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Mexico’s Oil Output Dips Amid Field Challenges Mexico faces declining oil production, primarily from the Ku offshore and Quesqui terrestrial fields, both vital assets under state-run Petróleos Mexicanos (Pemex). Recent figures from the National Hydrocarbons Commission show that in March 2024, the country produced 1.864 million barrels of oil daily - https://lnkd.in/d74-rrJS This marked a 3.6% decrease annually—70,000 fewer barrels than the previous year and 8,000 less than the preceding month. Mexico's crude production has fallen to roughly 1.8 million b/d from around 3.3 million b/d in 2005. As mentioned before, the only fields in the country that will make a difference in the near future in Mexico are Trion and Zama. Zama is expected to start production in 2025 and reach a peak of 180,000 b/d in 2029. Trion is expected to start production in early 2028 and reach a peak production of 110,000 b/d at the end of the year. #Mexico #oilandgas #PEMEX #CNH

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The US administration today reimposed sanctions targeting Venezuela's oil exports and energy sector investments and set a deadline of 31 May for most foreign companies to wind down business with state-owned PdV. The separate waivers granted to Chevron and to oil field service companies Halliburton, SLB, Baker Hughes and Weatherford will remain in place. Chevron will be allowed to continue lifting oil from its joint venture with PdV, solely for imports into the US. US-bound Venezuelan crude volumes averaged 133,000 b/d last year. Chevron said its Venezuela output was 150,000 b/d at the end of 2023. Argus estimated Venezuela's crude output at 850,000 b/d in March, up by 150,000 b/d on the year. PdV said it will seek to change terms of its nine active joint ventures, starting with Spain's Repsol, in an effort to boost production. The reimposition of sanctions will primarily affect Venezuelan exports to India and China. India has emerged as a major new destination for Venezuelan crude since the US lifted sanctions in October, importing 152,000 b/d in March. There are two more Venezuelan cargoes heading to India and are expected to arrive before the 31 May deadline. The VLCC Caspar left the Jose terminal on 14 March and was expected to arrive at a yet-unknown west coast Indian port on 26 April. The Suezmax Tinos left Venezuela on 18 March and was due at Sikka on 30 April. By contrast, Chinese imports of Venezuelan Merey, often labeled as Malaysian diluted bitumen, have been lower since October. Independent refiners in Shandong, which benefited from wide discounts on the sanctioned Venezuelan crude, cut back imports to just a fraction of pre-relief levels. By contrast, state-controlled PetroChina was able to resume imports. The Merey discount to Brent already widened in anticipation of a possible reimposition of US sanctions. Reprieve expected for European companies Separate US authorizations previously issued to Repsol and to Italy's Eni to allow oil-for-debt deals with PdV and to enable a Shell project to import natural gas from Venezuela's Dragon field to Trinidad and Tobago are expected to remain in place. Repsol imported 23,000 b/d of Venezuelan crude into Spain last year and 29,000 b/d so far this year, according to Vortexa data. The last cargo to arrive was on 15 April.

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It’s an interesting analisys that is worth reading.

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FTA: "“Banking and finance of any sort is serious business. It requires both skill and wisdom to build and run. There are regulatory bodies protecting consumers from bad outcomes like this for a reason,” he adds." Coink has walked that path in Latin America, as the first fintech licensed by Colombian financial regulators. Bravo, Mario Castro! #innovation #startup #finance #banking #colombia #latinamerica

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On June 2, Mexican citizens will head to the polls to elect the successor to President Andrés Manuel López Obrador. Among the most confrontational points of contention between the candidates has been how to handle Petróleos Mexicanos (Pemex), which is so overwhelmed by debt and lower-than-projected crude oil production that posting a net profit is attainable only through government support via tax incentives and capital injections. The extent to which Pemex’s financial condition has worsened over the years is evidenced by the substantial increase in the value of its overall liabilities from $121.9 billion in 2010 to $233.4 in 2023. To put this latter figure in context, if Pemex were a country, its liabilities would stand as the seventh largest economy in Latin America. (Understanding Pemex’s Post-Election Challenges through Six Charts - Blog by Adrian Duhalt, Gerardo Ríos Garcia & Riccardo Serbolonghi - Columbia University - SIPA - Center on Global Energy Policy – April 26th 2024) #PetróleosMexicanos #Pemex #Mexico #Pemexsliabilities #Pemexsdebt

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Chevron and Venezuela's PDVSA have formally requested a 15-year extension for their Petropiar joint venture in the Orinoco Belt, aiming to boost crude production from 110,000 bpd to 150,000 bpd. This extension, spanning 2033 to 2047, includes plans for $2.39 billion in investments and drilling up to 386 new wells. The outcome of this request will significantly impact Venezuela's oil production landscape and economic stability. Read more: https://lnkd.in/e6xr2djn #OilAndGas #EnergyIndustry #Chevron #PDVSA #Venezuela #Petropiar #EnergyInvestments #AriesOne #EnergyConsultants #OilAndGasConsultants #PetroleumConsultants #DrillingConsultants #OilAndGasConsultingFirms #OilAndGasProjectManagementServices #OilAndGasStaffing #OilfieldStaffingAgency #OilAndGasRecruitingAgency #OilAndGasWorkforceSolutions

