(US Treasury, 24.Sep.2019) â Today, the U.S. Department of the Treasuryâs Office of Foreign Assets Control (OFAC) designated four entities that operate in the oil sector of the Venezuelan economy pursuant to Executive Order (E.O.) 13850. Additionally, OFAC identified four vessels that transport oil and other petroleum products from Venezuela […]
Category: USA
US Actions Against Entities Assisting Venezuela
(US Treasury, 24.Sep.2019) â On September 24, the United States designated four companies that operate in Venezuelaâs oil sector as sanctioned, and identified as blocked property four vessels associated with this activity. This action further targets Venezuelaâs oil sector and the mechanisms used to transport oil to NicolĂĄs Maduroâs Cuban […]
Maduro Plots Assembly Grab, Oil-For-Food Floated
(Argus, 24.Sep.2019) â Venezuelan opposition leader Juan Guaido’s constitutional claim to the Opec country’s interim presidency could be undermined by today’s tumultuous return of the governing United Socialist Party (PSUV) to the National Assembly. Over 50 elected PSUV deputies entered the legislative chamber this morning for the first time since […]
Jinkosolar Invited To UN Climate Action Summit 2019
(JinkoSolar, 23.Sep.2019) â JinkoSolar Holding Co., Ltd. has been invited to the UN Climate Action Summit 2019, which will be held at the UN headquarters in New York on September 23, 2019. To move forward on ambitious climate action globally, UN Secretary-General AntĂłnio Guterres has invited over 100 heads of […]
Argentinaâs Vaca Muerta Comparable to Permian Basin
(Energy Analytics Institute, 4.Sep.2019) â âThe massive Vaca Muerta formation is geologically comparable to the best US oil basins, particularly the Permian Basin in West Texas and southeastern New Mexico, and has the potential to join the ranks of the best oil plays in the world,â Exterran Vice President Federico […]
Qingdao McDermott Wuchuan Awarded Module Fabrication Contract
(McDermott, 17.Sep.2019) â McDermott International, Inc. announced that its joint venture Qingdao McDermott Wuchuan Offshore Engineering Co. Ltd (QMW) in Qingdao, China, has been awarded a large* contract to provide three complex modules for the Arctic LNG 2 Project in the Yamal-Nenets Autonomous Region in Russia. “This award recognizes QMW’s […]
Sur de Texas Marine Pipeline Achieves Commercial Operation
(IMG, 17.Sep.2019) â Infraestructura Marina del Golfo (IMG), a joint venture between TC Energy Corporation (TC EnergĂa) and Infraestructura EnergĂ©tica Nova (IEnova), announced commencement of the commercial operation of the Sur de Texas-Tuxpan (Sur de Texas) marine natural gas pipeline. With a transportation capacity of 2.6 billion cubic feet per […]
ExxonMobil Reports Tripeltail Find Offshore Guyana
(Exxon, 16.Sep.2019) â ExxonMobil made an oil discovery on the Stabroek Block offshore Guyana at the Tripletail-1 well in the Turbot area. The discovery adds to the previously announced estimated recoverable resource of more than 6 billion oil-equivalent barrels on the Stabroek Block. Tripletail-1 encountered approximately 108 feet (33 meters) […]
Alaska Airlines Launches #FillBeforeYouFly
(Alaska Airlines, 12.Sep.2019) â Alaska Airlines today announced its #FillBeforeYouFly initiative to partner with guests and employees to continue reducing the use of single-use plastics inflight. The aim: rally with flyers to bring their own water bottle and fill it before they board. This is one of Alaska Airlines’ many […]
CNPC Skips Venezuelan oil Loading For Second Month
(Reuters, Chen Aizhu, 10.Sep.2019) â 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) â 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 […]
Bolton Exit Shifts Oil Market Outlook
(Bloomberg, Lucia Kassai and David Wethe, 10.Sep.2019) â The firing of U.S. National Security Advisor John Bolton gave oil markets some near-term supply comfort, while analysts were divided on whether the move will lead to a longer term softening in U.S. foreign policy toward Iran and Venezuela. Brent crude oil […]
