Page 6 - LatAmOil Week 34 2019
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LatAmOil VENEZUELA LatAmOil
Typically, Mexico’s Finance Ministry starts con- dential negotiations on the programme with a small group of investment banks around late August or early September.
For the last few years, though, it has made an earlier start, beginning the hedge calculation in June or thereabouts. is year, it announced in July that it had finalised the formula it intended to use when seeking a quote from the banks. Since then, however, it has not said when or whether it might start executing the programme.
Yorio’s statements represent a departure from the stance taken by former Finance
Minister Carlos Urzua Macias, who resigned his post last month. Urzua had said in Janu- ary of this year that Mexico was committed to hedging 2020 oil prices this year.
China is one of the Venezuelan regime’s main sources of nancial support. Both Maduro and his predecessor Hugo Chavez have bene tted from Beijing’s decision to lend Caracas more than $50bn over the last decade in exchange for guaranteed deliveries of oil. ese deals have put CNPC and other Chinese companies in a position to use Venezuelan barrels – that is, blends of extra-heavy crude and lighter grades or water – as feedstock for their re neries.
GUYANA
Joe-1 well spudded at Orinduik block offshore Guyana
TULLOW Oil and its partners have spudded a new exploration well at the Orinduik block o - shore Guyana.
According to a statement from Eco Atlantic Oil & Gas, one of the three companies involved in the o shore project, Tullow began drilling at the Joe-1 site in 700-metre-deep water on August 25.
e parties are using the Stena Forth drill- ship to sink the well, which lies within the Joe section of Orinduik, and expect to nish the job in around three weeks. ey are targeting the Tertiary strata of the site, and they hope to verify estimates from Gustavson Associates that put Joe’s gross unrisked prospective oil resources at
148.3mn barrels.
Joe-1 is the second well in the group’s two-
well drilling programme for 2019. The part- ners used the Stena Forth to sink the Jethro-1 well earlier this summer and discovered about 100mn barrels of oil in recoverable reserves there.
Tullow is set to launch a new drilling cam- paign at Orinduik next year. It has already secured funding to cover the sinking of up to six exploration, appraisal or development wells at the block in 2020.
Colin Kinley, the CEO and co-founder of Eco Atlantic, expressed optimism about the part- ners’ prospects for success at Joe.
EcoAtlantic
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w w w . N E W S B A S E . c o m Week 34 28•August•2019
