Colombian crude oil production hit a two-year high in October, averaging some 878,854 barrels per day, the country’s energy ministry said in its latest statistic report. Output was at its highest level since June 2016, after a 1.2% growth from the 868,704 Bpd produced in September, and a 1.7% increase year-over-year, Kallanish Energy learns. The … Read more
Colombia’s state-run oil company, Ecopetrol, has applied for a permit to launch the country’s first hydraulic fracturing project, targeting unconventional resources in Magdalena Medio, central Colombia. According to CEO Felipe Bayon, the company filed a permit request with the country’s environmental agency and upon approval, the project could start in 2019. He didn’t say, however, when … Read more
Chinese and Russian state oil companies PetroChina and Rosneft will not pay the costs of repairing and modernizing Venezuela’s Cardón and Amuay refineries for PDVSA, according to union sources. Ivan Freites, senior official of the Venezuelan Unions Federation of Oil Workers, told local newspaper El Nacional the foreign partners decided after lengthy … Read more
Chinese and Russian state oil companies PetroChina and Rosneft will not pay the costs of repairing and modernizing Venezuela’s Cardón and Amuay refineries for PDVSA, according to union sources. Ivan Freites, senior official of the Venezuelan Unions Federation of Oil Workers, told local newspaper El Nacional the foreign partners decided after lengthy … Read more
Venezuela’s crude oil seaborne exports dropped 27.2% year-over-year in February, as the country struggles to keep production levels from falling due to natural declines and underinvestment, Kallanish Energy learns. Data from UK’s oil analytics firm Vortexa show crude shipments from the OPEC member totaled 1.39 million barrels per day (MMBPD) last month, compared to 1.91 MMBPD in February 2017. … Read more
Royal Dutch Shell, PDVSA and Venezuela’s oil ministry have formed a joint coordination committee to develop natural gas projects in the oilfields of Monagas state, in northern Venezuela, Kallanish Energy learns. The committee will aim to use and recover gas in the fields, taking advantage of Venezuela’s gas reserves – ranked eighth-largest in the world. The parties … Read more
Chile’s state-oil company, ENAP, signed an agreement with U.S. independent oil and gas firm ConocoPhillips to explore and potentially produce shale gas in the Magallanes region of southern Chile, Kallanish Energy learns. The Coirón bloc project will be rolled out in phases depending on the success of each stage, with ConocoPhillips possibly … Read more
Lack of investment is putting Colombia’s oil industry at risk of loosing its crude self-sufficiency, forcing the country to become an importer, Kallanish Energy learns from the Colombian Petroleum Association (ACP). ACP’s president, Francisco José Mera, said last week crude output could drop to below 400,000 barrels per day (BPD) by 2022, from roughly 900,000 … Read more
Venezuela’s state-owned oil company, PDVSA, has issued at least $310 million in debt to companies including General Electric as it negotiates private issues to pay off its suppliers, industry sources told Reuters. The debt issues are stretching the finances of a company its bondholders already believe is nearing default, Kallanish Energy learns. The securities in … Read more
Brazil’s mines and energy ministry is nearly finished with the country’s 2050 national energy plan (PNE), which will include the construction of new nuclear power plants, local newspaper Valor Econômico reported Wednesday. The story quoted the ministry’s executive secretary, Luiz Eduardo Barata, as saying “the PNE 2050 is in its conclusion stage, and will surely … Read more
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