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Pemex to deliver at least three Suezmaxes to Asia from Salina Cruz

Pemex is set to deliver 1 million-barrel cargo of Isthmus crude to Japanese refinery Cosmo who operates at 147,500 b/d.  As a way to focus exports of crude from its Pacific Coast ports Pemex will also be exporting 1 million barrels of Isthmus to Korea’s GS Caltex. by Richard Capuchino, Platts, January 20, 2015 Mexico’s…

Venezuela looks for short-term relief in Citgo debt sale

In an effort to curb its declining economy, strapped-cash Venezuela looks to sell its U.S. refining Citgo to sell USD 2.5 billion of its new debt.  Amid worries of defaulting due to a drop in crude oil prices, Venezuela has around USD $10 billion in debt payments that it would like to pay off. Even…

Dominican Republic to attend Caribbean Energy Security Summit

US Vice President Joe Biden will be hosting a summit on Caribbean energy security on January 26, 2015 in Washington D.C.  The Dominican Republic, Jamaica, Grenada and Caribbean nations are attending the summit whose goal is to promote a cleaner and sustainable energy future in the Caribbean. Dominican Today, January 18, 2015 The White House…

V.I. to foreclose on HOVENSA, sue for breach of contract

During a press conference, Governor Kenneth Mapp of the Virgin Islands, directed his government to proceed with a foreclosure of the HOVENSA property citing natural resources damages and groundwater contamination against HOVENSA.  Additionally he asked his legal counsel to pursue claims of breach of contract against Hess Corp, HOVENSA and its owners in regards to…

Plummeting energy prices sting Caribbean’s economic powerhouse

As the price of oil declines Latin American and Caribbean countries are feeling the bite of the rolling energy market.  Trinidad and Tobago current economic turmoil has placed its prime minster into a tight corner. Kamla Persad-Biessessar, prime minister of Trinidad and Tobago, had assured her country last fall when price starting falling that it…

Oil Crash No Obstacle for Pemex as Mexico Plows Ahead With Bids

Even as prices of oil are collapsing, Pemex CEO Emilio Lozoya has committed to run tenders on fields where it is seeking partners.  For the first time in 7 decades, Mexico will be pressing ahead with plans to start offering oil licenses, specifically Pemex will be bidding as a minority partner in five blocks to…

Venezuela’s Asia Tour Backfires as Crude Extends Slump

Nearing the end of his Asia and Russia travels, Venezuelan president Nicolas Maduro had intended to garner support to normalized crude oil prices without any success.  Since his trip started the price of oil has fallen an extra 8 percent and continued to decline after meeting with Russian president Vladimir Putin.  Both Russia and Venezuela…

Uruguay Offshore Bidding Plans Hinge on Oil Recovery

Ancap Chairman Jose Coya had stated earlier in 2014 that the company planned on offering as many as a dozen blocks in late 2015.  The plan had been in the work for the last 3 years but now that is all dependent on the price of crude recovering and holding above $60/barrel.  If any of…

Oil price rout forces Venezuela to rethink petro-diplomacy

With oil prices being at half of the June numbers, Venezuela is currently rethinking the Petrocaribe subsidized oil arrangement in order to meet their financial debts and pay for imports.  Although Venezuelan president Nicolas Maduro is traveling the world to garner financial support very little details are coming to light about said agreements while in…

Venezuela secures US$20B in China deals

Venezuela secures US$20B in China deals

As foreign companies who are working on Venezuela’s mature oil fields are asking to be compensated in crude oil, Venezuelan president Nicolas Maduro has just announced that Venezuela and China have signed agreements worth USD 20 billion. It was unclear if the agreements would include opportunities for loans or if they were part of the current…

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