(AP, 9.Oct2018) — Mexico’s state-owned oil company says two wells in shallow Gulf of Mexico waters have found about 180 million barrels of proven, probable and possible oil and gas reserves. The Manik well is about 52 miles (85 kilometers) offshore, and the Mulach is about 11 miles (17 kilometers) […]
Pemex Finds 2 New Oil Fields in Gulf of Mexico
(FT, Jude Webber, 9.Oct.2018) — Mexican state-owned oil company Pemex said it had discovered two new shallow water fields that, combined with other discoveries in recent years, would add production of as much as 210,000 barrels of oil per day and 350m cubic feet of gas. The Manik-101 A and […]
Pemex Announces Oil Field Find In Shallow Waters Of Southeast Basin
(Pemex, 9.Oct.2018) — Pemex CEO, Carlos Treviño, confirmed the discovery of seven reservoirs in two new wells in Mexico’s Southeast Basin, named Manik-101A and Mulach-1, which will allow the company to incorporate more than 180 million barrels of oil equivalent (MMBOE) of 3P reserves. Accompanied by Mexico’s Energy Secretary and […]
Jamaica’s Oil Search Could Suffer Due to Climate Change, Warns Expert
(RJR News, 9.Oct.2018) — There is an ominous warning about the possible economic fallout for Jamaica due to changes in the climate, as outlined in the latest United Nations report on the issue. Professor Michael Taylor, Director of the Climate Studies Group and Dean in the Faculty of Science and […]
IEA Urges Opec to Open Taps as Oil Markets Enter ‘Red Zone’
(Bloomberg, Javier Blas, Grant Smith & Francine Lacqua, 9.Oct.2018) — Oil prices have rallied to a four-year-high due to US sanctions on Iran and the Venezuelan crisis, even as Saudi Arabia moved slow on filling any shortfall. The International Energy Agency (IEA) made a direct appeal to Organization of the […]
Cutting India’s Dependence on Middle-East Oil: 60% More Oil Lifted from Colombia
(Financial Express, Huma Siddiqui, 9.Oct.2018) — With the India-Colombia bilateral trade $1.5 bn, India lifted oil close to $ 400 million from January to July this year– an increase of 60% in the same period of the previous year. With the India-Colombia bilateral trade $1.5 bn, India lifted oil close […]
Petrobras Updates On Sale Of Onshore Fields Opportunity Disclosure
(Petrobras, 8.Oct.2018) — Petrobras announced the beginning of the opportunity disclosure stage (Teaser) related to the sale of its entire equity share in three onshore production fields (Lagoa Parda, Lagoa Parda Norte and Lagoa Piabanha), located in the state of Espírito Santo, Brazil, close to the municipality of Linhares, jointly […]
Pemex Spill Prompts Evacuations In Mexico
(The Oil&Gas Year, 8.Oct.2018) — Around 300 people were evacuated in the Mexican state of Veracruz as hydrocarbons spilled from a vandalised Pemex pipeline into the Tepeyac creek, which flows into the Coatzacoalcos River, local media reported over the weekend. According to officials, the spill has also led to the […]
Guyana May be the Next Big Beast in Global Oil
(The National, Robin Mills, 8.Oct.2018) — One of the few major new conventional oil provinces discovered this century could see the country emerge as the top per capita producer. Who will be the world’s largest oil producing country per person in the 2020s? Kuwait perhaps, with 3 million barrels per […]
Vaca Muerta Looks To Attract $7 Bln In Investments In 2019
(Energy Analytics Institute, Jared Yamin, 6.Oct.2018) — Investors could inject $7 billion into the Vaca Muerta in 2019, announced Neuquén Governor, Omar Gutiérrez. “In 2019, we will have 15 new drilling rigs conducting unconventional activity and reach an investment record with $7 billion,” reported the Argentine daily newspaper Clarin, citing […]
Pemex Receives “2018 Most Innovative Award”
(Pemex, 5.Oct.2018) — Pemex Digital, Pemex’s Digital Transformation project, which is spearheaded by the Corporate Office of Information Technology and is supported by Pemex CEO Carlos Treviño Medina and the company’s senior management, received the 2018 Most Innovative Award (Las Más Innovadoras 2018), from Netmedia Research’s IT Masters Mag. This […]
Petrobras Prepays Debt With Banco do Brasil
(Petrobras, 5.Oct.2018) — Petrobras prepaid a debt with Banco do Brasil, in the amount of R$2 billion, whose maturity would occur in 2020. Simultaneously, Petrobras has signed with the same institution and the same amount a revolving credit facility, with maturity in October 2025. The revolving credit facility represents an […]
Petrobras Offers Clarification On ‘Car Wash’ News
(Petrobras, 5.Oct.2018) — Petrobras reports that it received the Official Letter No. 369/2018/CVM/SEP/GEA-1, which requests the following clarification: Official Letter No. 369/2018/CVM/SEP/GEA-1 “Mr. Director, We refer to the news published on 09/28/2018 in Veja magazine, Brazil section, under the title: “CAR WASH – ARMADILLO IN THE HOLE,” which includes the […]
