(OilPrice.com, Haley Zaremba, 17.Jul.2018) â In the past, oil has accounted for 96 percent of Venezuela’s exports and over 40 percent of government revenues. Now, as the nationâs economy continues to crumble amid sanctions, political strife, and low oil prices, the Venezuelaâs all-important oil production is plummeting. In fact, last […]
How Venezuela Struck It Poor
(Foreign Policy, 16.Jul.2018) â The tragic â and totally avoidable â self-destruction of one of the worldâs richest oil economies. In the spring of 1959, at a secretive meeting at a yacht club in Cairo, Venezuelaâs then-minister of mines and hydrocarbons, Juan Pablo PĂ©rez Alfonso, hatched a plan to give […]
Ex-Venezuelan Energy Official Pleads Guilty
(AP, 16.Jul.2018) â A former official at a state-run electric company in Caracas, Venezuela, pleaded guilty to money laundering conspiracy relating to an alleged multibillion-dollar graft scheme in the Venezuelan oil industry. Luis Carlos de Leon-Perez, a 42-year-old dual citizen of the United States and Venezuela, admitted his role in […]
Plateau Energy Peru Unit Finds Lithium Resources
(Reuters, 16.Jul.2018) â Canadian miner Plateau Energy Metals Incâs Peru unit Macusani Yellowcake S.A.C. said on Monday it has found 2.5 million tonnes of high-grade lithium resources and 124 million pounds of uranium resources in its Falchani hard rock deposit in the region Puno. Ulises Solis, general manager of the […]
NGC loses SIS challenge in Privy Council
(Trinidad and Tobago Newsday, 16.Jul.2018) â State-owned National Gas Company has lost an appeal in its multi-million claim against Super Industrial Services (SIS) and another company as the Privy Council today dismissed an appeal in which it challenged a decision to strike out its lawsuit on the ground that it […]
New Fortress Invests $400 Mln in Pilot Project
(Jamaica Observer, 15.Jul.2018) â New Fortress Energy announced on Friday a new partnership with Jamaica Urban Transit Company (JUTC) for the introduction of the first natural gas-powered buses in Jamaica, which will significantly reduce emissions, pollution, maintenance and fuel costs. As part of the partnership with the Government of Jamaica, […]
US to Become World’s Top Oil Producer
(AP, 15.Jul.2018) â The United States has nosed ahead of Saudi Arabia and is on pace to surpass Russia to become the world’s biggest oil producer for the first time in more than four decades. The latest forecast from the US Energy Information Administration predicts that US output will grow […]
Venezuelaâs Maduro Introduces Petro in Turkey
(Energy Analytics Institute, Piero Stewart, 14.Jul.2018) â Venezuelaâs President NicolĂĄs Maduro introduced âel petroâ during a presentation in Turkey. Maduro reiterated that the Petro crypto-currency is based or backed by an entire block located in Hugo Chavez Orinoco Heavy Oil Belt, or the Faja, which contains more than five billion […]
Venezuela, Turkey Discuss Oil Supply
(Energy Analytics Institute, Piero Stewart, 14.Jul.2018) â Venezuelaâs President NicolĂĄs Maduro announced the two countries could soon sign a new oil agreement. âA new agreement thereon shall be signed pretty soon,â reported PDVSA in an official statement, citing Maduro. No specifics were provided in the statement. ***
Machado Says Venezuela âShow Canât Go Onâ
(Energy Analytics Institute, Piero Stewart, 13.Jul.2018) â Opposition leader MarĂa Corina Machado said the âshow canât go onâ during a video broadcast from Punto Fijo. The leaderâs video in reaction to a recent oil spill at PDVSA that the state oil company blamed on workers. El âshowâ NO PUEDE continuar. […]
Ecuador Court Upholds $9bn Chevron Ruling
(AP, 13.Jul.2018) â Ecuador’s highest court has upheld a US$9.5 billion judgment against oil giant Chevron for decades of rainforest damage. Plaintiffs celebrated the constitutional court’s decision announced Tuesday night, saying it should pave the way for indigenous tribes to receive compensation for oil spills that contaminated groundwater and soil […]
Pemex, Energy Offices to be Moved
(Natural Gas Intelligence, Ronald Buchanan, 13.Jul.2018) â Mexico President-Elect Andres Manuel Lopez Obrador aims to decentralize the government in a sweeping plan to ease the congestion of population, buildings, vehicles and pollution in the “megalopolis” of Mexico City, a strategy likely to impact the countryâs energy sector from top to […]
Guyana’s Doors Open for Caricom Investors
(CMC, 13.Jul.2018) â President David Granger has extended an invitation to Caricom member states to invest in the oil sector and other sectors of Guyana. Speaking on the sidelines of the 39th Meeting of the Conference of Heads of Government of the Caribbean Community (Caricom) here recently, Granger said, âThe […]