Live At State With Elliott Abrams
(US Treasury, 10.Sep.2019) â U.S. Special Representative for Venezuela Elliott Abrams discussed issues related to Venezuela during a Live At State from Washington, D.C. MODERATOR: Hello. Iâm Vanessa Acker, the Deputy Director of the Brussels Media Hub, and I would like to welcome participants to todayâs interactive online press briefing, […]
Moody’s: PEMEX Ratings Close To Boundary
(Moodyâs, 9.Sep.2019) â The credit ratings of a substantial number of energy companies in the Americas are currently near the “crossover zone,” or the boundary between investment grade and speculative grade, Moody’s Investors Service says in a new report. Only seven, however, are in the zone, with potential “rising stars” […]
Petrobras On Class Action Decision
(Petrobras, 6.Sep.2019) â Petrobras, following up on the disclosure made on June 25, 2018, reports that on August 30, 2019, the Court of Appeals for the Second Circuit confirmed the decision approving the agreement to settle the Class Action in the United States. As of today, the agreement is no […]
S&P Removes Citgo From Credit Watch
(Citgo, 5.Sep.2019) â Standard & Poor’s (S&P), a leading credit rating agency, has removed Citgo Holding, Inc. and Citgo Petroleum Corporation’s outlook from credit watch and has placed them on a stable outlook. While S&P has reaffirmed its long-term issuer credit rating on both entities at B-; it also announced […]
Mexichem Unveils Business Transformation
(Mexichem, 5.Sep.2019) â Mexichem, S.A.B. de C.V. reached the next milestone in its human-centered transformation, unveiling its new corporate name, Orbia, and its commitment to purpose: to advance life around the world. Alongside the new purpose-driven approach, Orbia introduces an innovative new logo concept, the ImpactMark. This reflects a year-long […]
Exxon, Chevron See U.S. Shale Field Consolidation
(Reuters, 4.Sep.2019) â The two largest U.S. oil and gas companies on Tuesday left the door open for more acquisitions in the country’s top shale field. Exxon Mobil Corp expects to see industry consolidation to happen “over some period of time,” in the Permian Basin in west Texas and New […]
McDermott Announce First Cargo from Freeport LNG T1
(McDermott, 4.Sep.2019) â McDermott International, Inc. along with its partners, Chiyoda International Corporation and Zachry Group, announced today that the first commissioning cargo of liquefied natural gas (LNG) has been shipped from the Freeport LNG project on Quintana Island in Freeport, Texas. Feed gas was introduced into Freeport LNG Train […]
Cheniere Takes Delivery Of Bechtel-built Corpus Christi Train 2
(Cheniere, 4.Sep.2019) â Cheniere Energy and Bechtel have announced the substantial completion of Train 2 at the Corpus Christi Liquefaction (CCL) project. Cheniere is now operating seven Bechtel-built LNG trains at higher capacity than the nameplate rating on the U.S. Gulf Coast to deliver energy to their customers around the […]
Michelin Announces Theme For 20th Design Program
(Michelin, 30.Aug.2019) â 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 â Upcycle â will challenge the entrants to take inspiration from previously recognized works over the […]
Citgo Petroleum Announces 2Q:19 Results
(Citgo, 26.Aug.2019) â The Board of Directors of Citgo Petroleum Corporation is pleased to report significant progress on top company goals. Following its appointment in February 2019, the Citgo Board outlined three main objectives for the company: improving financial and operational stability; protecting assets; and enhancing corporate governance. After only […]
SQM To Hold Investor Day In New York
(SQM, 26.Aug.2019) â SQM will hold an Investor Day in New York on September 10, 2019. Ricardo Ramos, Pablo Altimiras and Gerardo Illanes will present. ***
Citgo Profits Hit By Fallout From Split-CEO
