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ExxonMobil awarded $1.6bn for Venezuela assetsEx

ExxonMobil has been awarded $1.6 billion by an international arbitration panel for the Venezuelan government’s 2007 expropriation of its local assets. The panel confirmed that the government, “failed to provide fair compensation for expropriated assets”. The $1.6 billion falls short of the initial $20 billion that the US major initially hoped to receive after the…

Offshore Cuba – can Russia succeed where others have failed?

Cuban ally Russia has said that it will help develop Cuba’s offshore oil industry which is estimated at 5 billion barrels of undiscovered reserves. Cuba is currently producing 50,000 barrels of oil a day but still must import 100,000 barrels daily from Venezuela. So far, exploration drilling in Cuba’s deepwater have be unsuccessful, because of…

Argentina unloads first October LNG cargo, seven others remain in queue

The first of eight vessels of LNG were unloaded at an Argentine port on Tuesday. The remaining seven vessels are still in queue offshore. The unload was the first at an Argentine port since September 25 due to strong winds from unusual spring temperatures made it impossible for vessels to enter ports from October 2…

Bolivia’s YPFB confirms talks with Petrobras to extend natural-gas supply deal

Petrobras is in talks with its Bolivian counterpart Yacimientos Petroliferos Fiscales Bolivianos to extend the natural-gas supply contract that is set to expire in 2019. The new contract will cover 2020 and beyond. Petrobras currently imports around 30 million cubic meters of natural gas a day from Bolivia due to the fact that Brazil is…

Argentina delays LNG imports as gas demand weakens

Recent warmer-than-average temperatures in Buenos Aires have reduced Argentina’s domestic demand for natural gas. Argentina’s sendout rate of natural gas is below 30 percent capacity right now, due to the low demand causing an attempt to slow discharge. by Desmond Wong and J. Robinson, Platts, September 26, 2014 Argentina has been actively seeking deferral of LNG…

Brazil’s natural gas demand rises 12.5% year-to-date through August

Brazil’s natural gas consumption is up 12.5% from January through August when compared to the same period of 2013. The Brazilian Association of Piped Gas Distributors released the figures Thursday stating that nationwide consumption of natural gas reached an average of 81.67 million cubic meters. The rise is caused mainly by gas-fired thermoeletric plants which…

Natural gas curtailments in Trinidad and Tobago due to lack of investment

BP Trinidad and Tobago dismissed the claim that natural gas curtailments that have negatively impacted production by downstream LNG and petrochemical plants are being caused by maintenance activity, stating the the true cause is less investment in upstream producers. The company did admit that maintenance activity had some affect on the gas curtailments, but it…

Petrobras’ Sergipe-Alagoas discoveries hold light oil, condensate

Brazilian state-run oil company, Petrobras has discovered very light oil in the Sergipe-Alagoas Basin off the northeast coast. The oil has been rated with an API anywhere from 39 to 44, averaging at about 40 API. The string of six discoveries is helping out the country by creating exploration buzz. by Jeff Fick, Platts, September 18,2014…

Saudis boost output as oil price slumps; Venezuela wants emergency OPEC meeting to discuss

While Suadi Arabia and several other OPEC members seem to show little concern in the price fall in oil prices, Venezuela does not feel the same. The OPEC member called for an emergency OPEC meeting on Friday, arguing that action is needed to stop the fall in prices. Venezuela’s foreign minister, Rafael Ramierez feels that…

Noble Americas Said to Loan Ecuador State Oil Company $1 Billion

Ecuador has received a loan of $1 billion from the U.S. unit of Noble Group Ltd. The debt was repackaged into securities that have been sold to bond investors, issued through Noble Sovereign Funding I Ltd., a Cayman Islands-based special purpose entity. The interest rate on the securities due in 2019 is 5. 63 percent….

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