United States

Latam lender replaces Venezuela’s Maduro representative with Guaido economist

CNBC | Mar 15, 2019 at 7:12 PM
  • The Inter-American Development Bank on Friday voted to replace the representative of Venezuelan President Nicolas Maduro with an economist backed by opposition leader Juan Guaido.
  • The decision makes the IADB, Latin America’s largest regional lender, the first financial institution to recognize Guaido and would eventually free up development lending to Venezuela if Maduro steps down.
  • IMF approval would also allow the World Bank, the world’s largest development institution, to make a decision on Guaido.

United Kingdom

Alberta’s Production Cuts Stall New Oil Sands Projects

OilPrice.com | Mar 15, 2019 at 7:00 PM
  • Imperial Oil said on Friday that it had slowed down the development of its Aspen oil sands project, due to the market uncertainty that the mandatory production cuts in Alberta have created.
  • The Aspen project northeast of Fort McMurray, Alberta, will involve an investment of US$1.95 billion (C$2.6 billion) and is expected to produce around 75,000 barrels of bitumen per day.
  • In November, Imperial planned construction to begin in the fourth quarter of 2018 and the project to start up in 2022.

India

Citgo Avoids a Shutdown With U.S. Treasury Deadline Extension

Bloomberg Quint | Mar 15, 2019 at 6:05 PM
  • Under a set of sanctions released at the end of January, Citgo — which at the time was indirectly controlled by the government of embattled president Nicolas Maduro — had an authorization to interact with U.S. companies or persons until July 27.
  • Citgo operates three refineries in the U.S. with combined capacity to process almost 755,000 barrels of oil a day, or about 4 percent of the U.S. fuel-making capacity.
  • It operates more than 40 petroleum terminals in the U.S. and sells fuels to 5,300 Citgo-branded gas stations.

United States

U.S. envoy says Venezuela oil production dropping steadily

Reuters | Mar 15, 2019 at 5:54 PM
  • The U.S. special representative for Venezuela said on Friday that Venezuela’s oil exports have been dropping steadily by roughly 50,000 barrels per month and production is likely to dip below a million barrels a day within a “month or two”.
  • The OPEC member’s oil production has dwindled in the last two decades, from more than 3 million bpd at the beginning of the century to between 1.2 million and 1.4 million bpd by late 2018.

United States

Factbox: Canadian oil companies cut 2019 capital expenditure

Reuters | Mar 15, 2019 at 5:26 PM
  • Canada’s oil producers lowered their capital expenditures for 2019 due to volatility in crude prices and mandatory production cuts in the province of Alberta.
  • Companies with refineries like Imperial Oil and Husky Energy Inc, which have been hit by the subsequent rise in cost of crude feedstock, have slammed the government’s decision.
  • Global crude prices have also been under pressure on concerns over a supply glut and an economic slowdown.

United States

Solaris Oilfield Infrastructure Has Hit A Ceiling For Now

Seeking Alpha | Mar 15, 2019 at 5:10 PM
  • Solaris Oilfield Infrastructure (SOI) provides supply chain management and logistics solutions to the energy industry, including mobile and permanent infrastructure that increases proppant throughput capacity.
  • Although it has initiated dividend payment recently, which signals the management’s ability to increase shareholders’ return, the sustainability of such program would depend on the company’s ability to generate FCF on a more consistent basis.
  • Solaris’ standard Solaris Mobile Proppant Management System has 2.5 million pounds of vertical proppant storage capacity.

Switzerland

Algerians demand Bouteflika quits in biggest protest yet

Swissinfo | Mar 15, 2019 at 5:03 PM
  • Hundreds of thousands of people protested in central Algiers on Friday in the biggest demonstration against President Abdelaziz Bouteflika’s 20-year rule since unrest began last month.
  • Reuters journalists estimated the crowd at hundreds of thousands of people but there was no police estimate.
  • Algeria is a major oil and gas producer.

United Kingdom

Canada Digs Deep To Fund Protection From Oil Spills

OilPrice.com | Mar 15, 2019 at 5:00 PM
  • Canada’s Minister of Fisheries, Oceans and the Canadian Coast Guard, Sean Casey, will make an important announcement on March 18th concerning funding provided to international organizations to protect Canadian waters from oil spills, the Canadian federal government said on Friday.
  • Canada has a so-called Marine Oil Spill Preparedness and Response Regime.
  • Under Canada’s US$1.1 billion (C$1.5 billion) Oceans Protection Plan, more than US$34 million (C$45 million) is invested in collaborative research initiatives expected to lead to collaboration among oil spill researchers across Canada and around the world.