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Amid Weak Oil Prices, Pemex Touts Its Rock-Bottom Production Costs

Mexican oil company, Pemex, talked about their low production costs of $10 a barrel. Pemex attributes the low costs not to the decline in oil price but to the devaluation of the Mexican peso which allows the company to still make some profit since oil is sold in dollars. by Laurence Iliff, Wall Street Journal,…

Petrobras ends rig contract with Ensco over bribe allegations

The British Ensco Plc and Petrobras ended one of their drilling contracts due to corruption allegations made by the Brazilian oil company. by Caroline Stauffer, Reuters, Jan. 06, 2016 Brazil’s state-run oil producer Petrobras ended a drill ship contract with rig contractor Ensco Plc because of corruption allegations, Ensco said, as fallout from the country’s largest-ever…

Reinassance, three oil blocks winner to partner with Pemex

Reinassance Oil Corp., is a British Columbia onshore producer that won rights in the December 15th oil auction to develop three onshore fields in Chiapas. The Canadian company is looking for partnering opportunities with Pemex for exploration of unconventionals and help them overturn a 11-year decline in the country’s oil production. by Petroleum World, Jan. 07,…

Argentina to cut price of locally produced oil by 12 pct-media

Price of locally produced Argentinian oil is being sold at 12% less, yet still it remains higher than the average global price. The prices follow a devaluation in the local currency, high quality crude went from $77 USD to $67.5 USD and lower quality crude went from $61 USD to $54.9 USD. by Hugh Bronstein,…

Brazil’s Eletrobras Approves Sale of Energy Distributor Celg-D

Brazil’s Eletrobras decided to sell 51% stake in Celg-D for $367 million USD in order to help te government with its cash struggles. Companies like Italy’s Enel SpA and Chinese State Grid Corp. had shown interest in the distributor that currently serves 7 million people in Goias state. by Vanessa Dezem, Bloomberg, Dec. 28, 2015…

First U.S. Oil Export Leaves Port; Marks End to 40-Year Ban

Theo T left Corpus Christi, Texas, on December 31st. The ship is transporting oil sold to Swiss trading house Vitol Group and will arriving to Italy. A second U.S. cargo for Vitol is expected to leave Houston port in a few days. by Joe Carrol, Bloomberg, December 31st, 2015 The first U.S. shipment of crude…

Venezuela Delays Gas Exports to Colombia – Here’s Why

Venezuela has suspended nat gas supply to Colombia due to El Niño. Climate has brought drought and water shortages to Colombia and PDVSA has been notified that electrical generation might vary. The 2007 agreement between both countries states that Venezuela will supply Colombia with 39 million cubic feet of gas per day, which represents 3%…

Samsung Engineering wins $550m refinery contract from Pemex in Mexico

Samsung Engineering in South Korea just signed a $550 million contract with a Pemex refinery in Salamanca, Mexico. Through Samsung, Pemex’s refinery will expland its capacity by 53,000 barrels a day and provide engineering, procurement, construction and commissioning services by the end of 2018. by Energy Business Review, Dec. 22, 2015 South Korea-based Samsung Group’s…

Venezuela Oil Price Falls Below $30

Venezuela Oil Price Falls Below $30

Venezuelan oil hits an all time low by selling crude at $29.17, a fall of 6.6% and the lowest price it’s seen since February 2004. by Latin American Herald Tribune CARACAS — The price Venezuela receives for its mix of heavy oil continued tumbling this week, hitting an 11 year low as oil prices around…

YPF, Dow To Invest $500 Million In Argentina Shale In 2016

YPF and Dow Argentina will invest $500 million to explore for shale gas in Argentina in 2016. Both companies have drilled in Vaca Muerta before and are planning to drill 30 new wells next year, eventually surpassing their goal of 180 wells  in the years ahead. by Nasdaq, Dec. 15, 2015 BUENOS AIRES—Argentina’s state-run oil company,…

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