Oil and Gas

Inspenet, July 24, 2023.
Aramco has reported that it has completed the purchase of 10% of the Chinese petrochemical company Rongsheng for 3.4 billion dollars, a move that seeks to strengthen its presence in the Asian market.

Inspenet, July 23, 2023.
Although no faults were found, the Oleoducto Trasandino (OTASA) halted oil exports temporarily due to heavy rains that exposed a section of the line. After verifying the integrity of the structure, operations resumed and the volume shipped increased.

Inspenet, July 22, 2023.
The Oil and Gas Automation and Digitization Congress, which will take place on November 27-28, 2023, highlights the key role of artificial intelligence in the oil and gas industry. This event will bring together leading industry representatives.

Inspenet, July 22, 2023.
A new report suggests that Brazil, Argentina and Guyana could become major energy players this decade. In the case of Guyana, the discovery of large deepwater oil reserves has drastically changed the course of the South American country.

Inspenet, July 21, 2023.
Last Wednesday, the state company Petroecuador reported that at 4:30 am (local time) there was a failure in the relief system during the process of reversing light crude oil and packing the line at its maritime terminal in Esmeraldas, a fact that caused a hydrocarbon spill, affecting approximately 2 km of the coast.

Inspenet, July 20, 2023. The oil company Shell has signed an agreement with Morocco to supply 500 million cubic meters of liquefied natural gas (LNG)

Inspenet, July 19, 2023.
A new report from the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) projects that by 2035 Guyana will become the fourth largest oil producer globally, surpassing experienced producers such as Norway and Mexico.

Inspenet, July 18, 2023.
According to the forecasts of the International Energy Agency (IEA), Russia will surpass Saudi Arabia as the main oil producer within the OPEC+ group. Crude output in Riyadh is estimated to drop to 9 million barrels a day in July and August, putting the kingdom behind Russia as the leading producer in the 23-nation oil bloc.

Inspenet, July 16, 2023.
OPEC is likely to have a more conservative projection for oil demand growth in 2024 compared to growth expectations for this year. Demand is expected to increase by approximately 2.35 million barrels per day this year, representing an increase of 2.4%.

Inspenet, July 15, 2023.
The current president of OPEC, Antonio Oburu Ondo, declared last Wednesday in Vienna that “the world cannot live without oil” and that it is unlikely to do without this source of energy in the near future due to the energy needs of the planet.