(Stabroek News, 6.Sep.2018) â The signing of the Memorandum of Understanding (MoU) on Energy Sector Cooperation between the governments of Guyana and Trinidad and Tobago, paving the way for cooperation in oil and gas between the two states, will proceed as planned next week, despite a call by the city […]
Tanker Backlog Builds Again in Venezuela
(Reuters, Marianna Parraga, 6.Sep.2018) â Crude exports by Venezuelaâs PDVSA have slowed after a tanker collision at its main port last month disrupted operations, adding to a backlog of vessels waiting to load, according to shipping sources and Reuters data. Oil is the financial lifeline for the embattled socialist government […]
Brazil Santos Lifting Costs Could Reach $5/bbl
(Reuters, 6.Sep.2018) â Lifting costs for the Santos basin in Brazil’s offshore pre-salt oil play should reach an all time low of $5 per barrel, but the timeline for reaching it will depend on the development of the transfer-of-rights area, an executive of Brazilian oil giant Petroleo Brasileiro told reporters […]
Peru Approaching Lithium Discovery Announcement with Caution
(Efe, 6.Sep.2018) â Peruâs government is exercising caution after mining company Macusani Yellowcake announced in July that it had discovered the worldâs largest lithium deposit, the energy and mines minister said Thursday. The company, a unit of Canadaâs Plateau Energy Metals, estimated that the deposit in Peruâs Altiplano region holds […]
Venezuela Creates Commission to Reorganize PDVSA: Document
(Reuters, 6.Sep.2018) â Venezuela has created a commission to reorganize state oil company PDVSA in the coming months, according to the Official Gazette circulating on Thursday. PDVSA did not immediately respond to an email seeking further details. Reporting by Caracas newsroom; Editing by Chizu Nomiyama ***
Concerns Raised Over Contract Release Program in Mexico
(S&P Global, 6.Sep.2018) â Mexico gas market observers have expressed concern that a lack of liquidity and supply guarantees will complicate the final phase of Pemex’s natural gas contract release program, which is designed to allow the entry of new gas marketers. Mexico’s Energy Regulatory Commission (CRE) last week approved […]
Peru Approaching Lithium Discovery with Caution
(Efe, 6.Sep.2018) â Peruâs government is exercising caution after mining company Macusani Yellowcake announced in July that it had discovered the worldâs largest lithium deposit, the energy and mines minister said Thursday. The company, a unit of Canadaâs Plateau Energy Metals, estimated that the deposit in Peruâs Altiplano region holds […]
AMLO to Continue Drilling Service Contracts
(Bloomberg, Amy Stillman and Eric Martin, 6.Sep.2018) â Mexicoâs next president said he will continue with tenders for drilling service contracts starting when he takes office. âWe are preparing the rescue plan for the oil industry that will consist of producing more crude oil soon, and we will need these […]
Letâs Use Guyana Oil Funds for Teachers
(Stabroek News, 6.Sep.2018) â Dear Editor: How could we have billions of barrels of oil in 2018 and not be able to pay our teachers a living wage? The value of having the requisite quality of well-paid and motivated teachers of the highest calibre will reverberate across this nation in […]
Equinor To Start Drilling Carcara Field In 2018
(Reuters, 5.Sep.2018) â Norwayâs Equinor ASA said on Wednesday it would begin drilling in Brazil’s North Carcara oil field in the offshore Santos basin in 2018, after obtaining environmental permits. Equinorâs senior executive vice-president in Brazil, VerĂŽnica Rezende Coelho, told journalists that the company aims to increase its production in […]
Tullow Oil to Drill First Guyana Well in 3Q:19
(Reuters, 5.Sep.2018) â Tullow Oil plans to drill its first well in the much-watched Guyana offshore basin in the third quarter of next year in its Orinduik licence bordering discoveries by Exxon, a spokesman said on Wednesday. Exxon and U.S. partner Hess Corp have said that more than 4 billion […]
AMLO Plans Massive New Oil Refinery
(OilPrice.com, Irina Slav, 5.Sep.2018) â Mexicoâs President Andres Manuel Lopez Obrador has plans to build the countryâs largest refinery with a capacity to produce 400,000 barrels of gasoline daily, Reuters reports, citing comments by Obrador during a meeting with businessmen in Monterrey. The refinery would cost US$8 billion to build […]
An Iconic Legacy Petrotrin â Not Too Big To Fail
