Is This Argentinian Shale Play The Next Permian?
Having inked a $300 million investment deal with the Argentinian YPF, Shell reiterated its claim to join the ranks of the various oil & gas majors engaged in tapping the Continue Reading
Colombia’s Oil Sector Faces ‘Post-Conflict’ Security Problems
Colombia’s oil industry continues to face bombings and other security challenges even after last year’s peace deal that ended a long-running guerrilla conflict, a top Colombian oil official said Tuesday. Continue Reading
Oil-for-loan debts cost Venezuela’s PDVSA hard-won India market share
Venezuela’s state-run oil company, PDVSA, has spent at least a decade trying to build business ties and boost shipments to refineries in India, where crowds once welcomed the late socialist Continue Reading
Brazilian crude threatens Oceania, Middle East suppliers’ Asian market share
China’s strong appetite for Brazilian crude has set off alarm bells among various producers in Oceania and the Middle East, prompting Australian and key Persian Gulf crude suppliers to slash Continue Reading
Total teams up with Brazil’s Petrobras
French energy company Total announced alongside its Brazilian counterpart, Petrobras, both sides were teaming up in a $2.25 billion joint venture agreement. “These new partnerships together with a reinforced technological Continue Reading
Colombia Rebel Group Wages Oil Pipeline War as Another Disarms
Colombia’s smaller rebel group has unleashed a wave of attacks on the country’s No. 2 oil pipeline, a show of strength amid peace talks that’s creating a headache for companies Continue Reading
Colombia’s Ecopetrol reports 14% year-on-year decline in proven reserves
State-controlled Ecopetrol reported a 14% year-on-year reduction in proven reserves through December 31, a decrease that reflects three years of declining oil field investment in Colombia’s oil patch, it said Continue Reading
Venezuela deputy president defies US over drug sanction
Tareck el-Aissami (L) was supported by President Maduro (R) on Tuesday The vice-president of Venezuela has accused the US of “imperialist aggression” after it slapped sanctions on him for allegedly Continue Reading
US labels Venezuelan vice-president a drug kingpin
The Trump administration has frozen millions of dollars in assets belonging to Tareck El Aissami, as it labelled Venezuela’s powerful vice-president an international drug trafficker. The US Treasury designated Mr Continue Reading
Venezuela falls behind on oil-for-loan deals with China, Russia
Venezuela’s state-run oil company, PDVSA, has fallen months behind on shipments of crude and fuel under oil-for-loan deals with China and Russia, according to internal company documents reviewed by Reuters. Continue Reading
Latin America Growing More Dependent On U.S. Oil
Crude production has slowed in parts of Latin America as oil majors struggle to pump for profits. Mexico and other Latin American countries have been relying more heavily on the Continue Reading
Maduro maintains oil supplies to Cuba despite Venezuelan shortages
The price of oil is half of what Venezuela needs to feed its citizens, who for the most part do not manage to eat them three times a day, but Continue Reading
PDVSA Braces for Oil Production Drop as Default Looms Large
The recent bump in oil prices isn’t enough to help Petroleos de Venezuela SA as it faces its fourth consecutive year of declining production. The company’s crude output is expected Continue Reading
Venezuelan Credit Dashboard: Default Risk Falls Below 50%
Traders reduced their bets on a default of Venezuela’s dollar debt over the next year amid a thin repayment schedule in the first quarter. The implied probability of nonpayment over Continue Reading
Cuba oil potential estimate revised higher
Cuba-focused Melbana Energy said it more the doubled its reserve estimates for onshore oil, though recovery rates there are low so far. Melbana is one of the few Western oil Continue Reading
Lured by discounts, U.S. East Coast refiners snatch up Brazilian crude
The Philadelphia Energy Solutions oil refinery owned by The Carlyle Group is seen at sunset in Philadelphia March 26, 2014. Picture taken March 26, 2014. U.S. East Coast refiners are Continue Reading
Venezuela’s Maduro seen bolstering grip on PDVSA after shake-up
An oilfield worker walks next to pipelines at PDVSA’s Jose Antonio Anzoategui industrial complex in the state of Anzoategui, Venezuela, April 15, 2015. REUTERS/Carlos Garcia Rawlins/File Photo PDVSA’s new senior Continue Reading
