Nasdaq BOGOTA – Colombia’s state-run oil company Ecopetrol ECO.CN will invest between $5.7 billion and $6.7 billion and produce up to 730,000 barrels per day equivalent (boepd) in 2024, it said in a statement. A majority of that spending, about $4.8 billion, will go toward keeping production between 725,000 and 730,000 boepd, the company’s refineries at between 420,000 and 430,000 barrels
World Oil (Bloomberg) – Oil executives are flocking to Venezuela to take advantage of lighter U.S. sanctions, even though there’s a risk that access to the world’s largest oil reserves might snap shut as quickly as it opened. Companies including Shell Plc., Repsol SA, Hungary’s Mol Nyrt, Sweden’s Maha Energy AB, the National Gas Company of Trinidad and Tobago and
World Oil (Bloomberg) – Argentina’s YPF SA surged the most on record following the election of outsider presidential candidate Javier Milei, who said he plans to privatize the state-owned oil and gas producer and remove controls stymieing the sector. The driller’s American Depository Shares soared as much as 43%, the biggest intraday move since they began trading in 1993. Argentina’s
Yahoo Finance Venezuela is close to approving a license for Shell and the National Gas Company of Trinidad and Tobago to develop a promising offshore natural gas field and export its production to the Caribbean country, two people close to the matter said. The license could set in motion a long-running effort by Trinidad to boost its gas processing and
Oil Price Following the U.S. sanctions relief on Venezuela’s oil industry, supermajor Chevron has started to supply Venezuelan state oil firm PDVSA with fuels in an expansion of an oil swap deal, Reuters reports, citing sources with knowledge of the matter. Chevron has already sent one cargo to Venezuela as part of what could be an expanded oil swap agreement under
Oil Price After the sanctions relief from the U.S. last month, Venezuela is in contact with domestic and international oilfield services providers to help it ramp up crude oil production, Reuters reported on Monday, citing sources close to the negotiations. Venezuela’s state-controlled oil firm PDVSA is discussing hiring equipment and services from oilfield services suppliers now that the United States has lifted sanctions on Venezuela’s
World Oil (Bloomberg) – Chevron Corp. will promote Javier La Rosa to run its operations in Latin America as it builds its presence in the region. La Rosa, who joined the oil giant in 2000, will be based in Buenos Aires and replace Eric Dunning, who is set to retire after a 40-plus year career at the company, Chevron said. The
Oil Price Venezuela’s Supreme Justice Tribunal has suspended the results of a primary that took place earlier this month in the opposition segment of the country’s political spectrum. Bloomberg’s Javier Blas commented on X that the move was not surprising and said Venezuela’s president, Nicolas Maduro, had called the primaries a fraud. Reuters reported that the suspension had come despite a deal between the opposition
Nasdaq BUENOS AIRES – Argentina’s fuel crisis deepened on Monday as filling stations around Buenos Aires ran out of petrol and long queues formed elsewhere, while the government said it could halt exports to preserve supplies and oil sector workers threatened a strike. The South American country, a major shale oil and gas producer, has suffered shortages of petrol and
World Oil (WO) – On Oct. 26, Reuters reported that ExxonMobil, along with partners Hess Corp. and CNOOC, made a “significant discovery” in the Stabroek block offshore Guyana. This discovery from the Lancetfish-2 well is the fourth made in 2023 in the country, bringing the total amount of recoverable oil and natural gas resources to 11 billion barrels (Bbbl).
World Oil (Bloomberg) – Guyana’s government is “very supportive” of Chevron Corp.’s deal to buy Hess Corp., which owns a large stake in the country’s oil developments, Chief Executive Officer John Hess said in an interview. “We have spoken to the leadership of Guyana, and they are very supportive of the deal, welcoming Chevron as another large American oil company,” he
Nasdaq HOUSTON- For the past four years, the United States protected oil refiner Citgo Petroleum from creditors seeking to seize Venezuela’s foreign crown jewel for billions of dollars in claims. But on Monday, a U.S. judge will kick off an auction expected to place the Houston-based company in the hands of rivals or investors. The auction could start a new
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