(Reuters, Nidhi Verma and Marianna Parraga, 15.Oct.2019) — India’s Nayara Energy has been using Russian giant Rosneft as an intermediary to acquire Venezuelan oil, paying it in fuel rather than cash to avoid violating U.S. sanctions, three sources with knowledge of the transactions said. The United States in January prohibited […]
Category: Asia
Asia energy
Petrobras Signs Charter Deals For Marlim
(Petrobras, 15.Oct.2019) — Petrobras signed letters of intent (LoI) with the Japanese company Modec (Marlim Unit 1) and the Malaysian company Yinson (Marlim Unit 2), for the chartering of two FPSO platforms. The units will be used in the production development project of the Marlim and Voador fields revitalization – […]
Venezuelan Oil Output Could Be Halved Without Chevron Waiver
(S&P Global Platts, Brian Scheid, 14.Oct.2019) — Venezuelan oil production, already averaging a historic low near 600,000 b/d, could quickly plummet below 300,000 b/d if the Trump administration allows a waiver for Chevron and four US oil services companies to expire next week, analysts told S&P Global Platts. “I think […]
ANP 16th Round Attracts Record R$8.9bn Signings
(ANP, 10.Oct.2019) — The 16th Bidding Round collected R$ 8.9 billions in signature bonuses, a record value among the concession rounds already held in Brazil. The round will generate investments of at least R$ 1.58 billion in the first phase of the concession contracts alone (exploration phase). Twelve of the […]
Reliance To Resume Venezuela Oil Loadings
(Reuters, Marianna Parraga, 9.Oct.2019) — Indian refiner Reliance Industries Ltd is scheduled to resume loading Venezuelan crude in October after a four-month pause, according to sources and internal documents from PDVSA seen by Reuters, a move that could help Venezuela’s state-run company drain its large oil inventories. The United States in January […]
CITGO Key To Trump’s Venezuela Strategy
(Forbes, Ariel Cohen, 8.Oct.2019) — At last month’s United Nations General Assembly, the Lima Group, the U.S.-led coalition of 14 countries in the Americas seeking a solution to the Venezuela crisis, and the International Contact Group, reaffirmed its commitment to democracy and the rule of law. The human rights record […]
Energy Cos Caught In Spat Over Venezuela Sanctions
(Chron, Sergio Chapa, 7.Oct.2019) — Frequent power outages, theft of equipment, a political tug-of-war and billions of dollars in losses would seem to signal to businesses that it’s time to get out of Venezuela. But energy companies with headquarters or major operations in Houston — including the oil major Chevron […]
PdV Floods Cuba With Stranded Oil
(Argus, 3.Oct.2019) — At least three Venezuelan fuel tankers are heading towards Cuba today, part of a flotilla meant to free up domestic storage space while defying a US campaign to cut off Venezuela’s oil supply to its political ally. Up to 3mn bl of refined products and heavy crude […]
Brazil Approves 14 Firms For November Oil Tender
(Reuters, 30.Sep.2019) — Fourteen companies have been officially approved by Brazilian authorities to participate in an oil bidding round in November, in which total signing bonuses are expected to be the biggest so far, exceeding $25 billion, national oil regulator ANP said on Monday. As widely expected, the companies participating include […]
Low Coal Prices To Impact Colombia’s Wallet
(Reuters, Julia Symmes Cobb, Nelson Bocanegra, 26.Sep.2019) — Colombia, the world’s fourth-largest exporter of coal, faces a potential spending crunch in 2020 as royalties from the fuel decline amid a supply glut and slowing economic growth in China. The fuel provides some 80% of the Andean country’s mining royalties, totaling […]
Petrobras Stockpiles LSFO In Malaysia, Singapore
(Argus, 24.Sep.2019) — Petrobras has begun stockpiling low-sulphur fuel oil in Malaysia and Singapore as the 1 January start date approaches for new global marine fuel sulphur regulations. Petrobras is not a registered bunker supplier in Singapore, the biggest bunkering port in the world, but its trading office in Singapore […]
Petrobras Informs On Petrol Prices Due To Saudi Arabia Attacks
(Petrobras, 16.Sep.2019) — Petrobras informs that, due to the latest events in Saudi Arabia, it will carry on with its international market monitoring process. The company points out that, according to its current pricing practices, there is no pre-defined frequency for applying adjustments. Recognizing that the oil market is volatile […]
Daqo Inks Two-Year Deal With JinkoSolar
