ConocoPhillips moves to take key Venezuelan oil operations
USA oil firm ConocoPhillips has moved to take Caribbean assets of Venezuela's state-run PDVSA to enforce a $2 billion arbitration award over a decade-oil nationalization of its projects in the South American country, according to three sources familiar with its actions.
Once an oil-rich country, Venezuela is now embroiled in political and economic issues for almost two decades under a socialist leadership.
ConocoPhillips COP is trying to gain control of Venezuela's key offshore operations in the Caribbean in order to recover $2 billion from a decade-old row with the nation, per the sources. New orders are expected, the employee added.
Conoco's writs of attachments, served through at least two court orders on facilities in Aruba, Bonaire, Curacao and St. Eustatius, are seen as a legal maneuver to temporarily retain assets from stored oil, to cargoes and facilities and could empower the USA company to sell them later.
PDVSA has been buying US and Russian crudes this year for refining at its 335,000 barrel-per-day Isla refinery in Curacao and for blending with extra-heavy oil from the Orinoco Belt, Venezuela's main producing region.
Per Reuters, ConocoPhillips' action could impact PDVSA's exports of about 400,000 barrels per day from the Caribbean, or about a third of its total exports. "We will pursue all available legal avenues".
The British Cygnet tanker, which set sail for Venezuela's western coast on Monday night, follows at least nine vessels diverted since Friday from Curacao and Bonaire to Venezuela and Cuba to avoid possible seizures of tankers or their barrels, according to a PDVSA source and Reuters data.
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The oil headlines this week have all been about Iran, but the slowly unfolding disaster in Venezuela may be even more significant.
Two dozen oil tankers - double the normal amount - were waiting on Monday to load crude at Jose for export, according to the Reuters data.
On Bonaire, a portion of the fuel stored at the terminal plans to be released for local use at a power station under a deal struck late on Sunday between acting Governor Curvin George, PDVSA's Bonaire Petroleum Co and Conoco, according to Dutch officials.
The state-run oil company, for its part, is planning to pay the award but hasn't reached out to Conoco to discuss the details yet, according to a person with knowledge of the situation.
The facilities on two of the islands are leased by PVDSA.
In the first quarter, PDVSA exported 1.19 million bpd of crude from its terminals in Venezuela and the Caribbean, a 29-percent decline versus the same period previous year.
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