Ecuador Signs Oil Investment Contracts to Increase Output
(Xinhua, 5.Oct.2018) — Ecuadorian authorities signed investment contracts worth about 1.6 billion U.S. dollars with private companies to develop six oil fields in the country’s northeastern provinces, local newspaper El Comercio reported. Ecuadorian President Lenin Moreno was present at the signing ceremony held in the coastal city of Guayaquil. With […]
Ecuador Signs Deals Worth $1.62 Bln for Development of 6 Oil, Gas Fields
(Sputnik, 5.Oct.2018) — The government of Ecuador, represented by the state-run Petroamazonas energy company, signed investment contracts worth $1.62 billion for the development of six oil and gas fields, local media reported. The contracts concern the Cuyabeno-Sansahuari, Yuralpa, Oso and Blanca-Vinita fields, located in the provinces of Orellana, Napo and Sucumbios. […]
Aker Solutions Wins Subsea Order for Libra’s Mero Field Offshore Brazil
(Aker Solutions, 5.Oct.2018) — Aker Solutions has signed a contract with Petrobras to provide a subsea production system and related services for the Mero 1 project within the Mero field development, one of the largest oil discoveries in Brazil’s pre-salt area. The subsea production system will consist of 12 vertical […]
Shawcor to Provide Pipe Coating Services for Guyana Deepwater Projects
(Shawcor Ltd. 4.Oct.2018) — Shawcor Ltd. (SCL) announced that its pipe coating division has been assigned work from Saipem valued at approximately C$110 million to provide thermal insulation and anticorrosion coating services for the Liza I and II deepwater development projects located offshore Guyana. Coating work under the Liza I […]
Citgo, Valero Drive Up U.S. Purchases of Venezuelan Oil in September
(Reuters, Marianna Parraga, 4.Oct.2018) — Venezuela’s September crude sales to the United States rose to their highest in over a year, boosted by purchases by Citgo Petroleum, the U.S. refining arm of Venezuela’s state-run PDVSA, and Valero Energy, according to Refinitiv Eikon trade flows data. A collision in August at […]
AMLO Sees EOR, Pemex Farm-Outs As Key To Boosting Mexican Oil, Gas Output
(S&P Global Platts, Daniel Rodriguez, 4.Oct.2018) — Mexico’s President-elect Andres Manuel Lopez Obrador will allow Pemex to continue farming out projects to boost oil and natural gas production from mature and aging fields, according to a senior adviser to the incoming administration. The incoming administration, in its oil production forecast […]
Bolivian, German Companies Form JV Entity to Produce Lithium-ion Batteries
(Energy Analytics Institute, Ian Silverman, 4.Oct.2018) — Yacimientos del Litio Bolivianos (YLB), a Bolivian company, and ACI Systems of Germany signed a deal for the constitution of a joint venture entity between both companies. The entity will be oriented to the industrialization and production of large-scale lithium-ion batteries using resources […]
Transparency in Bolivian Hydrocarbon Information Needed, Jubilee Foundation Says
(Energy Analytics Institute, Ian Silverman, 3.Oct.2018) — Transparency in information is necessary in order for Bolivia and producing departments of the small Andean country to understand the full details related to natural gas and crude oil reserves by department and field, announced the Jubilee Foundation. Such important and timely information […]
YPF Updates On Oil Combustibles S.A. Bankruptcy Proceedings
(YPF, 3.Oct.2018) — YPF S.A. received notice of the decision adopted by the judge in charge of Oil Combustibles S.A.’s bankruptcy proceedings, which awarded the industrial assets of the bankrupt company to YPF and Destilería Argentina de Petróleo S.A. (DAPSA), pursuant to the local and international bidding process carried out […]
Bolivia’s Economic Growth Expected to Exceed 4.5%: IMF
(Energy Analytics Institute, Aaron Simonsky, 3.Oct.2018) — Details of the International Monetary Fund (IMF) estimates were reported by the daily newspaper La Razón, citing a speech made by Bolivia’s President Evo Morales in the capital city La Paz. ***
Trinidad Government Defends Decision To Close Petrotrin
(CMC, 3.Oct.2018) — The Trinidad and Tobago government Monday reiterated its position that it was necessary to close down the refinery of the state-owned oil company, Petrotrin, insisting that the company was losing billions of dollars (One TT dollar=US$0.16 cents) annually. Finance Minister Colm Imbert, delivering the TT$51.7 billion budget […]
Venezuela’s Oil Exports Are Falling Even Faster Than Expected
