Highlights Latin America among the biggest beneficiaries of Russian crude shortfall Observers concerned proceeds being used to subsidize energy prices Additional investments in the sector could delay energy transition The Continue Reading
Highlights State-backed refiner says it will step up deliveries Logistics problems are behind the shortfall Farmers fear diesel shortage will stall crop harvest YPF, the biggest oil producer and refiner Continue Reading
Diesel imports have surged in dollar terms Price controls are discouraging importing more Imported diesel is sold at 30% below its import price Argentina’s service stations have started rationing diesel, Continue Reading
A Russian oil company used to provide a workaround to U.S. oil trading sanctions on Venezuela is scrambling to avoid another set of sanctions, documents show, this time from Europe Continue Reading
Russia’s invasion of Ukraine has sparked concern of a global supply shortage, forcing the U.S. to rethink its relationship with Venezuela. The burden created by strict U.S. sanctions against Venezuela Continue Reading
Cammesa seeks 12 total cargoes of HSD, fuel oil — half of its last tender Several large LatAm awards or tenders out March 25 after dry spell Argentina’s Cammesa unveiled Continue Reading
Highlights TGS to add 17 million cu m/d of capacity Another project planned with 44 mil cu m/d capacity Developments raising export expectations Transportadora de Gas del Sur, or TGS, Continue Reading
—For months, Biden administration officials snubbed top executives and lobbyists for Chevron Corp. who had pressed officials in Washington to ease sanctions so the company could boost production in Venezuela, Continue Reading
The war in Ukraine has created an especially volatile oil market, and the Biden administration is racing to counter rising prices. The United States needs to replace as much as Continue Reading
Guyana is going through an impressive oil boom, with the country on track to produce over a million barrels per day by 2030. Unfortunately, the small country’s production will take Continue Reading
Postponed draft decrease extends fully-laden Suezmax transits 49-foot draft restriction limits Suezmax tankers, Neopanamax container ship transits Waiting times for transit decrease to six days southbound The first draft reduction Continue Reading
Chevron Corp. is preparing to take operating control of its joint ventures in Venezuela if Washington relaxes sanctions on Caracas to boost crude supplies after banning Russia’s oil imports, according Continue Reading
Venezuela’s oil output could rise by at least 400,000 barrels per day (bpd) if the United States authorizes requests by state-run PDVSA’s partners to trade Venezuelan crude, the country’s petroleum Continue Reading
Pressure is building on the Biden administration to begin unwinding sanctions on Venezuela after President Nicolas Maduro freed two American prisoners and promised to resume negotiations with his opponents. Maduro’s Continue Reading
U.S. officials have demanded Venezuela supply at least a portion of oil exports to the United States as part of any agreement to ease oil trading sanctions on the OPEC Continue Reading
Venezuela released two jailed U.S. citizens on Tuesday in an apparent goodwill gesture toward the Biden administration following a visit to Caracas by a high-level U.S. delegation. One of the Continue Reading
Highlights Latin American ULSD passes $160/b to fresh record highs Companies are in ‘stealth mode’ looking for cargoes Latin American tenders have gone into hiding as refined oil products reached Continue Reading
The chief executive of ONGC Videsh, India’s second-largest oil and gas company, on Sunday confirmed talks between India and the U.S. State Department are underway to allow the company to Continue Reading
A group of senior U.S. officials flew to Venezuela on Saturday for a meeting with President Nicolás Maduro’s government to discuss the possibility of easing sanctions on Venezuelan oil exports Continue Reading
Senior U.S. officials are traveling to Venezuela on Saturday to meet with the government of President Nicolás Maduro, according to people familiar with the matter, as the Biden administration steps Continue Reading
Brazil is searching for new fertilizer suppliers as the war in Ukraine threatens to cut off shipments to one of the world’s breadbaskets, with potential ripple effects on already high global Continue Reading
The discovery of huge oil reserves in Guyana has the potential to transform the country, although it will have to work hard to avoid the resource curse that has hit Continue Reading
Highlights Latin America’s jet, gasoline, diesel prices jump $7/b to $16/b Tender awards canceled, delayed as companies reassess prices at 9- to 13-year highs Latin American refined product prices spiked Continue Reading
Two decades of malfeasance, mismanagement, and corruption have led to ill-maintained energy infrastructure and a large number of oil spills in Venezuela. Caracas’ reluctance to identify, contain, and clean up Continue Reading
TotalEnergies and its partner APA Corporation have made significant oil and associated gas discovery offshore one of the hottest basins for major oil finds in recent years, the Guyana-Suriname Basin Continue Reading
