Company
PDVSA is Venezuela's state-owned oil and natural gas company, the country's main revenue source and parent of US refiner Citgo.
Judge Melissa Damian sentenced former Rep. David Rivera to 10 years for hiding a $50 million lobbying contract from a US affiliate of Venezuela's PDVSA. The term shows what concealment costs consultants paid by foreign governments when a case runs its course, and it comes as such prosecutions have plunged.
Reality
Treasury has extended Citgo's protection from a court-ordered $9 billion sale to Elliott Management six times since January. Creditors holding that order are waiting on an administration that keeps its leverage over Caracas for as long as it leaves the license undecided.
Reality
The National Assembly named Steve Hanke special adviser and told him to write a full dollarization law. He puts the odds of passage at 50% to 80%.
Reality
Orlen's Swiss trading arm paid for Venezuelan crude with Tether tokens and received almost none of it. The loss was set before the first conversion, by the payment terms written into a contract signed days after the parties met.
Reality
The memorandum signed at Miraflores Palace on September 19 follows deals BP, Eni, Repsol and Chevron struck with the new government this year. Venezuela still pumps under a million barrels a day against about three million in the late 1990s.
Reality
Orlen's contractor converted $245m into USDT at Dubai companies and later handed 110m of it to a purported broker on two USB sticks. The Polish government's investigation pins the total lost and spent at $424m.
Reality
Two Dubai intermediaries took $330 million of Orlen prepayments for Venezuelan crude that never shipped. Polish prosecutors put the total loss near 1.6 billion zloty, and three former managers were indicted in August 2026.
Reality
Caracas puts the bill above $100 billion for reserves the White House says more than double America's, a stock claim with no schedule attached while the only new barrels come from Chevron tuning old wells.
Perspective Coverage
5 publishersReality
Fred Ehrsam's Primavera holds a production-sharing contract with PDVSA in the Orinoco Belt, where Rystad Energy expects significant new output only around 2035 and calls execution, not geology, the binding constraint.
Reality
Venezuela's new petroleum minister pitched 916 exploration opportunities and 192 trillion cubic feet of gas. The names on paper so far are Hunt Oil and SLB.
Reality
Alejandro Betancourt is helping the Trump administration pick assets and partners in Caracas. With no competitive bidding and majors staying out, the beneficiaries are small US operators.
Reality