Argentine Invites Oil Companies to Submit Offshore Proposals
Argentina has called on oil companies to submit proposals for offshore exploration areas, the country's official gazette said on Friday, looking to exploit under-explored parts of the country's continental shelf and other potential oil basins.Oil companies, including Shell and Statoil, have said they are mulling bidding in auctions to be held later this year.The country faces fierce competition to attract the billions of dollars of investment needed to develop deepwater reserves.
Excelerate, TGS Join for Argentina LNG Export Study
Excelerate Energy and Transportadora de Gas del Sur (TGS) have provisionally agreed to jointly assess the viability of an LNG liquefaction and export project at Bahia Blanca in Argentina.Argentina currently imports liquefied natural gas (LNG) through two floating import terminals, particularly during the country's peak winter consumption.The successful development of Argentina's shale gas reserves resulted in a potential excess of natural gas during the summer months.
Fate of Argentine Biodiesel Industry Hinges on EU Sanctions
Argentina's biodiesel industry is at risk after the European Union threatened to impose tariffs on imports from the South American country, following accusations that the nation unfairly subsidized its biofuel sector. The threat of tariffs has halted Argentine biofuel sales to the EU, industry sources told Reuters, adding that imposing a tax would leave 85 percent of the country's biofuel exports without a viable market and may force suppliers to close shop. Boasting major producers like Cargill and Bunge , Argentina is a leader in biodiesel exports.
Oil Slips as Focus Shifts to Demand in Coming Months
Oil prices edged lower on Monday as troubled emerging markets and trade tensions dented the outlook for fuel demand, though U.S. sanctions against Iran could mean tighter supply ahead. Brent crude futures fell 14 cents to $72.67 a barrel by 11:18 a.m. EDT (1518 GMT). U.S. West Texas Intermediate (WTI) crude fell 29 cents to $67.34 a barrel.Futures have struggled to find a footing since Wednesday, after they fell about 3 percent as a trade dispute between…
LNG Prices Climb on Limited Supply
Asian spot liquefied natural gas (LNG) prices rose this week to their highest since February as buying interest from China remained firm and as supply is expected to be limited during maintenance in August.Spot prices for July delivery in Asia were at $9.60 per million British thermal units (Btu) this week, gaining 40 cents from the previous week and are at the highest for this time of the year since 2014.Higher oil prices had been deterring some buyers…
Mexico's Energy Sector Faces Deepwater Auction Test
An auction of deepwater oil and gas fields in Mexico this month may prove the last major opportunity for President Enrique Pena Nieto's government to capitalize on its opening of the energy sector, the central plank of its economic agenda. The Jan. 31 tender of licenses to explore and drill in 29 blocks in the Gulf of Mexico is the biggest chunk of oil and gas wealth on offer since the completion of a 2013-14 legislative overhaul that ended state oil firm Pemex's decades-long monopoly.
Argentina, Russia Ink Uranium Exploration, Production Deal
Argentina and Russia signed a memorandum of understanding to boost uranium exploration and production in the South American country that could include $250 million in investment, Argentina's foreign ministry said on Tuesday. The agreement was sealed during a visit by Argentine President Mauricio Macri to Moscow. It was signed by Foreign Minister Jorge Faurie, chief executive of Russia's Uranium One Group, and chief of London-based UrAmerica Ltd <IPO-URAL.L>, which explores for uranium in Argentina and Paraguay.
Why Canada is the Next Frontier for Shale Oil
The revolution in U.S. shale oil has battered Canada's energy industry in recent years, ending two decades of rapid expansion and job creation in the nation's vast oil sands. Now Canada is looking to its own shale fields to repair the economic damage. Canadian producers and global oil majors are increasingly exploring the Duvernay and Montney formations, which they say could rival the most prolific U.S. shale fields. Canada is the first country outside the United States to see large-scale development of shale resources…
Mexico's Oil Reform a Boon for Hard-hit Oil Service, Seismic Firms
Oil service and mapping firms still emerging from an industry recession have received a boost from about $800 million of data sales to energy firms considering bidding for Mexican oil and gas blocks. Mexico will on Wednesday hold its most important auction since a 2013 reform ended the 75-year monopoly on the energy sector held by state-run oil firm Pemex. The government of President Enrique Pena Nieto hopes the deepwater sale will attract tens of billions of dollars of investment to turnaround a slump in the country's oil output.
Long wait Ends for Big Oil as Mexico Auctions Prized Blocks
Mexico will on Wednesday offer foreign energy firms the right to drill beneath prized deep waters in the Gulf of Mexico that may contain billions of barrels of oil, the climax of an historic energy reform just five months before a presidential election. The auction of 29 blocks is the biggest since the government of President Enrique Pena Nieto enacted a wide-ranging reform that aimed to attract hundreds of billions of dollars of investment to turn around a state-run oil industry in decline.
