Rystad reports that Argentina's Vaca muerta region has achieved record oil production during the third quarter.
Rystad, a consultancy, said that Argentina's Vaca Muerta shale formed produced a record 400,000 barges of oil per day (bpd), in the third quarter. This figure represents a 35% increase in production year-over-year, thanks to improvements in productivity and evacuation capability. The formation is on track to reach its goal of 1,000,000 bpd, by 2030. YPF, the state-owned oil company of Argentina, led the production in the area with 55% Vaca Muerta’s oil output during the third quarter.
Brazil's mega dams were supposed to lead the way for a greener future. Climate change came next
The drought has exacerbated the problem of underperformance. When he first came to power in the early 2000s, Brazil's President Luiz inacio Lula da silva bet his green future on "run-of river" megadams - whose turbines move by natural river flow rather than cascading water from towering dams. Santo Antonio Jirau and Belo Monte have been built in the Amazonian rainforest despite the strong opposition of environmental groups.
Hamel takes the Helm as GECF Secretary General
Mohamed Hamel from the People's Democratic Republic of Algeria has assumed office as the fourth Secretary General of the Gas Exporting Countries Forum (GECF), the global platform of leading gas exporting countries.He was appointed to the helm of the 18-country energy organization at the 23rd GECF Ministerial Meeting, presided by the Plurinational State of Bolivia in November 2021, for a period of two years commencing January 1, 2022.
Saipem Tallies $1.7 Bln Drilling Contracts
Italian oilfield services firm Saipem announced Friday it has secured approximately $1.7 billion in new and extended drilling contracts for its offshore and onshore divisions.The offshore drilling contracts relate to activities to be executed in Norway and in Angola, Saipem said in a press release.The onshore contracts encompass 19 land-rigs located in Middle East, with power between 1,500 and 2,000 horsepower, and their duration range from three up to 10 years.
Petrobras to Sell Natural Gas Assets
Brazilian state-owned oil firm Petroleo Brasileiro SA has reached an agreement with anti-trust regulator Cade to sell off a series of natural gas transportation and distribution assets, the company said in an exchange filing on Monday.Petrobras, as the company is commonly known, said it had pledged to sell stakes in pipeline networks including a 10% stake in Nova Transportadora do Sudeste (NTS) SA, 10% in Transportadora Associada de Gas (TAG) SA and 51% in Transportadora Brasileira Gas
Repsol, Emerson Pact for Geoscience R&D
Emerson and Repsol announced they have established a strategic alliance to deliver advanced subsurface geophysical technologies to reduce the time to prospect and produce first oil.Emerson, a global engineering and technology company, will work collaboratively with Spanish energy company Repsol to implement and deploy advanced subsurface imaging technologies, with core technologies developed by Repsol as part of Kaleidoscope…
Trafigura Buys Certain Pampa Energia Assets
Commodities trader Trafigura said it has agreed to buy an oil refinery, over 250 service stations, a lubricants plant and fuel storage terminal in Argentina from Pampa Energia SA. The sale is expected to close in early 2018, Trafigura said in a statement. Trafigura already has a retail presence in the country as well as a fluvial fleet and the Campana terminal in Argentina that delivers refined products to Bolivia and Paraguay.
Big Gas Exporter Nations Blast Unilateral Sanctions in US Dig
Representatives from a group of major energy-exporting nations on Friday said they oppose the use of unilateral sanctions on any of their members - an apparent dig at the United States for its moves against Russia, Iran and Venezuela. The Gas Exporting Countries Forum, which also includes members like Libya, Equatorial Guinea and Nigeria, expressed their "profound concern" about sanctions affecting the gas sector that are not authorized by the United Nations…
Venezuela Oil Minister: Oil Market Has Found Balance
Venezuela's oil minister Eulogio Del Pino said Wednesday that the oil market has finally found balance, as inventories are declining. Del Pino was speaking in Santa Cruz, Bolivia, at the Gas Exporting Countries Forum. (Reporting By Marianna Parraga Editing by Chizu Nomiyama)
Argentina Wants more Gas from Bolivia
Argentina has asked neighbor Bolivia for more gas supply, Bolivia's Oil Minister said on Wednesday. Bolivia has demand for up to 30 million cubic meters of additional gas supply, Luis Alberto Sanchez Fernandez told reporters on the sidelines of a gas conference. The additional demand was mostly from Argentina, he said. Bolivia's declining gas production is seen by analysts as an obstacle for boosting exports to key customers in Argentina and Brazil.