(Trinidad and Tobago Newsday, Melanie Waithe, 5.Sep.2018) â Petrotrin has been in operation for over 97 years, and now our legacy refinery as we know it, will close. Its transition is set to begin next month. The announcement was made on the eve of our 56th anniversary of independence and […]
Bail out Petrotrin
(Trinidad and Tobago Newsday, Vashtee Achibar, 5.Sep.2018) â Industrial relations consultant Gerard Pinard wants to know whether Government considered every available option before it took the decision to close down the state-owned Petrotrin refinery. He said the decision was not a good one and will hurt the economy and the […]
New Fortress Builds On LNG Presence With Irish, Mexican Projects
(LNG World Shipping, Mike Corkhill, 4.Sep.2018) â New Fortress Energy has added two major LNG import projects to its portfolio, as part of its drive to bring the benefits of clean-burning gas to new markets New Fortress Energy (NFE) has agreed to buy a site at Ballylongford in Irelandâs County […]
Venezuela Oil Sales to US Fell in August
(Reuters, 4.Sep.2018) â Venezuela’s crude sales to the United States fell in August for the second month in a row as exports of two of the South American country’s main grades dropped following port interruptions by a tanker collision, according to Thomson Reuters Trade Flows data. Venezuela’s state-run oil company […]
Petro-Victory Purchases Assets in Brazil
(Petro-Victory Energy Corp., 4.Sep.2018) â Petro-Victory Energy Corp. announced a $1.6 million acquisition of production and working interests in 4 oil fields, comprised of 12,850 gross acres, located within three developed onshore basins in Brazil, and commits capital to materially expand production. The acquisition was financed using the company’s existing […]
Frontera Resumes Production in Peru at Block 192
(Frontera Energy, 4.Sep.2018) â Repairs have been completed on the NorPeruano pipeline in Peru and it has now resumed normal operations, allowing Frontera Energy Corporation to restart production from Block 192. âWe are pleased to see the resumption of service on the NorPeruano pipeline and the increase in production from […]
OOS Drillship to Support Pemex Campaign
(Offshore, 4.Sep.2018) â OOS Energy has won its first drilling contract offshore Mexico. The OOS Tiger 1 drillship will support Marinsa & PPS (Pemex Drilling) for a 15-month program. The vessel, built at Shanghai Shipyard in China, is a moored drillship capable of working in water depths up to 5,000 […]
How Will Guyana Deal With Its Oil Windfall?
(CNNMoney, Talib Visram, 4.Sep.2018) â The South American country with the smallest GDP is about to burst with oil. ExxonMobil found oil off Guyanaâs coast in 2015, and believes the reserves are big. Conservative estimates project to about 4 billion barrels. Some experts think there’s more to be found in […]
T&T Prime Ministerâs Office: Reinventing Petrotrin
(Office of the T&T Prime Minister, 3.Sep.2018) â Trinidad and Tobago is heavily dependent on our involvement in the natural gas industry by way of the processing and export of natural gas or gas-based products such as methanol, fertilizer and other products. What follows are comments from The Office of […]
Mexican Fuel Consumption 778 Mb/d: Jan.-Jul. 2018
(Energy Analytics Institute, Jared Yamin, 3.Sep.2018) â During the first seven months of 2018, the average consumption of gasoline in Mexico was 778,000 barrels per day, or 124 million liters per day. Of the total, approximately 659,000 barrels per day, or 85% of total consumption, corresponded to Pemex Magna, while […]
Bolivian 3P Gas Reserves Reach 14.7 Tcf at YE:17
(Energy Analytics Institute, Jared Yamin, 3.Sep.2018) â Boliviaâs proved, probable and possible (3P) natural gas reserves rose to 14.7 trillion cubic feet (Tcf) at year-end 2017, according to a reserve report produced by Canadian company Sproule International Limited. These proved (1P) reserve figures compared to 9.94 Tcf in 2009, when […]
Kamla Floats Guyana Help for Trinidad Refinery
(Stabroek News, 2.Sep.2018) â Trinidad Opposition Leader Kamla Persad Bissessar has raised the prospect of Guyana oil being used to rescue the beleaguered Petrotrin refinery but Prime Minister Keith Rowley last evening said the aged facility had no reasonable prospect. Defending the decision by his government to close the over […]
Energy MoU Soon Between Guyana, Trinidad
(Stabroek News, Marcelle Thomas, 2.Sep.2018) â A long-delayed Memorandum of Understanding (MoU) between Guyana and Trinidad on energy cooperation is expected to be signed in the coming weeks, according to Trinidad and Tobagoâs Minister of Energy, Franklin Khan. âThe Government of Trinidad and Tobago is due to sign a memorandum […]