Ecuadorâs ITT Output Around 60 Mb/d
(Energy Analytics Institute, Piero Stewart, 13.Jul.2018) â Oil production from the Ishpingo, Tambococha and Tiputini or ITT field is around 60,000 barrels per day. With additional work activities, production from ITT is expected to reach up to 70,000 b/d, reported the daily newspaper El Universo, citing PetroAmazonas EP Manager Ălex […]
CNH Says Mexico Must Reduce Oil Dependence
(Energy Analytics Institute, Ian Silverman, 13.Jul.2018) â Mexico must reduce its dependence on the United States in regards energy issues. The country can achieve this goal by increasing its refining capacity, reported the daily newspaper La Jornada, citing National Hydrocarbons Commission (CNH by its Spanish acronym) President Juan Carlos Zepeda. […]
Cos. Form Advisory Board for LatAm Gas Conference
(Latin America & Caribbean Gas Conference & Exhibition, 12.Jul.2018) â Influential organisations in the global natural gas industry have united to form an Advisory Board to the Latin America & Caribbean Gas Conference & Exhibition (LGC), taking place in October 2018. The ‘Advisory Board for Gas Development in Latin America […]
Indigenous Groups Await Chevron Payments
(Energy Analytics Institute, Ian Silverman, 12.Jul.2018) â Indigenous groups in Ecuador that were affected by activities of San Roman, California-based Chevron in the country continue to await payment from the oil giant. Ermel ChĂĄvez, from the Amazon Defense Front, recently spoke about the issue during a press conference in Ecuador. […]
FDI in LAC Region Falls for Third Straight Year
(Energy Analytics Institute, Ian Silverman, 12.Jul.2018) â Foreign Direct Investment (FDI) in Latin America and the Caribbean fell for a third straight year in 2017, reported the Economic Commission for Latin America and the Caribbean or CEPAL by its Spanish acronym. The details were revealed in CEPALâs annual report titled […]
Bolivia, Argentina to Meet Over Gas Volumes
(Energy Analytics Institute, Ian Silverman, 12.Jul.2018) â The Bolivian government is still analyzing Argentina’s request to increase natural gas export volumes during the winter season and reduce them in summer. Meetings between officials from Bolivia and Argentina are expected in coming weeks to discuss the proposals, reported the daily newspaper […]
ANCAP and ALUR Combined $160 Mln Credits
(Energy Analytics Institute, Ian Silverman, 12.Jul.2018) â Two resolutions from the Uruguayan government late last month will authorize Ancap and ALUR to access credits for up to $160 million. In 2018, Uruguayâs state oil company Ancap plans to overcome its $136 million financial indebtedness by renewing it for an amount […]
Eni Hat-trick at Mackenzie’s Annual Awards
(Wood Mackenzie, 12.Jul.2018) â Italian major Eni won its third consecutive Most-Admired Explorer title, an accolade awarded in conjunction with Wood Mackenzie’s industry-leading annual Exploration Survey. Eni’s chief exploration officer, Luca Bertelli, accepted the award â which Eni has won for three years in a row â at the inaugural […]
No End In Sight For Venezuelaâs Oil Crisis
(OilPrice.com, Nick Cunningham, 12.Jul.2018) â Venezuelaâs oil production plunged by another 47,500 barrels per day (bpd) in June, compared to a month earlier. An exodus of workers and field shut downs were reported for the month, pointing to a grim near-term future that could see total production dip below 1 […]
TDI Operating One Rig in Mexico
(Energy Analytics Institute, Jared Yamin, 12.Jul.2018) â Trinidad Drilling Ltd. announced its international joint venture (TDI) currently has two rigs operating, one in Bahrain and one in Mexico. Trinidad Drilling Ltd. â which provides contract drilling and related services in Mexico â revealed the details in an official statement, but […]
Mexico’s Gov’t to Focus on Boosting Fuel Output
(Reuters, 12.Jul.2018) â Mexicoâs next energy agenda will prioritize increasing gasoline and diesel production and later decide on possible changes to the industry reform championed by the outgoing government, according to a top aide to President-elect Andres Manuel Lopez Obrador. Rocio Nahle, tapped by Lopez Obrador to be energy minister, […]
AMLO Seeks to End Mexico’s Energy Dependence
(TeleSur, 11.Jul.2018) â Mexico’s national energy demand has become highly dependent on the United States. Mexico’s next energy minister under president-elect Andres Manuel Lopez Obrador has said that the new administration’s energy agenda will be to increase domestic gas and diesel production and reduce dependency on foreign imports. Rocio Nahle, […]
