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, said he hopes the "framework agreement" is the first of several with countries in the region to encourage investment to increase access to cheaper, cleaner energy.The agreement is part of a Treasury-led initiative called America Crece…
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. oil producer ConocoPhillips in May began seizing PDVSA's overseas assets in an attempt to collect on a $2 billion arbitration award.
Conoco Seized PDVSA Products from Isla Refinery
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 to collect on a $2 billion arbitral award linked to the 2007 nationalization of Conoco assets under late leader Hugo Chavez.“PDVSA products from the installations of the Isla refinery have been confiscated.
PDVSA Halts Caribbean Storage, Shipping; Diverts Oil Cargo
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 of Jose on Venezuela's eastern coast and recalling tankers to Venezuelan waters to avoid seizures that would further cut its exports and worsen an economy on the verge of collapse.U.S.…
Conoco Moves to Seize PDVSA's Caribbean Assets
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. Eustatius that accounted for about a quarter of Venezuela's oil exports last year. The three play key roles in processing, storing and blending PDVSA's oil for export.
Aruba Begins Talks with U.S. over Aruba Refinery Pause
The Aruba government said on Thursday it started talks with the United States after Houston-based firm Citgo Petroleum slowed work on an overhaul of the Caribbean island's 235,000-barrel-per-day refinery due to a lack of credit. Sanctions imposed last year by President Donald Trump's administration on Venezuela and its state-run oil company, PDVSA, limit their access to long-term credit, affecting oil projects in the OPEC-member country and in the Caribbean islands where PDVSA operates. Citgo, the U.S.
Oil Firms as Gulf Refineries Restart
Hurricane Harvey's impact on oil industry slowly fading. Brent oil prices firmed on Thursday, hovering near 3-1/2-month highs as U.S. refiners restarting after Tropical Storm Harvey increased their crude processing and the U.S. dollar declined. Brent crude futures were up 28 cents at $54.48 a barrel by 1143 GMT, close to their highest since May 25. U.S. West Texas Intermediate (WTI) crude futures eased by 11 cents to $49.05 a barrel, near a four-week high. U.S. Gulf Coast facilities were slowly recovering from the devastating effects of Harvey…
Repsol Makes Oil Discovery in Trinidad and Tobago
Repsol has discovered an oil reserve estimated at 40 million barrels of oil equivalent in the waters off the Caribbean islands of Trinidad and Tobago, to the west of the island of Trinidad, the company said in a statement on Thursday. The reserve has produced 1,200 barrels of high quality oil in tests and is ready for commercial production, the oil major said. Repsol has been exploring in Trinidad and Tobago for nearly 20 years. It has rights on seven offshore sites in the region.
