Ex-PdV head quits Venezuela ministry, Saab in

Spanish Market: Crude oil
18/10/24

Venezuela's former head of state-owned PdV and oil minister Pedro Tellechea resigned from his recent post as industries minister, with former US prisoner Alex Saab taking his place.

Tellechea stepped down from his two roles in late August to be replaced by Venezuelan vice president Delcy Rodriguez as part of a broader cabinet reshuffle after a contested 28 July presidential election.

He announced his departure today on X, formerly Twitter, a social media platform recently banned in Venezuela but accessible through virtual private networks. He attribute his leaving to health problems.

Saab, appointed almost immediately after Tellechea said he was leaving, is a Colombian-Venezuelan businessman freed last year by the US administration in a prisoner swap. He spent three years in US and African jails awaiting trial on money-laundering charges.

Several of Tellechea's colleagues in top military and law enforcement posts were sacked by Venezuela President Nicolas Maduro this week also, including the head of the presidential security detail Ivan Hernandez, sources told Argus.

Tellechea is a former colonel in the Venezuelan army and an engineer. He took over at PdV in January 2023, in the wake of an investigation into an alleged $23bn in missing cryptocurrency funds, and became energy minister two months later. His predecessor in that role, Tareck El Aissami, was jailed in the cryptocurrency case.

By Carlos Camacho

Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

18/10/24

Australia’s Santos commissions Moomba CCS facility

Adelaide, 18 October (Argus) — Australia's Santos has commissioned its 1.7mn t/yr Moomba carbon capture and storage (CCS) project in the onshore Cooper basin of South Australia state. The Australian carbon credit unit-generating project is running at full injection rates of up to 84mn ft³/d (865mn m³/yr) of CO2 with all five wells on line, Santos said, adding that the full 1.7mn t/yr capacity would depend on Cooper basin gas production. The CCS will be Australia's second largest by nameplate capacity after Chevron's controversial 4mn t/yr Gorgon CCS on Barrow Island, which has been criticised for failing to reach its sequestration goals because of problems with pressure management . Santos results Jul-Sep '24 Apr-Jun '24 Jul-Sep '23 y-o-y % ± q-o-q % ± Volumes ('000 t) GLNG (100pc) 1,300 1,338 1,370 -5 -3 Darwin LNG (100pc) 0 0 42 -100 -100 PNG LNG (100pc) 1,938 2,001 2,111 -8 -3 Santos' equity share of LNG sales 1,148 1,264 1,300 -12 -9 Financial LNG sales revenue ($mn) 766 762 821 -7 1 Total sales revenue ($mn) 1,269 1,313 1,436 -12 -3 LNG average realised price ($/mn Btu) 12.69 11.47 12.02 6 11 Oil price ($/bl) 83.24 89.48 89.97 -7 -7 Source: Santos Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

US oil company filings put 'spotlight' on taxes

18/10/24

US oil company filings put 'spotlight' on taxes

Washington, 18 October (Argus) — Data showing some US-headquartered oil and gas firms paid less in taxes to the US than to foreign governments could be a focus in an upcoming Congress tax policy debate. ExxonMobil reported paying nearly $1.2bn to the US in 2023, and $5.6bn to the UAE, according to a first-time ‘Form SD' report filed with the Securities and Exchange Commission. In its own report, Chevron says it paid nearly $1.2bn in the US, against $4bn to Australia. Independent Hess paid $190,000 in the US and $50mn to Malaysia. Industry officials say the data do not provide a comprehensive view of obligations, which can vary from country to country depending on the tax code and their operations. The payment disclosures also do not cover payroll taxes or state and local taxes, for example, and do not say if a company had carryover net operating losses or tax credits that reduced its overall tax bill in the US. Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Jury rules against P66 in trade secret case

