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Venezuela, Russia’s Rosneft agree on $14 billion oil, gas investment

Rosneft has agreed on investing $14 billion on Venezuela’s current and upcoming oil and energy projects.  According to President Nicolas Maduro, the funds will go towards increasing Venezuela’s oil production to target 6 million barrels a day by 2019. Rosneft strongly supports Venezuela, and believes that in case the U.S. and Canada’s shale production declines,…

Investment into Mexico fell 49 percent last year, hastening need for oil and gas funding

Latin America and the Caribbean FDI fell 16% from 2013 to 2014, Mexico being the country with the largest decline on investments. While it is believed that the new energy reform will cause investment to “pick up” economy experts say the big decline is due to Mexico’s underperformance. by Bloomberg, May 27th, 2015 Chile bucked the…

Chevron, Exxon pre-qualify for Mexico’s Round One

Energy giants, Chevron and ExxonMobil, qualified for Round One bid in Mexico. Applicants were required to have expertise in working in shallow waters and demonstrating participation in at least three exploration and production projects with investments of US$1 billion. In total, 26 companies applied for the first bid round. by Audrey Leon, Offshore Engineer, May 26th,…

U.S. considers incrementing its oil production

In an interview with CNN Dinero, expert Jorge Piñon the outcomes of lifting the embargo it has on Middle Eastern countries. The U.S. would be able to increase the production of light crude oil, a product which many countries are in demand of. What happens to the price of gas in the U.S.? It will have the liberty…

Mexico Oil Firm Pemex Creates Cogeneration Unit, Shuffles Executives

After losing it’s title as Mexico’s oil producer, Pemex is now exploring the option of producing electricity. The company is restructuring and creating a Cogeneration and Services division which will harness excess of vapor and heat form its industrial operations. by Lawrence Iliff, Wall Street Journal, May 22nd, 2015 National oil company Petróleos Mexicanos created…

Uruguay says studies indicate natgas reserves in two zones

Recent studies reveal that Uruguay may be sitting in a large natural gas reserve. Petrel Energy Limited show more than 900 million barrels of oil and 3.1 trillion cubic feet of gas. by Malena Castaldi and Richard Lough, Reuters, May 21, 2015 Energy importer Uruguay may be sitting atop shallow-lying natural gas reserves as well…

Mexico’s Round One to Attract Smaller Players

Twenty-six onshore conventional fields in the Burgos, Tampico-Misantla and Salinas-Sureste basins are being offered in the next phase of Mexico’s Round One. Production of these fields is no larger than 35,000 which doesn’t interest large firms but opens opportunities for smaller private exploration and production firms. Process will also be different, as this round will…

PDVSA Said Seeking Sweet Oil From North Sea, Africa for Blending

PDVSA is expanding its relationships and looking for a new supplier in West Africa. Since the company is not sure about the U.S. gasoline, it went looking for it to the North Sea in order to continue with its new strategy of mixing oils. by Sarita Williams and Pietro Pitts, Bloomberg, May 20, 2015 Petroleos…

Latin American Energy: Issues and Prospects

UT’s Jorge Piñon and other experts from the energy sector, were brought in to  The Wilson Center’s Regional and Global Energy series in Washington, D.C., to discuss challenges in Latin America. Keynotes and panels were formed by experts from public and private sector, each bringing up topics in different countries such as Brazil, Argentina, Mexico, Venezuela and the…

Low oil prices hamper Mexico’s deregulation, limit potential Cuban development

Expert Jorge Pinon talks to World Oil about the future of oil in Mexico. He believes that current projects will take up to seven years to monetize, raising questions among investors as to how future oil prices affect their investment. On the other hand, Pinon says that Cuba’s oil industry has yet to demonstrate its potential. After five failed attempts, low…

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