Repsol News

Venezuela can now pay for gas received from Eni with oil thanks to a recent easing of U.S. sanctions, unlocking a situation that had left the Latin American country with a large debt to the Italian firm, Eni's CEO said on Thursday."That's really a big upside. Before we were stuck for almost one year. That created a build up in our outstanding," Chief Executive Claudio Descalzi said during a post‑results call.Descalzi, who confirmed that Venezuela owes the Italian group around $3 billion…

About 2 million barrels of Venezuelan heavy crude are being sent to refineries owned by oil producer Repsol in Spain, following purchases the company negotiated with trading house Trafigura, according to shipping schedules seen by Reuters.Trafigura and Vitol were granted U.S. licenses last month to export millions of barrels of Venezuelan oil to the U.S. and other destinations, following the U.S. capture of President Nicolas Maduro. The companies have since been storing the oil in Caribbean terminals and marketing cargoes to refiners in the U.S.

BP, Chevron and Shell were among the top bidders on Wednesday at the U.S. government's first sale of oil and gas drilling rights in the Gulf of Mexico since 2023.The auction, which ended with $279.4 million in high bids, was the first of 30 mandated by U.S. President Donald Trump's tax cut and spending bill, which he signed into law in July.His administration's plans for offshore leasing are a significant departure from that of his predecessor, President Joe Biden, which had planned…

Repsol has strengthened their bunkering operations in Peru with the deployment of the Bunker Tanker Thomas B (20,000 DWT). In addition to the Bunker Tanker Adrian (16,000 DWT) already operating in the Port of Callao, Repsol has more than doubled its total operational capacity in Peru.With these two high-capacity tankers in service, Repsol now offers 24/7 bunker delivery, and the product portfolio diversification is further strengthened:HSFO 3.5%s (High Sulfur Fuel Oil)VLSFO 0.5%s (Very Low Sulfur Fuel Oil)LSMGO 0.1%s (Low Sulfur Marine Gas Oil)Bio-Bunker (B24 up to B100)Looking ahead…

Venture Global LNG has begun commercial operations at its Calcasieu Pass plant in Louisiana, ending a more than a three-year commissioning process at the plant, the company said on Tuesday.Venture Global will now sell LNG to its long-term customers at lower prices rather than test cargoes to the highest bidders in the red-hot global market.Just a startup five years ago, Venture Global is the country's second-largest LNG producer, helping the U.S. lead the world in LNG exports.Commissioning…

A vessel chartered by Chevron carrying some 500,000 barrels of Venezuelan oil is about to complete the discharge of the cargo at a Venezuelan port, according to shipping data and a source, following state company PDVSA's order to return the crude amid payment uncertainty related to U.S. sanctions.At least nine tankers Chevron had chartered to carry Venezuelan crude to the U.S. in coming weeks as part of the wind down of its U.S. license through May 27 are now stalled in the Caribbean…

The cancellation of a license for Chevron to operate in Venezuela could lead to the negotiation of a fresh agreement between the U.S. producer and state company PDVSA to export crude to destinations other than the United States, sources close to the talks said.U.S. President Donald Trump said on Wednesday he was reversing the license, accusing President Nicolas Maduro of not making progress on electoral reforms and migrant returns.U.S. Secretary of State Marco Rubio later said…

Three years after it shipped its first LNG cargo, and after a two-year dispute with its customers, Venture Global LNG will begin commercial operations at its Calcasieu Pass plant in Louisiana on April 15, the company said on Monday.Long-term customers including Shell and bp have been notified of the start of commercial operations, the company said.Venture Global's failure to move to commercial operations years after it started selling the superchilled gas on the spot market led to contract arbitration cases brought by some of the world's top oil and gas producers…

Venezuela's oil exports rose 10.5% last year despite political instability and changes to the U.S. sanctions regime on the country, as partners of state oil company PDVSA took more cargoes under licenses granted by Washington.As President Nicolas Maduro gets ready to start his third term in office next week following disputed election results, the OPEC country's oil exports rose for a second consecutive year, providing revenue to contribute to economic growth.U.S.-sanctioned PDVSA PDVSA.UL and its joint ventures exported an average of 772…

Esgian highlights several new contracts in its Week 39 Rig Analytics Market Roundup.Report SummaryContractsMarket sources indicate that ADNOC has exercised an extension option for the 350-ft jackup drilling rig Aryabhatt 1 in Abu Dhabi.Petrobras has awarded two floating rig contracts to Constellation Oil Services for work at the Roncador field in the Campos Basin offshore Brazil. Valued at $1 billion, the two contracts will see Constellation 10,000-ft drillship Laguna Star and Hanwha Drilling 12,000-ft newbuild Tidal Action operate for Petrobras for around 2.5 years.

Venezuela's loss of a key U.S. license that allowed it to freely export and increase investment in its oil sector will hit the volume and quality of its crude and fuel sales while prompting a flurry of requests for individual U.S deal authorizations.U.S. officials had warned that absent progress by President Nicolas Maduro on implementing an electoral roadmap agreed last year, the U.S. would not renew license 44, which since October had eased oil sanctions in place for the last five years.On Wednesday…

Venture Global LNG said on Sunday it would acquire a fleet of nine liquefied natural gas (LNG) transport vessels, expanding its ability to sell and ship its own cargoes.Venture Global LNG has exported hundreds of cargoes since it started liquefying gas for export in 2022 from the first of its three planned facilities in Louisiana. The vessels it used were owned by other companies and leased.The nine vessels in Venture Global's future fleet will be built in South Korea with the first to be delivered later this year…

A Biden administration auction of Gulf of Mexico drilling rights raised $382 million on Wednesday as oil companies claimed offshore acreage for what is set to be the last time until 2025.The auction total was the highest of any federal offshore oil and gas lease sale since 2015, according to a Reuters tally.Shell, Hess, Anadarko, BP, Chevron, Repsol and Equinor were among the 26 companies that participated in the sale.Anadarko had the auction's highest bid of more than $25 million for a block in the deepwater Mississippi Canyon area, according to an online broadcast of the sale by the U.S.

