Argentina’s national state oil company YPF just cannot function in a stable and foreseeable manner, an apprehension that was rekindled by Guillermo Nielsen stepping down from his post of company Continue Reading
Chevron and Reliance Industries are meeting with US State Department officials to request a rollback of some Trump-era restrictions against Venezuela’s oil industry. (Bloomberg) — Chevron Corp. and Reliance Industries Continue Reading
Despite outside assistance from Russia, China and Iran, the embattled socialist regime of President Maduro has proven incapable of rebuilding Venezuela’s once-mighty petroleum industry. According to the latest OPEC Monthly Continue Reading
January 2021 is still far from over yet the pages of Oilprice already boast 6 articles about Guyana being the hottest drilling spot in the world. This is hardly surprising, Continue Reading
The country with the largest proven oil reserves in the world, clocking in at a whopping 299,953,000,000 barrels of proven oil, is currently suffering a fuel shortage so great that Continue Reading
LNG tankers passing through the Panama Canal without a reservation faced average wait times of more than a week Jan. 22, continuing the constraints that began in earnest in October. Continue Reading
Oil flow through Colombia’s Cano Limon-Covenas pipeline was suspended on Friday after an attack with explosives started a fire, Cenit, a subsidiary of the country’s majority state-owned oil company Ecopetrol, Continue Reading
Last year was tough for the global oil industry as the COVID-19 pandemic and an ongoing oil supply glut rocked petroleum-dependent emerging economies, notably in South America, to their core. Continue Reading
Majors are eying Suriname as the next big oil player. With recent success in neighbouring Guyana, Suriname offers hope for low-cost oil exploration and production going into 2021. Exxon Mobil, Continue Reading
It may be the oil market’s worst-kept secret: Millions of barrels of Venezuelan heavy crude, embargoed by the U.S., have been surreptitiously going to China. The cat-and-mouse games that avoid detection and Continue Reading
The Trump administration issued a parting shot to Venezuelan President Nicolás Maduro on Tuesday, announcing a sweeping round of stiff financial sanctions that target a network accused of moving oil Continue Reading
The US Treasury sanctioned a series of European oil traders and crude tankers that allegedly helped a Mexican network work with Venezuela to evade US sanctions and move its crude Continue Reading
Representatives of fuel suppliers to Venezuela, importers of Venezuelan oil and advocacy groups said this month they plan to press the incoming administration of U.S. President-elect Joe Biden to reverse Continue Reading
The island nation of Palau says a tanker that recently loaded Venezuelan crude was using a false signal to disguise its identity, potentially putting the Pacific country in the crosshairs Continue Reading
Venezuelan Foreign Minister Jorge Arreaza on Saturday criticized a U.S. court ruling authorizing a sale of the shares in the parent company of U.S. refiner Citgo Petroleum Corp, calling it Continue Reading
Venezuela is opening up to foreign investment in its oil industry, President Nicolas Maduro said this week, in a bid to reverse a catastrophic drop in its output under the Continue Reading
The fate of US refiner Citgo Petroleum remains in limbo following a federal court ruling late Jan. 14 that reaffirms the eventual auction of shares of Citgo’s Venezuelan holding company. Continue Reading
What is fast becoming the world’s hottest offshore oil play, the Guyana-Suriname Basin, has entered the headlines once again. Hot on the heels of ExxonMobil and its partner Malaysian state-controlled Continue Reading
Total and Apache Corporation have made their fourth oil and gas discovery offshore Suriname in the Guyana-Suriname basin, the French supermajor said on Thursday. The discovery adds to numerous other Continue Reading
Sharply weaker oil prices and the global COIVD-19 pandemic had little material impact on Brazil’s massive offshore oil boom. Even the fact that the oil rich Latin American country is Continue Reading
Much has been made of President-elect Joe Biden’s energy policies and the negative impact they will have on the U.S. oil industry, which is laboring to survive a global oil Continue Reading
Like many global oil majors ExxonMobil is under considerable pressure because of the significant fallout from the COVID-19 pandemic, sharply weaker oil prices and the threat of peak oil demand. Continue Reading
Crude oil output from fields operated by Brazil’s state energy major Petrobras hit a record last year despite the pandemic, at an average 2.3 million bpd, Bloomberg reported , comparing Continue Reading
Chanting anti-American slogans, thousands of Iraqis converged on a landmark square in central Baghdad on Sunday to commemorate the anniversary of the killing of a powerful Iranian general and a Continue Reading
Venezuela’s rapidly disintegrating oil industry, which is the backbone of its economy, is a mere shadow of what it once was, despite the founding OPEC member possessing the world’s largest Continue Reading