Argentina Affirms Liberalization Of Fuels Market
(Institute of the Americas, Jeremy Martin, 11.Jul.2018) â Directly answering a question during an interview in a local media program about the issue of fuels market and pricing, newly-installed Energy Minister Javier Iguacel said: âThere is no restriction. There is a free market.â The statement, on its face, does not […]
The Caracas Metro: Still Standing For Now
(Energy Analytics Institute, Piero Stewart, 11.Jul.2018) â The subway system serving the Venezuelan capital is on the verge of collapse due to lackluster maintenance amid ongoing economic, political and humanitarian crises. Daily occurrences now include but are not limited to: armed robberies, shootings, petty thefts, fights, and of course power […]
PDVSA Gas Replaces Section of Gas Pipeline
(Energy Analytics Institute, Piero Stewart, 11.Jul.2018) â PDVSA Gas announced completion of work on the Cariaco-Margarita Wharf section of the Northeast G / J Gas JosĂ© Francisco BermĂșdez pipeline. Work on the section entailed removing and replacing a 48 meter long section of the 16-inch diameter pipeline that transports natural […]
Ecuador, Venezuela Output Down, OPEC Reports
(Energy Analytics Institute, Ian Silverman, 11.Jul.2018) â The Organization of Petroleum Exporting Countries published its July 2018 edition of its Monthly Oil Market Report (MOMR). Crude oil production from Ecuador and Venezuela — the lone countries from Latin America to be members of OPEC — fell this month (see charts). […]
PetroCaribe fund to flow into government coffers
(Jamaica Gleaner, 11.Jul.2018) â In a matter of months, the US$1.6 billion, or more than J$208 billion, now in the PetroCaribe Development Fund (PDF) is to flow to the Consolidated Fund and could be administered as the Minister of Finance sees fit. The transition is expected to happen by the […]
Mexican Refineries a Must for âEnergy Securityâ
(Energy Analytics Institute, Jared Yamin, 10.Jul.2018) â Given Mexicoâs dependence on imported fuel, construction of two new refineries in the country âisnât a business issue, itâs for energy security,â said researcher and hydrocarbons analyst Fluvio Ruiz AlarcĂłn. Just as recently as May 2018, Mexico imported 520,000 barrels per day of […]
Stock to Watch: ExxonMobil in Guyana
(OilPrice.com, Meredith Taylor, 10.Jul.2018) â American energy dominance is on the rise. In March 2018, the U.S. beat its all-time record and pumped more than 10.4 million barrels per day (bpd). Energy stocks are way up on strong forecasts of future demand. Mentioned in today’s commentary includes: Exxon-Mobil Corp. (NYSE:XOM), […]
Pemex Alerts Against Criminal Group
(Pemex, 10.Jul.2018) â The State-Owned Productive Company filed a criminal report before the Office of the Attorney General to initiate the investigation of this suspected criminal activity. On June 29th, PetrĂłleos Mexicanos filed a criminal claim before the Office of the Attorney General (initials in Spanish: PGR), upon detecting that […]
Costa Rica to Use Plastics for Roads
(Energy Analytics Institute, Ian Silverman, 10.Jul.2018) â A small Central American country will be considered a pioneer in the region with use of a type of âeco-friendly asphaltâ that gives a new life to plastics. This week the Costa Rican government announced the country would begin to pave streets with […]
EP PetroEcuador, Politécnica Nacional Sign Deal
(Energy Analytics Institute, Ian Silverman, 10.Jul.2018) â EP PetroEcuador and the Escuela PolitĂ©cnica Nacional (EPN by its Spanish acronym) signed an Inter-institutional Technical Cooperation Agreement that relates to the early detection of seismic or volcanic phenomena that may affect the transport, storage, refining and commercialization of hydrocarbons of the state […]
UDLA Students Visit Soil Treatment Center
(Energy Analytics Institute, Ian Silverman, 10.Jul.2018) â Nearly 27 engineering students studying Environmental Engineering and Biotechnology Engineering at Ecuador’s Americas University (Universidad de las AmĂ©ricas or UDLA by its Spanish acronym) visited the El Salado Soil Treatment Center, located in the province of Napo. The students visited the site with […]
BP Opens 6 Petrol Stations in Campeche
(Energy Analytics Institute, Jared Yamin, 10.Jul.2018) â British Petroleum extended its operations in the country this week. Today, we have arrived to Campeche, a state with an increase in tourist activity, reported the daily, citing BP Fuels Mexico General Director Alvaro Granada. The British company initiated activities in Campeche with […]