Venezuela Names New Leaders At Oil Firm PDVSA To ‘Defeat Corruption’
Venezuela’s president creates an executive vice president post and names new vice presidents to lead PDVSA in what he described as a shake-up of the state oil company. CARACAS, Jan Continue Reading
Exclusive: Millions of barrels of Venezuelan oil stuck at sea in dirty tankers
More than 4 million barrels of Venezuelan crude and fuels are sitting in tankers anchored in the Caribbean sea, unable to reach their final destination because state-run PDVSA cannot pay Continue Reading
Tankers: Panama Canal delays reduced but still averaging three-six days
The waiting time for non-booked Panamax-class vessels on the Panama Canal is about six days, a Panama Canal Authority manager said Wednesday. “Neopanamax slots are almost 100% sold for the Continue Reading
Bombings halted pumping at Colombia’s Cano-Limon oil pipeline
Bomb attacks last week halted pumping operations along Colombia’s second most important oil pipeline, the Cano-Limon Covenas, state oil company Ecopetrol said on Sunday. The company did not say who Continue Reading
Socialism, Not Oil, Is The Cause Of Venezuela’s Problems
Venezuela’s economy has collapsed. Unfortunately, most people mistakenly believe Venezuela’s policies created a successful economy prior to the collapse in oil prices. The truth is that Venezuela’s socialist policies held Continue Reading
Exclusive: Brazil plans two subsalt auctions in 2017, another in 2018
A man works at the Cidade Angra dos Reis offshore platform at the Lula oil field, about 300 km (186.4 miles) from the coast of Rio de Janeiro, February 16, Continue Reading
Operations at Venezuelan oil terminal halted by spill: sources
Shipping operations at one of three docks of Venezuela’s main crude exporting port were halted after an oil spill occurred while loading a vessel bound for India, union and shipping Continue Reading
Venezuela’s Maduro on Trump: ‘He Won’t Be Worse Than Obama’
Incoming U.S. President Donald Trump may have an unexpected ally: Venezuela’s socialist and much-criticized President Nicolas Maduro. Just days ahead of the inauguration in Washington, Maduro said he was taking Continue Reading
Venezuela Issues New Bank Notes Because of Hyperinflation
Venezuela ’s government began to issue new bank notes on Monday to replace the 100-bolívar bill, made virtually worthless by hyperinflation. President Nicolás Maduro announced early last month that new Continue Reading
Venezuela debuts new banknotes amid soaring inflation
Venezuelans are standing in long ATM lines to take out new, larger-denominated bills that President Nicolas Maduro hopes will help stabilize the crisis-wracked economy. Maduro last month said he was Continue Reading
Venezuela will circulate new proposal next week to support oil prices
Venezuela’s President Nicolas Maduro holds speaks during his annual report of the state of the nation at the Supreme Court in Caracas, Venezuela January 15, 2017. REUTERS/Carlos Garcia Rawlins Venezuela Continue Reading
Exclusive: Venezuela’s PDVSA sees 2017 oil output stuck near historic lows – document
The logo of the Venezuelan state oil company PDVSA is seen at a gas station in Caracas, Venezuela January 11, 2017. REUTERS/Marco Bello Venezuelan state energy company PDVSA projects oil Continue Reading
Exxon Mobil discovers new oil reservoir offshore Guyana
Exxon Mobil Corp said on Thursday drilling results from a third exploration well offshore Guyana showed a new reservoir containing 100-150 million barrels of oil equivalent. The discovery at the Continue Reading
Venezuela arrests opposition lawmaker and critical general
Venezuelan officials jailed a second opposition figure Thursday as tensions mounted in the economically struggling South American country. Officials re-arrested former Gen. Raul Baduel, saying he had been conspiring to Continue Reading
Argentina strikes $15bn a year shale investment deal
President Mauricio Macri is pushing to revamp flagging production at Argentina’s massive shale reserves, with companies agreeing on Tuesday to invest as much as $15bn a year in exchange for Continue Reading
Argentina clinches deal to attract investment in Vaca Muerta shale
Argentina has clinched a deal with labor unions and energy companies aimed at luring investors to the Vaca Muerta formation in Patagonia, one of the largest shale reserves in the Continue Reading
Venezuela’s Oil Company Sued Over Latest Citgo Deal
