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☆ Mexico’s state oil company illegally flared more than $342 million worth of hydrocarbons
▼ + stars: | 2023-01-18 | by ( ) www.cnbc.com time to read: +5 min

A view shows part of the state oil firm Petroleos Mexicanos (Pemex) refinery in Salamanca. Mexican state oil company Pemex illegally burnt off hydrocarbon resources worth more than $342 million in the three years up to August 2022 at two of its most important new fields, internal documents from the country's oil regulator showed. Burning off gas and condensate - a mixture of liquid hydrocarbons similar to a very light crude oil - has also resulted in extensive environmental damage. There, the documents show Pemex burnt off some 62.9 billion cubic feet of gas and 310,000 barrels of condensate. Missing InfrastructurePemex produced 201.2 billion cubic feet of gas and 24.3 million barrels of condensate from Ixachi.

☆ Exclusive: Mexico's Pemex destroyed resources worth $342 million from two top fields
▼ + stars: | 2023-01-18 | by ( Stefanie Eschenbacher | ) www.reuters.com time to read: +5 min

The three documents, produced by the regulator and dated August 2022, detail how Pemex (PEMX.UL) destroyed resources worth $275 million from the Ixachi field in three years and $67 million from the Quesqui field in two years. There, the documents show Pemex burnt off some 62.9 billion cubic feet of gas and 310,000 barrels of condensate. MISSING INFRASTRUCTUREPemex produced 201.2 billion cubic feet of gas and 24.3 million barrels of condensate from Ixachi. The documents also show that 77.6% of the investment into the field Pemex had pledged in its development plan - totaling $2.9 billion - were not made. The fields were meant to receive more resources so Pemex can start exploration and production earlier and faster and make up for declining production from ageing fields elsewhere.

☆ Guyana projects state oil revenue to hit $1.63 billion this year
▼ + stars: | 2023-01-17 | by ( Neil Marks | ) www.reuters.com time to read: +1 min

The drilling results drove the nation's reserves to more than 11 billion barrels of recoverable oil. The country's oil production could reach some 810,000 barrels per day by 2025 with the startup of the third production vessel, he said. A consortium led by U.S. producer Exxon Mobil Corp (XOM.N) is responsible for all the country's oil output. The nation's oil and gas sector is estimated to have expanded by 125% last year, with a total of 101.4 million barrels of oil produced, compared with 42.7 million in 2021. The county's Natural Resource Fund held $1.27 billion at the end of 2022 after withdrawing about $608 million to finance state development priorities, Singh said.

☆ Guyana expects proposal from India for long-term crude purchases
▼ + stars: | 2023-01-17 | by ( Neil Marks | ) www.reuters.com time to read: +1 min

[1/2] Vessels carrying supplies for an offshore oil platform operated by Exxon Mobil are seen at the Guyana Shore Base Inc wharf on the Demerara River, south of Georgetown, Guyana January 23, 2020. REUTERS/Luc CohenGEORGETOWN, Jan 17 (Reuters) - Guyana expects to soon receive a proposal from India for long-term purchases of the South American country's oil, President Irfaan Ali said on Tuesday, a new attempt to reach a government-to-government deal potentially leading to better sale terms for Guyana. Guyana's government is entitled to a share of crude produced off the nation's coast by a consortium led by Exxon Mobil Corp (XOM.N). In 2022, Ali's government received a total of 13 cargoes of crude, and it expects to receive and export 17 cargoes this year, the finance minister said earlier this week. Guyana and India in 2021 failed to reach an agreement for direct sales of Guyana's sweet crude to Indian state refiners.

ABU DHABI, Jan 14 (Reuters) - The United Arab Emirates wants the COP28 climate conference it is hosting this year to be practical and show solidarity between the global north and south that "leaves no one behind", the country's oil chief and designated COP28 president said. In a speech on Saturday to the Global Energy Forum, Sultan al-Jaber, head of state oil giant ADNOC and UAE climate envoy, called for scaling up renewables, nuclear energy, hydrogen, carbon capture, energy efficiency and new technologies, among others. The UAE, a major OPEC oil exporter, will be the second Arab state to host the climate conference after Egypt in 2022. "We need to ensure a just transition that leaves no one behind," he said, adding that low carbon growth was the future. Reporting by Rachna Uppal, Yousef Saba and Ghaida Ghantous Editing by Clarence Fernandez and Frances KerryOur Standards: The Thomson Reuters Trust Principles.

