Cuban oil work moves toward exploration phase
Geological surveys of an inland oil basin in Cuba are completed and work will now continue toward exploration drilling, an Australian energy company said. Melbana is one of the few Continue Reading
Brazil to ramp up oil production before ‘renewable era’ hits: official
Brazil plans to boost oil exploration and production to seize on its reserves before the world enters the “renewable era” and other technologies hurt demand for the fossil fuel, Deputy Continue Reading
The Panama Canal’s Big Bet Is Paying Off
Since the start of the year, transiting tonnage at the Panama Canal has increased by nearly 23%. Above, a ship makes its way through the locks at the Panama Canal Continue Reading
ExxonMobil ‘Puts Guyana on the Map’ with Discovery
Could ExxonMobil attain 2 billion-barrel oil reserves mark offshore Guyana? Exxon Mobil Corp. on Thursday reported its fifth new oil discovery after drilling the Turbot-1 well offshore Guyana with the Continue Reading
Venezuela And Russia Team Up To Tackle The Petrodollar
Three weeks after the U.S. imposed financial sanctions on Venezuela in an effort to cripple its economy and choke the Maduro regime, which in turn prompted Caracas to announce it Continue Reading
Venezuela To Invite More Countries To Join Output Cuts
Up to 12 oil producing countries from South America and Africa have been invited to join the OPEC/non-OPEC production cut deal, Venezuela’s Oil Minister Eulogio del Pino said on the Continue Reading
Venezuela plans new ways to sell oil if sanctions imposed: Maduro
Venezuela has alternatives to allow it to sell oil if the US decides to imposes further sanctions on its oil sector, President Nicolas Maduro said Wednesday. “Big names are trying Continue Reading
Panama Canal Authority, shippers work to double LNG capacity
The Panama Canal Authority is working with LNG shippers towards doubling the capacity set aside for LNG vessels by next October, the PCA said Wednesday. The PCA is working towards Continue Reading
Venezuela says invited 10-12 more countries to join OPEC-led oil cut
An extra 10 to 12 oil-producing countries have been invited to join an OPEC-led output cut aimed at getting rid of a supply glut, Venezuela’s oil minister said on Wednesday. Continue Reading
Wall Street Sees ‘Existential Crisis’ as Venezuela Payday Nears
Traders fear payment delay as upcoming debt lacks grace period Default on bonds backed by Citgo would put refiner in play Venezuelan investors are getting ready for a wild ride Continue Reading
The Next Big Offshore Boom Is About To Happen Here
Say what you will about offshore oil and gas exploration, but it’s still alive and kicking—high production costs and all. The latest demonstration of the viability of deepwater projects, even Continue Reading
Exxon’s Big Bet on Brazil Oil Could Signal Major Pre-salt Role
Exxon Mobil Corp’s big bet on Brazil’s offshore Campos basin shows its willingness to pay up to replenish its reserves and may pave the way for hefty bids in October Continue Reading
Oil Analysts Baffled As Venezuela Ditches Petrodollar
At the end of August, the U.S. stepped up sanctions on Venezuela, prohibiting dealings in new debt or equity issued by state oil firm Petroleos de Venezuela SA (PDVSA) or Continue Reading
Brazil Lets In Big Oil Firms After Keeping Them Out for a Decade
Brazil will on Wednesday begin reversing what industry officials say was a costly and ultimately disastrous decision a decade ago: setting aside billions of barrels from the Western Hemisphere’s largest Continue Reading
Petrobras Creditors Agree To $6.22 Billion Debt Swap
Petrobras creditors have agreed to swap $6.22 billion in Petroleo Brasiliero bonds that are due between 2019 and 2021 for long-term securities, allowing Brazil’s state-owned oil company to lower its Continue Reading
Brazil oil auction to gauge investor appetite amid reforms
Brazil’s oil auction this week will test whether a raft of market-friendly reforms under President Michel Temer can tempt investors back to a sector tarnished by a corruption scandal at Continue Reading
Exclusive: Brazil’s Braskem terminates supply contract with Venezuela’s PDVSA
Brazil’s Braskem has terminated a contract to buy light virgin naphtha and natural gasoline from Venezuela’s state-run oil company PDVSA that would expire this month, the petrochemical company said on Continue Reading
Will The White House Prevent Rosneft From Buying Citgo?
