Venezuela News — Caracas moves to reclaim its gold from London

India's state oil company won a U.S. license and is already angling to take over fields that PDVSA still runs, the clearest sign yet that Washington will let foreign operators, not just foreign money, into Venezuela. Citgo posted a $936 million quarter, and Caracas opened talks to recover its gold from the Bank of England.

Energy Sector

India's ONGC wins a U.S. license and moves to take over Venezuelan oilfields. India's state-owned ONGC received an OFAC license clearing it to resume full operations in Venezuela and is now negotiating to take over as operator of projects currently run by PDVSA, Venezuela's state oil company. ONGC holds 40% of the San Cristóbal field and 11% of Carabobo, and can now recover more than $500 million in stranded dividends. It is the first clear sign Washington will let a foreign state company, not just foreign capital, control Venezuelan fields. Business Standard

Citgo's quarterly profit jumps to $936 million. Citgo, the U.S. refiner owned by Venezuela's state oil company through a Delaware holding company, reported second-quarter net income of $936 million, up from $100 million a year earlier, on strong U.S. fuel margins. Adjusted earnings before interest, taxes, depreciation and amortization reached $1.39 billion, its second-highest quarter on record. The result raises the stakes in the court-supervised auction of Citgo's parent, whose sale would settle billions of dollars in Venezuelan creditor claims. Oil & Gas Journal

PDVSA's number two will pitch U.S. investors in Houston on August 19. Jovanny Martínez, executive vice president of Venezuela's state oil company PDVSA, will address U.S. companies at a Venezuela Energy Week showcase in Houston on August 19, laying out production priorities and investment needs. The pitch targets lifting national output from about 1.12 million barrels a day toward 1.37 to 1.4 million within two years, and courts drillers, oilfield-service firms, and financiers. Chevron, Eni, and Repsol are among the companies named. Venezuela Energy Week

Economy

Venezuela opens talks to recover its gold from the Bank of England. Venezuelan officials announced on August 12 a political dialogue, driven by U.S. efforts, to recover the 31 tons of gold Venezuela holds at the Bank of England, now worth about $4.4 billion after gold prices tripled since the assets were frozen in 2019. The central bank could also unlock $346 million in International Monetary Fund reserves. Venezuela's total international reserves stand at $13.9 billion, most of it still frozen abroad. Guacamaya

A UN agency projects 6.5% growth but 385% inflation for Venezuela in 2026. The United Nations Development Programme projects Venezuela's economy will grow about 6.5% in 2026, driven by oil output averaging 1.09 million barrels a day in the first half and stronger export earnings, even as it forecasts inflation near 385% by year-end after prices reaccelerated in June. The report estimates June's earthquakes caused roughly $6.7 billion in direct damage, and warns that a weak power grid and lost productive capacity remain the main constraints on the recovery. UNDP

Politics

Delcy Rodríguez quietly steers Venezuela's foreign policy toward Washington. Interim president Delcy Rodríguez has reversed the confrontational posture of the Chávez and Maduro years, restoring ties with Chile and the Dominican Republic, accepting Western aid, and agreeing to reduce Russian and Chinese oil offtake while preserving existing Chinese joint ventures, according to a Caracas Chronicles analysis. The piece frames the pivot as survival-driven rather than ideological. Caracas Chronicles

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