Egypt rushes solar energy to catch up as gas prices soar
Egypt, with its few clouds, vast deserts, and well-developed electrical grid, has everything it needs to expand solar energy generation. It is only now that Egypt has begun to take advantage of these resources, as the price of imported natural gas has risen. Last year, a sharp drop in gas production and a growing demand caught the authorities by surprise.
New sanctions imposed by the US on Venezuelan officials following Maduro's inauguration
The United States imposed sanctions Friday on eight Venezuelan officials, and raised to $25 million its reward for the arrest of Nicolas Maduro the day before his inauguration into a third term after a disputed vote last year. The latest of a series punishments taken by the outgoing Biden…
PDVSA 2024 Oil Exports Climb in Choppy Year
Venezuela's oil exports rose 10.5% last year despite political instability and changes to the U.S. sanctions regime on the country, as partners of state oil company PDVSA took more cargoes under licenses granted by Washington.As President Nicolas Maduro gets ready to start his third term in office next week following disputed election results…
Judge rejects bids to block Gramercy Fund lawsuits
A U.S. court ruled on Monday that three companies can continue their lawsuits to increase their chances of receiving proceeds from an auction of Citgo Petroleum's parent shares. In a motion to block parallel lawsuits, the court officer who oversees the auction at federal court in Delaware said that the decision could reduce any proceeds from a sale.
ADNOC Drilling partners with SLB and Patterson-UTI to form a 'unconventional energy venture'
ADNOC Drilling, a division of the state oil company in the United Arab Emirates, announced on Tuesday that it had signed an agreement for Turnwell Industries - a joint venture between oilfield service firms SLB, Patterson-UTI, and ADNOC Drilling. ADNOC Drilling owns 55% of the company, which…
Mexican firefighters put out a second fire at Pemex in a week
The fire at the refinery of Pemex, Mexico's state oil company, has been put out, according to both the firm and authorities on Thursday. No injuries have been reported. Pemex has not yet revealed what caused the accident at its Minatitlan Refinery, located in eastern Veracruz State. The refinery can process up 285,000 barrels of oil per day.
Malaysian billionaire Ananda Krishnan dies at 86
His private investment firm announced that Ananda Krishnan died at age 86. He had a wide range of business interests, from oil and natural gas to telecommunications. The cause of death has not been determined. The tycoon avoided publicity, but became known internationally in the mid-1980s…
ADNOC, the state oil company of UAE, has established an international investment arm XRG
ADNOC, the state-owned oil company of the United Arab Emirates, announced on Wednesday that it had launched XRG. This investment firm focuses on low-carbon energy sources and chemicals. It is valued at over $80 billion. When it starts operating in 2025's first quarter, the company will focus initially on "transformational global investments".
Pemex Salina Cruz Refinery Blaze Extinguished
A fire that broke out on Tuesday morning at the Mexican state oil company Pemex's refinery at the Salina Cruz in Oaxaca state has been put out, local authorities said.There was no loss of life or property damages, the local civil protection agency said.
Petrobras and Yara Sign Agreement for Diesel Exhaust Fluid Sales in Brazil
Petrobras, Brazil's state oil company, has signed agreements with ANSA and fertilizer firm Yara. Yara could sell AUS 32 diesel-exhaust fluid in Brazil. Brazil imports AUS32, or 32% solution of aqueous Urea, to reduce the emissions from diesel cars. ANSA will produce AUS 32 in its plant in Parana in the south of Brazil…
Mexico simplifies fiscal regime for Pemex, the state oil company
Mexico announced a plan on Wednesday to simplify the fiscal regime of state oil company Petroleos Mexicanos (Pemex), in an effort to boost a producer whose heavy loans have burdened state coffers. Claudia Sheinbaum, Mexican president, said during the morning press conference Pemex will pay a general tax of 30% on its non-associated gas operations.
Colombian court reverses order to suspend gas well off Caribbean coast
On Wednesday, a Colombian court overturned a previous court order that was issued last month, which had suspended operations at Sirius-2 (formerly known as Uchuva-2), a major offshore gas well. The ruling was issued on October 29, following a complaint from Indigenous communities that their…
The Colombian Ministry of Energy says nine companies are interested in the offshore wind project
The Colombian energy ministry announced on Tuesday that seven foreign companies and two local ones had expressed interest in a project to build offshore wind farms and expected to receive formal bids by the first half of 2025. According to the ministry, these companies include Colombian state oil company Ecopetrol…
Document shows that Mexico's Pemex plans to increase its gas and oil reserves under Sheinbaum's presidency.
According to a document that was seen by us on Wednesday, the Mexican state oil company Pemex wants to increase its hydrocarbon reserve and make sure it is repaid during the tenure of newly-elected President Claudia Sheinbaum. The document also shows that Pemex will intensify its deepwater…
Sources: At least 18 injured by fire at Venezuelan La Salina oil terminal
Sources familiar with the operations of Venezuela's La Salina Oil Terminal said that at least 18 people, including workers, neighbours and firefighters, were reported injured by a fire in a crude oil storage tank. The fire started early on in the morning during a thunderstorm and raged through the afternoon.
Sources say that the distillation and catalytic cracker units at Venezuela's Amuay Refinery have resumed operations.
Five sources said this week that a catalytic cracker, and two distillation machines, at Venezuela's Amuay Refinery, the largest in the country, had resumed operation following an interruption of power earlier this month. Sources claim that a blackout occurred on September 12 which knocked the catalytic cracker of the refinery…
Elliott group seeks to buy Citgo Petroleum from Exxon director
Gregory Goff, Exxon Mobil's board director, recently joined a newly-formed company backed by Elliott Investment Management that is seeking to take control of Venezuelan oil refiner Citgo Petroleum. Citgo and Exxon compete in the motor-fuels and lubricants business. Exxon, the third largest U.S. refiner of oil by capacity, and Citgo are the seventh largest.
Elliott group seeks to buy Citgo Petroleum from Exxon director
Gregory Goff, Exxon Mobil's board director, recently joined a newly-formed company backed by Elliott Investment Management that is seeking to take control of Venezuelan oil refiner Citgo Petroleum. Citgo and Exxon compete in the motor-fuels and lubricants business. Exxon, the third largest U.S. refiner of oil by capacity, and Citgo are the seventh largest.
Three workers sue Pemex in Texas for injuries
On Monday, three workers filed a lawsuit against Mexico's state oil company Pemex in Houston. They claim to have been injured in a release of hydrogen sulfide at a refinery in Deer Park in Texas on Thursday. According to officials, two contractors died and 35 others were treated on Thursday for exposure to deadly hydrogen-sulfide.
Colombia's Ecopetrol claims that operations have been affected by roadblockades and pipeline attacks
Ecopetrol, Colombia's state oil company, said that its operations were affected by the attacks on Cano Limon - Covenas and Bicentenario and a nationwide strike of truckers which has caused transport to be snarled. The company said in a press release that the production of hydrocarbons may be affected in the next few days, and this could affect fuel supply.