(Reuters, Marianna Parraga, 22.Aug.2019) â The two new top executives at Citgo Petroleum disclosed this week that net income in the second quarter slid to less than half its level a year earlier, hit by a broad slump for the refining industry as well as complications from U.S. sanctions on […]
TechnipFMC Inks GOM EPCI Contract For PowerNap
(Technip, 22.Aug.2019) â TechnipFMC has been awarded a significant(1) integrated Engineering, Procurement, Construction and Installation (iEPCIâą) contract by Shell for the PowerNap project, located in the Gulf of Mexico. TechnipFMC will design, manufacture and install subsea hardware, including subsea tree systems, subsea distribution controls, topside controls, flying leads and connectors […]
Capital Discipline In GOM Lease Sale: WoodMac
(WoodMac, 21.Aug.2019) â Capital discipline remains key for offshore operators, judging by the results of todayâs US Gulf of Mexico region-wide lease sale. Lease Sale 253 attracted 165 bids from 27 companies, with high bids totalling US$159.4 million. While this is a decrease of about $85 million (35%) from the […]
Venture Global Announces FID For Calcasieu Pass LNG
(Venture Global LNG, 20.Aug.2019) â Venture Global LNG, Inc. is proud to announce the final investment decision (FID) and closing of the project financing for the company’s Calcasieu Pass LNG facility and associated TransCameron pipeline in Cameron Parish, Louisiana. The proceeds of the debt and equity financing fully fund the […]
Cameron LNG Starts Ops For Train 1 Export Project
(Cameron LNG, 19.Aug.2019) â Sempra LNG, a Sempra Energy subsidiary, today announced that Cameron LNG’s first train of the liquefaction-export project in Hackberry, La., has begun commercial operations under Cameron LNG’s tolling agreements. “This is an exciting moment for Cameron LNG and for Sempra Energy,” said Carlos Ruiz Sacristan, chairman […]
OPEC Sees Bearish Oil Outlook For Rest Of 2019
(Reuters, Alex Lawler, 16.Aug.2019) â 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) â 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 […]
Citgo Petroleum Corp. Names Carlos E. Jorda As CEO
(Citgo, 14.Aug.2019) â The Board of Directors of Citgo Petroleum Corporation has selected Carlos E. Jorda to occupy the Chief Executive Officer (CEO) position after a thorough and extensive search process that began earlier this year. Mr. Jorda has deep knowledge of Citgo and its stakeholders based on his previous […]
PDVSA Partners Fear Latest U.S. Sanctions: Sources
(Reuters, Luc Cohen, 14.Aug.2019) â 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 […]
Guaido Names Execs To Debt Renegotiating Commission
(Energy Analytics Institute, Jared Yamin, 13.Aug.2019) â Venezuelaâs National Assembly leader Juan Guaido announced creation of a special commission dedicated to renegotiating the OPEC countryâs public debt, the assembly reported Aug. 13 in an official statement. A special presidential advisory commission selected to renegotiate public debt and appointed by the […]
Citgo To Name New CEO
(Reuters, Marianna Parraga, 13.Aug.2019) â 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 […]
Data Consortiums Signal The Future Of Oil And Gas
(WoodMac, 7.Aug.2019) â The energy industry has a data problem: Every major exploration and production company collects petabytes of data, but their analysis is limited to their own petabytes. Companies need access to industry-wide data to gain accurate insight into the sector, and to make better business decisions. Wood Mackenzie […]
U.S. Expands Sanctions Against Venezuela
(WSJ, Vivian Salama, 6.Aug.2019) â The Trump administration imposed a total economic embargo against the government of Venezuela, a significant escalation of pressure against the regime of President NicolĂĄs 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) â President Donald Trump imposed further sanctions on Venezuela, freezing the governmentâs 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 âmay not be transferred, paid, exported, withdrawn, or […]
