Venezuela this month plans to import over 300,000 barrels per day (bpd) of refined products to ease domestic fuel shortages caused by hobbled refineries and need to prioritize exports, according to internal documents seen by Reuters.
RIO DE JANEIRO, Nov 28 Brazil has more than
doubled the number of risky ship-to-ship oil transfers this
year, but its monitoring of such offshore maneuvers is lax, to a
point where a July 2017 collision between two tankers was not
reported, according to a Reuters review of government and
RIO DE JANEIRO Brazil has more than doubled the number of risky ship-to-ship oil transfers this year, but its monitoring of such offshore maneuvers is lax, to a point where a July 2017 collision between two tankers was not reported, according to a Reuters review of government and shipping records.
CARACAS/MEXICO CITY Venezuela's oil ministry last month turned down a proposal by BP to buy Total's stake in a promising but inactive natural gas project along the maritime border with Trinidad and Tobago, five people briefed on the matter said.
WASHINGTON/MEXICO CITY The head of Russian oil company Rosneft , Igor Sechin, flew to Caracas this week to meet Venezuelan President Nicolas Maduro and complain over delayed oil shipments designed to repay loans, two sources briefed on the conversation said on Saturday.
Venezuela's state-run oil firm PDVSA [PDVSA.UL] has begun talks with shipping firms to set up a second ship-to-ship (STS) operation off the country's eastern coast in an effort to increase sagging crude exports, according to three people familiar with the matter.
MEXICO CITY Mexico's state-run Pemex is expected to start operating in April the largest offshore oil platform built in the country in a decade, which was constructed by McDermott International, an executive of the engineering firm said on Thursday.
MEXICO CITY/HOUSTON Cash-strapped state-run oil companies in Mexico and Venezuela have begun diverting crude historically processed for domestic use and sending it to U.S. refiners now facing transportation constraints to secure similar grades from Canada, data shows.
MEXICO CITY Refining company Phillips 66 was awarded a tender to supply Mexico's Pemex with at least four 350,000-barrel cargoes of U.S. Bakken crude for November delivery, the refining company said on Monday.
(Repeats story from earlier Tuesday with no change to text)
By David Alire Garcia and Marianna Parraga
MEXICO CITY, Oct 16 At his first meeting with
foreign oil majors, Mexico's leftist president-elect pushed the
companies to prove themselves by quickly pumping oil from recent
finds, sources say, but gave no sign of offering up new fields
to reverse dwindling output.
President-elect Andres Manuel Lopez Obrador repeated a
promise to respect more than 100 existing contracts awarded
following a sweeping five-year-old energy overhaul as long as a
review by his team finds no corruption. And he added: companies
must show results, three executives who attended the meeting
For U.S. independent Talos Energy , which is
developing a high-profile, big offshore discovery announced last
year along with partners Premier Oil and Sierra Oil &
Gas, Lopez Obrador's message was clear: quickly bring new
streams of production online.
"We know we have to exceed expectations and we're trying to
make sure we do that," said Talos Energy CEO Tim Duncan, one of
the executives who attended the session.
At the Sept. 27 meeting, the president-elect also criticized
the 2013 constitutional reform for failing to stop an extended
Operators such as Talos and Italy's Eni, which also
announced a major offshore find last year, are on Lopez
Obrador's watch list to pump oil quickly, said Carlos Pascual, a
former U.S. ambassador to Mexico who now helps run consultancy
IHS Markit's global energy business.
"The focus on increased barrels is going to create greater
pressure for some companies," he said.
The oil and gas blocks awarded in bidding rounds over the
past three years to companies including Royal Dutch Shell and
Chevron will result in $160 billion in new investment, the
outgoing government estimates.
Lopez Obrador's pick to be the new oil minister, Rocio
Nahle, did not respond to a request for comment about Lopez
RIG OIL NOT BIG OIL
At the meeting, Lopez Obrador also explained he intends to
put some 20 idle drilling rigs belonging to a few Mexican
service firms to work for state giant Pemex, according to three
executives who attended the meeting.
The executives, who asked not to be named to avoid any
ill-will from the incoming government, said they were surprised
at the decision to talk up the service contracts for Pemex
instead of encouraging much bigger investments the oil companies
are capable of making.
A former senior executive with Pemex said the plan could add
at most 150,000 barrels per day (bpd) to Mexico's 1.8 million
bpd production in a year, far short of the 40 percent increase
to 2.6 million bpd he is targeting during his six year term.
Lopez Obrador is a long-time critic of the energy reform
that brought major oil companies to Mexico for the first time in
more than 70 years, and has warned he will not offer up more
areas for auction.
Oil companies still hope he will soften that position in
order to meet his ambitious production goals.
The veteran leftist politician adopted a diplomatic tone at
the industry session, said the company executives, and his team
even pledged to ease regulatory delays companies face.
"Reality could force pragmatism," said an oil executive who
attended the meeting, arguing it is highly unlikely Mexico could
meet Lopez Obrador's lofty output goal with government spending
As an indicator, firms are closely watching whether oil
auctions set for February by Mexico's independent oil regulator
will be canceled or postponed after Lopez Obrador takes office
If that happens, along with the pledge to focus production
plans on squeezing more out of Pemex fields with local rigs,
outside investment could cool for years in Mexico's oil patch,
home to under-explored shale plays and the country's potentially
lucrative deepwater Gulf of Mexico, according to the executives
and sector analysts.
The head of the oil regulator, Juan Carlos Zepeda, has said
Pemex would need to dedicate $20 billion each year to
exploration and production activities to hit Lopez Obrador's
output goal, about double this year's budget.
Advisor Rocio Nahle, Lopez Obrador's pick to be energy
minister, said last month Pemex will be allocated about $4
billion for "exploration and drilling" in 2019, without going
The nearly two hour meeting between Lopez Obrador and oil
company executives ended with a promise to maintain "continuous
dialogue" going forward
However, there was no question-and-answer period, and
following the set speeches, Lopez Obrador and his senior energy
aides quickly departed. No new meetings have yet been scheduled.
One attendee bluntly quipped afterwards: "He really doesn't
(Reporting by David Alire Garcia and Marianna Parraga; Editing
by Frank Jack Daniel)