Venezuela probe leaves Orinoco oil zone in upheaval

Spanish Market: Crude oil
30/03/23

Venezuela's crackdown on alleged corruption has reach deep into the top-producing Orinoco oil belt region as police arrested the top government production official there and seized control of some installations.

The national intelligence service Sebin arrested executive director for oil belt production Jackeline Perico earlier this week, sources told Argus although the government has not yet announced her arrest. Police are occupying her offices as well as two oilfield service companies in the area, a former PdV employee and an local politician told Argus.

The actions are part of a corruption problem into up to $23bn in missing cryptocurrency from state-owned PdV that led to the arrests of more than 20 people and the resignation of oil minister Tareck El Aissami.

PdV has told employees that Eduardo Lorenzo Pinto Salazar is now in Perico's post, answering to the vice president of exploration and production.

The belt, or faja, is the source of about 60pc of Venezuela's production, PdV president Pedro Tellechea said this week. The country was producing about 720,000 b/d in February according to an Argus estimate as it tries to ramp up production in the wake of eased US sanctions.

Attorney general Tarek William Saab has accused one of the ventures that made up Perico's old division, Petrocedeno, of being at the center of the scandal.

Late Wednesday night, hours after Perico's reported detention, Venezuelan president Nicolas Maduro promised more arrests, saying he was "arrecho" — Venezuelan slang for "extremely angry."

"We will deepen our strikes against these mafias," Maduro said.

By Carlos Camacho

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16/12/24

Shell takes FID on Nigeria’s Bonga North oil project

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Libya declares force majeure at Zawiya refinery

15/12/24

Libya declares force majeure at Zawiya refinery

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Mexico’s industrial output falls 1.2pc in October

13/12/24

Mexico’s industrial output falls 1.2pc in October

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Canada sets 2035 emissions reduction goal

13/12/24

Canada sets 2035 emissions reduction goal

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US rail group optimistic about 2025 rail demand

12/12/24

US rail group optimistic about 2025 rail demand

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