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Big Oil to battle for Mexico’s deep crude after auction snub

After last week’s disappointing auction, it is expected that next round will be much more attractive to big oil players. According to the experts, the projects that will be announced next August include block near the dividing lines of U.S. and Mexican waters which comprise “more promising geologic structures.” By Joe Carroll, Bloomberg News, July 16, 2015 Mexico…

Venezuela expands oil blending scheme with Nigeria crude buys: traders

PDVSA recently bought Nigerian crude oil in order to blend it and expand its portfolio. Venezuela began importing crude reserves from around the world last year, this allows the company to reduce costs. PDVSA also revealed plans with OPEC on blending with its allies in order to compete with the U.S. and Canada. by Reuters,…

After agreement with Iran, oil price goes up 1%

Oil prices went up after it became evident that sanctions to Iran will not be immediately lifted. Brent went up 1.1% per barrel, and the U.S. price per barrel also gained 84 cents, to 1.6%. The market expects Iranian imports to grow 60% on its first year, but this will not happen until second half…

Mexico Auctions Oil Blocks in Attempt to Increase Production

The morning of July 15th, SENER and CNH held an auction that would assign 14 blocks off the coast of Mexico. Bidders were national and international corporations and consortiums for the energy industry interested in Mexico’s oil and gas resources. However, the results of the auction resulted in a disapointment to many,  as only 2…

Spain’s Repsol in $40 mn oil exploration project in Bolivia

Exploration for oil and gas is about to take place in Bolivia, Repsol will be investing $40 million USD with the objective of confirming area estimates, approximately 0.80 trillion cubic feet of natural gas. by Fox Latino, July 13, 2015 Bolivian oil company YPFB Andina, in which Spain’s Repsol has a 48.92 percent stake, is…

CNH announces winners for Round One first auction

by Mariana Serna, University of Texas at Austin, July 2015 On July 15th, Mexico’s Comision Nacional de Hidrocarburos (CNH) released the proposals and winners of the first auction for Round One. Nine participants handed in proposals, including 5 corporations and 4 consortiums. 14 areas were up for bid in this round. The bidding process was simple,…

How does the nuclear agreement with Iran affects the oil industry?

Ban on Iran is expected to cease later this year on December 15th. CNN talks to expert Jorge Piñon about what to expect from Iran when restrictions are lifted. Piñon believes Iran has the necessary infrastructure to meet the demand it has committed to bring to the market (500,000 barrels of crude.) The challenge Iran…

An update on Central American gas pipeline

A second reunion took place between representatives of Mexico, Guatemala, El Salvador, and Honduras to discuss the importance of gas pipelines and its development through a public international bid. This proposal is meant to be executed in August on a regional effort to promote sustainable and economical development through access to natural gas. by Notimex…

Pemex is granted oil refining permits for the next 30 years

Sener granted Pemex 18 permits that will allow the company to continue working on oil and gas activities. Six of these permits correspond to refineries, nine were appointed to gas, and three for oil. All licenses expire withing 30 years and should operate withing the Hydrocarbon Law. These permits establish new obligations such as the…

Pemex drops out from Round One

Pemex drops out from Round One

Just a week before Round One winners were announced, Pemex declined its participation for this bid. The Mexican oil company is undergoing financial pressure due to lower income and oil prices and had decided to focus its efforts partnering with other corporations for future bids. Energy expert Jorge Piñon talks to CNN about the recent Pemex’…

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