OPEC continue tense talks
OPEC officials are trying to salvage a deal to limit oil production before they meet officially on Nov 30. Tensions are growing between the group and Russia, who has agreed to freeze rather than lower production, while doubts abound over Iran and Iraq’s openness to any cuts.
Total forms winning consortium for Ivory Coast LNG deal
French oil giant Total, the Ivorian state-owned oil company and four other partners have officially grouped together to construct a liquid natural gas import terminal in the Ivory Coast, aimed at supplying the county’s increasing electricity usage. The project is valued at US$100 million.
ENI report says oil reserves on the up, gas in decline
Eni’s 15th World Oil and Gas Review, published last Thursday, claimed that in 2015 oil reserves climbed while gas reserves fell globally.
63 percent of O&G contractors think Trump is “positive” for industry
NES Global Talent released the results of a recent survey which found 63 percent of oil and gas contractors feel positive about Trump’s election, particularly in the US where respondents feel hopeful about increased job prospects.
PEMEX will join Chevron in deep-water bid
CNH announced that PEMEX will team up with US oil giant Chevron to place bids in Dec. 5’s deep-water round. The final list of companies qualified to bid in R01-L04 was released on Monday; it includes eight individual companies and seven consortiums made up of 17 companies from 12 different countries.
Meade & Anaya meet investors in London
Mexico’s Secretary of Finance and the Director General of PEMEX completed a two-day trip to London last week, where they presented the state of Mexico’s economy to investors, financial analysts and regulators. Jose Antonio Meade and Jose Antonio Anaya also met with the UK’s Chancellor of the Exchequer, Phillip Hammond.
Mexican mix ends week US$1.6 down
Mexican oil export basket registered a drop of US$1.68 at the close of last week, reaching a value of US$38.19 a barrel, as reported by Bursametrica. The fall comes as uncertainty grows over whether OPEC will reach a deal this week.
IMF reports US$2.9 billion Mexican oil hedge windfall
The International Monetary Fund revealed in an email to Bloomberg that Mexico is set to receive a windfall of US$2.9 billion from its 2016 oil hedges. It is the second year in a row the country will make gains from the put options it purchased with banks, agreements guaranteeing minimum oil prices for a set period.