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Petroperu is recommending private management for the company considering its critical financial situation. Private management "is the best option to bring about the return of financial self-sufficiency," it said in a statement. In 2022, it lost its coveted investment grade rating from credit agencies due to a crisis after a $6.5 billion rehabilitation at its Talara refinery that was financed with bonds, loans plus government funds. Since then, Petroperu has received three capital injections from the government, the last one totaling $1.3 billion backed by loans and announced in February. After nearly three decades of not producing any crude oil domestically, Petroperu recently began to produce small amounts over three areas that were operated by private producers until they reverted to government control after the contracts expired last year.

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At Trio Petroleum Corp (NYSE: TPET), our commitment to Environmental, Social, and Governance (#ESG) principles drives our operations and reflects our long-term vision for sustainability.   Environmental We've completed an Initial Environment Impact Report (IEIR) for the South Salinas Project. Following the completion of the confirmation well, we will fund the Final Environmental Impact Report (FEIR) and apply for a full-field development and production permit.   Social Our focus is on producing domestic oil to bolster California’s energy industry and support its workforce. This initiative helps reduce the state's reliance on energy imports from countries with less stringent environmental practices.   Governance Our leadership team, with decades of experience, includes our Chairman, who serves as a Board Member for the California Independent Petroleum Association (CIPA). This expertise ensures we effectively navigate the industry's regulatory landscape and permitting processes.   At Trio Petroleum Corp (NYSE: TPET), our #ESG practices underscore our dedication to sustainable growth and responsible operations.  https://lnkd.in/eXQ849_p #TrioPetroleum #EnergyIndependence #OilAndGas #SustainableEnergy #NYSE #TPET

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#Guyana 🇬🇾 With Mexican crude exports expected to decline, strong competition is emerging between the U.S. and Europe for Guyanese oil This shift comes as U.S. Gulf coast imports of Mexican crude have significantly decreased, falling to approximately 135,000 barrels per day (b/d) from March 1 to May 27, down from around 220,000 b/d in the previous three-month period. Last year, U.S. Gulf Coast refiners imported just two Suezmax-size cargoes of Guyanese crude. However, the U.S. Gulf coast emerging as a new market would further increase demand in Guyana, where cargoes this year through May 20 increased by 45% compared to the same period last year, and nearly fivefold compared to 2022. Guyana has also increased its share of Europe’s oil market, with exports to Europe in the first half of 2023 rising to 215,000 b/d, or 63% of the country’s total exports. A large portion of these exports are traded in Rotterdam, a key European oil hub. Guyana’s rising output has enabled the Exxon consortium and the government to market more to European refiners, solidifying its position in the global oil market. https://lnkd.in/eTrYjeQH #OilIndustry #GuyaneseOil #GlobalTrade #EnergySector #OilExports #Suezmax #Aframax #USGulfCoast #EuropeanMarket #ExxonMobil #EnergyCompetition

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Vista Gears Up for 85,000 boe/d by Year-End: Accelerating Vaca Muerta Development Vista Energy, a major player in Argentina's unconventional oil production, is hitting the gas pedal in Vaca Muerta. The company is deploying a third drilling rig in the second half of 2024, aiming to significantly boost production. Third Drilling Rig: Added flexibility for faster drilling and revised production targets. Ambitious Target: Production exceeding 85,000 boe/d projected for Q4 2024. Efficiency Gains: Operating costs reduced by 33% through a streamlined Vaca Muerta operation model. Production Growth: Overall production up 5% year-over-year, with oil production specifically rising by 7%. First Quarter Highlights: 11 new wells connected and a three-well pad brought online in the Bajada del Palo Este block. Strong Q2 Projection: Double-digit production growth expected in the second quarter of 2024. #VistaEnergy #VacaMuerta #Argentina #UnconventionalOil #Drilling #ProductionGrowth #OperationalEfficiency #EnergyDevelopment #ShaleOil

