Friday, September 21, 2018

Caribbean News

PDVSA Retrenches in Caribbean

© Darryl Brooks / Adobe Stock

Venezuela's PDVSA will let the 335,000 barrel-per-day refinery it leases in Curacao halt operations once crude inventories are exhausted as no new shipments are planned to the Caribbean following ConocoPhillips's legal actions, according to two sources.PDVSA is also changing its trade arrangements to start delivering all its oil for exports in Venezuelan waters,

Venezuela Problem will not Derail Caribbean Fuel Supply

There is enough oil supply in the global market to make up for potential fuel disruptions from U.S. oil producer ConocoPhillips' legal actions against Venezuelan state oil company PDVSA, a State Department spokesman said on Wednesday. "The U.S. Department of State remains in contact with our partners in the Caribbean to reduce the risk of supply disruptions…

Valero Boosts Imports of Venezuelan Oil as Sanctions Loom

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U.S. refiner Valero Energy Corp this year boosted its imports of Venezuelan crude ahead of U.S. sanctions over the country's disputed presidential election and as other customers received less of the OPEC-member's exports, according to Thomson Reuters trade flows data.Venezuelan oil production has tumbled to a multi-decade low this year…

Panama Imports Its First LNG Cargo

(Photo: BAM International)

Panama has imported its first liquefied natural gas (LNG) cargo to commission the newly built $1 billion Costa Norte facility and power plant at Colon, expected to be a launch-pad for LNG trade across Central America.Many utilities in Central America and the Caribbean remain reliant on burning oil to generate electricity…

Venezuela Dodges Oil Asset Seizures with Export Transfers at Sea

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Venezuela's state-run oil company PDVSA has limited the damage from an unprecedented slump in crude exports by transferring oil between tankers at sea and loading vessels in neighboring Cuba to avoid asset seizures.But the OPEC member nation is still fulfilling less than 60 percent of its obligations…

Russian Oil Bought by PDVSA for Cuba Discharges in Curacao

A tanker that for more than a month was unable to deliver Russian crude to Venezuela's PDVSA amid a dispute between the state-run firm and ConocoPhillips has discharged its cargo in the Caribbean, and a second vessel is soon to follow, according to Reuters data and a source with knowledge of the sales.

Conoco Seized PDVSA Products from Isla Refinery

© Darryl Brooks / Adobe Stock

U.S. oil major ConocoPhillips has seized products belonging to Venezuelan state oil company PDVSA from the Isla refinery it runs on Curacao, an island official told Reuters on Sunday.Conoco has won court orders allowing it to seize PDVSA assets on Caribbean islands, including Curacao, in efforts…

Idled St. Croix Refinery to Restart, Produce Fuels by 2020

Owners of an idled oil refinery in St. Croix, U.S. Virgin Islands, which was once one of the world's largest refineries, plan to invest $1.4 billion to refurbish and restart a portion of the plant, they said on Monday. ArcLight Capital Partners, a private equity firm that owns 80 percent of Limetree Bay Terminals LLC…

Venezuela's Crude Sales to U.S. Fall in July

Venezuela's crude exports to the United States declined to 494,400 barrels per day (bpd) in July after rising the prior three months, showing the impact of asset seizures against state-run oil firm PDVSA, according to Thomson Reuters data.July was the first month crude exports fell below 500,000 bpd since the months of January through March.U.S.

Wison Wins FEED Contract for Canadian FLNG Project

Last year, Wison Offshore & Marine delivered the Caribbean FLNG on an EPC basis after liquefaction performance testing for the facility in its yard in China. (Photo: Wison)

Wison Offshore & Marine announced it has been awarded a contract to carry out front-end engineering design (FEED) for a proposed floating liquefied natural gas (FLNG) project sited in British Columbia, Canada.Wison said it has entered into a Technical Service Agreement (TSA) with the project’s developer Western LNG LLC…

Panama, U.S. to Sign Pact to Expand Regional Access to LNG

Panama on Friday will sign an agreement with the U.S. Treasury and Energy departments aimed at paving the way for more private investment to expand the importation and distribution of U.S. liquefied natural gas in Latin America.David Malpass, Treasury undersecretary for international affairs…

Conoco Waiting for Venezuela to Pay $2 billion Settlement - CEO

U.S. oil producer ConocoPhillips is still awaiting payment from Venezuela on a $2 billion arbitration settlement reached last month with the country's state-run PDVSA, Chief Executive Ryan Lance said on Wednesday.Conoco last month suspended legal attachments efforts that had cut Venezuela's oil…

In British Virgin Islands, Hurricane Whips up Green Energy Transition

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Nearly a year after Hurricane Irma knocked out power across the British Virgin Islands, electricity boss Leroy Abraham will be among the last residents to have their homes reconnected.But Abraham, general manager of the British overseas territory's electricity corporation (BVIEC), has barely…

Morrison, iSIMS Introduce iJacket

Photo: Chet Morrison Contractors

Chet Morrison Contractors, an energy service company for the oil, gas and renewables industries, has formed a strategic partnership with iSIMS to launch a new optimized method in jacket and foundation design.The patented iJacket is more structurally optimized than the conventional true X-braced jacket design…

PDVSA to Resume Use of Caribbean Oil Terminal

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Venezuela's PDVSA and NuStar Energy LP have reached an agreement over outstanding storage fees, allowing the state-run company to resume use of a key storage terminal in the Caribbean, the U.S. energy firm said on Monday.NuStar had suspended PDVSA several times since 2017 from using its St. Eustatius…

Venezuelan PDVSA's Exports Sink in June

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Venezuelan PDVSA's oil exports declined 32 percent in the first half of June compared with May, according to internal trade reports from the state-run company, following seizures of some Caribbean assets that disrupted crude and fuel shipments.PDVSA exported 765,000 barrels per day (bpd) in the first two weeks of June…

PDVSA Raises Prospect of Force Majeure on Oil Exports

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OPEC member Venezuela has raised the prospect of declaring force majeure on contracts with major crude buyers amid plummeting output from its oil fields and tanker bottlenecks at ports, according to three sources familiar with the matter.Falling production from Venezuela has contributed to a rally in global oil prices to a near four-year high…

Conoco Moves to Seize PDVSA's Caribbean Assets

File Image: A view of the local refinery on the island of Aruba. (CREDIT: AdobeStock / © Hans)

U.S. oil firm ConocoPhillips has moved to take Caribbean assets of Venezuela's state-run PDVSA to enforce a $2 billion arbitration award over a decade-oil nationalization of its projects in the South American country, according to three sources familiar with its actions. The U.S. firm targeted facilities on the islands of Curacao, Bonaire and St.

PDVSA Diverts Crude Tanker from Curacao

©  M.Alberts / MarineTraffic.com

Venezuela's state-run PDVSA ordered a tanker carrying Russian oil that was waiting to discharge at its Curacao terminal to divert to Venezuelan waters after ConocoPhillips introduced an order in a Caribbean court to seize its inventories and other assets in the island, according to a shipper…

PDVSA Halts Caribbean Storage, Shipping; Diverts Oil Cargo

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Venezuela's state-run PDVSA suspended oil storage and shipping from its Caribbean facilities following a move by ConocoPhillips to temporarily seize the firm's assets on four islands, according to a PDVSA source and Reuters data.PDVSA has begun concentrating most shipping in its main crude terminal…