Petróleos de Venezuela SA is facing new legal action from North American multinationals over financial maneuvers they say are designed to shield the state-owned oil giant’s U.S. assets from seizure. Continue Reading
Venezuelan Leader Nicolás Maduro Shakes Up Cabinet
President Nicolás Maduro reshuffled his cabinet Wednesday amid a deepening recession, appointing a state governor to the vice presidency and naming his sixth new economy minister in three years. In Continue Reading
Venezuelan Credit Dashboard: Next Big Payment Due in April
Venezuela looks set to start 2017 with a somewhat quiet first quarter in terms of debt repayment, with only $1.1 billion due over the first three months of the year. Continue Reading
Divestment streak for Petrobras continues
Brazil’s state-run oil company said it closed on the sale of a refinery on the Japanese island of Okinawa as its divestment streak continues. State-run Petroleo Brasileiro, known informally as Continue Reading
Venezuela president extends date to use 100-bolivar bills
President Nicolas Maduro has again extended the deadline for Venezuelans to stop using their old 100-bolivar bills. Maduro said in a television and radio broadcast address on Thursday that people Continue Reading
Venezuela’s President Once Again Extends 100-Bolivar Note’s Deadline
Venezuelan President Nicolás Maduro announced the extension for the 100-bolivar notes during a television program… CARACAS, Venezuela—President Nicolás Maduro has again extended the deadline for Venezuelans to stop using their Continue Reading
U.S. Refiners Open Export Spigot to Meet Latin American Need
U.S. refiners exported record amounts of oil products last week, taking market share from struggling competitors in Mexico and the Caribbean. Almost 4 million barrels a day of gasoline, distillates Continue Reading
In Venezuela, lynchings kill one person every three days: report
Roughly one person is being lynched in crisis-ridden Venezuela every three days as frustrated residents take revenge on suspected criminals, a monitoring group said on Wednesday. The Venezuelan Observatory of Continue Reading
Cuba says economy shrank this year in tandem with Venezuela crisis
Containers are seen at the Mariel port in Artemisa province, Cuba January 5, 2016. Cuba’s economy shrank 0.9 percent this year in tandem with the crisis in its key trading Continue Reading
Venezuela says to cut 95,000 bpd crude output in OPEC deal
Venezuela said on Tuesday it will cut 95,000 barrels-per-day of oil production in the New Year in fulfillment of a producers’ deal to reduce global output and strengthen prices. Jan. Continue Reading
Venezuela is lurching closer and closer to chaos
VENEZUELA, WHICH was once Latin America’s richest country, has become an unwilling test site for how much economic and social stress a modern nation can tolerate before it descends into Continue Reading
Total nabs Brazilian pre-salt in Petrobras deal
French energy company Total said it was building up its prospects in South America in a partnership that gives it access to some of Brazil’s biggest oil fields. In a Continue Reading
THE WORST IS YET TO COME! Crisis Group anticipates rising discontent and social upheaval in 2017
The non-governmental organization The International Crisis Group warns in a report that Venezuela could enter a dangerous period of great turmoil after the worsening economic catastrophe and the decision of Continue Reading
Secrecy And Confusion Surround Venezuela’s Latest Oil Deals
Venezuela’s newly created and military run oil and mining company Camimpeg has formed a joint venture with UK-based Southern Procurement Services (SPS) to reactivate shut-in wells in Lake Maracaibo in Continue Reading
Venezuela Deploys Troops After Weekend Riots
A member of the Venezuelan army stands in front of commercial properties after looting erupted… PUERTO ORDAZ, Venezuela—President Nicolás Maduro’s government deployed 3,000 troops to the southeastern state of Bolivar Continue Reading
Venezuela’s Maduro to tour oil-producing nations
Venezuela’s President Nicolas Maduro speaks during a meeting with ministers at Miraflores Palace in Caracas, Venezuela December 17, 2016. Miraflores Palace/Handout via Venezuelan President Nicolas Maduro said he would soon Continue Reading
More hydrocarbons found in Gulf of Mexico
A Colombian energy company said it was involved in a new oil discovery in the U.S. waters of the Gulf of Mexico, its fifth so far. A U.S. subsidiary of Continue Reading