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Mexico to postpone deep water auction, adjust next oil tender terms

After a failed first auction for Round One, Mexican government has decided to postpone next bid and adjust the tender terms. According to the energy minister, the requirements will be more relaxed and even allow companies to bid a second time in case the first one fails to meet the minimum requirements. He also stated…

The Venezuela-Guyana Conflict

The Venezuela-Guyana Conflict

Last week, Exxon Mobil announced discovery of 700 million oil barrels at their Liza-1 well. The location is 100 miles from the shore of Guyana, a territory that has been debated belongs to Venezuela. President Nicolas Maduro reached out to Washington for help in order for both countries to peacefully agree on territory settlement. In an…

Historic oil meeting in Cuba set for October

Leaders and experts of the oil industry will meet in Havana, Cuba in October to establish environmental and safety policies for oil drilling in the waters shared by both countries. The relationship between both becomes stronger, yet the trade embargo remains, limiting the availability of high-tech drilling equipment and techniques by David Goohue, The Reporter, July 23,…

Venezuela seeks light crude contracts to make blends -sources

PDVSA is looking to buy 70,000 bpd for the next five years. Seeking for the best offer, the company intends to use the barrels of ultralight crude as a diluent of their growing production of extra heavy oil. PDVSA is looking the best offer and expecting an agreement of up to five years. by Reuters, July…

Mexico’s Pemex to export 6 mn barrels of oil to Japan

Pemex agreed to send 6 million barrels of crude to Japan’s JX Nippon Oil & Energy Corporation in the next six months. The shipment, which will be leaving from a Oaxaca port, is an addition to the 4 million barrels Pemex delivered to JX Nippon earlier this year. by Fox News Latino, July 24, 2015 …

Cuba may drill for oil using U.S. equipment

In the recent months, President Obama has taken action in order to change the embargo on Cuba. Current policies establish that Cuba cannot drill closer than 60 miles near the U.S., in this case Florida. They also establish that U.S. equipment cannot be used to explore the island’s shores. Experts argue whether this is safe for…

Exxon Mobil’s Guyana find may dwarf nation’s economy

Exxon Mobil’s discovery in Guyana could hold more than 700 million barrels of oil, a resource that is worth more than ten times the nation’s GDP. By Andrew Rosati and Joe Carroll, Bloomberg News,July 21, 2015 An Exxon Mobil Corp. discovery off Guyana may hold oil and natural gas worth 12 times the South American nation’s…

Petrobras Selling Argentine Unit Stake, Province Governor Says

In an effort to cut spending, Petrobras is selling its Argentina stake in the Neuquen Province. Among those interested are YPF, Pan American Energy, Plus Petrol, and Tecpetrol, looking to buy up to 70% of Petrobtras SA. by  Pablo Rosendo Gonzalez, Bloomberg Business, July 17, 2015 Petroleo Brasileiro SA, the world most indebted oil producer, is…

Mexico draws natural gas interest from France

French energy group Engie, recently signed cooperation agreements with Mexican entities Pemex, Federal Electricity Commission (CFE), and  National Center of Natural Gas Control (CENAGAS). These MOUs focus mainly on natural gas and electricity projects, facilitating projects and transfer of knowledge between both countries. By Daniel J. Graeber, UPI, June 16, 2015 French energy company Engie said…

Will Mexico be able to rescue its energy reform?

After the unexpected results in Mexico’s Round One initial auction and oil prices stuck in a minimum level, the question of whether the energy reform will be successful or not is starting to surge. Expert Jorge Piñon tells CNN Dinero that the government needs to make contract requirements more attractive in order for the reform to be effective….

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