[UPDATED] Italian company to remove oil from Nabarima

The US has granted Italian multinational oil company, ENI permission to begin offloading crude oil from the FSO Nabarima, without breaking international sanctions on Venezuela.

The vessel which carried almost 1.3 million barrels of crude oil was in danger of causing an environmental disaster after it was highlighted that it was listing. The FSO Nabarima is permanently moored between TT and Venezuela in the Gulf of Paria.

International media houses have reported that ENI will also be able to repair the vessel as permission for such was received on Thursday. The company is currently awaiting permission from Petróleos de Venezuela (PDVSA), the Venezuelan state-owned oil company, before engaging in the process.

Earlier this month, a TT delegation also conducted an assessment of the FSO Nabarima to determine the severity of the matter and reported that the ship was in stable condition, but there remained concerns over the lengthy period to remove the crude oil from the vessel.

On October 22, Minister of Energy and Energy Industries Franklin Khan stated that a recommendation of the TT team was to speed up the process of the offloading procedure to minimise any additional risks.

He welcomed the news when asked about the exercise during a virtual media briefing on the Petrotrin refinery sale. He said it is a good sign because the oil is produced from the Corocoro field in a joint venture with PDVSA and ENI.

Khan said: “ENI has an equity interest in the oil. If the company applied to the US government to offload the tanker and take the crude to some international destination, if that permission has been granted and they will not be subjected to sanctions, that is a very good sign. We welcome that news.”

In an update on Friday, Foreign Affairs and Caricom minister Dr Amery Browne told Newsday that, “Our understanding is that the process of removing the oil from the Nabarima is ongoing.

“We have begun the process of exploring a follow-up visit to the vessel, in keeping with the recommendation of our team of experts.”

He did not indicate a proposed date or details of any discussion with the Venezuelan authority on the matter.

International media reports have also indicated that ENI announced that it was on standing-by to conduct the ship-to-ship transfers using “state-of-the-art solutions” upon confirmation from the US that this process would be in line with the international sanctions’ regime.

ENI have also confirmed that a crude tanker, Delta Captain, which is currently in the Caribbean Sea, had been chartered by ENI to serve its “credit recovery plan agreed with PDVSA”. ENI has reported, however, that over the past two months the vessel has never entered Venezuelan waters and is currently in international waters.

This story has been updated with additional details. Below is the original story.

The US has granted Italian-based multinational oil company, ENI permission to begin offloading crude oil from the FSO Nabarima, without breaking international sanctions on Venezuela.

The vessel which carried almost 1.3 million barrels of crude oil was in danger of causing an environmental disaster after it was highlighted that it was listing. The FSO Nabarima is permanently moored between TT and Venezuela in the Gulf of Paria.

International media houses have reported that ENI will also be able to repair the vessel as permission for such was received on Thursday. The company is currently awaiting permission from Petróleos de Venezuela (PDVSA), the Venezuelan state-owned oil company, before engaging in the process.

Earlier this month, a TT delegation also conducted an assessment of the FSO Nabarima to determine the severity of the matter and reported that the ship was in stable condition, but there remained concerns over the lengthy period to remove the crude oil from the vessel.

On October 22, Minister of Energy and Energy Industries Franklin Khan stated that a recommendation of the TT team was to speed up the process of the offloading procedure to minimise any additional risks.

In an update on Friday, Foreign Affairs and Caricom minister Dr Amery Browne told Newsday that, “Our understanding is that the process of removing the oil from the Nabarima is ongoing.

“We have begun the process of exploring a follow-up visit to the vessel, in keeping with the recommendation of our team of experts.”

He did not indicate a proposed date or details of any discussion with the Venezuelan authority on the matter.

International media reports have also indicated that ENI announced that it was on standing-by to conduct the ship-to-ship transfers using “state-of-the-art solutions” upon confirmation from the US that this process would be in line with the international sanctions' regime.

ENI have also confirmed that a crude tanker, Delta Captain, which is currently in the Caribbean Sea, had been chartered by ENI to serve its “credit recovery plan agreed with PDVSA”. ENI has reported, however, that over the past two months the vessel has never entered Venezuelan waters and is currently in international waters.