The government's $1.1 billion share of oil revenue was up sharply from a combined $409 million in profit and royalties in 2021. Guyana is producing about 360,000 barrels per day (bpd) of oil and aims to raise output to 1.64 million bpd by end of the decade. Guyana's exports averaged 265,693 bpd last year, more than double the 100,645 bpd in 2021, according to shipping data from Refinitiv Eikon. Crude exports from Latin America's newest oil producer almost tripled in 2022, encouraged by rising production and solid demand in Europe in the aftermath of the Ukraine invasion. Total exports represented over $8 billion in gross oil revenue, based on Reuters calculations.

☆ Chevron, Exxon and Total keen to invest in India, says minister
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, Jan 13 (Reuters) - Global energy majors Chevron Corp (CVX.N), Exxon Mobil Corp (XOM.N) and TotalEnergies (TTEF.PA) are interested in investing in India's oil and gas exploration and production sector, the country's oil minister said in a speech on Friday. India, the world's third biggest oil importer and consumer, buys more than 84% of its oil needs from overseas and wants to quickly monetise its hydrocarbon reserves to reduce its dependence on costly imports. "India is ready to explore opportunities for joint development production of oil and gas assets for mutual benefit and also invites investment in our domestic E&P (exploration and production) sector," Hardeep Singh Puri said. The minister added that India aims to double the area under oil and gas exploration to 500,000 sq km by 2025. Reporting by Nidhi Verma Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Jan 12 (Reuters) - Oil prices rose in early trade on Thursday, building on gains in the previous session as China's demand outlook improves and concerns rise over the impact of sanctions on Russian supply. Brent crude rose 50 cents, or 0.6%, to $83.17 per barrel by 0135 GMT, while U.S. West Texas Intermediate crude also rose 50 cents, or 0.7%, to $77.91 per barrel. Top oil importer China is reopening its economy after the end of strict COVID-19 curbs, boosting optimism that demand for fuel will grow in 2023. Russian Deputy Prime Minister Alexander Novak said the country's oil producers have had no difficulties in securing export deals despite Western sanctions and price caps. An international price cap imposed on sales of Russian crude took effect on Dec. 5.

U.S. West Texas Intermediate (WTI) crude rose $2.29, or 3.1%, to settle at $77.41. Global equities were up on hopes that U.S. inflation and earnings figures due on Thursday will indicate a resilient economy and result in a slower pace of interest rate hikes. Oil demand is coming back and expectations are high that China’s demand is about to skyrocket," said Edward Moya, senior market analyst at data and analytics firm OANDA. Analysts polled by Reuters had forecast a 2.2 million-barrel decline in crude stocks, and industry data from the American Petroleum Institute (API) showing a 14.9 million-barrel build. ,EIA this week forecast U.S. crude production will reach all-time highs in 2023 and 2024.

☆ Brazil's Petrobras will play leading role to expand refineries, says new energy minister
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: 1 min

Companies Petroleo Brasileiro SA Petrobras FollowRIO DE JANEIRO, Jan 2 (Reuters) - Brazil's new mines and energy minister Alexandre Silveira said on Monday that state-run oil company Petrobras (PETR4.SA) would play a leading role in expanding the country's oil refining sector. During an official event inaugurating his new role, Silveira said that Petrobras would play a leading role, encouraging other groups to join the process. "It is urgent that we enlarge and expand our refineries, taking them to the country's regions and modernizing the plants," he added. Reporting by Marta Nogueira and Pedro Fonseca; Editing by Sarah MorlandOur Standards: The Thomson Reuters Trust Principles.

☆ Oil expected to stay volatile in 2023, but the price could depend on China reopening
▼ + stars: | 2022-12-28 | by ( Patti Domm | In | ) www.cnbc.com time to read: +10 min

Keeping a lid on prices Oil futures fell Wednesday amid signs that China is moving ahead to normalize its economy, with the removal of border and travel restrictions. Russia's invasion of Ukraine was the biggest shock to the oil market in the past year, sending prices spiking in the first quarter. Under some scenarios, a strong reopening in China could drive oil close to about $120 if supply is short. The latest efforts to penalize Russia were Europe's ban on seaborne oil, as of Dec. 5, as well as a G-7 price cap on the price Russia can receive for its oil. Morse said more oil supply is coming on line from the U.S. and other Western Hemisphere producers in 2023.

