Oil and Gas

Inspenet, July 28, 2023.
Saudi Arabia plans to extend the oil supply cut by 1 million barrels through September in an effort to fuel a gradual recovery in crude prices.

Inspenet, July 27, 2023.
The United Nations-led project to prevent a possible massive oil spill from the supertanker FSO Safer, located off the coast of Yemen in the Red Sea, has already begun. The first stage of the project involves the extraction of more than 1 million barrels of oil from the ship that has been in disrepair for several years.

Inspenet, July 25, 2023.
So far in July, oil prices are up around 9%, after a 4% rise in June. This trend was also influenced by US inflation data, which suggested that the Federal Reserve may be less aggressive on interest rates in the future.

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.