Scorch Earth Suicide in Venezuela
(EnergyNomics de Venezuela, Carlos A Rossi, 1.Sep.2018) â Nicolas Maduro has drawn the line in the sand: âEither you are with me and stay here living precariously with Chavism, or you are against me and get out. If you choose none of the above: Starve.â Cornered by a hyperinflation over […]
S&P Confirms Pemexâs Global Rating at BBB+
(Pemex, 31.Aug.2018) â Rating agency Standard and Poorâs (S&P) confirmed the global rating of PetrĂłleos Mexicanos at âBBB+â with stable outlook after its annual review of the company, and modified its individual credit profile from âbbâ to âbb-â. Additionally, the global rating and stable outlook reflect not only the implicit […]
Argentina: Exploration And Production Snapshots
(Deloitte, 31.Aug.2018) â In the wake of a decade-long slump in Argentinaâs oil and gas industry, the country is now well positioned to resurrect international investment and exploit its world-class resources to their full potential. With the support of a new pro-business government and the discovery of massive shale potential […]
Guyana Leader Cringes with Each Oil Discovery
(Kaieteur News, Abena Rockcliffe-Campbell, 31.Aug.2018) â Ordinary Guyanese who do not fully understand the fiscal regime of Guyanaâs deal with oil giant, ExxonMobil might get excited each time a new discovery is made. On the other hand, Opposition Leader Bharrat Jagdeo indicates that he cringes. Yesterday, ExxonMobil announced another find […]
Petrotrin Severance to Cost at Least $1 Bln
(Trinidad and Tobago Newsday, Carla Bridglal, 31.Aug.2018) â Severance packages for Petrotrin workers will cost upwards of $1 billion, Energy Minister Franklin Khan estimated yesterday. But compared to the Pointe-a-Pierre refineryâs annual lossâestimated at $2 billionâthatâs a small price to pay. Khan said the company was still âcrunching the numbersâ […]
Lennox Petroleum to Take Legal Action Against OWTU
(Trinidad and Tobago Newsday, Yvonne Webb, 31.Aug.2018) â Lennox Petroleum Services Ltd has initiated legal action against members of the Oilfield Workers Trade Union (OWTU), one day after they protested inside the companyâs Princess Margaret Street, San Fernando office. CEO Wayne Persad has also applied for an injunction to prevent […]
ExxonMobil Adds Ninth Discovery Offshore Guyana
(ExxonMobil, 30.Aug.2018) â Irving, Texas-based ExxonMobil has made its ninth discovery offshore Guyana at the Hammerhead-1 well, marking its fifth discovery on the Stabroek Block in the past year and proving a new play concept for potential development. Hammerhead-1 encountered approximately 197 feet (60 meters) of high-quality, oil-bearing sandstone reservoir. […]
Pentanova to Change Name to CruzSur Energy Corp.
(PentaNova, 30.Aug.2018) â PentaNova Energy Corp. announced that effective at the market opening on September 4, 2018, the company will change its name to âCruzSur Energy Corp.â and its common shares and listed share purchase warrants will commence trading on the TSX Venture Exchange on a consolidated basis of one […]
Brazil’s Energy Agency Opts for Argus Prices
(Argus Media, 30.Aug.2018) â Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP) will start using prices published by leading global energy and commodities price reporting and news agency Argus to set a government diesel subsidy. ANP has announced that it will, from 31 August, adopt Argus delivered prices […]
PDVSA Inks $430 Mln Deal in Effort to Boost Oil Output
(S&P Global, Mery Mogollon, 30.Aug.2018) â State-owned Venezuelan oil company PDVSA signed a $430 million service agreement with seven companies to boost its oil production by 641,000 b/d, company president Manuel Quevedo said in a statement Wednesday. The companies on the other side of deal are: Well Services Cavallino, Petro […]
Pemex Pauses Light Crude Exports: Data, Source
(Reuters, Ana Isabel Martinez, Marianna Parraga, 30.Aug.2018) â Mexicoâs state-run oil firm Pemex has not exported light crude since May, according to a source and export data seen by Reuters on Thursday, as it gears up to process more of the oil at its domestic refineries. Mexicoâs President-elect Manuel Andres […]
Venezuela Aims To Boost Oil Output By 640 Mb/d
(OilPrice.com, Tsvetana Paraskova, 30.Aug.2018) â Venezuelaâs state oil firm PDVSA has said that it signed a US$430 million joint service agreement with seven companies that would help it increase its crude oil production by 641,000 barrels per day. The companies will help PDVSA to raise production at wells at the […]