☆ Russia reportedly wants to further cut its dependence on the US dollar by buying up Chinese yuan on the currency market
▼ + stars: | 2022-12-22 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

Russia will start purchasing yuan on the currency market in 2023 if the country's oil and gas revenues meet expectations, Reuters reported Thursday. The Bank of Russia will buy yuan if budget revenues from oil and gas exports exceed 8 trillion rubles, the report said. Russia in February stopped intervening on the currency market after its use of foreign exchange reserves was restricted by Western sanctions following Moscow's invasion of Ukraine. Russia has since accelerated its shift toward China's currency as its access to dollars and euros has been limited. But the Bank of Russia wouldn't do so while the government continues to spend its oil and gas revenues.

☆ Putin's vow to cut off Russian oil for G7 price-cap buyers is cracking, going by these 7 India-bound cargoes
▼ + stars: | 2022-12-16 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

Russia is shipping millions of barrels of oil to India on Western-insured tankers, the FT reported Friday. It's the first sign Moscow may be breaking Putin's vow to shun countries that accept a G7 price cap. The cap has already sent its oil exports nosediving, and looks set to hit Russia's economy. Under the price cap rules, buyers of Russian oil can only access European shipping and insurance services if they have purchased it for $60 a barrel or less. The measure aims to limit Moscow's ability to fund its war against Ukraine, while still keeping Russian oil flowing through global markets to prevent a shortage.

☆ Oil prices could hit more than $100 per barrel in 2023, says UBS
▼ + stars: | 2022-12-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOil prices could hit more than $100 per barrel in 2023, says UBSGiovanni Staunovo of UBS Global Wealth Management says the price cap on Russian oil will probably lower the country's oil production.

☆ Venezuela to sign new contracts to boost oil output at joint ventures
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +1 min

Nov 29 (Reuters) - Venezuela plans to soon sign new contracts to boost oil output at joint ventures between state firm PDVSA (PDVSA.UL) and private energy companies, the country's oil minister Tareck El Aissami said on Tuesday. The U.S. Treasury Department on Saturday authorized California-based Chevron Corp (CVX.N) to expand operations at its Venezuela joint ventures, which is expected to help the country reanimate crude production and exports following almost four years of harsh U.S. oil trading sanctions. El Aissami made the announcement on Twitter following a meeting with U.S. Chevron's top executive in Venezuela, Javier La Rosa. Chevron is a minority partner in four oil joint ventures in Venezuela with PDVSA, which have produced this year between 60,000 and 100,000 barrels per day (bpd) of crude. The new license authorizes the U.S. company to export its projects' oil to the United States.

☆ Debt-ridden Ghana plans to buy oil with gold instead of dollars, as foreign currency reserves dwindle to an alarming low
▼ + stars: | 2022-11-25 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Ghana's government is planning to use gold to pay for oil instead of shelling out US dollars. The move is expected to reduce the "persistent depreciation" of the cedi, the Ghanaian currency. As of end-September, Ghana's forex reserves were just enough to cover 3 months worth of imports. In order to protect the country's fast-dwindling foreign currency reserves, Ghana wants to pay for oil with gold instead of shelling out precious US dollars, Mahamudu Bawumia, the country's vice president said Thursday. However, it still has to import refined oil products such as gas and diesel, because Ghana's only oil refinery has been offline following an explosion in 2017, per Reuters.

☆ Hungary's MOL says it finds 'substantial' oil field in Hungary
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: 1 min

Companies MOL Magyar Olajes Gazipari Nyrt FollowBUDAPEST, Nov 21 (Reuters) - Hungarian energy company MOL (MOLB.BU) found a 'substantial' oil field in Hungary that could raise the country's oil production by 5%, the company told state news agency MTI on Monday. The company said it found the oil field close to Budapest in the town of Vecses in an area where it started exploratory drilling in July. Reporting by Anita Komuves, editing by Alan CharlishOur Standards: The Thomson Reuters Trust Principles.

☆ Booming Guyana sets offshore oil auction under revamped fiscal terms
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +2 min

Officials this week approved an oil lease auction with timing details to be disclosed by the Ministry of Natural Resources. The auction will include three deepwater and 11 shallow-water exploration blocks, Vice President Bharrat Jagdeo said in an address. A new profit-sharing agreement that will cover future oil production agreements is under development and will be finalized before the auction ends, he said. Contract terms "shift significantly" the revenue split, with Guyana receiving a "greater share of the proceeds" compared to the existing Production Sharing Agreement terms, Jagdeo said. Each bid must include a development plan that will be considered along with the financial bid, Jagdeo said.

