Thursday, June 20, 2019

Argentina News

Exxon to Proceed with Argentina Development

(Photo: ExxonMobil)

US based ExxonMobil said on Tuesday it is proceeding with a long-term oil development in Argentina’s Bajo del Choique-La Invernada block.The project is expected to produce up to 55,000 oil-equivalent barrels per day within five years and will include 90 wells, a central production facility and export infrastructure connected to the Oldeval pipeline and refineries.“We are encouraged by the excellent results of our Neuquén pilot project and look forward to increased production through this significant expansion…

Exmar Commissions Tango FLNG

Image: Exmar

Belgian owner and operator of gas carriers Exmar has completed the commissioning of the 16,100 cbm Tango floating liquefaction unit (FLNG).The performance acceptance tests has been successful, the first cargo has been offloaded and will be exported out of Argentina, said a release from the provider of specialized floating assets.With this first shipment the start-up of the Tango FLNG is accomplished in a record time following the contract signing in November 2018 and delivery acceptance of the unit in Bahia Blanca in February 2019.

Argentina Grants Offshore Exploration Permits

© Patrik Stedrak / Adobe Stock

Argentina awarded permits to begin hydrocarbon exploration in 18 areas off the coast of the country in the Malvinas West basin to companies including Exxon Mobil Corp, Total SA, YPF SA and Royal Dutch Shell Plc, the government said on Friday.The winning companies offered bids totaling $724 million, the government said, to explore the areas that are located in the South Atlantic, some near the Malvinas Islands under the control of the British government…

Pemex Requests $8bn Loan Amid Heavy Uncertainty

Pemex CEO Octavio Romero Oropeza (Photo: Pemex)

Petróleos Mexicanos’ (Pemex) US$8 billion bank loan comes amid heavy investor uncertainty over the oil company’s debt load, but lenders wanting to maintain links with Pemex and the left-wing administration overseeing the firm may have little choice but to commit to the financing.The state-backed oil producer is tapping its relationship banks to refinance a chunk of liabilities, a big ask when there is minimal visibility over Pemex’s refining capabilities…

Wintershall Wins Argentina Offshore Bid

Photo: Wintershall  © Total/Florian von der Fecht

Germany's largest crude oil and natural gas producer Wintershall won the bidding process for two blocks in the promising Malvinas Basin off the coast of Tierra del Fuego as part of the “Costa Afuera” licensing round.In addition to the CMA-1 exploitation concession, with this award, the company will participate in further offshore exploration projects in Argentina. The exploration licenses are located approximately 300 km off the southeast coast of Argentina.Wintershall will hold a 27 percent interest in the licenses MLO-114 and MLO-119.

ExxonMobil Wins 3 Blocks Off Argentina

Image: ExxonMobil

U.S. oil major Exxon Mobil Corp said  that its unit and an affiliate of Qatar Petroleum had won three exploration blocks offshore Argentina.ExxonMobil has increased holdings in Argentina after its subsidiary ExxonMobil Argentina Offshore Investments B.V. and an affiliate of Qatar Petroleum won three exploration blocks during Argentina’s first offshore bid round.The award adds approximately 2.6 million net acres to its existing holdings in Argentina…

Equinor Launches High-Tech Buoy

Photo: Equinor

Equinor Wind US has announced deployment of a cutting-edge, specialized buoy designed to gather information, an important step in the development of its offshore wind lease site in the “New York Bight,” which will provide wind energy to New York and the region to help achieve the renewable energy goals recently set forth by Governor Andrew Cuomo.The Floating LiDAR (Light Detection and Ranging) device will measure wind speed, wind direction, wave conditions…

Exmar's Tango FLNG Arrives in Argentina

Tango FLNG arrived in Argentina. Image: Exmar

Belgian shipowner Exmar said its first floating LNG (FLNG) production unit Tango FLNG, to be renamed Tango FLNG, has berthed in Bahia Blanca, Argentina.The Nicolas Saverys-led shipowner said in a press release that the Caribbean FLNG will stay in Bahia Blanca and produce LNG for export for YPF over a ten-year period.After contract signing in November 2018, the unit was transported from China to Argentina onboard a heavy lift vessel.The next major project milestone will involve outfitting and commissioning the unit.

QP, Exxon to Build $10B LNG Plant in Texas

Image: Exxon Mobil

Exxon Mobil and Qatar Petroleum announced a final decision to finance a $10 billion-plus project to export liquefied natural gas (LNG) from the Texas Gulf Coast.Construction of the Golden Pass LNG export project located in Sabine Pass will begin in the first quarter of 2019 and the facility is expected to start up in 2024, said a press release.“Golden Pass will provide an increased, reliable, long-term supply of liquefied natural gas to global gas markets…

Halliburton Profit Beats on International Demand

(Photo: Halliburton)

Halliburton Co beat Wall Street estimates for quarterly profit on Tuesday, as higher demand for its oilfield services in international markets offset a slowdown in North America.Clients in North America, Halliburton's biggest market by revenue, began pulling back on some drilling services last year amid transportation bottlenecks in the largest U.S. production region and after oil prices slid sharply in the fourth quarter.An oil glut and concerns about a global economic slowdown have pushed U.S.

