagon to get into Venezuela. In this [...]
By Duncan Sutherland – Exclusive to Heavy Oil Investing News Canada: Upgrader is going up later than usual this week because of the Canadian Federal Election and the American Presidential debate. Now that these two events are a matter of record, there is much good news for the heavy oil and oil sands industries. First, [...]
By Duncan Sutherland – Exclusive to Heavy Oil Investing News Market news As predicted, the combination of falling oil prices, demand destruction and tight credit is beginning to affect heavy oil and oil sands. Energy stocks and trusts are down, and the news marginalia suggests that companies have a bleak outlook for the future profitability [...]
By Duncan Sutherland – Exclusive to Heavy Oil Investing News Market News As most of you know by now, the barrel price for oil has dropped pr ecipitously in the wake of Gustav’s fairly uneventful passage through the Gulf of Mexico. The drop in prices has weighed down the energy-heavy TSX indexes, energy companies and [...]
By Duncan Sutherland – Exclusive to Heavy Oil Investing News Hello to everyone out there. Sorry that Upgrader is later than usual this week. I have been in Winnipeg and Northern Ontario on a semi-vacation. On that note, it was helpful to be without news for a few days as it offered perspective on what [...]
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