Senators have pressed the Trump Administration to review the chances of Russia’s Rosneft acquiring Venezuela’s PDVSA and its U.S. business, Citgo. Marco Rubio and Bob Menendez believe a change in Continue Reading
Venezuela’s Crisis Deepens As Hurricane Approaches | OilPrice.com
Oil traders have started to divert fuel shipments from their original destination in Venezuela as Hurricane Maria approaches the Caribbean, Reuters vessel tracking data has shown. Yet the hurricane, which moves Continue Reading
Oil cargoes shift away Venezuela as hurricanes extend disruptions
Hurricane Maria is shown in the Atlantic Ocean about 85 miles east of Martinique in this September 17, 2017 NASA handout satellite photo. NASA/Handout via REUTERS (Reuters) – Shippers are Continue Reading
Venezuela publishes oil prices in Chinese currency to shun U.S. dollar
Venezuela published the price of its oil and fuel in Chinese currency on Friday in what it called an effort to free the socialist-run country from the “tyranny of the Continue Reading
Citgo Petroleum says credit profile ‘strong’ as U.S. sanctions bite PDVSA
Venezuelan state-oil firm PDVSA’s refining unit in the United States, Citgo Petroleum [PDVSAC.UL], on Friday said its credit profile remains “strong and stable,” with over $1 billion in excess open Continue Reading
Venezuela Suspends Trade In U.S. Dollars
Venezuela has told oil traders it will no longer accept or offer U.S. dollars in payment for crude oil and fuels, the Wall Street Journal reports , citing sources familiar Continue Reading
Brazil’s Pre-Salt Areas Attract 17 Major Oil Bidders
As many as 17 companies have registered to bid next month in two rounds of exploration license awards in Brazil’s pre-salt layer, Brazilian Oil and Gas Secretary Marcio Felix said Continue Reading
Sources Say Trump’s Citgo Sanctions Are Working
Trading sources say President Donald Trump’s new sanctions against Venezuela’s American refining unit, Citgo, have succeeded in making it difficult for the PDVSA subsidiary to order crude for its facilities, Continue Reading
Venezuela’s crude supply to the United States was flat in August
Venezuelan crude sales to the United States in August were largely unchanged at 638,935 barrels per day (bpd) compared with the prior month, but continued to fall far short of Continue Reading
Argentina Doubles Down On Shale Gas And Renewables
Traditionally one of the most prominent oil and natural gas markets in South America, Argentina is increasingly turning towards alternative forms of energy, with the government exploring shale gas and Continue Reading
How Will Venezuela Deal With A PDVSA Default?
While debt servicing has been a government priority, declining external liquidity and a deteriorating domestic situation (three-digit hyperinflation, shortages, and a political crisis between the government and the National Assembly) Continue Reading
Venezuela’s ‘Plan Rabbit’ encounters ‘cultural problem’
Venezuelans tend to keep rabbits as pets and do not view them as a source of meat Venezuelan President Nicolás Maduro has devised a “rabbit plan” to counter the economic Continue Reading
Cuban oil drilling program low on funds
An effort to raise up to $4.8 million to help fund drilling operations at a reservoir in Cuba fell well short of its goal, Melbana Energy Ltd. said. Melbana is Continue Reading
Fifteen Oil Majors Interested In Brazil’s Round 3 Pre-Salt Auction
Fifteen companies have pre-registered for Brazil’s third auction of oil exploration rights in the pre-salt area while ten companies have expressed interest in the second round, oil regulator ANP said Continue Reading
BP folds Argentine assets into JV backed by Cnooc
BP has agreed to fold its Argentine assets into a new joint-venture backed by Cnooc of China in a deal that widens both groups’ interests in a country boasting some Continue Reading
Petrobras extends deadline in sale of seven exploration areas
Brazil state-controlled oil firm Petrobras extended the deadline for interested parties to sign non-disclosure agreements in order to access technical, legal and financial information related to seven exploration areas it Continue Reading
Indigenous Mapuche thwart Argentina shale development