Argentina's Energy Chief Quits

© H.Damke / Adobe Stock

Argentina's energy secretary resigned on Friday, the government said in a statement, less than 24 hours after news leaked that the administration of President Mauricio Macri plans to increase electricity prices by an average 35 percent next year.Higher power bills are sure to be unpopular as they would hit families already struggling with 47 percent inflation and a shrinking economy that has caused job losses and an increase in poverty.The statement announcing Energy Secretary Javier Iguacel was stepping down gave no reason for his resignation.

Tango FLNG En Route to Argentina

(Photo courtesy of EXMAR)

Belgium based EXMAR announced Thursday that its floating liquefied natural gas (FLNG) facility has left China for a 45-day voyage to the destination of its liquefaction operations at the Port of Bahia Blanca in Argentina.The barge-based Tango FLNG (previously named Caribbean FLNG) is on the move just one month after a contract was signed for a firm, 10-year deployment.Upon its arrival, the facility will be put in operation for EXMAR’s customer YPF S.A. and is expected to start up LNG production in the second quarter of 2019.

President Energy Strikes Oil in Argentina

Image: President Energy

UK-based oil and gas company President Energy President Energy has encountered oil in the third and final well of its current drill programme at the Puesto Flores concession in Argentina.Well PF0 1005 has been drilled, logged, cased and cemented to 2,360 metres both on time and on budget, the company focusing primarily on high margin production opportunities in Latin America said.Both the Punta Rosada primary target and the Lotena formation secondary…

Qatar Buys Eni's Mexican Oil Stakes

Photo: Qatar Petroleum

Qatar Petroleum (QP) signed an agreement with Italy’s Eni SpA to acquire a 35% stake in three offshore oil Fields in Mexico.The agreement cover the Amoca, Mizton, and Tecoalli offshore oil fields, which lie in Area 1 in Mexico’s Campeche Bay, said a press statement from the Arab country's government-owned energy company.The agreement is subject to customary regulatory approvals by the government of Mexico. Following such approval, both Eni and Qatar…

Oil Surges 5 Percent

© weerasak / Adobe Stock

Oil prices jumped by more than 5 percent on Monday after the United States and China agreed to a 90-day truce in a trade dispute, and ahead of a meeting this week of the producer club OPEC that is expected to cut supply.U.S. light crude oil rose $2.92 a barrel to a high of $53.85, up 5.7 percent, before easing to around $53.00 by 1240 GMT. Brent crude rose 5.3 percent or $3.14 to a high of $62.60 and was last trading around $61.75."From Argentina to Alberta…

Russian and Saudi Energy Ministers to Meet at G20

Russia's energy minister Alexander Novak will meet his Saudi counterpart at the G20 summit in Argentina and discuss an oil output reduction in 2019, RIA news agency cited Novak as saying on Friday.He was also reported to have said that Russia's 2019 oil output is expected at the same level as this year but could be adjusted, depending on a deal between OPEC and non-OPEC members.Producer group OPEC and its allies are meeting in Vienna next week to discuss oil production.(Reporting by Maria Tsvetkova Editing by David Goodman)

Oil Falls as High Inventories Outweigh Likely OPEC Cuts

© photollurg / Adobe Stock

Oil prices fell further on Friday as swelling inventories depressed sentiment despite widespread expectations that OPEC and Russia would agree some form of production cut next week.The two global oil benchmarks, North Sea Brent and U.S. light crude, have had their weakest month for more than 10 years in November, losing more than 20 percent as global supply has outstripped demand.Brent fell $1.20, or 2.0 percent, to a low of $58.31 a barrel on Friday, before recovering to around $58.50 by 1425 GMT. U.S.

Saudi Oil Minister Meets with Argentina's Energy Minister

Saudi oil minister Khalid Al-Falih met with Argentina's energy minister Javier Iguacel on Thursday, Al-Falih said on his twitter account.Al-Falih said they discussed cooperation and investment in oil sector, as well as "the importance of the continuing efforts of oil producers to stabilise the markets."Al-Falih is in Argentina with the Saudi delegation accompanying Crown Prince Mohammed bin Salman at the G20 summit. (Reuters, Reporting by Omar Fahmy, Writing by Nayera Abdallah; Editing by Kirsten Donovan)

Oil Slips Below $60

© mrcmos / Adobe Stock

Oil slipped to below $60 a barrel on Wednesday, pressured by rising U.S. inventories and doubts over whether an OPEC-led output cut will be agreed next week.U.S. crude stockpiles rose last week, the American Petroleum Institute (API) industry group said on Tuesday. Saudi Arabia on Wednesday dampened hopes of production cuts by OPEC and its allies by saying it would not act alone and Nigeria stopped short of committing to a new push to curb supplies.The outcome of next week's OPEC meeting "remains clouded by uncertainty"…

Argentina to Export First LNG in 2019

The barge-based floating liquefaction unit Caribbean FLNG will be redeployed as Tango FLNG to the Port of Bahía Blanca in the second quarter of 2019. (Photo: Wison Offshore & Marine)

Argentina is due to begin exports of liquefied natural gas from a part of its vast Vaca Muerta shale gas resource next year through a floating LNG liquefaction (FLNG) vessel provided by Exmar, the Belgian shipping company said on Wednesday.The operations, due to start in the second quarter of 2019, will introduce Argentina into the small club of around 20 countries exporting LNG while the FLNG will be only the world's fourth and the smallest.The country's state-controlled oil company YPF signed a 10-year agreement with Exmar to deploy the barge-based FLNG…