RPT: How Trump's proposed tariffs could affect commodities and energy
Donald Trump, the president-elect of the United States, pledged on Monday to impose tariffs on three of its largest trading partners: Canada Mexico and China. He explained how he would implement his campaign promises which could lead to trade wars. The following commodities and energy sectors may be affected. According to government statistics, Canada will export energy products worth $177.19 billion to the United States by 2023.
What impact Trump's tariffs on commodities and energy might have
President-elect Donald Trump on Monday pledged tariffs on the United States' three largest trading partners - Canada, Mexico and China - detailing how he will implement campaign promises that could trigger trade wars. Canada exported some $177.19 billion in energy products to the United States in 2023, according to government data. Canada's crude imports make up more than a fifth of all the oil that U.S. refineries process. About 70% of imported Canadian barrels go to Midwest U.S.
ConocoPhillips wins approval from a judge for the seizure of payments made to Venezuelan PDVSA
ConocoPhillips won approval from a Trinidad court on Friday to seize payments made by the Caribbean nation to Venezuela's oil company in connection with a proposed offshore project between the two countries. ConocoPhillips is trying to recover money for many years from Petroleos de Venezuela for the expropriation of its assets. PDVSA paid Conoco $700 million as part of a settlement deal, but stopped payments at the end of 2019.
Sources say that Shell is the preferred bidder in Trinidad for a shallow water block
Three people familiar with the process have confirmed that Trinidad and Tobago has selected Shell as its preferred bidder to bid on a shallow-water block. This bidder beat out BP and EOG Resource. Trinidad and Tobago's natural gas production has declined in recent years, and the country has struggled to supply its petrochemical and liquefied gas plants. The government organized bid rounds and pressed producers to deliver the first output of offshore projects.
Perenco will acquire mature gas fields from BP
BP Trinidad and Tobago has signed an agreement with Perenco T&T for the divestment of its Immortelle offshore gas field and production facilities. The oil major said this in a Monday statement. It said that the agreement includes undeveloped resources in the Parang field. All fields except Parang have been in operation since 1993, and produce about 30 thousand barrels equivalents of oil per day.
Min says that seismic work will begin on gas fields shared between Trinidad and Venezuela.
Stuart Young, Trinidad and Tobago's energy minister, said on Facebook on Friday that seismic work is expected to begin in the next few days at the offshore gas fields shared between Venezuela and Trinidad and Tobago. Venezuela issued a license in July allowing for the development of the Cocuina Field, its side of reservoir. In early 2014, the U.S. also approved this project. It will be developed by Britain’s BP and Trinidad’s National Gas Company.
15 Bids in To Market Guyana Governent Crude
Guyana received bids from 15 different companies aiming to market the government's share of the crude produced off the South American country's coast, according to Guyana's National Procurement and Tender Board Administration website on Wednesday.The government re-launched the search last month after a previous tender was discarded. Bids were due on Aug. 3, and companies were asked to indicate the commission they would charge per barrel of crude exported.