Pemex Alerts on Fraud Via Identity Theft
(Energy Analytics Institute, Jared Yamin, 10.Jul.2018) â Pemex filed a complaint with the Attorney General’s Office demanding the entity investigate the alleged crimes. In its complaint, Mexico’s state oil company PetrĂłleos Mexicanos warned that a criminal group had been seizing the identities of officials in order to carry out the […]
Pampa Reaches 35-Year Deal in Sierra Chata Block
(Pampa EnergĂa S.A., 10.Jul.2018) â Pampa EnergĂa S.A. announced an Investment Agreement was executed with the NeuquĂ©n province, which will grant a new 35-year concession for unconventional hydrocarbon exploitation at the Sierra Chata block (the âBlockâ), aiming at the development of unconventional shale and tight gas in the Vaca Muerta […]
Trinidad Seeks Assistance In Leak Cleanup
(LoopTT, 9.Jul.2018) â Cleanup operations continue following a leak at the Couva Marine 2 Well. Personnel with the Energy Ministry and Petrotrinâs Incident Command team have been monitoring the leaking wellhead and assessing the nature and impact of the hydrocarbon emissions. The leak, which was initially reported last Wednesday, is […]
Echo Says Completes Drilling CSo-2001(d) Well
(Echo Energy plc, 9.Jul.2018) â Echo Energy plc successfully completed drilling of the CSo-2001(d) well in which a notable gas column has been interpreted from the wireline logging suite. The CSo-2001(d) well, located in the FracciĂłn D licence operated by CompanÌia General de Combustibles S.A. (CGC), reached a total depth […]
Trinidad Seeks Help As Oil Well Ruptures
(Prensa Latina, 9.Jul.2018) â A fuel leak in the Couva platform, in the Gulf of Paria, Trinidad and Tobago, continues today after four days of being initiated, before which the government requests international assistance. Since last Thursday, the well has been pouring hydrocarbons in this area, shared with Venezuela, which […]
Frontera Ends Pacific Midstream Sale Agreement
(Frontera Energy Corporation, 9.Jul.2018) â Frontera Energy Corporation announced that, effective July 6, 2018, it has terminated its agreement to purchase 36.36% of Pacific Midstream Limited (PML). Frontera elected to terminate its share sale agreement with the International Finance Corporation (IFC) and related funds to purchase the IFC’s 36.36% stake […]
Fronteraâs Intent to Implement Course Issuer Bid
(Frontera Energy Corporation, 9.Jul.2018) â Frontera Energy Corporation intends to implement a normal course issuer bid (NCIB) for its common shares. The NCIB will be made in accordance with the policies of the Toronto Stock Exchange (TSX) and the commencement of purchases under the NCIB is subject to approval of […]
Renaissance Approved to Develop Chiapas Blocks
(Renaissance Oil Corp. 9.Jul.2018) â Renaissance Oil Corp. received final authorizations from the relevant Mexican authorities to proceed with the development program on the company’s three 100% held producing properties in the state of Chiapas. This development program, designed to significantly enhance production along with the exploration of new formations, […]
Renaissance Says Pitepec Block Details Attractive
(Renaissance Oil Corp. 9.Jul.2018) â Renaissance Oil Corp. recently signed a Right of First Refusal (ROFR), for the Pitepec block, adjacent to the north of the AmatitlĂĄn block in the Tampico Misantla Basin. âAs a result of our comprehensive analysis, the Pitepec block displays all of the attributes of a […]
ENAP Says Clean Energy is Chileâs Future
(Energy Analytics Institute, Ian Silverman, 9.Jul.2018) â Chileâs state oil company ENAP says itâs developing a wind park in Magallanes in an official Twitter post. No further details were revealed. However, the benefits of the wind park include: — Itâs renewable, — No greenhouse gases emitted, and — Permits sustainable […]
JusepĂn Oil Spill Demonstrates PDVSA Safety Failures
(Maritime Herald, 9.Jul.2018) â The oil spill that occurred this Friday, July 6 in two tanks of the secondary recovery plant of the JusepĂn Operational Complex of Pdvsa, demonstrates the safety failures of the Venezuelan state industry. This is what the biologist, Alejandro Ălvarez Iragorry, considers that what happened for […]
Role of Peruâs Hydrocarbon Industry on Development
(Energy Analytics Institute, Ian Silverman, 9.Jul.2018) â PeruPetro will host a conference titled âRole of the Petroleum and Gas Industry for Peruâs Economic Development.â Details follow: When: 7 July 2018 Where: Talara, Peru Venue: Javier PĂ©rez de Cuellar Auditorium (2nd floor of Municipal Library) Contact: PeruPetro ***