Qatari Energy Minister Sees LNG Oversupply
Qatar's energy minister, Mohammed al-Sada, said on Wednesday he expects oversupply of liquefied natural gas in the coming years due to increased production, but the market should tighten after 2025. Al-Sada, speaking at the Gas Exporting Countries Forum in Santa Cruz, Bolivia, said the country, the world's largest exporter of LNG, is working to increase gas production and LNG exports. Reporting By Marianna Parraga
Chile to Export Gas to Argentina to Cover Winter Demand
Chile will send some 276 million cubic meters of gas from June to Argentina to help its neighbor cope with demand in the southern hemisphere winter, Chile's state-run oil and gas distributor ENAP said Friday. Last year, Chile began sending liquefied natural gas to Argentina for the first time. Although energy investment in Argentina is increasing, it is still a long way from regaining the self-sufficiency it lost in 2010. Before the mid-2000s, it was an important supplier to Chile.
Petrobras Says Bolivia Director Under House Arrest
Brazil's state-run oil company Petrobras said the head of its Bolivian operation was under house arrest due to a disputed payment with a local contractor. Petroleo Brasileiro SA, as the company is formally known, said late on Sunday that $2.5 million of a $9.5 million earthworks contract in the San Antonio petroleum bloc was under dispute. A lawyer for the contractor, Vialco SRL, told Bolivian newspaper El Deber that Petrobras owed it more than $2.5 million…
Argentina Authorizes Natural Gas Exports to Uruguay
Argentina's government authorized the export of up to 350,000 cubic meters (12.4 million cubic feet) of natural gas per day to neighboring Uruguay for the next two years, its official gazette said on Wednesday. Argentina is seeking to ramp up production by exploiting one of the world's largest shale reserves, Vaca Muerta, but it remains a net importer of gas, primarily from Bolivia. Argentina must import equivalent amounts of gas to what it is exporting to Uruguay, the gazette said.
Canada's MGX Minerals Hunts Battery Lithium in Oilfields
Canada's MGX Minerals is close to completing testing of technology that uses brine from oilfields aiming to shorten the production of lithium to just one day, CEO Jared Lazerson told Reuters. Hopes for the trial and plans to expand have helped boost MGX's share price by more than 250 percent this month, with its market capitalisation topping C$100 million ($76 million), Reuters data shows.
Bolivian, Argentina State-run Oil Companies Sign Exploration Agreement
The state-run oil companies of Bolivia and Argentina, Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) and YPF, signed a contract on Monday to jointly explore and drill an area in the Charagua area of Bolivia's Santa Cruz province. If the project is deemed commercially viable, the companies will invest around $1.177 billion and form a joint venture in which the Bolivian company will have a 51-percent stake, CEO of YPFB, Guillermo Acha, said in a statement.
Petrobras, Total ink Strategic Alliance Deal
Petrobras signed a Master Agreement with French outfit Total today related to the strategic collaboration set forth in the memorandum of understanding signed on October 24 by our CEO Pedro Parente and Total CEO Patrick Pouyanné. Under the new agreement, Petrobras will substantially increase the level of technological cooperation in the fields of geosciences, subsea systems, and in joint studies…
Petrobras, YPFB Chaco to Invest $1.2 Bln in Exploration
Brazil's state-run oil firm Petroleo Brasileiro SA and Bolivia's state-run YPFB Chaco signed a $1.2 billion agreement to explore two natural gas fields with potential reserves of 4 trillion cubic feet, the Bolivian government said on Monday. The fields are Astilleros and San Telmo, in southern Bolivia. (Reporting by Daniel Ramos; Writing by Caroline Stauffer)
Brookfield-led Group to Buy Petrobras Natgas Pipeline stake
A consortium including Brookfield Infrastructure said it agreed to buy a 90 percent stake in the operator of a natural gas transmission system in Brazil from Petróleo Brasileiro SA (Petrobras) for about $5.2 billion. Brookfield-managed entities will hold a controlling interest in the consortium, which also includes China's CIC Capital Corp and Singapore's GIC Private Ltd, which are clients of Brookfield Asset Management.
OPEC Supply Cut Meeting Kicks Off
OPEC officials began talks in Vienna on Friday aimed at working out details of their oil supply-cut agreement, which they concede is looking more complicated by the day. The meeting of the High Level Committee is comprised mainly of OPEC governors and national representatives - officials who report to their respective ministers. Last month in Algiers, the Organization of the Petroleum Exporting…
