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Venezuelan finance minister rules out Citgo Petroleum sale

Venezuela’s Finance Minister, Rodolfo Marco, has announced that the country has ruled out the sale of US refining subsidiary, Citgo Petroleum. Instead, the country will continue to invest in Citgo’s refineries. PDVSA was hoping that the company would sell for between $8 billion and $10 billion, but the valuation was priced well below that amount….

Risen Energy to build a plant in Mexico

Risen Energy to build a plant in Mexico

Risen Energy is planning to invest $600 million on the building of a 300 megawatt solar photovoltaic power plant in Mexico. The solar energy company’s investment marks the largest investment deal ever between China and Mexico, and is expected to kickstart further Latin American expansion. by Shi Xiaofeng, China Daily USA, October 24, 2014 A solar…

India to explore food, energy opportunities with Latin America

In order to boost trade and investment, India has decided to expand its engagement with the Latin America and Caribbean countries. The main areas India is hoping to invest in are food and energy security. Other business opportunities include agriculture, renewable energy, IT and ITeS. by Huma Siddiqui, The Financial Express, October 25, 2014 India has…

Venezuela’s PDVSA to invest $20 bln to boost refining capacity

Venezuela’s PDVSA announced on Wednesday its plans to invest $20 billion in order to expand its domestic refining capacity by 20 percent. This expansion will add 265,000 barrels per day of refining capacity to the current 1.3 million barrels per day available. by Brian Ellsworth, Reuters, October 22, 2014 Oct 22 (Reuters) – Venezuelan state oil…

Argentina’s energy sweeteners won’t mask bitter taste of state controls

Even if Argentina’s Congress backs a law offering sweeteners to attract new investments, oil and gas firms will still remain cautious. The vast Vaca Muerta shale oil and gas deposits has barely been tapped, and Argentina needs to increase production in order to reverse a $7 billion energy deficit. by Eliana Raszewski, Reuters, October 23, 2014…

OPEC needs oil cut of at least 500,000 bpd: Libyan OPEC governor

A Libyan oil official said that OPEC should cut its oil output by at least 500,000 barrels per day in order to tackle oversupply and support prices that have reached a four-year low. OPEC is scheduled to meet on November 27 to consider adjusting its output target of 30 million barrels per day. However, the…

Weak oil threatens US export of LNG, leaving Asian buyers stranded

Global oil prices have dropped 26 percent since June to $85 a barrel. This drop may prove to be a costly disappointment for Asian buyers who have invested billions of dollars in long-term contracts. Lower oil prices makes US LNG less attractive for buyers, meaning  Asian buyers like Korea Gas Corp., Tokyo Electric and India’s…

EIA: US crude oil exports, re-exports climb

EIA: US crude oil exports, re-exports climb

US exports of crude oil were 401,000 b/d in July. This is the highest level of crude exports the country has seen in 57 years. Typically crude oil exports are sourced domestically and only sent to Canada. Since April, exports have included Canadian-produced crude that was moved through the United States and then re-exported to…

Mexico’s Pemex 3Q Loss Widens On Lower Crude Output, Prices

Pemex reported a $4.44 billion quarterly loss during the July to September period. The revenues of the 3rd quarter are down 0.7 percent from the same period last year. Mexico’s government relies on oil revenues to fund about one third of the federal budget. by David Alire Garcia, Reuters, October 24, 2014 MEXICO CITY, Oct 24…

Mexico Plans To Offer Geologically Diverse Assets In Round One

The Round One tender offered by Mexico following the deregulation of its oil and gas industry has made available 169 blocks covering about 28,500 sq km. The geologically diverse round includes both shallow water and extra-heavy oil deepwater assets. by Velda Addison, Exploration & Production, October 22, 2014 Shallow-water acreage will be first up on the…

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