BP has invested in a start-up company developing technology seeking to use vapour from heavy industry to sharply reduce the production costs of zero-carbon hydrogen.BP Ventures, the British energy giant's venture capital arm, was among several investors in a $12.5 million Series A financing in U.S.-based Advanced Ionics, the companies said on Tuesday.Other investors include Mitsubishi Heavy Industries, Clean Energy Ventures and Gatemore Capital Management.Green hydrogen, produced by splitting water through electrolysis using renewable energy…

Norwegian offshore vessel owner Golden Energy Offshore Services AS (GEOS) has secured a contract extension with Repsol for its Energy Swan platform supply vessel in Norway.The contract is a direct continuation of the current charter contract from 2021.The large PSV Energy Swan was chartered in 2021 for a firm period of one year, plus another optional year.Since the expiration of the firm period, the two companies have agreed to several extensions, with this latest being for two more months, until November  1, 2023. Financial details of the latest extension were not disclosed.The are no more options available for Repsol Norge AS after November 1, 2023. The 2005-built Energy Swan is a ST 216 design large PSV / pipe carrier.

BP will defend its rights "to the absolute fullest" in an arbitration case against U.S. exporter Venture Global LNG over failing to supply contracted cargoes, Chief Executive Officer Bernard Looney said on Tuesday.Oil companies Shell SHEL.L and have separately filed for arbitration against Venture Global LNG over failing to supply contracted cargoes, even as it sold to non-contract customers while prices were soaring."You can expect us to defend our legal rights to the absolute fullest…

Top LNG traders Shell and BP have separately filed for arbitration against U.S. exporter Venture Global LNG for failing to supply contracted cargoes, even as it sold to non-contract customers as prices soared, four people familiar with the matter said.A Venture Global LNG spokesperson did not comment on the Shell and BP claims. Last month, the company said it was in full compliance with terms of its long-term contracts and cited a need for extensive commissioning of its modular…

Norwegian offshore vessel operator Golden Energy Offshore Services AS (GEOS) has secured a contract extension with Repsol for its Enegy Swan platform supply vessel.The contract extension is in direct continuation of the current charter contract which started in 2021 when the large platform supplier was chartered. The extension kicks off in early July and will run until September 1, 2023.Repsol Norge will have an option to extend the charter further.The 2005-built Energy Swan vessel is of ST 216 design and is a large PSV / pipe carrier.

Japanese FPSO supplier MODEC has won a contract with Equinor to supply an FPSO vessel for the BM-C-33 block of the Campos Basin offshore Brazil. The order comes just days after Equinor and its partners Repsol Sinopec Brasil, and Petrobras took the $9 billion investment decision to develop the BM-C-33 project in Brazil. Located in the Campos Basin, BM-C-33 comprises three different pre-salt discoveries – Pão de Açúcar, Gávea and Seat – containing natural gas and oil/condensate…

Valero Energy Corp, the second-largest U.S. oil refiner, is seeking Washington's permission to import Venezuelan crude, according to four people close to the matter, hoping for a repeat of the approval granted to Chevron Corp in November after a four-year ban.President Joe Biden's administration has eased some U.S. sanctions on the OPEC-member nation in an effort to encourage a political dialogue with the country's opposition. That has led to further pressure from U.S., European and Asian energy firms…

The U.S. government is not planning a systematic easing of sanctions on Venezuela after an initial round allowed partners of state-run oil firm PDVSA to resume taking oil for past debts, a State Department official said.In November, Washington issued a six-month license allowing Chevron Corp. to expand operations and export Venezuelan oil to the United States. Eni and Repsol also began taking Venezuelan crude for debt with U.S. approvals, This year, Trinidad and Tobago received a U.S. nod to jointly development an offshore natural gas field with Venezuela. Those moves by U.S.

A 655,000-barrel cargo of Venezuelan heavy crude chartered by a unit of Italy's Eni SpA departed on Friday from a port operated by state-run PDVSA, shipping data showed, marking Venezuela's first export to Europe after a three-month pause.Eni and Spain's Repsol SA last year received U.S. authorizations to take Venezuelan oil to Europe as compensation for outstanding debt in an easing of American sanctions on Venezuela's oil industry.But the shipments were allocated intermittently last year. And so far this year most Venezuelan crude exports have been halted during a sweeping audit by new PDVSA boss Pedro Tellechea, who revised contract terms to avoid a series of failed payments by some customers.The Greece-flagged Aframax tanker Minerva Alexandra…

Venezuela's PDVSA has allocated an oil cargo to a unit of Eni for a February loading, the first to the Italian firm following a contract suspension this year by new management at the state-run company, people familiar with the matter said. Eni and Spanish oil firm Repsol in May last year received authorizations from the U.S. State Department to take the crude to Europe for outstanding Venezuela debt and dividends, an exception to U.S. oil sanctions on Venezuela. The cargo allocations…