Indigenous Mapuche communities demanding cash payments and blocking oil wells in Argentina’s Vaca Muerta area are threatening the long delayed development of the world’s second-largest shale fields, oil companies say. Continue Reading
Venezuela invites investors to discuss foreign debt
Venezuela has invited international bondholders to negotiations over its foreign debt as the government in Caracas seeks to mitigate the impact of US sanctions and survive a deepening economic crisis. Continue Reading
Hurricane Irma Prompts Oil Storage, Port Shutdowns
Hurricane Irma has prompted the shutdown of at least two oil storage complexes in the Caribbean, with a combined capacity of 18.6 million barrels, S&P Platts reports. One of these, Continue Reading
Factbox: Oil companies operating in the Caribbean brace for Hurricane Irma
Energy infrastructure in the Caribbean was being shut down due to Hurricane Irma, even as recovery operations from storm Harvey were under way. NuStar Energy said its Statia terminal in Continue Reading
Hurricane Irma worsens Latin America’s fuel supply crunch
Hurricane Irma has shut down oil terminals across the northern Caribbean, worsening a fuel supply crunch in Latin American countries that have struggled to meet demand since Hurricane Harvey disrupted Continue Reading
In Venezuela, Cooking With Firewood as Currency Collapses
Food shortages were already common in Venezuela, so Tabata Soler knew painfully well how to navigate the country’s black market stalls to get basics like eggs and sugar. But then Continue Reading
Brazil Aims To Privatize State-Owned Utility Company
Imagine the setting. A conference room full of senior politicians. “The tapes are bad”, one says. “A lot of stuff about bribes”. Another adds, “Yeah, and we’re polling in the Continue Reading
Exclusive: Latin America looks to Venezuelan fuel cargoes as Harvey swamps U.S.
After Hurricane Harvey roared into Texas, flooding oil refineries and crippling ports along U.S. Gulf Coast, Latin American countries scouring the globe for other sources of fuel are zeroing in Continue Reading
‘Hope Is Gone’ as Venezuelan Protesters Vanish From Streets
Wuilly Arteaga became a symbol of Venezuela’s protest movement as he played patriotic hymns from his violin in the face of tear gas and rubber bullets. Then he was arrested Continue Reading
Trump To Block Russian Ownership Of Venezuelan Subsidiary In US
Trump’s White House will block attempts by the Kremlin to acquire large portions of Venezuela’s Citgo, a U.S. subsidiary of the state-owned PDVSA. Rosneft agreed to acquire half of Citgo’s Continue Reading
Total Could Miss Out On 14 Billion Barrel Brazilian Reserves
Total’s study on the environmental impact of drilling in one of the Amazon’s basins hit a roadblock on Tuesday when Brazilian regulator Ibama said it rejects the validity of the Continue Reading
Is Trump Holding Back On Venezuela Sanctions?
A few days ago, the White House authorized new sanctions against Venezuela – a country struggling under the burden of running a socialist government while the value of its main Continue Reading
Venezuela’s Oil Minister To Discuss OPEC Deal With Saudis, Russians
Venezuela’s Oil Minister Eulogio del Pino, who was appointed again as minister last week, plans to visit Saudi Arabia and Russia ahead of the September 22 meeting of the joint Continue Reading
Indigenous Leaders Threaten Access To One Of Peru’s Largest Oilfields
Indigenous leaders in Peru will obstruct the government’s access to one of the country’s largest oilfields if an indigenous rights law does not take effect in the next 20 days, Continue Reading
Harvey hits U.S. fuel supplies to Latin America
Tropical Storm Harvey could cause fuel shortages in Latin America after it shut in around 1 million barrels per day of U.S. gasoline and diesel exports typically destined for countries Continue Reading
Norway’s Statoil takes first steps into Argentina’s lauded shale
Norway’s Statoil marks a debut of sorts with a partnership in a shale basin in Argentina, one of the largest in the world. Map courtesy of Statol Aug. 25 (UPI) Continue Reading
Venezuela’s PDVSA negotiating Curacao refinery lease, open to China partners
Venezuelan state oil company PDVSA on Thursday said on Friday it was negotiating the continuation of its lease of Curacao’s Isla refinery but was open to Chinese partners following a Continue Reading