Venezuela Must Advance Renewable Developments, Official Says
OPEC member Venezuela has benefited economically over the last century, mainly from producing oil, but as the race to net zero emissions picks up speed, the Caribbean country must now advance natural gas-related and renewable developments such as wind, solar and bioenergy.
Hess Corp. Raises 2023 Production Guidance as Profits Fall
Hess Corporation raised its 2023 production forecast by 4.7% due to strong operational performance as well as the expected early fourth quarter startup of Payara, its third development offshore Guyana.
Venezuela Flares More Gas than Freeport LNG Exports
OPEC’s Venezuela continues to flare over half its natural gas production and burn off more than the output from Houston-based Freeport LNG’s three-train, 15-mtpa export facility, which is about 2.2 Bcf/d, and then some.
Argentina’s Neuquén Province Gas Production Nears Record Highs
Gas production from Argentina’s Neuquén Province, home to the Vaca Muerta shale formation, reached 91.03 MMcm/d or about 3.21 Bcf/d in June of 2023, nearly surpassing a record high set last winter.
US OFAC Extends Citgo Protection Until Oct. 2023
The U.S. Office of Foreign Assets Control extended protection to Citgo Petroleum from creditors until the end of October 2023.
Barred Machado Eyes Venezuela Energy Sector Privatization, Debt Restructuring
Venezuela’s leading opposition candidate María Corina Machado plans to privatize the upstream and downstream sectors and restructure the Caribbean country’s debt if elected president in 2024. Her main obstacle: she’s barred from holding public office.
Colombia’s Energy Minister Irene Vélez-Torres Resigns
Colombia’s mines and energy minister Irene Vélez-Torres resigned from the ministry, citing investigations against her use of power.
Chart Talk: Venezuela’s Massive Production Meltdown
OPEC’s Venezuela lost an average 2.07 MMbbl/d under its so-called “socialist” leaders, according to OPEC data, and now the country continues with efforts to break through a production ceiling that appears to be 800,000 bbl/d.
Parex Resource’s Chirimoya Exploration Well Abandoned
Parex Resources found the Chirimoya exploration well’s prospective zones had no economic hydrocarbons.
China to Boost Brazil Oil Imports in Q3, Replacing Some Saudi Supply
The volumes are significantly higher than the average in the first five months of the year, when China imported 3.02 million metric tons of Brazilian crude.