"The Organization of the Petroleum Exporting Countries (OPEC, /ˈoʊpɛk/ OH-pek) is an organization enabling the co-operation of leading oil-producing countries
in order to collectively influence
the global oil market and maximize profit.
It was founded on 14 September 1960 in Baghdad by the first five members
Iran,
Iraq,
Kuwait,
Saudi Arabia,
and Venezuela.
The organization, which currently comprises 12 member countries, accounted for an estimated 30 percent of global oil production.
A 2022 report further details that OPEC member countries were responsible for approximately 38 percent of it.
Additionally, it is estimated that 79.5 percent of the world's proven oil reserves are located within OPEC nations,
with the Middle East alone accounting for 67.2 percent of OPEC's total reserves."
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Southland completes sale of remaining interest in Citgo
By HARIHAR KRISHNAN UPI Business Writer
JAN. 31, 1990
"Southland, which operates 7-Eleven stores, said net proceeds from the transaction will be used to reduce the debt incurred in the $4.9 billion leveraged buyout of Southland by its founding Thompson family in 1987."
'PDVSA also owns 100 percent of Champlin Refining in Fort Worth, Texas, Young said.
Additionally, the Venezuelan enterprise owns 50 percent of Unoven, a Chicago-based refinery. The other half of Unoven is owned by Unocal Inc. of Los Angeles."
"PDVSA's acquisitions are part of Venezuela's strategy to shift its marketing strategy from being a mere crude oil producer to also being a refiner and marketer of petroleum products."
"Kuwait is another OPEC member that has adopted this strategy of acquiring 'downstream' operations to ensure markets for its crude. "
"The Citgo sale is the latest in a series of divestitures Southland has undertaken to pay down its bank debt of $1.5 billion incurred as part of the total LBO debt of $4.9 billion."
"Besides refining and marketing, Citgo also has substantial interest in a number of pipelines. It also owns 43 terminals, mostly in the eastern United States, and an additional 400 exchange terminals."
____
'The invasion of Kuwait led to a United Nations Security Council embargo and sanctions on Iraq and a U.S.-led coalition air and ground war, which began on
January 16, 1991,
and ended with an Iraqi defeat and retreat from Kuwait on February 28, 1991. "
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"The South Pars Field was discovered in 1990 by National Iranian Oil Company (NIOC)."
According to International Energy Agency (IEA), the combined structure is the world's largest gas field.[1]
"In-place volumes are estimated to be around
1,800 trillion cubic feet (51 trillion cubic metres) gas in place
and some 50 billion barrels (7.9 billion cubic metres) of natural gas condensate in place.
With in place volumes equivalent to
360 billion barrels (57 billion cubic metres) of oil
(310 billion boe of gas and 50 billion boe of natural gas condensate)
the field is the world's biggest conventional hydrocarbon accumulation."
____
"Phases 12 development begin carried out by Petropars as a LNG project. This phase will produce 2.5 billion cubic feet (71 million cubic metres) per day of rich natural gas, 75 million cubic feet (2.1 million cubic metres) of ethane, 80,000 barrels per day (13,000 m3/d) of natural gas condensate, 3000 tons of LPG per day plus 400 tons of sulfur per day.
Venezuela’s state-owned oil company Petroleos de Venezuela S.A. (PDVSA) will finance 10% of the $7.8 billion project.
Angola’s Sonangol Group has also been awarded a 20% stake in phase 12 project. "
https://en.wikipedia.org/wiki/South_Pars/North_Dome_Gas-Condensate_field
"A quarter of the Earth's helium reserves is estimated to be in South Pars)"
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