Monday, July 15, 2024

Colombia News

Valero Seeks US Approval to Import Venezuelan Oil

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Valero Energy Corp, the second-largest U.S. oil refiner, is seeking Washington's permission to import Venezuelan crude, according to four people close to the matter, hoping for a repeat of the approval granted to Chevron Corp in November after a four-year ban.President Joe Biden's administration has eased some U.S.

New Offshore Acreage Licensing to Drop 60% in 2020, Rystad says

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Newly licensed offshore oil and gas exploration acreage is likely to fall by about 60% and onshore acreage by 30% compared with 2019 levels, Rystad Energy has said, as the Norwegian energy market analytics company expects more than half of the world’s planned licensing rounds…

US Sanctions on Rosneft Trading Shifting Crude Flows

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U.S. sanctions on Russian Rosneft's trading arm will disrupt a slice of global crude flows and may prompt refineries in Europe, India and the United States to shift purchases to other crude suppliers, traders said.The United States on Tuesday redoubled efforts to oust Venezuelan President Nicolas Maduro by barring U.S.

Offshore Accounts for 60% of Oil Discoveries

Offshore discoveries accounted for more than 60% of global discoveries in 2019, up significantly on previous years, according to a study by GlobalData.GlobalData report reveals that while Colombia and Norway saw the highest number of discoveries drilled in 2019, Guyana, Mauritania and Russia hosted the most significant finds.In Guyana…

Lithuania's KN Bids for LNG Terminal Operator in Brazil

Lithuania's state-run oil and LNG terminal operator Klaipedos Nafta (Klaipedos Oil, KN) said on Wednesday it’s currently negotiating an operations and maintenance services agreement for a LNG terminal in Brazil with Brazils' Gas Natural Acu (GNA).Under such Agreement KN may…

Colombia's SPEC LNG Expands

Colombia´s LNG Import Terminal Sociedad Portuaria El Cayao (SPEC LNG) has signed a joint development agreement with Calamari LNG, Avenir LNG and Höegh LNG on providing additional LNG services at the Cartagena import facility.The additional services planned to be provided directly from the FSRU Höegh Grace include…

Anadarko Shareholders Go for Cash in Oxy Buyout

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Shareholders of Anadarko Petroleum Corp on Thursday voted overwhelmingly to sell the company for $38 billion to rival Occidental Petroleum Corp, ending a short-lived contest that pitted two of the most storied names in the oil industry against one another.Occidental in May…

Oxy Q2 Earnings Dip

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Occidental Petroleum Corp , which is battling activist investor Carl Icahn over its $38 billion purchase of Anadarko Petroleum, reported a 14% drop in quarterly profit on Wednesday, as costs related to the deal and weaker chemical earnings hit its bottom line.Still, the results…

Repsol Profit Beats Estimates

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Spanish energy company Repsol trimmed its full-year earnings outlook on Wednesday as lower oil prices and refining margins weighed on profits, but a share buy-back and better than expected results bolstered its stock.Repsol proposed buying and cancelling 5% of its outstanding shares…

Dominican Republic Kicks Off Licensing Round

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The Dominican Republic's first oil licensing round will be a success if it awards more than two of the 14 blocks on offer this year, a government official said at an event disclosing the Caribbean nation's fiscal terms.The licensing round, which began on Wednesday with disclosure of contract terms…

Oxy Enters Four Blocks in Southern Colombia

 U.S.-based oil company Occidental Petroleum Corp has partnered with Amerisur Resources Plc on four exploration and production blocks in southern Colombia, near the border with Ecuador, the National Hydrocarbons Agency (ANH) said on Tuesday.The Tacacho, Terecay, PUT-9 and Mecaya blocks are in the jungle region of Putumayo, one of the prov

Natural Gas Flaring Hits Record High

As spot prices in the region have remained near or below zero, natural gas flaring and venting in the Permian Basin in Texas and New Mexico reached a new all-time high in the first quarter of 2019, averaging as much as 661 million cubic feet per day (MMcfd).According to research conducted by Rystad Energy…

Repsol's Q1 Net Profit Rises

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Spanish oil and gas firm Repsol said on Tuesday first quarter adjusted net profit rose 6 percent from a year earlier, as a fall in oil and gas prices and a halt to production in Libya were offset by lower costs and a stronger U.S.

Ecopetrol, Repsol Sign Joint Deal for Offshore Oil Block

Colombia's state-run oil company Ecopetrol has signed a joint contract with Spain's Repsol to operate an offshore block in the Caribbean, Ecopetrol said on Wednesday.The contract for the GUA-OFF-1 block is the second new offshore deal Ecopetrol has inked with the Colombian…

Colombia, Shell Ink Offshore E&P Contracts

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Colombia's government on Monday said it signed two exploration and production contracts with Shell in offshore areas of the Caribbean Sea that will require the company to make initial investments of $100 million.Colombia recently modified contractual terms for offshore exploration and launched a Permanent Area Allocation Process so compan

Ecopetrol Wins Offshore Colombia Block

Colombia’s state-run oil company Ecopetrol SA has signed Colombia’s first offshore exploration and production contract under a newly revised contract model.According to a report in Reuters, the deal for a nearly 400,000-hectare (988,000-acre) bloc in the Caribbean is country’s…

Amerisur Resources Hits Oil at Indico Well in Colombia

UK-based independent full-cycle oil and gas company confirmed that Indico-1 well in Colombia reached target depth of 10,604 feet and encountered the Lower Sands of the Une formation.The South America focused oil and gas producer, which owns 30% non-operated working interest in the Indico-1 well…

Höegh LNG Takes Delivery of Ninth FSRU

Bermuda-based  floating liquefied natural gas (LNG) company Höegh LNG Holdings took delivery of Höegh Gannet, its ninth floating storage and regasification unit (FSRU).Höegh Gannet has regasification capacity of 1 Bcf per day and storage capacity of 170 000 cbm of LNG, combined making it the largest FSRU built by capacity…

Ecopetrol Sets 2019 Investment at $3.5 billion

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Colombian state-run oil company Ecopetrol said on Tuesday it will invest between $3.5 billion and $4 billion in 2019, slightly above this year as it bolsters spending on exploration and production projects.The investment is the backbone of an ambitious plan to boost production and explore for more oil to replenish dwindling reserves.

Asian LNG Demand to Grow

Currently planned regasification capacity expansions in Asia will allow LNG demand to grow towards 2030, said energy consultent Rystad Energy.Total planned capacity additions is forecasted to reach 700 Mtpa by 2030 driven by expansions in China and India. Asia LNG demand of…