Madrid, October 20, 2023.

The Sembrar el Petróleo portal analyzes the new panorama of imports to Europe that opens up for the Venezuelan state oil company after the United States lowered sanctions against it this week

A good part of the oil market has welcomed the announcements made by the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury, in relation to the lifting of sanctions that have affected the production, distribution and marketing processes. of Venezuelan gas and oil in recent years. With Pedro Tellechea Ruiz at the helm, PDVSA is once again at the center of the scene due to its willingness to continue strengthening ties and establishing alliances with multinationals in the energy sector. The measure will last for six months and its renewal will depend on the scope of the following stages of negotiation between the political sectors of both nations, as well as the fulfillment of the commitments made. Tellechea heads the Board of Directors of PDVSA, which was expressly appointed by President Nicolás Maduro on August 28 of the current year and whose composition was defined as follows: Pedro Rafael Tellechea Ruiz, as president of the board of directors; Héctor Andrés Obregón Pérez, as executive vice president; Heifred Segovia Marrero, as vice president of Finance; Luis Enrique Molina Duque was appointed as vice president of Exploration and Production; Gustavo Adolfo Boadas Díaz in the vice presidency of Refining; Luis Miguel González Núñez as vice president of Gas; Ronny Rafael Romero Rodríguez in the vice presidency of International Affairs; Génesis Sabrina Ron Solano as vice president of International Trade and Supply; Juan Carlos Díaz Socorro as vice president of Commerce and National Supply and Leily Beatriz Ferrer Abendaño as vice president of Planning and Engineering. "PDVSA's efforts to establish alliances that allow it to support gas and oil production have not been subject to the pace of negotiations between the government of Nicolás Maduro and the Biden administration and which have aimed to resume the normalization of trade relations, at least in the area of ​​energy. According to the specialized portal Sow oil, "Venezuela has been working so far in 2023 with European multinational companies in the gas sector, such as ENI and Repsol, among others. The most recent example of these alliances is the case of Shell Plc and the announcement made by the United States to allow operations between the multinational, Venezuela and the government of Trinidad and Tobago for the commercialization of gas extracted from the Dragon Field, located northeast of the Gulf of Paria, near the maritime border with Trinidad and Tobago, adjacent to Trinidadian fields operated by the British company." The announcement that has involved Venezuela, Shell Plc and the state gas company of Trinidad and Tobago, has caused surprise among specialists, since This is a project that has been in the design and planning phase for more than three decades and could bear fruit in the short term, judging by the idle installed capacity that the island country has, which in turn will facilitate export and marketing. of Venezuelan gas in the European market. The scope of the flexibility of this measure is even more expansive if it is compared with the terms of the exploitation of the Perla Field and the Cardón IV Complex by the Italian company ENI and the Spanish Repsol, since in these particular cases the times to be able to export natural gas have been projected in the long term. Regarding oil production, the experiences with the Chevron Corporation and the China National Petroleum Corporation are another example of the rapprochement between those who have been partners and historical allies, despite the ups and downs typical of a relationship conditioned by the coercive measures announced by the United States in 2019. The announcements made by the authorities of the US Treasury Department could create the environment for PDVSA to increase the production quotas of gas and oil in a relatively short time. According to some experts in the field, "in the short term the figures could experience an increase of up to 25%, especially if we take into account the complexity experienced by the world energy market, as a consequence of the war conflicts in Ukraine. and the Middle East, without forgetting the arrival of the winter period and the effect that this usually has on the demand for electricity, gas and fuel."Venezuela will have six months to reactivate the heart of its economy, the same time that the energy market will be expectant and will evaluate the progress of the company that was a reference in the world of oil production.

Contact Contact name: Elaine Bravo Contact description: Sow the Oil Contact phone: 616375274