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Washington, 15 April (Argus) — The US administration's decision to temporarily lift oil sanctions against Venezuela in October last year relied on the premise that economic incentives would prompt Caracas to hold a competitive presidential election. But either the theory was wrong or the incentives were insufficient to encourage Venezuelan president Nicolas Maduro to consider exiting the scene. The US wants Venezuela to allow credible opposition candidates to run in the latter's presidential elections on 28 July, and set this as a condition for extending sanctions relief beyond a looming 18 April deadline. But the Maduro government has prevented key opposition leader Maria Corina Machado from running. The main non-government affiliated candidate allowed to run in the election, governor of the oil-rich Zulia state Manuel Rosales, is viewed with scepticism in Washington. An election in which "only those opposition candidates with whom Maduro and his representatives feel comfortable" can participate will not be considered competitive enough for the US sanctions relief to continue, the US State Department. Maduro's reneging on last year's accord with the opposition over the competitive election comes as no surprise to Washington-based critics of his government. "We've done everything we can to give economic inducement to the regime to behave differently," think-tank Center for Strategic and International Studies' Americas programme director Ryan Berg says, estimating the benefit to Caracas from sanctions relief at $6bn-10bn since October. "I just don't see that they've really given anything" in return. Leading US senators from both parties agree, calling on the White House this week to reimpose the sanctions after 18 April. But the six-month period during which Venezuela's state-run PdV was allowed to sell oil freely to any buyer and to invite foreign investment has hardly provided the economic benefits expected in October. India has emerged as a major new destination for Venezuelan crude, importing 152,000 b/d in March. The sanctions relief has not significantly affected US-bound Venezuelan volumes, which averaged 133,000 b/d last year. Even before the October waiver, Washington had allowed Chevron to lift oil from its joint venture with PdV, solely into the US. That exception for Chevron will remain in place. Undoing the US sanctions regime against Venezuela has provided unintended market incentives. Chinese imports of Venezuelan Merey, often labeled as Malaysian diluted bitumen, have been lower since October. Independent refiners in Shandong, which benefited from wide discounts on the sanctioned Venezuelan crude, cut back imports to just a fraction of pre-relief levels. By contrast, state-controlled PetroChina was able to resume imports. The possible reimposition of US sanctions is reflected in the widening Merey discount to Brent (see chart).

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Peru Boosts Oil Production with USD$800 Million Investment! New Peruvian-American Consortium Takes Over Lot X, Talara Peru's national oil company, Perupetro, has awarded a license contract for hydrocarbon exploitation in Lot X, Talara, to a consortium comprised of Aguaytía Energy, Termoselva, and Offshore International Group. This investment of USD$800 million signifies a significant boost to Peru's oil production efforts. The consortium plans to drill an additional 440 development wells over the 10-year license period, surpassing the initial requirement of 704 wells. This ambitious drilling program aims to revitalize production in Lot X, aiming to reach an average of 10,000 barrels per day (bpd) – a 30% increase in Peru's national output. Key Detailed: ·      Project: Lot X hydrocarbon exploitation contract awarded in Talara, Peru ·      Companies: Perupetro (licensing authority), Consortium (Aguaytía Energy, Termoselva, Offshore International Group) ·      Investment: USD$800 million by consortium over 10 years ·      Impact: Increased oil production in Lot X ·      Drilling: 440 additional development wells planned (surpassing initial requirement) ·      Production Target: 10,000 bpd (30% increase in national output) ·      Timeline: Operations begin May 20, 2024, replacing current operator CNPC ·      Additional Notes: Perupetro retains a 40% stake in the license contract. #Peru #Perupetro #AguaytiaEnergy #Termoselva #OffshoreInternationalGroup #LotX #Talara #OilAndGas #Investment #Production #Consortium #Energy #Development

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At Trio Petroleum Corp (NYSE: TPET), our commitment to Environmental, Social, and Governance (#ESG) principles drives our operations and reflects our long-term vision for sustainability.   Environmental We've completed an Initial Environment Impact Report (IEIR) for the South Salinas Project. Following the completion of the confirmation well, we will fund the Final Environmental Impact Report (FEIR) and apply for a full-field development and production permit.   Social Our focus is on producing domestic oil to bolster #California’s energy industry and support its workforce. This initiative helps reduce the state's reliance on energy imports from countries with less stringent environmental practices.   Governance Our leadership team, with decades of experience, includes our Chairman, who serves as a Board Member for the California Independent Petroleum Association (CIPA). This expertise ensures we effectively navigate the industry's regulatory landscape and permitting processes.   At Trio Petroleum Corp (NYSE: TPET), our #ESG practices underscore our dedication to sustainable growth and responsible operations.  https://lnkd.in/eZyQYnuE #TrioPetroleum #EnergyIndependence #OilAndGas #SustainableEnergy #NYSE #TPET

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Argentina Prepares for Oil IPO As Milei Reform Gets Underway. Argentine oil driller Petrolera Aconcagua Energia SA is making arrangements to join the country’s stock market to raise funds for expansion as President Javier Milei’s reforms start to attract capital back to Argentine markets, the Buenos Aires Times has reported. Last month, Aconcagua revealed that it’s bidding for aging oil fields being sold by state-run giant YPF SA as the company looks to expand its current production clip of 13,500 boe/d. It isn’t clear yet if the Petrolera exploration and production… http://ow.ly/suBT105we0v

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About LNG Group signing with PDVSA, a few clarifications: - They signed on April 17th while GL44 was still on, so they can keep working in the wind-down period and hopefully get a special license. - The Texas billionaire part is not very relevant. The CEO is Venezuelan, and they operate in Colombia. The CEO did the deal. On another note: - Very significant since they’re not just trading oil, but setting up camp in Venezuela. They’re gonna have a subsidiary with an office and operate fields. - There are a few other companies that signed with PDVSA that same day, but they did not want to be named. #OOTT https://lnkd.in/dwyyZtvw

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