Phillips 66 Wins Tender To Sell U.S. Bakken Crude To Pemex -Traders

(Reuters, 22.Oct.2018) — Refining firm Phillips 66 was awarded a tender to supply Mexico’s Pemex with at least four 350,000-barrel cargoes of U.S. Bakken crude for delivery from November through December, traders with knowledge of the offer’s results said on Monday.

The purchase will mark the state-run company’s first crude import in more than a decade.

(Reporting by Marianna Parraga Editing by Dave Graham)



Pemex Designates Four Shipments to Import Light Crude Oil

(Pemex, 22.Oct.2018) — Petróleos Mexicanos evaluated several proposals for shipments to supply light crude oil, in accordance to the parameters established by Pemex Transformación Industrial (Pemex Industrial Transformation).

As a result, PMI assigned four shipments of 350,000 barrels each for the import of Bakken light crude oil, which will be delivered during the month of November.

Currently, the contracts are in the process of being signed and the details of the assignment will be published once this process is completed.

This decision is in line with the strategy to improve the quality of the crude oil used in the National Refining System, which will result in higher value distilled products, such as gasoline and diesel fuel.



Echo Energy Updates on Well Result In Argentine Production Uplift

(Echo Energy, 22.Oct.2018) — Echo Energy announced plans to boost production at the Cañadon Salto Field in the Fracción D licence in Argentina, where it has now achieved 115 barrels per day (from 5 barrels per day) following four successful pilot well interventions.

Work has now been completed on four wells in the Cañadon Salto Field using the Quintana-1 rig as part of the previously announced plan to boost production. All four targeted wells (CSo-96, CSo-104, CSo-21, and CSo-80) have now been successfully commissioned, with production, pumps and offtake being optimised.

This initial phase has already produced very encouraging results with the combined oil production from the four wells currently totalling in the order of 115 barrels per day, with these rates increasing as the wells ‘oil-in’ and the pumps and associated facilities are optimised. The CSo-96 well which was the first well to be commissioned has seen a material increase from its initial production of 12 barrels per day rising to the current level of 60 barrels per day and is an indicator of potential capacity of these wells.

Prior to the interventions the total gross production from the Cañadon Salto Field area was less than 5 barrels per day out of the total gross oil production across the CDL licences (Fracción C, Fracción D and Laguna De Los Capones) of around 500 barrels per day (number excluding gas production). This increased production post interventions represents a more than 20 fold increase for the Cañadon Salto field.

The results of the pilot project well performance will now be monitored, with a view to considering next steps for the field. A full-scale remediation project across the field could potentially see production levels of over 400 barrels oil per day achieved with a commensurate increase in contingent resources.