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Ecuador Says Oil Services Companies To Invest $1B To Boost Output

In order to liven up Ecuador’s mature fields several international oil service companies will be investing around $1 billion.  Sinopec, Schlumberger, Tecpetrol, and Halliburton will be taking on the risk of the investment while Ecuador will only pay for the execution of production increases. by Alexandra Valencia and Alexandra Ulmer, Reuters, April 4, 2016 International oil service…

Oil Bust Takes Its Toll On Latin-American Oil Output

EIA’s weekly estimates show a decline in U.S. shale output, going hand in hand with other declines around the around specifically in Latin America.  Being slated as the world’s most vulnerable oil region, as the major oil producers are having declines in their productions. by Nick Cunningham, Oilprice.com, April 2, 2016 U.S. shale continues to…

Outages in Latin America to help relieve global oil supply glut

Unplanned outages happening around the world at ports and pipelines is helping curb a supply glut that has inundated surpluses of oil and gas. Although short-lived it may still help certain oil producing countries but once it runs it course it will negatively affect several major Latin American countries. by Marianna Parraga, Reuters, April 1,…

Uruguay: First offshore well in years breaks world record

The previous record for deepest offshore well by water depth at 3,150 meters has been surpassed by Total’s newest well at a depth of 3,400 meters.  The French oil company has started to drill off the coast of Uruguay, the first offshore well in forty years. If the well proves successful they expect their first oil…

Geologists to drill into heart of dinosaur-killing impact

A current $10 million project, funded by the European Consortium for Ocean Research Drilling, will be returning to one of Earth’s most historic and ancient asteroid impact craters, Chicxulub.  Linked to the mass destruction of the dinosaurs, the crater is still mystery to scientists.  Researchers from Europe, Mexico and the University of Texas at Austin…

Capitol Crude: The US Oil Policy Podcast – Considering the Future of Cuba’s Oil Imports in Light of US Exports

Listen to our very own Jorge Piñon as he discusses with Platt’s editors Herman Wang and Brian Sheid on the potential for U.S. crude to be exported to Cuba and how that depends on Venezuela’s current oil-producing situation as well as U.S. policy. by Herman Wang and Brian Scheid, Platts Editors, March 21, 2016 As President…

Distillate Dominated 2015 US Prod Exports, Mexico Top Destination, EIA Says

The top three exports of U.S. petroleum products for 2015 were: distillate, gasoline and propane, in that order.  Distillate fuel was exported to 88 countries with Mexico being the top destination for both distillate and gasoline.  The U.S. continues to be a big exporter of petroleum products to Mexico, Central and South America. by OPIS,…

Mexico LPG Storage Cavern to Start up in April 2017

An update on a story from OPIS about the first LGP underground storage project in Latin America, to be built in Mexico.  Initially it was slated to start in 1st quarter of 2016 but has been moved further to April 2017.  This is not do to any major concerns but because CRE had to update…

11% Power Bill Fall If Renewable Energy Goal Met

A working paper released on March 8th by the IMF looks into power sector challenges and how Caribbean strategies can address them.  Using its National Energy Policy, the Bahamas can reduce the cost of its national electricity bill by 11 percent by attaining the goals set in the policy.  The working paper, called ‘Caribbean Energy:…

PDVSA to buy some 8 million barrels of U.S. or Nigerian light crude

According to Reuters, PDVSA is actively seeking to purchase about 8 million barrels of U.S. or Nigerian light crude.  Lately the Venezuelan state-run oil company has been purchasing larger and larger tenders of diluents in order to meet its own decline of diluent outputs. by Marianna Parraga, Reuters, via Petroleumworld.com, March 10, 2016 Venezuela’s state-run…

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