New Offshore Acreage Licensing to Drop 60% in 2020, Rystad says
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 to be canceled this year due to the combined effect of the COVID-19 pandemic and the low oil prices."This year was…
Honeywell Builds ICSS for BP Offshore Platform
The U.S. engineering and automation conglomerate Honeywell International said that it has been chosen to design and deliver an integrated control and safety system (ICSS) to remotely support BP’s Cassia compression platform located offshore Trinidad and Tobago.The Cassia compression project involves the installation of a new platform, Cassia C, for compressing the gas produced by the nearby existing fields in the Greater Cassia Area.BP Trinidad and Tobago (BPTT)…
Wood Names Cox as Americas CEO
Energy services company Wood said Stephanie Cox will take over as CEO of its Americas business, succeeding Andrew Stewart who has been appointed executive president of strategy and development for the global business.Responsible for the firm’s $4 billion asset solutions business which employs around 20,000 people working across the US, Canada, Trinidad, Brazil, Mexico and Guyana, Cox will be based in Houston and report directly to Wood’s Chief Executive…
Harvey Gulf Continues Global Expansion
The Company announced today that its two PSV 3250’s arrived without incident in Nigeria on August 12, 2019 and immediately began one-year contracts.CEO Shane Guidry commented, “We want to thank our local partner and our Nigeria employees for working 100 percent within our policies, procedures and most importantly our safety culture. We look forward to growing our business in the region.” The Company continues to expand globally…
Wood Promotes Leonard in Americas Role
Engineering firm Wood said it has appointed Paul Leonard as President of Operations Services in its Americas business to succeed Tim O’Leary, who is retiring from the company after a 20-year tenure.Wood’s Operations Services business complements the company’s capital projects businesses through the provision of operations, maintenance, modifications, asset management, shale facilities and pipeline construction services to clients in the upstream and midstream energy sectors…
Deep Down Wins Shell Order
Houston-based oilfield services company Deep Down said it has received an order for umbilical support services from Shell Trinidad and Tobago.The company specializing in complex deepwater and ultra-deepwater oil production distribution system support services said in a press note that the order is for the design, fabrication, project management, and installation support for an umbilical…
Repsol's Q1 Net Profit Rises
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.
GAC Steps up in Guyana
GAC has opened its newest company in the South American country of Guyana in response to demand for professional shipping and logistics support following the discovery of large reserves of oil and gas in its waters.Bordered by the Atlantic to the north, Brazil to the south and southwest, Venezuela to the west, and Suriname to the east, Guyana covers just 215,000 km². Oil was first struck in 2015…
BHP to Drill More Wells in Trinidad
BHP Group Ltd has stepped up exploration drilling in deep water off Trinidad and Tobago hunting for gas which could supply the country's Atlantic LNG (liquefied natural gas) plant in the 2020s, a senior executive said.The company expects to complete drilling of three wells in block 14, located in its northern contract area, by the middle of this year, Niall McCormack, BHP's vice president for exploration…
Rowan Rig Wins Repsol's Guyana Well Order
The offshore drilling contractor Rowan announced that Repsol Exploracion Guyana, a unit of Spanish energy major Repsol, has signed a contract for the EXL II, a high-specification Super 116E Jack-up rig, for work in Guyana.The contract is for one well beginning in the third quarter of 2019 with a duration of approximately 45 days, said a press release from the provider of well drilling services to the petroleum industry.The EXL II is currently under contract with BP in Trinidad…
Repsol Net Profit Up 7.5%
Spanish oil and gas firm Repsol beat forecasts with a 7.5 percent increase in fourth-quarter adjusted net profit on Thursday, boosted by higher oil and gas prices and increased production, and said its strategic plan was on track.Repsol started new projects in Algeria, Trinidad and Tobago, Britain, Peru and Malaysia during 2018, and benefited in October-December from an annual rise in prices and lower exploration costs.The company said it was on track to deliver its 2018-2020 stra
GasLog: LNG Demand Grew 9% in 2018
Liquefied natural gas (LNG) is expected to have increased by 9%, from 288 million tonnes per annum (mtpa) in 2017 to 313 mtpa in 2018, said GasLog.The Monaco-based owner, operator and manager of LNG carriers said in a stock exchange announcement that China’s LNG imports increased by approximately 16 mtpa, or 41%, to 54 mtpa in 2018, driven mainly by continued coal-to-gas switching in the industrial…
BP Green Lights Trinidad, Tobago Gas Projects
BP in Trinidad and Tobago (bptt) gave the go-ahead to two new gas developments, Cassia compression and Matapal, offshore Trinidad, it said on Friday.BP will build a new platform, Cassia C, and first gas from the facility is expected in the third quarter of 2021.Matapal will be a three-well subsea tie-back to the Juniper platform.