17/10/24

Jury rules against P66 in trade secret case

Calgary, 17 October (Argus) — A California jury says US independent refiner Phillips 66 must pay $604.9mn in damages for allegedly stealing trade secrets related to the state's biofuels market. The jury issued its verdict on 16 October, siding with west coast fuel retailer Propel Fuels more than two years after it filed suit in the Superior Court of California. Propel sought $1bn in damages , alleging that Phillips 66's renewables business in California was developed from trade secrets the refiner gained while conducting due diligence on for a possible acquisition of the fuel retailer in 2017 and 2018. Propel said it was "... actively building a new integrated renewable fuels business for Phillips 66 when Phillips 66 abruptly and without explanation terminated the deal on August 24, 2018." Shortly after terminating the deal, the refiner told California regulators it would begin selling E85 fuel in the state and launched retail sales of renewable diesel (RD) weeks later, Propel says. "Phillips 66 rapidly expanded its California renewables business using Propel's data and market insights," according to Propel. Phillips 66 denied any wrongdoing and said it is evaluating its legal options following the verdict. A final judgment in the case has not been entered and post-trial motions are pending before the court, Phillips 66 said. By Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Pemex to cut 20pc of upstream budget in 4Q

17/10/24

Pemex to cut 20pc of upstream budget in 4Q

Mexico City, 17 October (Argus) — Mexico's state-owned Pemex plans to reduce its upstream budget by 20pc in the fourth quarter, impacting short-term crude production, according to industry sources and internal documents. Pemex's new upstream head, Nestor Martinez, has instructed the company's units to implement budget cuts in activities such as major well repairs and seismic data contracts, according to documents seen by Argus . The company aims to save Ps26.78bn ($1.38bn) in 2024, according to an internal presentation of Pemex's upstream arm (PEP) dated 9 October. Pemex typically spends around Ps130bn quarterly, so the cut represents about 20pc of that, said an industry source. Pemex did not respond a request for comment. The reduction could lower Pemex's crude production by 5,804 b/d, according to the document. But the actual impact may be greater if wells go without essential repairs and stop production, sources added. Pemex produced 1.73mn b/d of crude and condensates in August, according to hydrocarbon regulator CNH data. This budget cut signals ongoing issues with delayed payments to Pemex vendors, which has worsened over the past six years, according to market sources. The cuts also suggest that President Claudia Sheinbaum's target of maintaining oil output below 1.8mn b/d could lead to further reductions in exploration and production spending. As of 2 October, PEP owed around Ps99bn to suppliers, with Ps81bn for 2024 work, Ps10.5bn from 2023, and Ps1.9bn from 2022, according to an internal document sent by PEP to its units on 11 October. In July, Pemex reported Ps126.4bn in overdue payments across all units. Oil services companies GMS Bronco, Typhoon Offshore, Cotemar, Perforadora Integral de Orienta and Baker Hughes had the five highest outstanding balances as of 2 October, according to the internal document. Dowell Schlumberger and Halliburton de Mexico, subsidiaries of SLB and Halliburton, were among the10 companies owed the most by Pemex. By Édgar Sígler Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Fire at Germany's Bayernoil refinery

17/10/24

Fire at Germany's Bayernoil refinery

Hamburg, 17 October (Argus) — A fire broke out in a crude distillation unit at Germany's 215,000 b/d Vohburg-Neustadt refinery complex on 16 October, operator Bayernoil said. The fire occurred in the sole CDU in the Neustadt section, the smaller of the two sites, and was put out within a few minutes, Bayernoil said. The cause and the extent of the damage are not yet known. Traders in the region have not reported any impact on supply so far. Bayernoil is a joint venture comprising Varo Energy, Italy's Eni and Rosneft Deutschland. Rosneft Deutschland is one of Russian state-controlled Rosneft's two German subsidiaries, both of which have been under the trusteeship of Germany's Federal Network Agency since 2022. Rosneft has said it intends to sell its German assets. The company is actively pursuing the sale by the end of this year, according to the German government. By Natalie Müller Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more