(OilPrice.com, Irina Slav, 3.Oct.2018) — A delay in port repairs following a tanker collision is putting additional pressure on already pressured Venezuelan crude oil exports, Reuters quoted anonymous sources close to PDVSA as saying this week. It seems that Venezuela’s woes are only multiplying as time goes by, although news […]
Bolivia’s ENDE Suspends Rositas Hydroelectric Project
(Energy Analytics Institute, Ian Silverman, 3.Oct.2018) — Bolivia’s National Electricity Company (ENDE) has temporarily suspended the Rositas hydroelectric project. Delegates from affected communities and two elected authorities from Vallegrande said there have been failures related to the project since the beginning, reported Bolivia’s daily newspaper La Razón. Work related to […]
Jubilee Foundation Says Bolivian Gas Output Below Projections
(Energy Analytics Institute, Ian Silverman, 3.Oct.2018) — The Jubilee Foundation announced Bolivia’s production of natural gas is short of projections outlined in the country’s Integral Hydrocarbon Development Plan 2016-2020 by an estimated 13.8 million cubic meters day (MMmc/d). According to the foundation, the small land-locked country should be producing 67.8 […]
Ecuador, UN to Audit 5 Oil Projects Promoted Under Correa
(Energy Analytics Institute, Jared Yamin, 2.Oct.2018) — Ecuador, with the assistance of the United Nations Organization (UN), is auditing five major oil projects promoted by former President Rafael Correa during his decade of government (2007-2017). The total value of the projects amounts to an estimated $5.042 billion, according to an […]
Venezuelan Oil Port Repairs Delayed, Crude Exports Fall: Sources
(Reuters, Marianna Parraga, 2.Oct.2018) — Repairs to a dock at Venezuela’s main oil export port will take at least another month to complete following a tanker collision more than a month ago, further restraining the OPEC member nation’s crude exports, according to sources and shipping data. A minor incident in […]
Baker Hughes to Bid for Petrobras PSC -Baker Hughes Executive
(Reuters, Marta Nogueira, Alexandra Alper, 2.Oct.2018) — General Electric Co’s unit Baker Hughes is preparing an offer for a production-sharing deal with Brazil’s Petrobras, a Baker Hughes executive said on Tuesday, as the state-run oil company seeks creative ways to boost output from mature fields. Reuters reported in June that […]
Why Companhia Energetica, and Petrobras Stocks All Popped Today
(The Motley Fool, Rich Smith, 2.Oct.2018) — Investors are upbeat facing the upcoming Brazilian presidential election. What happened Brazilian oil giant Petroleo Brasileiro (Petrobras) saw its stock surge 8.9% in Tuesday trading, while its preferred “A-shares” — Petroleo Brasileiro — did even better, closing up 10.2%. Shares of Brazilian electric […]
Mexico’s President-Elect AMLO Commits to Respect Oil Contracts
(Renaissance Oil Corp., 2.Oct.2018) — Renaissance Oil Corp. announced that Mexico’s president-elect, Andres Manuel Lopez Obrador, who will take office on December 1, 2018, assured private energy executives on September 27, 2018 that their contracts will not be canceled if they meet existing terms. During the meeting with AMEXHI, Mexico’s […]
Oil Services Giant Schlumberger Contemplates New Investments in Ecuador
(Energy Analytics Institute, Jared Yamin, 2.Oct.2018) — Schlumberger is said to be contemplating “new investments” in Ecuador. The announcement was revealed after a meeting between Schlumberger Manger Carlos Sarmiento and Ecuador’s President Lenin Moreno, during the latter’s visit to the United States, reported the Ecuadorian daily newspaper El Universo. Details […]
Cut Venezuela’s Oil Exports, and Cut its Tyrant Down to Size
(Washington Examiner, 1.Oct.2018) — Meeting with the president of Chile at the White House on Friday, President Trump pledged to continue confronting humanitarian suffering in Venezuela. The president deserves credit for his sustained leadership on this issue, but the time has come for more dramatic action. Specifically, the U.S. should […]
Petrobras Offers Clarification On Valor Econômico News
(Petrobras, 1.Oct.2018) — Petrobras received the Official Letter No. 363/2018/CVM/SEP/GEA-1, which requests the following clarification: Official Letter No. 363/2018/CVM/SEP/GEA-1 “Mr. Director, 1. We refer to the news published on this date, in the newspaper “Valor Econômico”, Companies section, under the title: “Petrobras estimates that it would have from R$20 billion […]
Pemex to Import U.S. LLS Crude for Oct Delivery
(Reuters, 1.Oct.2018) — Mexico’s state-run Pemex has launched a tender to buy 350,000 barrels of U.S. Light Louisiana Sweet (LLS) crude for October delivery, according to a document seen by Reuters on Monday, a deal that marks the first crude imports in over two decades. Pemex, which plans to use […]