US Escalates Venezuela Sanctions
(Platts, 6.Aug.2019) â 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 […]
The âCitgo 6â Remain Imprisoned In Venezuela
(Oilprice.com, Tsvetana Paraskova, 5.Aug.2019) â Six U.S. executives at Citgo, the U.S. subsidiary of Venezuelaâs state-held oil firm PDVSA, were detained by Nicolas Maduroâs regime in Venezuela in November 2017 and the âCitgo 6ââas the men have become knownâare still in jail nearly two years after their detention, while their […]
Trump Freezes All Venezuelan Govt Assets
(Reuters, Matt Spetalnick and Roberta Rampton, 5.Aug.2019) â 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 […]
Guaido Govt Authorized To Pick Citgo BODs, Court Says
(Energy Analytics Institute, Piero Stewart, 5.Aug.2019) â Court says National Assembly leader Juan Guaido authorized to appoint the directors of Houston-based refiner Citgo Petroleum, company spokesperson says. âTodayâs decision is an important victory for Citgo. The Courtâs affirmation of the Guaido Governmentâs authority to appoint the directors of Citgo, through […]
Mexican Lawsuit Risks Permian Route To Market
(Petroleum Economist, Charles Waine, 2.Aug.2019) â Mexico’s ComisiĂłn Federal de Electridad (CFE), the state-owned electricity utility, has started legal proceedings against seven natural gas pipelines. The move intensifies fears about both the anti-business agenda of the country’s president Andres LĂłpez Obrador and further delays to a much-needed release valve for […]
Citgo Holding, Inc. Refinances $1.87bn Debt
(Citgo, 1.Aug.2019) â CITGO Holding, Inc., parent company of CITGO Petroleum Corporation (CPC), confirmed it has completed its previously announced refinancing transactions to redeem and pay-off $1.870 billion of its senior secured notes due in 2020. The transactions include a private offering of $1.370 billion aggregate principal amount of senior […]
Venezuela Oil Exports Slid 17.5% In July-Data
(Reuters, Marianna Parraga, 1.Aug.2019) â Venezuelaâs 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 […]
Ecopetrol Call To Discuss Oxy Midland Basin Deal
(Ecopetrol, 31.Jul.2019) â Ecopetrol S.A. announces that on August 1st, Ecopetrol’s senior management will host two conference calls to review the joint venture with Occidental Petroleum Corporation to develop Occidental’s Midland Basin properties in the Permian Basin. Please find below the timing, dial-in and links to access the conferences: Spanish […]
Ecopetrol and Occidental Form Strategic Midland JV
(Ecopetrol, 31.Jul.2019) â Ecopetrol S.A. announced formation of a joint venture with Occidental Petroleum Corporation to develop 97,000 net acres of Occidental’s Midland Basin properties in the Permian Basin. The JV enables Ecopetrol to book ~160 MMboe of proved undeveloped reserves at transaction closing and provides access to one of […]
Petropiar JV starts blending
(Reuters, 29.Jul.2019, Words: 316) â 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 […]
Trump Govt Split Over Chevron’s Venezuela License
(Reuters, Timothy Gardner, 26.Jul.2019) â The Trump administration is split over whether to renew a license this week for energy company Chevron Corp’s operations in Venezuela, with Secretary of State Mike Pompeo supporting a renewal and others opposing it, three sources with knowledge of the matter said on Tuesday. At […]
Chevron To Keep Drilling In Venezuela Despite Sanctions
(Reuters, 26.Jul.2019) â 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 […]
Canadian Solar Signs Solar Photovoltaic Project Deal
(Canadian Solar, 25.Jul.2019) â Canadian Solar Inc. announced that it has signed an agreement for the purchase of electricity from its 32 MWp/23 MWac Suffield solar facility with Direct Energy, one of North America’s largest energy and energy-related services providers, and a subsidiary of Centrica PLC. The Suffield project, located […]