Exxon plans to begin oil production from a second platform offshore Guyana next month New platform would increase Guyana’s production threefold ExxonMobil and Hess Corp. have recently made their 20th Continue Reading
The Biden administration is considering a Chevron Corp (CVX.N) proposal to allow the U.S. oil major to accept and trade Venezuelan oil cargoes to recoup unpaid debt, four people close Continue Reading
Peru’s environmental inspector, responding to fuel supply shortages, on Saturday authorized the temporary resumption of hydrocarbon loading and unloading operations at sea at a refinery owned by Spain’s Repsol (REP.MC) Continue Reading
Chevron is in talks with the Venezuelan government to gain more control over their joint venture and help Caracas boost oil production. Bloomberg reported that the negotiations are being led Continue Reading
Mexico leads with 40% of US product imports in Nov Strong summer demand, heatwaves lift tender activity US refined product exports to Latin America have returned to pre-pandemic levels, and Continue Reading
Highlights Decrease marks first draft adjustment in six months Fully-laden Suezmaxes no longer able to transit Waiting times for transit increase, pressuring freight The maximum allowable draft at the Neopanamax Continue Reading
Frontera Energy struck oil in the Corentyne Block offshore Guyana, the company said this week. “Initial results from the Kawa-1 well are positive and reinforce CGX and Frontera’s belief in Continue Reading
Increased transit volumes at the Panama Canal pushed wait times higher for clean petroleum product and unreserved LNG tankers during the week ended Jan. 28, as more cargoes headed to Continue Reading
Political instability and growing crime in Colombia is weighing on its already-struggling oil industry. Colombia still relies heavily on oil and gas for its own energy security as well as Continue Reading
The Treasury Department extended a moratorium on transactions on a bond issued by the U.S. arm of Venezuela’s PDVSA, Citgo, for another year in the latest move to shield the Continue Reading
Peru to hold bid round in June Northwestern fields’ contracts about to expire Bid round Peru’s first since Tullow Oil in 2018 Peru’s government plans to call for bids in Continue Reading
The heads of state of Brazil, Guyana, and Suriname will discuss on Friday joint infrastructure and energy projects Construction of roads, bridges, and a deepwater port in Guyana will be Continue Reading
COVID-19 infections are reaching new peaks in the Americas with 7.2 million new cases and more than 15,000 COVID-related deaths in the last week, the Pan American Health Organization (PAHO) Continue Reading
Highlights Interbasin spreads helped shift trade flows January sees Asia buying appetite pick up LNG transits via the Panama Canal plunged 30% in December as Pacific-bound cargoes diverted to the Continue Reading
Brazil and Guyana were instrumental in the recovery of the FPSO market Another 10 FPSOs are expected to be awarded over the next 12 months Angola, Australia, China, and Malaysia Continue Reading
Guyana’s recent oil discoveries could not have come at a better time for the country, with international companies looking to move away from traditional oil-producing states A new law passed Continue Reading
ExxonMobil has made two more discoveries in the Stabroek block offshore Guyana, which add to the previously announced 10 billion oil-equivalent barrels recoverable resource estimate for the block, the U.S. Continue Reading
Oil exports from Venezuela doubled in December from a year earlier as the country raises production of revenue-generating hydrocarbons in defiance of U.S. sanctions. Shipments averaged 619,000 barrels a day Continue Reading
Venezuela has reported a significant increase in monthly oil output. The spike in output can be attributed to a range of factors, including the technical assistance and diluent provided by Continue Reading
The Parliament of Guyana, where more than 10 billion barrels of oil equivalents have been discovered over the past half-decade, voted this week to amend its Natural Resource Fund (NRF) Continue Reading
Highlights Average year crude production slightly below 2020 Production from JVs account for 60% of total production Iranian condensates boost output for third straight month Venezuelan state-owned PDVSA and its Continue Reading
Ecuador’s heavy-crude oil pipeline will restart pumping on Dec. 31 following maintenance to solve issues caused by erosion in the country’s Amazon region, while exports of Napo crude will begin Continue Reading
Venezuela says it’s pumping the most oil since harsh U.S. sanctions strangled state-owned oil company Petroleos de Venezuela SA more than two years ago. Not everyone believes it. PDVSA, as Continue Reading
Venezuela this year almost doubled its oil production from last year’s decades-low as its state-owned company struck deals that let it pump and process more extra-heavy crude into exportable grades. Continue Reading
Rising security risk and rural violence, which is mostly fueled by the vast profits generated by the cocaine trade, is a key deterrent to attracting onshore oil investment in Colombia. Continue Reading
