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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…

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…

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