Venezuela’s crude oil and refined product exports plummeted in 2020 to their lowest level in 77 years, as the U.S. continued to step up sanctions against Nicolas Maduro’s regime and Continue Reading
Venezuela’s oil industry will likely continue to deteriorate in 2021, with the country’s roughly 300 billion barrels of crude in reserves left largely untapped even if oil prices move higher, Continue Reading
Oil demand from China has been one of the few bright spots for a global petroleum industry severely impacted by a long-term global supply glut and the economic fallout from Continue Reading
Venezuelan oil exports plummeted this month as U.S. sanctions have left some of the South American country’s cargoes stranded in Asia and competition with fellow OPEC+ members is set to Continue Reading
In January 2019, the Trump administration imposed sanctions on Venezuela’s oil shipping sector in an ongoing bid to force President Nicolás Maduro from power. The sanctions deepened Venezuela’s already severe Continue Reading
Colombia country is facing its worst economic catastrophe of modern times because of the global COVID-19 pandemic. The IMF believes that the strife-torn Latin American country’s economy will shrink by Continue Reading
After five years of plunging oil production and experiencing the near-collapse of its economically crucial petroleum industry and the worst peacetime economic crisis of the modern age, there are signs Continue Reading
The COVID-19 pandemic had a sharp impact on oil prices, creating considerable uncertainty over the outlook for energy demand around the globe. The ongoing global crude oil supply glut and Continue Reading
In June, the United States imposed sanctions on half a dozen oil tankers managed by established shipping firms. It was a major escalation of American attempts to choke off Venezuela’s Continue Reading
The U.S. government this week extended the term of a protection measure against Citgo creditors until July next year, Reuters has reported , noting the measure effectively bars creditors from Continue Reading
(1) Pre-Covid .. Fig 1: Oil production and peak years Production peaked 2015 due to Venezuela’s production collapse. Brazil’s production has not yet peaked but is unlikely to offset Venezuela’s Continue Reading
Colombia’s oil sector in 2021 is expected to see a continuance of Covid-19’s dampening effects that beset it in 2020, according to industry leaders and analysts. Receive daily email alerts, Continue Reading
Average Panama Canal passage wait times for Asia-bound LNG tankers from the US Gulf Coast without reservations are up to 13 days, the Panama Canal Authority has reported. Receive daily Continue Reading
The Liza-1 well in the Stabroek Block offshore Guyana is pumping oil at a rate of 120,000 barrels per day, Exxon has announced, in a belated achievement of its target Continue Reading
A string of crises has engulfed Peru, Latin America’s sixth-largest economy, since the start of 2020. If the marked impact of the COVID-19 pandemic on Peru were not enough, it Continue Reading
The last year has been rough for Colombia’s economically vital petroleum industry. Toward the end of 2019 and at the start of 2020 government and industry bodies were expecting a Continue Reading
The FSO Nabarima listing in the Gulf of Paria on October 16 (Photo: Fishermen and Friends of the Sea) Venezuelan state oil company Petroleos de Venezuela has begun transferring crude Continue Reading
Tropical rains have washed away most outward traces of the oil spill that ravaged Rio Seco this fall. But the fishing village in the shadow of Venezuela’s main refining hub Continue Reading
The trials and tribulations for Ecuador’s deeply embattled petroleum industry continue. If crumbling infrastructure, refinery outages and pipeline ruptures were not enough, the Andean country’s state-controlled PetroEcuador finds itself embroiled Continue Reading
The growing oil boom in the offshore Guyana-Suriname Basin continues to gain pace . After making a series of spectacular discoveries in offshore Guyana energy supermajor ExxonMobil announced that with Continue Reading
ExxonMobil and its partner Petronas have discovered oil and gas offshore Suriname, which adds to Exxon’s numerous discoveries offshore Guyana in the same Guyana-Suriname basin, the U.S. supermajor said on Continue Reading
Turnout is predicted to be low as opposition supporters are urged to stay at home President Nicolás Maduro’s party and his allies have won in Venezuela’s legislative elections that were Continue Reading
Iran is sending its biggest fleet yet of tankers to Venezuela in defiance of U.S. sanctions to help the isolated nation weather a crippling fuel shortage, according to people with Continue Reading
The Panama Canal Authority may add additional reserved LNG transit slots in the future to address the increase in US exports via the shortest route from the Gulf Coast to Continue Reading
ExxonMobil could install as many as 10 floating production, storage and offloading vessels, or FPSOs, at the Stabroek block off the coast of Guyana, the company’s manager for deepwater projects Continue Reading
