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Obama Nominates Maria Echaveste for Ambassador to Mexico

Maria Echaveste, a native of Texas and former Clinton White House official, has been nominated by President Barack Obama to be the next ambassador to Mexico.  If confirmed she will be the first woman to hold the position; most recently she served as the nation’s special representative to Bolivia from 2009 to 2010. by Suzanne…

Barclays: U.S. Independent Refiners – CITGO Valuation Analysis

Barclays Equity Research, September 15, 2014 Barclay’s Capital Inc. just released a report regarding the valuation of PDVSA’s CITGO; its U.S. refining and marketing company.  CITGO is comprised of three refineries in Texas, Louisiana and Illinois with a total of 749 mbd refining capacity.  In recent weeks the media has reported a potential value of…

Pemex advances diesel program at Mexican refineries

Pemex has sent a contract to Spain’s Técnicas Reunidas in order to begin an unltralow-sulfur diesel project at its Lazaro Cardenas refinery. Engineering, procurement, construction, and commissioning of three new refining units are all included in the contract. The contract will be carried out in two phases, the first will cost $50 million and is…

Brazil ‘falling off world oil map’ over failed policies

Due to the increased costs, reduced efficiency, and increased risk resulting from Brazil’s energy policies, investors are beginning to lose interest. Countries like Mexico, Iran, Iraq and Algeria are causing Brazil to lose out because investors are more attracted to their policies that are more welcoming to private sector investment. The IBP has stated that…

Brazil to export up to 2 million b/d by 2018-2020

Brazil’s ANP announced that growing production from the country’s subsalt oil fields will make the country a large crude oil exporter. Exports are expected to be anywhere from 1.5 million to 2 million bpd by the year 2022. The increase in sales should generate up to $65 billion positive impact on Brazil’s trade balance. by Jeff…

Argentina July LNG imports down 7% as domestic production climbs

Argentina’s imports of liquefied natural gas showed a 7 percent decline in July, compared to July 2013. This is the first year-on-year decline in LNG imports for July since 2009. Average temperatures for the country are coldest in the July month each year for Argentina, so imports of LGN are used mainly for both residential…

Pemex pumps USD 2.5bn into Los Ramones pipeline project

The second phase of the Los Ramones pipeline will set Pemex back about $2.5 billion. The pipeline will import natural gas from the US and help satisfy Mexico’s growing demand. Overall, Pemex plans to spend $5.5 billion on expanding Mexico’s natural gas pipeline network. by Paddy Harris, Oil & Gas Technology, September 12, 2014 Pemex revealed…

Chevron weighs the purchase of one of Citgo’s refineries

Due to debt obligations, Venezuela’s PDVSA has lowered the price of Citgo and hopes to receive between $8-10 billion for the sale of three refineries in the US. International company, Chevron appears to be interested in buying the Corpus Christi refinery that has the capacity to process 165,000 bpd of crude. by Andreína Trujillo, El Universal,…

Experts split on lifting US oil export ban

Experts split on lifting US oil export ban

Experts in the oil industry differ when it comes to whether or not to remove the restriction on exporting oil from the United States. While some say that lifting the ban will increase welfare and GDP in the U.S., others feel that the lift might increase gasoline prices and hurt the economy. However, anything happening…

Uruguay aims to woo oil majors for offshore prospects

Uruguay’s state-owned oil company, Ancap, announced Tuesday that it is seeking deals with the world’s leading energy companies in hopes of finding oil in offshore areas. The drilling Uruguay wants to do, will be occurring in ultra-deep waters, and will require the use of the latest exploration technology, which is the reason Uruguay is hoping…

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