(Daqo, 11.Sep.2019) — Daqo New Energy Corp. signed a two-year polysilicon supply agreement with JinkoSolar Holding Co., Ltd., one of the largest and most innovative solar module manufacturers in the world. Under the terms of the supply agreement, Daqo New Energy will supply JinkoSolar with 12,000 to 14,400 MT and […]
CNPC Skips Venezuelan oil Loading For Second Month
(Reuters, Chen Aizhu, 10.Sep.2019) — China National Petroleum Corp (CNPC), a leading buyer of Venezuelan oil, will skip cargo loadings for a second month in September as the state oil giant looks to avoid breaching U.S. sanctions, two sources with knowledge of the matter said. CNPC made a surprise halt […]
Rosneft Issues Statement On Venezuela
(Rosneft, 10.Sep.2019) — In connection with statements by US special envoy Elliott Abrams, Rosneft reaffirms its position regarding the Company’s operations in Venezuela. Rosneft is an investor in the oil and gas sector of Venezuela and has been such long before the introduction of US sanctions against Venezuela. Accordingly, any […]
Venezuelan Oil Exports At Lowest Level In 2019
(Reuters, Marianna Parraga, Mircely Guanipa, 3.Sep.2019) — Venezuela’s oil exports fell in August to their lowest level in 2019, internal reports and Refinitiv Eikon data showed, hurt by a halt in purchases by the nation’s second largest customer, China National Petroleum Corp (CNPC), following tougher U.S. sanctions. Overall exports of […]
Liza Destiny FPSO Moves To Offshore Guyana
(Zacks, 30.Aug.2019 ) — Hess Corporation recently announced the arrival of Liza Destiny — an oil production vessel — at the Stabroek Block, offshore Guyana. Notably, this is Guyana’s first floating, production, storage and offloading vessel. The 1,115-foot vessel arrived at the site after a 42-day journey from Singapore. Starting […]
Michelin Announces Theme For 20th Design Program
(Michelin, 30.Aug.2019) — Michelin North America will celebrate its 20th global design competition, Michelin Challenge Design, in 2020 by linking the past to the future of sustainable mobility. The 2020 Michelin Challenge Design Theme — Upcycle — will challenge the entrants to take inspiration from previously recognized works over the […]
LatAmNRG briefs: Liza Destiny, Dos Bocas, PDVSA
HOUSTON, TEXAS (By Energy Analytics Institute, Aaron Simonsky, 29.Aug.2019, Words: 327) — LatAmNRG briefs related to the Liza Destiny FPSO reaching Guyana, PDVSA investigating recent LPG plant explosion in Los Valles del Tuy, Dos Bocas Refinery conditioning work advancing in Mexico, and Ball Corporation signs a deal to divest its […]
Petrobras Refinery Sale Draws PetroChina
(Reuters, Tatiana Bautzer and Rodrigo Viga Gaier, 26.Aug.2019) — Brazil’s planned privatization of eight Petroleo Brasileiro SA refineries has lured several of the world’s largest trading and oil companies as prospective bidders, two sources with knowledge of the matter said. Around 20 companies have signed non-disclosure agreements granting them access […]
Höegh LNG Partners Reports 2Q:19 Financial Results
(Höegh, 22.Aug.2019) — Höegh LNG Partners LP reported its financial results for the quarter ended June 30, 2019. Highlights — Reported total time charter revenues of $33.8 million for the second quarter of 2019 compared to $35.5 million of time charter revenues for the second quarter of 2018 — Generated […]
Höegh LNG Announces 2Q:19 Presentation Results
(Höegh, 22.Aug.2019) — Höegh LNG Partners LP will hold a presentation Thursday, August 22, 2019, at 8:30 A.M. (EST) to discuss financial results for the second quarter of 2019. The results and presentation material will be available for download at http://www.hoeghlngpartners.com. The presentation will be immediately followed by a Q&A […]
China Stays Venezuela Course
(Argus, 20.Aug.2019) — The Chinese government is so far showing no sign of curtailing its oil ties to Venezuela, despite state-owned PetroChina’s rescheduling of Merey crude loadings in August. Argus has confirmed that state-owned PetroChina’s trading arm ChinaOil rescheduled up to seven VLCCs of heavy sour Merey in August that […]
ONGC Videsh To Exit Colombian Blocks
(Cogencis, Sukalp Sharma, 20.Aug.2019) — ONGC Videsh Ltd plans to relinquish three exploratory blocks–RC-9, RC-10, and GUA OFF-2–in Colombia in the current financial year ending March due to adverse hydrocarbon prospectivity in these blocks, sources with direct knowledge of the matter told Cogencis. ONGC Videsh is the overseas investment arm […]
CNPC Suspends Venezuelan Oil Loading
(Reuters, Chen Aizhu and Marianna Parraga, 18.Aug.2019) — China National Petroleum Corp, a leading buyer of Venezuelan oil, has halted August loadings following the latest U.S. sanctions on the South American exporter, three sources with direct knowledge of the matter told Reuters on Monday. The Trump administration in early August […]