Trinidad: Crouching Tiger
(Trinidad and Tobago Newsday, Kiran Mathur Mohammed, Camille Moreno, 30.Aug.2018) â The Dragon gas deal signed last Saturday is worth celebrating. The clink of glasses will be heard in boardrooms in both countries. The government deserves it for getting this far, amid the chaos in Venezuela, and the spectre of […]
Shut-Down of Historic Petrotrin Refinery
(Trinidad and Tobago Newsday, Carla Bridglal, 30.Aug.2018) â On the eve of the countryâs 56th anniversary of Independence, the board of Petrotrin announced it was shutting down the state oil companyâs refinery and marketing operations, choosing instead to focus on exploration and production. Over 2,500 jobs will be affected, and […]
The Latest Episode in the Crystallex-Venezuela Saga
(Mining.com, Valentina Ruiz Leotaud, 29.Aug.2018) â State-owned PetrĂłleos de Venezuela SA or PDVSA announced on Twitter that it filed an appeal requesting that a Delaware court vacate a decision made public on August 23 granting Canadian miner Crystallex the right to seize its U.S. assets. In its statement, the oil […]
Guyana Must Investigate ExxonMobilâs Waste Disposal Plan
(Kaieteur News, 29.Aug.2018) â The Open Society Institute (OSI) is appealing to Government to keep a watchful eye on how ExxonMobil plans to dispose of potentially hazardous waste while operating here. The OSI is an international body that aims to shape public policy to promote democratic governance, human rights, and […]
Petrotrin Concerned: Ramnarine and Seepersad-Bachan
(Trinidad and Tobago Newsday, Sasha Harrinanan, 29.Aug.2018) â Former energy ministers Kevin Ramnarine and Carolyn Seepersad-Bachan, both of whom served under the previous administration, are asking if Petrotrinâs board considered the wider impact of closing its refinery. Ramnarine, in a statement after the boardâs announcement yesterday, said âthe closure of […]
Petrotrin Financials, Details About Pointe-a-Pierre Refinery
(Energy Analytics Institute, Ian Silverman, 29.Aug.2018) â Itâs official: Petrotrin or the Petroleum Company of Trinidad and Tobago Limited will cease to operate its lone refinery located at Pointe-a-Pierre. What follows are details about the company, as per its website. OUR COMPANY We are an integrated oil and gas company, […]
CITGO Awards Grant, Continues Restoration Work
(Citgo, 29.Aug.2018) â Through the CITGO Caring for Our Coast initiative, a program designed to boost ecological conservation, restoration and education, The Conservation Foundation (TCF) has been awarded a grant to continue its restoration work in the Heritage Quarries Recreation Area (HQRA) in Lemont. In partnership with TCF and the […]
Pemexâs Oil Workers Donate to Mexican Red Cross
(Pemex, 28.Aug.2018) â Pemex CEO Carlos Treviño Medina, presented the donation of 15,685,324 pesos made by the oil workersâ community in the country as part of the 2018 Fundraiser to the director of the Mexican Red Cross, Fernando Suinaga CĂĄrdenas. He stated that PetrĂłleos Mexicanosâs most important assets are its […]
1,700 Petrotrin Workers to be Fired, Refinery Closed
(Trinidad Express, 28.Aug.2018) â Itâs official. Petrotrinâs refinery is to close. And 2,600 workers will be impacted. The Petrotrin Board of Directors met Tuesday August 28 with its employee representative unions and the Companyâs management to announce plans to end Petrotrinâs oil refining operations at Pointe-a-Pierre and to redesign entirely […]
PetroTrin Refinery to Close
(Trinidad Express, Ria Taitt, 28.Aug.2018) â The Government has decided to shut down the refinery of State oil company Petrotrin. The country can no longer afford to continue to refine oil and lose billions of dollars in this process, a senior Cabinet source told the Express yesterday. The company will […]
Carolyn Wants Details on Dragon Gas Deal
(Trinidad and Tobago Newsday, Sean Douglas, 28.Aug.2018) â Four questions have been posed by Congress of the People leader and former energy minister Carolyn Seepersad-Bachan over the Dragon gas deal signed on Saturday between the leaders of TT and Venezuela. âWhereas the government may not be able to publicly state […]
AMLO Says NAFTA Preserves Energy ‘Sovereignty’
(Reuters, 28.Aug.2018) â Mexican president-elect Andres Manuel Lopez Obrador welcomed a deal between Mexico and the U.S. to overhaul the North American Free Trade Agreement (NAFTA) that he said preserved Mexican âsovereigntyâ in the energy sector. The U.S.-Mexico deal was announced by U.S. President Donald Trump on Aug. 27, putting […]