Trinidad to Raise Gasoline Price, Use $65/bbl Oil in 2019 Budget
(Energy Analytics Institute, Aaron Simonsky, 1.Oct.2018) — Trinidad and Tobago will use a $65 per barrel oil price to calculate its 2019 budget. Other key highlights related to the 2018/2019 budget were outlined by Finance Minister Colm Imbert in a report titled: “A Genuine Economic Turnaround,” and published by CNC3. […]
Argentina: The Energy Challenge
(YPF, 1.Oct.2018) — Argentina’s unconventional oil & gas resources are among the world’s largest. YPF is working and investing to increase production with the aim of meeting the challenge of regaining energy self-sufficiency. The importance of hydrocarbons Energy is the basis of our society and our way of life. We […]
Oil Workers Protest Pay in Venezuela
(Bloomberg, 1.Oct.2018) — Venezuelan oil workers protested against a new minimum wage at key crude processing facilities last week, claiming the new law disregards previous pay scales and union agreements. Several dozen workers protested outside Petropiar, the oil upgrader controlled by Petroleos de Venezuela SA and Chevron Corp. in Anzoategui […]
$2.6 Billion to Close Petrotrin Refinery
(LoopTT, Darlisa Ghouralal, 1.Oct.2018) — Severance packages for retrenched Petrotrin workers are expected to cost the State in the region of $2.6 billion. Finance Minister Colm Imbert made the announcement based on initial estimates as he delivered the 2018/2019 fiscal package in Parliament on Monday. State-owned oil company Petrotrin began its […]
Obrador’s Government Will Renovate Refineries of Petroleos Mexicanos
(Prensa Latina, 1.Oct.2019) — The government of elected president Andres Manuel Lopez Obrador will make a strong investment to rehabilitare the six refineries presently property of Petroleos Mexicanos (Pemex) in the country, it was known today. Obrador announced that in the period 2019-2020 they will use with such purpose 50 […]
India Eyes Rupee-Route, Barter for Venezuelan Crude
(The Hindu Business Line, Vishwanath Kulkarni, Richa Mishra, 30.Sep.2018) — India is considering setting up a rupee-payment mechanism for trade with Venezuela, besides exporting rice and drugs to the South American nation, all in return for crude oil. The Ministries of Commerce, Finance and Petroleum are looking into the proposal. […]
Trinidad Energy Chamber, Petrotrin Officials Discuss Refinery Closure
(Energy Analytics Institute, Aaron Simonsky, 30.Sep.2018) — Members of the Energy Chamber of Trinidad & Tobago and a Petrotrin transition team meet to discuss issues related to closure of the Petrotrin refinery, among others energy related issues. The officials discussed the impending closure of the Petrotrin refinery, located Pointe-à-Pierre, and […]
Mexico’s Oil Regulator Backs Pemex Picking Its Own Partners
(Reuters, 30.Sep.2018) — Mexico’s oil regulator supports a proposal to allow state-run oil company Pemex to pick its own equity partners for exploration and production projects, the head of the National Hydrocarbons Commission (CNH) said on Friday. Aides to President-elect Andres Manuel Lopez Obrador, a fierce critic of a four-year-old […]
Venezuela to Continue in Defense of Oil Market Equilibrium
(Energy Analytics Institute, Piero Stewart, 29.Sep.2018) — Venezuela’s Oil Minister Manuel Quevedo announced the South American country would continue to seek equilibrium in the petroleum market. “Under the leadership of President Nicolás Maduro, we will continue to defend a policy of equilibrium and stabilization in the world oil market, having […]
Energy Chamber to Host Forum in Guyana in November
(Energy Analytics Institute, Ian Silverman, 29.Sep.2018) — The Energy Chamber of Trinidad and Tobago will host a forum in Guyana in November 2018, to share experiences from Trinidad’s energy sector with stakeholders in Guyana, the chamber announced in an official statement. Details of the event will be provided at a […]
Brazil Says to Suspend Energy Imports from Venezuela
(Energy Analytics Institute, Ian Silverman, 28.Sep.2018) — The Brazilian government announced it would suspend, until further notice, the importation of Venezuelan energy to supply Roraima, a state in northern Brazil on the border with Venezuela. The decision was taken after the Brazilian government announced it considered it more reliable to […]
Mexico Must Double Oil Exploration Spending to Halt Output Fall: Pemex
(Reuters, Marianna Parraga, David Alire Garcia, 28.Sep.2018) — Mexico will need to double to about $4 billion its annual oil exploration investment to reverse a 14-year decline in output, a move that will require more funding by Pemex and private producers, a top official with the state-run firm said Friday. […]