CNPC Backs Out Of Oil Purchases With Venezuela On Sanctions Scare
(Oilprice.com, Julianne Geiger, 16.Aug.2019) — Russia and China have stuck with Venezuela during its most recent time of need, but at least one of their loyalties may soon come to an end, according to anonymous sources who spoke to Bloomberg on Friday. CPNC’s PetroChina has canceled loading plans in August […]
OPEC Sees Bearish Oil Outlook For Rest Of 2019
(Reuters, Alex Lawler, 16.Aug.2019) — OPEC delivered a downbeat oil market outlook for the rest of 2019 on Friday as economic growth slows and highlighted challenges in 2020 as rivals pump more, building a case to keep up an OPEC-led pact to curb supply. In a monthly report, the Organization […]
US Set To Sanction Rosneft Oil, Fuel Trade With PDVSA
(S&P Global Platts, 15.Aug.2019) — The US is set to impose sanctions on Rosneft if it continues to trade crude oil and fuel with Venezuela’s PDVSA in exchange for debt repayments and stakes in joint venture projects in the South American nation, a senior Trump administration official told S&P Global […]
Petrobras Updates On CDB Debt Pre-Payment
(Petrobras, 14.Aug.2019) — Petrobras reports that today it fully prepaid a financing contract with China Development Bank (CBD) due in 2024, totaling US$ 3 billion. The company also notified CBD on the advanced payment of another loan, in the amount of US$ 5 billion and whose maturity would be in […]
PDVSA Partners Fear Latest U.S. Sanctions: Sources
(Reuters, Luc Cohen, 14.Aug.2019) — Foreign joint venture partners with Venezuelan state-owned oil company PDVSA are concerned the latest set of U.S. sanctions on the South American country could disrupt their operations, three industry sources said. The Trump administration last week froze all Venezuelan government assets in the United States […]
Rosneft Seeks Euros Payment In Naphtha Tender
(Reuters, 14.Aug.2019) — Russian state oil company Rosneft has for the first time asked buyers to use the euro as the default currency in a spot tender to sell naphtha, an official Rosneft document shows. The tender, for naphtha loading from ports in Russia’s Far East, is the first time […]
Citgo To Name New CEO
(Reuters, Marianna Parraga, 13.Aug.2019) — Citgo Petroleum Corp has selected Carlos Jorda as its next chief executive, according to three people familiar with the matter, turning to a seasoned refinery expert and native Venezuelan to run a company facing legal attacks and working under U.S. sanctions against parent Petroleos de […]
U.S. Expands Sanctions Against Venezuela
(WSJ, Vivian Salama, 6.Aug.2019) — The Trump administration imposed a total economic embargo against the government of Venezuela, a significant escalation of pressure against the regime of President Nicolás Maduro and countries including Russia and China that continue to support him, a senior administration official said. President Trump late Monday […]
Trump Imposes New Curbs In Bid To Pressure Maduro
(Bloomberg, 6.Aug.2019) — President Donald Trump imposed further sanctions on Venezuela, freezing the government’s assets in the U.S. and adding immigration restrictions in a move aimed at stepping up pressure on the regime of Nicolas Maduro. Property belonging to the Venezuelan government “may not be transferred, paid, exported, withdrawn, or […]
US Escalates Venezuela Sanctions
(Platts, 6.Aug.2019) — The US escalated sanctions against Venezuela late Monday and may use the executive order to target crude flows to China and India, analysts said Tuesday. Highlights Analysts see latest order acting as secondary oil sanctions Platts Analytics forecasts Venezuela output falling to 750,000 b/d President Donald Trump […]
Qatar Petroleum In Guyana Exploration Deal
(Trade Arabia, 5.Aug.2019) — Qatar Petroleum has entered into an agreement with French oil major Total for a share of exploration and production rights in two blocks offshore Guyana in Latin America. Under the agreement, Qatar Petroleum will hold 40 per cent of Total’s existing 25 per cent participating interest […]
Trump Freezes All Venezuelan Govt Assets
(Reuters, Matt Spetalnick and Roberta Rampton, 5.Aug.2019) — U.S. President Donald Trump imposed a freeze on all Venezuelan government assets in the United States on Monday, sharply escalating an economic and diplomatic pressure campaign aimed at removing socialist President Nicolas Maduro from power. The executive order signed by Trump goes […]
Venezuela Oil Exports Slid 17.5% In July-Data
