LatAmNRG Panorama 28.Nov.2018: Ecuador, Mexico, Peru, Venezuela

(Energy Analytics Institute, Jared Yamin and Piero Stewart, 28.Nov. 2018) — Heard on the street and other LatAmNRG briefs from Mexico, OPEC producers Ecuador and Venezuela, and Peru.

Heard On The Street And Briefs

Saudi Arabia Boosting Oil Output As Venezuela’s Falls

Saudi Arabia is said to have slightly boosted its oil output to compensation from declines in Venezuela, reported Efe, citing comments from Algeria’s Energy Minister Mustafa Guitouni at the G20 summit in Argentina. — Energy Analytics Institute, Piero Stewart, 28.Nov.2018

Ecuador Says Block 43 ITT Output To Grow Nearly 100% In 2019

Production from Ecuador’s Block 43 ITT (Tambococha, Tiputini and Ishpingo), located in the Yasuní Park, is expected to rise to 114,127 b/d in 2019, up 96.4% from 58,119 b/d in 2018, reported online media El Universo, citing data from Petroamazonas. — Energy Analytics Institute, Piero Stewart, 26.Nov.2018

Ecuador Sets 2019 Output Goal At 565,000 B/D

OPEC member country Ecuador has established a production goal of 565,000 b/d for 2019, of which 464,000 b/d or 82% will come from Petroamazonas EP, while the remaining 101,000 b/d or 18% will come from private companies, reported online media El Universo. — Energy Analytics Institute, Piero Stewart, 26.Nov.2018

PetroTal To Commence Exploitation Of Lot 95 In Loreto

Peru-Petro announced that Canadian oil company PetroTal will commence exploitation of Lot 95, in Loreto, on December 1, 2018, and in so doing initiate commercial development of the Bretaña project. The project will require an investment of approximately $365 million over the next 3 to 5 years, reported online media El Comercio. — Energy Analytics Institute, Piero Stewart, 26.Nov.2018

Opecu Alerts Of Price Drop At La Pampilla Refinery

Peru’s Consumer and Users Agency or Opecu by its Spanish acronym, announced that the La Pampilla SAA Refinery, which belongs to Repsol, lowered the price of fuel on November 26, 2018 to S/0.24 or 2.2% per gallon, including taxes, reported online media El Comercio. — Energy Analytics Institute, Piero Stewart, 27.Nov.2018

Pemex Confirms Ixachi Field Discovery In Veracruz Basin

Pemex confirmed that the Ixachi field has an extension greater than initially reported in November of 2017 when it was discovered. Ixachi, located in the municipality of Tierra Blanca, 72 kilometers from the Port of Veracruz, has estimated 3P reserves of more than 1 billion barrels of oil equivalent or 1,000 MMboe, reported Pemex in an official statement on its website. Preliminary estimates indicate that peak production in 2022 from Ixachi could approach 80,000 b/d of condensate and more than 700 MMcf/d of natural gas. — Energy Analytics Institute, Jared Yamin, 27.Nov.2018

Pemex Releases Short Ixachi Video In Spanish

Venezuelan Opposition Leader Says Oil Output At 1945 Levels

PDVSA’s production in Venezuela has fallen to levels last seen in 1945 as the Caribbean country continues to confront a “catastrophic” economic situation, reported Efe, citing comments from Venezuelan opposition leader José Guerra during an event in Caracas held at the headquarters of Fedecámaras. — Energy Analytics Institute, Piero Stewart, 28.Nov.2018

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