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(Reuters) - A new oil refinery under construction on Mexico's southern Gulf coast will probably cost between $11-12 billion, rather than the $8 billion originally estimated, President Andres Manuel Lopez Obrador said on Friday. Lopez Obrador told a news conference that the flagship project in the port of Dos Bocas owned and operated by state-run... Continue Reading →
(Reuters) - Drivers around the world are feeling pain at the pump with fuel prices soaring, and costs are surging for heating buildings, power generation and industrial production. Prices were already elevated before Russia invaded Ukraine on Feb. 24. But since mid-March, fuel costs have surged while crude prices are up only modestly. Much of... Continue Reading →
Brazilian state-controlled oil company Petrobras has bought its first cargo of Guyanese crude for refining domestically, the company told Reuters, as South America's newest producer expands its market reach. With the start of a second floating production facility in February, Guyana now sells two light and sweet oil grades with plans to pump up to... Continue Reading →
(Reuters) - ExxonMobil CEO Darren Woods on Tuesday said it would take time for energy market volatility to end and that he expects three to five years of fairly tight oil markets. Speaking at a panel at the Bloomberg Qatar Economic Forum in Doha, Woods added that the company had asked the U.S. administration for... Continue Reading →
(Reuters) - Curacao will begin negotiations with a seven-company consortium to take over management of the Caribbean island's oil refinery and storage terminal, state-owned Refineria di Kòrsou (RdK) said on Sunday. Curacao's 330,000-barrel per day Isla refinery was idled in 2018 amid a payment dispute between then-operator Petroleos de Venezuela (PDVSA) and U.S. oil company... Continue Reading →
(Reuters) - Consumers can expect fuel prices at the pump to remain high into next year due to disruptions to Russian oil supplies and as refineries struggle to meet demand recovering from the pandemic, consultancy Wood Mackenzie said. The pressure should ease in the second half of next year when several new large refineries including... Continue Reading →
Petróleo Brasileiro S.A. – Petrobras, following up on the release disclosed on 05/25/2022, informs that the company Grepar Participações Ltda. (Grepar), which entered into an agreement with Petrobras for the sale of the Lubrificantes e Derivados de Petróleo do Nordeste (LUBNOR) refinery and its associated logistics assets, sent a notification informing changes in its corporate... Continue Reading →
(Reuters) - Mexican President Andres Manuel Lopez Obrador said Wednesday the country expected crude processing in six state-run Petroleos Mexicanos (Pemex) refineries to increase to 1.2 million barrels per day, up from the current level of 840,000 barrels per day. Lopez Obrador said in a regular news conference that the Olmeca refinery along the coast... Continue Reading →
(PN) Petrobras launched this week a tender for contracting inspection services in its industrial assets located on land and sea. The tender covers both refining units as well as platform ships currently in operation in the Brazilian pre-salt. The expectation is that the opening of the envelopes with the proposals will take place on the... Continue Reading →
(Reuters) - Ecuador's state-run oil company Petroecuador on Thursday launched an auction for private companies to bid for a flagship offshore natural gas field, aiming at increasing the Andean country's production. Petrocuador is looking for a partner for exploring and developing the Amistad natural gas field, at the nation's Guayaquil Gulf, currently producing 24 million... Continue Reading →
Brazil Energy Insight 