(Reuters, Marianna Parraga, 1.Aug.2019) — Venezuela’s oil exports fell 17.5% in July to their second-lowest level since Washington imposed sanctions on the nation as state-run PDVSA finds fewer customers to take its oil, according to internal data from the company and Refinitiv Eikon. PDVSA and its partners exported a total […]
Russian Fuel Flowing Miles To Venezuela
(Bloomberg, 1.Aug.2019) — Russian oil products are making their way to sanction-stained Venezuela, affording a reprieve for the Latin American nation as it battles persistent fuel shortages. Venezuela received at least 616,000 barrels of gasoline and 500,000 of vacuum gas oil, a feedstock used to produce gasoline, in June and […]
The U.S.’ Plan To Rebuild Venezuela After Maduro
(WSJ, Paulo Trevisani, 1.Aug.2019) — U.S. Commerce Secretary Wilbur Ross laid out a plan including credit and investment to help rebuild Venezuela’s economy under democratic rule, as Washington continues to push for new leadership in the struggling nation. The American plan is contingent on the removal of Venezuela’s authoritarian leader, […]
Qatar Petroleum Enters Blocks In Guyana
(Qatar Petroleum, 29.Jul.2019) — Qatar Petroleum has entered into an agreement with Total for a share of exploration and production rights in two blocks offshore Guyana in Latin America. Under the agreement, which is subject to customary regulatory approvals by the government of Guyana, Qatar Petroleum will hold 40% of […]
India Boosts Imports Of Venezuelan Oil
(Argus, 29.Jul.2019) — India’s imports of Venezuelan crude jumped by 25pc year on year in June and by 37pc from May, reflecting the limited reach of US sanctions on the South American nation. Imports from Venezuela rose to 303,000 b/d last month from 221,000 b/d in May and 243,000 b/d […]
Petropiar JV starts blending
(Reuters, 29.Jul.2019, Words: 316) — Venezuelan state-run oil company PDVSA said on Monday the Petropiar extra-heavy crude upgrader, part-owned by U.S. oil company Chevron Corp, had begun operations as a blending facility. The facility, which used to produce upgraded crude destined mainly for the U.S. market, is expected to produce […]
Chevron To Keep Drilling In Venezuela Despite Sanctions
(Reuters, 26.Jul.2019) — The administration of United States President Donald Trump said on Friday that it has renewed Chevron Corp’s licence to drill for oil and gas in Venezuela despite sanctions, signalling that it sees value in having the US oil producer operate in a country on the verge of […]
Venezuela Opposition Divided Over ‘Oil-For-Food’ Program
(Reuters, Luc Cohen, 25.Jul.2019) — A proposal to modify U.S. oil sanctions on Venezuela to allow crude exports to be bartered for food has divided the country’s opposition between those who say the move would stave off famine and those who predict President Nicolas Maduro would abuse it. Henri Falcon, […]
Core Laboratories Sets Earnings Call Schedule
(Core Laboratories, 24.Jul.2019) — Core Laboratories N.V. scheduled a conference call to discuss Core’s second quarter 2019 earnings announcement. The call will begin at 7:30 a.m. CDT / 2:30 p.m. CEST on Thursday, 25 July 2019. To listen to the call, please go to Core’s website at www.corelab.com. ***
TechnipFMC Awarded Contract For Arctic LNG 2
(Technip, 23.Jul.2019) — TechnipFMC has been awarded a major(1) Engineering, Procurement and Construction (EPC) contract by Novatek and its partners for the Arctic LNG 2 project located in the Gydan peninsula in West Siberia, Russia. This development will consist of three liquefied natural gas (LNG) trains, each with a capacity […]
U.S. Sanctions Chinese Oil Buyer On Alleged Violations
(Reuters, 23.Jul.2019) — The United States has sanctioned Chinese state-run energy company Zhuhai Zhenrong Co Ltd for allegedly violating restrictions imposed on Iran’s oil sector, U.S. Secretary of State Mike Pompeo said in a speech on Monday. “We’ve said that we will sanction any sanctionable behavior, and we mean it,” […]
Fallout From Sweet Oil Deal For Venezuela’s Neighbors
(NPR, 20.Jul.2019) — It sounded like such a good idea at the time. The year was 2005. Global oil prices were climbing dramatically. Countries in the Caribbean were facing major fuel shortages. Venezuela, one of the world’s largest producers of crude, offered to ease the staggering fuel costs faced by […]
Petrobras Clarifies Fuel Supply For Iranian Vessels
(Petrobras, 19.Jul.2019) — Petrobras clarifies media reports related to the supply of fuel to two Iranian vessels. Petrobras did not provide fuel to the exporting company because the Iranian vessels it contracted and the Iranian company that owns those vessels are sanctioned by the United States and are listed in […]