Sunday, May 20, 2018

Caribbean News

PDVSA Retrenches in Caribbean

© Darryl Brooks / Adobe Stock

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…

Ecopetrol to Drill 3 Wells After Cutting Budget

Ecopetrol

Colombia's state-run oil producer Ecopetrol will drill three offshore wells this year, two off its Caribbean Coast and a third in the Gulf of Mexico, after slashing its offshore exploration budget to $200 million down from $632 million last year, the company said. The two Caribbean wells, Calasu and Kronos…

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…

Shortage of Caribbean Storage Forces Some Crude Sales at Loss

A saturated oil storage network in the Caribbean is forcing some South American and African producers to keep selling crude at prices that do not cover production costs, brokers and sources told Reuters. Low price environments typically motivate producing and trading companies to store more crude while waiting for a better time to sell…

PDVSA Offers 240MB Jet Fuel Parcel

Venezuela's state-run PDVSA has launched a tender to sell a 240,000 barrel cargo of jet fuel to be loaded on August 26-28 at the Caribbean island of Curacao, according to an invitation seen by Reuters on Friday. The oil company earlier this month bought four 500,000 barrel cargoes of heavy naphtha to be received from September to December and it also sold a 250…

Wison Delivers FLNG Barge

Photo: Wison

Wison Offshore & Marine (“Wison”) has announced that the company has completed the final delivery for the world’s first barge-based floating natural gas liquefaction and storage facility (Caribbean FLNG). Prior to the delivery, the contracts for project financing provided by Bank of China, Deutsche…

Fugro Americas Completes Maiden Voyage

Fugro Americas

On June 11th, 2015, Fugro’s premier geophysical survey vessel, the Fugro Americas, successfully completed data collection for a geochemical coring campaign in the Caribbean. The project marks the maiden voyage of the new-build vessel. Mobilisation for the campaign immediately followed the vessel’s departure from the construction shipyard in Louisiana in April.

Caribbean Oil Terminals Prepare for Hurricane Maria

© Alexandre Rosa / Adobe Stock

Several Caribbean oil storage terminals that temporarily closed ahead of Hurricane Irma earlier this month have started making preparations in case they have to shut again due to Hurricane Maria, which was a rare Category 5 storm on Tuesday. Shippers and traders in the Atlantic basin are struggling amid this year's very active storm season…

Ecopetrol Finds Hydrocarbons in Deep Caribbean Waters

Colombia's state oil company Ecopetrol reported late on Tuesday the presence of hydrocarbons at its Kronos-1 well in ultra-deep waters of the Caribbean Sea. The discovery was made at a depth of 3,720 meters (12,200 feet) at the well in the Fuerte Sur block, about 53 km (33 miles) offshore, Ecopetrol said in a filing with the financial regulator.

Fortis Bags 39.7 MW Project in Grand Cayman

Grand Cayman

Fortis Inc. announced that the Electricity Regulatory Authority has selected the proposal of Caribbean Utilities Company, Ltd., the Corporation's operating utility on Grand Cayman, Cayman Islands, to build new generation capacity in response to the ERA's request for proposals issued on January 31, 2014.

PDVSA Charters Another Algerian Crude Cargo

Venezuela's state-run oil company PDVSA has hired a supertanker to load a second 2 million-barrel cargo of Algerian crude, according to preliminary tanker fixture data. Venezuela will start importing light crude this month with a shipment of Algerian Saharan Blend scheduled to arrive at its Jose terminal on Oct. 26.

Traders Scramble for Caribbean Crude Storage

Demand for crude storage in the Caribbean, one of the world's most important oil hubs, is rising as producers and traders try to ride out the worst price crash in six years by holding onto more barrels or making blends that can be sold for premiums. The last time tanks in the logistically-important islands were this full…

SSL, Streamlines Join Forces in Nordic, Baltic Regions

Joachim Lagerstedt, Managing Director, Scandinavian Shipping & Logistics

StreamLines, a specialist carrier between Europe and the Caribbean and from the Caribbean, Colombia and Costa Rica to Europe, has appointed Scandinavian Shipping & Logistics as its agent in Norway, Denmark, Finland, Estonia, Latvia and Lithuania. The two companies have been working together in…

PDVSA Woes Deepen as Caribbean Debt Soars

Unpaid debts and broken promises are making Venezuelan oil giant PDVSA an outcast in several Caribbean countries where it had been a guest of honor. The state-run company's crumbling finances are causing operational disruptions across one of its most essential regions, according to internal company documents…

Caribbean Rex Drills Wells in South Erin Block

Rex International Holding Limited announced that its 98.4 percent owned license-holding company Caribbean Rex Limited, has completed the drilling of three wells in the South Erin Block in Trinidad & Tobago. The wells were drilled as part of a three-well drilling program that Caribbean Rex started in the South Erin license in May 2014.

Crowley, PowerSecure Partner on LNG Microgrids Development

(Photo: Crowley)

Industry partners aim to develop and deploy microgrid solutions incorporating liquefied natural gas (LNG), renewables and storage to provide greater reliability and resiliency to customers and economies throughout the Caribbean and Central America.Microgrid solutions provided by partners Crowley FUELS and PowerSecure…

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

© white_bcgrd / Adobe Stock

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…