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pdvsa

Debate in Trinidad's Parliament: Dragon - Guiria - Point Fortin pipeline part of deal with Venezuela

Further to media announcements in late September about development of Dragon Field by Trinidad and Venezuela, the Maduro government is yet to give any indication as to what was signed and how the deal, which has to comply with U.S. Treasury's sanctions, will structure a non-cash paying mechanism to Venezuela. Deals of this nature signed by the Executive only become official, as far as current Venezuelan law is concerned, once Congress approves and orders publication in Official Gazette. That is yet to happen.

Maduro's "anti corruption" drive: exhibit Latif Petrol

An "anti graft" drive was launched by Nicolas Maduro in March this year, after "realising" that Tareck El Aissami was, like all its predecessors, looting PDVSA and billions of dollars were unaccounted for. El Aissami was removed and hasn’t been seen since. Pedro Tellechea, PDVSA's new CEO, is meant to be driving a clean up operation that won't leave a stone unturned in its "fight against corruption". For instance, Wilmer Ruperti's petcoke contracts have been scrutinised.

Does Venezuela really have world's largest oil reserves?

The claim that Venezuela had the "world's largest oil reserves" went viral during Hugo Chavez's presidency. It is a very convenient claim, from a geopolitical and economic viewpoint. It somehow makes the country more relevant. Chavez nurtured and repeated the legend every time he could. It became one of those revolutionary mantras that everyone regurgitates without question, like the lie that Venezuela was declared an "illiteracy free territory" by UNESCO.

Trinidad is not going to produce gas in Venezuela's Dragon field anytime soon

Reuters reported days ago that U.S. Treasury had granted a license to Trinidad & Tobago to develop, manage, and market gas produced in Venezuela's Dragon Field. Trinidad's National Gas Company (NGC), Petroleos de Venezuela (PDVSA) and Shell would expectedly be jointly in charge of development, production, operational and marketing aspects. Payment -for such gas- would be made by Trinidad & Tobago to Venezuela in humanitarian aid.