Investment and equipment issues prompt 9% fall in Venezuela's oil exports [Yahoo! Finance]
REPSOL SA SP/ADR (REPYY)
NASDAQ:AMEX Investor Relations:
repsol.energy/en/shareholders-and-investors/index.cshtml
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Source: Yahoo! Finance
Two power blackouts and equipment outages throughout August impacted the flow of oil, with state energy company Petróleos de Venezuela's (PDVSA) investment plans still being hit by US sanctions. This has lead to ongoing operational problems, according to several US media reports, citing shipping data. Venezuela has the world's largest proven oil reserves at just over 300 million barrels, and was at one time one of the world's largest oil exporters. The blackouts caused the suspension of refinery operations and port activities. This was followed by several equipment issues. Around 40 vessels left the South American nation's ports in September, carrying more than 840,000bopd, according to the shipping data, markedly below the previous month's levels. Venezuela is still attempting to increase it oil output, and late last year PDVSA and Repsol , the Spanish multinational energy and petrochemical company, signed a new agreement for their joint venture to increase oil and gas out
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- Repsol, S.A. reports Q3 results [Seeking Alpha]Seeking Alpha