Shell: U.S. Shale's "rational behaviour" Helping Prices
U.S. shale oil producers have stopped chasing record production numbers and have become more focused on profitability, meaning this "rational behaviour" is helping to prop up oil prices, Royal Dutch/Shell's Chief Executive Ben van Beurden said on Thursday. The company's Chief Financial Officer Jessica Uhl told the same news conference Shell could easily double production from shale assets in the United States, Canada and Argentina in the next 5-10 years from the current 275,000 barrels per day. Reporting by Ron Bousso and Dmitry Zhdannikov
Shell Poised to Dethrone Exxon as Q4 Profits Double
Profits rise 120 percent to $16 bln in 2017; Q4 profits more than double, beating forecasts. Royal Dutch Shell could usurp its largest rival Exxon Mobil as the energy sector's biggest cash generator after higher oil and gas prices combined with an improved performance lifted its 2017 revenue. Chief Executive Ben van Beurden has made no secret of his desire to challenge the dominance of the world's largest listed oil company after its $54 billion purchase of BG Group in 2016 catapulted Shell into second place in terms of production.
Argentina Seeks 22 LNG Cargoes
Argentina's state-run Enarsa launches tender to buy 22 liquefied natural gas (LNG) cargoes for delivery from May to August for delivery to its two import terminals, trade sources said. Enarsa seeks nine full-size cargoes for its Bahia Blanca terminal and 13 half-size deliveries to its river terminal at Escobar. Bids must be submitted on or before March 6 and pricing must be based on either U.S. Henry Hub or Brent crude oil. Escobar shipments cannot take tankers with a capacity of more than 90,000 cubic metres of LNG due to shallow water conditions.
Peru Resumes LNG Exports after Pipeline Rupture
Peru has exported its first shipment of liquefied natural gas (LNG) in three weeks after a pipeline rupture in the jungle disrupted production, the state energy agency Perupetro said on Tuesday. The ship Barcelona Knutsen departed Peru for South Korea on Monday with 170,999 cubic meters (6,038,772 cubic feet) of fuel from the Pampa Melchorita plant, which is operated by the consortium Peru LNG, Perupetro said in a report. U.S.-based Hunt Oil has a 40 percent stake in Peru LNG.
Shell Names Former Maersk Oil CEO Watkins as Next U.S. Boss
Royal Dutch Shell's U.S. boss, Bruce Culpepper, will step down at the end of the year and will be replaced by former Maersk Oil chief executive Gretchen Watkins, the company said in a statement on Tuesday. Shell's head of unconventionals, Greg Guidry, who oversees the Anglo-Dutch company's shale production in North America and Argentina, will step down on June 31, when he will be replaced by Gretchen. Shell, which has large offshore production and a number of refineries in the United States…
Argentina Outlines Plan for $1.6 bln in Late Natgas Subsidy Payments
Argentina will pay the $1.6 billion in subsidies it owes to oil companies that increased natural gas production in 2017 in 30 monthly quotas starting in January 2019, the Energy Ministry said on Tuesday. The incentive program was implemented in 2013 to attract investment to the South American country's natural gas sector, but Argentina's cash-strapped government has struggled to pay subsidies on time since it began. Those delays have grown in recent years, and the government did not make any payments incurred last year.
Venezuela Arrests Two Chevron Execs
Chevron Corp said on Tuesday two of its executives were arrested in Venezuela, a rare move likely to spook foreign energy firms still operating in the OPEC nation stricken by hyperinflation, shortages and crime.Venezuelan Sebin intelligence agents burst into the Petropiar joint venture's office in the coastal city of Puerto La Cruz on Monday and arrested the two Venezuelan employees for alleged wrongdoing, a half-dozen sources with knowledge of the…
Shell to Sell its Downstream Business in Argentina
Shell has signed an agreement to sell its Downstream business in Argentina to Raízen for $0.95 billion in cash proceeds at completion, subject to customary closing conditions. The sale includes the Buenos Aires Refinery, around 645 retail stations, liquefied petroleum gas, marine fuels, aviation fuels, bitumen, chemicals and lubricants businesses, as well as supply and distribution activities in the country. Additionally, after the transaction closes…
Statoil Eyes Britain's 2019 Renewable Subsidy Auction for Dogger Bank
Statoil is working with its partner SSE to develop the Dogger Bank offshore wind project so it can take part in Britain's renewable energy subsidy auction in 2019, the company said on Friday.The planned 4.8 gigawatt (GW) Dogger Bank project, which has approval from the British authorities, is set to become the world's largest offshore wind park and could deliver more than five percent of Britain's electricity needs, Statoil Executive Vice President…
Argentina Offshore Auction Attracting Oil Producers
International oil firms including Norway's Statoil, U.S.