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Latin American Oil, Natural Gas Companies Said Slashing Capex 30% in 2020

Latin American Oil, Natural Gas Companies Said Slashing Capex 30% in 2020

Latin America oil and natural gas companies will cut close to $8.3 billion in capital expenditures (capex) in 2020, or about 30% from original guidance for the year, according to Moody’s Investors Service. Brazilian national oil firm Petróleo Brasileiro SA, or Petrobras, Colombian state firm Ecopetrol SA and Mexico’s national oil company Petroleos Mexicanos (Pemex)…

July 15, 2020
Woodside Writing Down Nearly $4B in Oil, Natural Gas Value including ‘Onerous’ Corpus Christi LNG Contract

Woodside Writing Down Nearly $4B in Oil, Natural Gas Value including ‘Onerous’ Corpus Christi LNG Contract

Australia’s leading producer Woodside Petroleum Ltd. expects to impair close to $4 billion against the value of its portfolio, including one-time charges for its prized liquefied natural gas (LNG) projects, on reduced energy demand from Covid-19 and the subdued outlook for commodity prices. Woodside said Tuesday it expects to record total impairments through the first…

July 15, 2020
Mexico’s Energy Ministry Gives Talos, Pemex 120 Days to Hammer Out Details on Offshore Zama Field

Mexico’s Energy Ministry Gives Talos, Pemex 120 Days to Hammer Out Details on Offshore Zama Field

Mexico’s Energy Ministry (Sener) has ordered the unification of the Zama discovery offshore Mexico and has given Houston-based exploration and production company Talos Energy Inc. and Mexican state company Petróleos Mexicanos (Pemex) 120 days to come up with terms of how to carry out joint development of the field. In May, Mexico upstream regulator Comisión…

July 9, 2020
AMLO, Trump Signal Value of Bilateral Relationship in Historic Meeting at White House

AMLO, Trump Signal Value of Bilateral Relationship in Historic Meeting at White House

The presidents of Mexico and the United States signed a joint declaration on Wednesday celebrating the visit of Mexico President Andrés Manuel López Obrador to the White House and underlining the key relationship between the two nations. “There were those who thought our ideological difference would take us to confrontation,” López Obrador said in the…

July 8, 2020
Rising Supplies Seen Keeping Lid on Henry Hub Natural Gas Prices This Summer

Rising Supplies Seen Keeping Lid on Henry Hub Natural Gas Prices This Summer

Although a reduction in associated natural gas supply had been constructive for Henry Hub prices heading into this winter and next year, analysts expect the ongoing reversal of U.S. supply curtailments by exploration and production (E&P) companies to keep the pressure on the U.S. benchmark for the rest of summer. In a note to clients…

July 8, 2020
Natural Gas, Oil Companies Continue Carrying Covid-19 Philanthropic Endeavors Onward

Natural Gas, Oil Companies Continue Carrying Covid-19 Philanthropic Endeavors Onward

Though months have passed since the coronavirus pandemic first began to impact individuals and communities across the United States, many organizations have proven their determination by continuing to assist however they can. While many countries are emerging from lockdowns and showing signs of recovery, Royal Dutch Shell plc continues to assist in the global fight…

July 8, 2020
U.S. Energy Demand Climbing, but New Covid Lockdowns Looming

U.S. Energy Demand Climbing, but New Covid Lockdowns Looming

The Energy Information Administration (EIA) on Wednesday said U.S. oil refinery input for the week ending June 26 averaged 14 million b/d, about 193,000 b/d higher than in the previous week, but the recent spike in Covid-19 cases nationwide may drive consumers back indoors, according to experts. U.S. refineries operated at 75.5% of their capacity…

July 1, 2020
California Resources Reports $1.7B Impairment, Cites Doubt as Going Concern

California Resources Reports $1.7B Impairment, Cites Doubt as Going Concern

California Resources Corp. (CRC), the state’s largest producer, last week in its delayed Form 10-Q filing for 1Q2020 to the Securities and Exchange Commission (SEC) said it had taken a $1.7 billion impairment charge. Net losses for the quarter totaled $1.79 billion, (minus $36.43/share), compared with a $67 million loss (minus $1.38) for the same…

June 30, 2020
Mexican Oil, Natural Gas Production Down in May as OPEC Cuts Take Force

Mexican Oil, Natural Gas Production Down in May as OPEC Cuts Take Force

Mexico’s oil production fell to 1.64 million b/d in May compared to 1.66 million b/d in the year-ago period, according to new data provided by the country’s upstream watchdog Comisión Nacional de Hidrocarburos (CNH). Gas production in May was 3.61 Bcf/d, down from 3.82 Bcf/d last May. The figures are the first to reflect committed…

June 29, 2020
Mexico Regulator Gives Green Light to Deepwater, Burgos Exploration Projects

Mexico Regulator Gives Green Light to Deepwater, Burgos Exploration Projects

Mexico’s upstream oil and gas regulator, Comisión Nacional de Hidrocarburos (CNH), last Thursday approved drilling the Xakpún-1EXP deepwater exploration well by a subsidiary of China National Offshore Oil Corp., aka CNOOC. The J-shaped well plans to target light oil resources in the Gulf of Mexico’s Wilcox formation to a  total depth of 6,346 meters (20,820…

June 23, 2020