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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…

Petrobras and Indian partners find more oil in Brazil

In a securities filing on Thursday, Petrobras and its Indian partners have reported that they have found more light crude oil in the Sergipe Basin off the northeast coast of Brazil.  The drilling found a 28 meter column of oil and the discovery also includes a presence of light crude oil with a density between…

PEMEX proposal to import light crude could benefit Eagle Ford producers

The U.S. Department of Commerce has received a proposal from Pemex to import light crude from the United States. In effort to create blends that would reduce sulfur emissions in their refining process, Pemex is asking to import about 100,000 bpd of light crude and condensate from the U.S.  The request comes at time when…

Presalt oil and natural gas provide an increasing share of Brazil’s production

Brazil’s exploration and development of it’s presalt layer began over a decade ago with its first production starting in 2008.  In 2013, Brazil’s presalt crude oil production was 15% of total production, this being a sufficiently greater increase from 0.4 % in 2008. The presalt natural gas productions also had a significant rise with 14%…

The Falling Price of Oil: What are the Lessons Learned for Texas?

Our very own Jorge Piñon speaks with Xavier Serbiá of CNN Dinero over the lesson learned from the 1980’s oil boom and crash that hurt the Texas ecnomony. Now as the price of oil falls and the Texas shale oil boom is still high, what are the pitfalls that Texas know to look for? How…

Argentina Says Oil Price Plunge To Cut Energy Trade Deficit By 16%

While the current oil price drop may hinder many of the big energy players in terms of profits, some countries may receive an ease to there bottom line.  Argentina’s energy trade deficit will decrease by 16% next year due to the price drop but also hopes to reverse the deficit by tapping into its Vaca…

Venezuela Partners Said Seeking Oil Payment as Arrears Mount

Venezuela’s current position of being cash strapped has caused several oil partners asking to be compensated with crude oil.  Spain’s Repsol and India’s Oil & Natural Gas Corp. is owed monies by Venezuela, as PDVSA’s revenues are being allocated to social program and fuel subsidies. by Rakteem Katakey and Pietro D. Pitts, Bloomberg, January 7,2015…

TIMELINE: Push To Relax US Oil Export Ban Ends 2014 With Breakthrough

For the last 40 years the U.S. has had a ban on exporting domestic crude but in 2014 this ban has become of the defining moments in energy policy.  The Obama Administration has allowed certain types of ultra-light oil to be shipped, after months of lobbying by interested parties.  Although this may look as rise…

Colombia economy hit hard by lower oil prices

With the recent drop in Brent/WTI crude oil prices, Colombia’s oil boom has started to burst.  Not only did Colombia have to deal with falling prices, but this year Colombia’s output also declined due to guerrilla attacks, sub-par drilling results and permitting delays. Petroleumworld.com, Dec 24, 2014 The oil boom that enriched bondholders in Colombia is…

Bond holders pushing for a Petrobras default

Petrobras may incure a default on its 53.6 billion outstanding debt if it does not report on third-quarter earnings results by the end of February.  Aurelius Capital Management, a New York based hedge fund, expects “Petrobras to be shut out of the international capital markets” if it does not report on 3Q earnings.  The delay…

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