REUTERS/Wolfgang Rattay/PoolWASHINGTON/LONDON, Nov 3 (Reuters) - The Group of Seven rich nations and Australia have agreed to set a fixed price when they finalize a price cap on Russian oil later this month, rather than adopting a floating rate, sources said on Thursday. “The Coalition has agreed the price cap will be a fixed price that will be reviewed regularly rather than a discount to an index," said a coalition source, who was not authorized to speak publicly. Coalition partners agreed to regularly review the fixed price and revise it as needed, the source said, without disclosing further details. The downside of the agreed fixed price system is that it will require more meetings of the coalition and bureaucracy to review it regularly, the source said. Russia has said it will refuse to ship oil to countries that set price caps.

☆ U.S. officials plan to push for price cap on Russian oil at this week's IMF meetings
▼ + stars: | 2022-10-10 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

U.S. Treasury Secretary Janet Yellen talks to reporters during a news conference in the Cash Room at the Treasury Department on April 21, 2022 in Washington, DC. U.S. Treasury officials plan to press ahead at this week's IMF meetings with a cap on the price of Russian oil, despite Wednesday's decision by OPEC+ to cut oil production that's already driven gas prices higher. "We've been working on the price cap for a number of months. G-7 finance ministers announced the price cap last month. The Deputy Treasury Secretary will also consult with senior officials from over 20 participating countries, including Canada, the U.K. and the E.U., on how to redouble those efforts, according to senior Treasury officials.

"Any deliberate disruption of European energy infrastructure is utterly unacceptable and will be met with a robust and united response," Borrell said. A statement issued by Russia's embassy in Denmark said that any sabotage on Nord Stream's pipelines was an attack on both Russia's and Europe's energy security. Map of Nord Stream pipelines and locations of reported leaksGAS FLOWSOperator Nord Stream has called the damage "unprecedented", while Gazprom (GAZP.MM), the Russian-controlled company with a monopoly on its gas exports by pipeline, declined to comment. Russia reduced gas supplies to Europe via Nord Stream 1 before suspending flows altogether in August, blaming Western sanctions for causing technical difficulties. The new Nord Stream 2 pipeline had yet to enter commercial operations.

☆ Norway to deploy military to protect its oil and gas installations
▼ + stars: | 2022-09-28 | by ( Nora Buli | ) www.reuters.com time to read: +3 min

OSLO, Sept 28 (Reuters) - Norway will deploy its military to protect its oil and gas installations against possible sabotage after several countries said two Russian pipelines to Europe spewing gas into the Baltic had been attacked, the prime minister said on Wednesday. Norway is now Europe's largest gas supplier and a leading global oil supplier. It has over 90 offshore oil and gas fields, most of which are connected to a network of gas pipelines stretching some 9,000 km (5,590 miles). Register now for FREE unlimited access to Reuters.com Register"The military will be more visible at Norwegian oil and gas installations," Prime Minister Jonas Gahr Stoere told a news conference. At sea, the Navy would be deployed to protect offshore installations, while on land, police could increase presence at facilities, he said.

☆ Demonstrators in Ecuador protest woman's killing, demand payment to pension system
▼ + stars: | 2022-09-22 | by ( Alexandra Valencia | ) www.reuters.com time to read: +2 min

Ecuadorians gathered outside police headquarters in Quito to protest the death of lawyer Maria Belen Bernal. Her husband, German Caceres, who the attorney general's office says is the main suspect in the killing, is on the run. Demonstrations against the killing followed earlier protests led by union leaders, who argued that the Ecuadorian Social Security Institute's (IESS) financial situation has muddled health services for users and put the retirement pension system at risk. "Social security isn't bankrupt, it's poorly managed," Mesias Tatamuez, one of the union leaders, told reporters. Ecuador's government reached an agreement last week to disburse $300 million through December to apply to what is owed.

☆ EXCLUSIVE Exxon boosts Guyana oil output, undecided on future auction bid - source
▼ + stars: | 2022-09-20 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

An Exxon-led consortium discovered oil in the deep waters off Guyana's coast, launched first production in 2019 and now controls all output in the tiny nation. Those finds have turned Guyana into an emerging oil power with an estimated 11 billion barrels of recoverable oil discovered so far. But Guyana, which lacks the financial power to develop its natural resources by itself, has struggled to decide how to distribute oil properties outside of Exxon's blocks. It did not say when the new terms would be released, but stressed they will not replace Exxon's current deal. Guyana currently keeps less than 15% of the oil proceeds with the Exxon's consortium keeping the rest while also paying for costs of building the country's oil infrastructure.

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