Page 6 - LatAmOil Week 33 2019

LatAmOil VENEZUELA LatAmOil
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Other sources explained that PetroChina and ChinaOil were having di culty arrang- ing to transport the cargoes from Venezuela. e companies have not been able to charter tankers, since most shipping rms have been unwilling to make their eets available for this purpose, traders told Reuters.
The cancellation marks the first time in more than 10 years that the CNPC subsidiary has backed away from plans to buy Venezuelan crude. Bloomberg said it had viewed reports showing that no other buyer has stepped for- ward to purchase the stranded August-loading cargoes.
The Chinese companies’ move came as a surprise to PdVSA, Venezuela’s national oil company (NOC), according to Reuters’ sources. PdVSA hopes to work out a new deal with CNPC soon, but the Chinese parties are waiting for more guidance from the US Treas- ury Department before resuming shipments, the sources said.
As of press time, neither CNPC nor PdVSA,
Venezuela’s national oil company (NOC), had commented on the matter.
PetroChina’s decision could represent a set- back for Venezuelan President Nicolas Maduro. China’s government has been supportive of Maduro in the face of strong criticism from the US, which has backed opposition leader Juan Guaido’s claim that the president used fraud- ulent means to secure re-election last year. Washington has recognised Guaido, who cited Venezuela’s constitution when accepting the post of interim president earlier this year, as the legitimate head of state in Caracas.
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.™
Suriname hopes bond sale will raise funds for offshore exploration
SURINAME
THE national oil company (NOC) of Suriname hopes to raise money for o shore exploration projects with a bond sale in 2020.
Rudolf Elias, the CEO of Staatsolie Maatschappij Suriname, said at a press con- ference last week that his company might also list some of its stock in London or New York to generate additional funds. Together, he said, the sales might bring in $1-2bn that Staatsolie could use to cover its share of costs in future explora- tion projects.
e NOC’s CEO also said he was hopeful that one or more of the foreign operators that have formed partnerships with Staatsolie to look for oil and gas in the o shore zone would make a discovery soon.
Elias indicated that the company was opti- mistic about several prospects in the near term. One of these is Marai, a shallow-water site near the coast where the NOC’s contractors are due to complete the drilling of an exploration well within the next three weeks. Another is Block 58, where US-based Apache will spud its rst exploration well in September.
According to Elias, the results from these wells will help Staatsolie determine whether Suriname’s o shore zone is as rich in hydrocar- bons as that of neighbouring Guyana. “Once we have [data] and we know where to look for oil in our area, I expect that, like Guyana, we will get one find after another,” he was quoted as saying by Reuters. “For Staatsolie, but also for Suriname,thereareveryexcitingtimesahead.”
To date, no commercial oil or gas discover- ies have been made in Suriname. Dallas-based Kosmos Energy drilled one o shore well but abandoned it last year, saying it had not found any reserves.
e company has said, though, that it intends to continue looking in the area because the o - shore zone has so much potential.
Staatsolie currently produces only small amounts of oil – less than 16,500 barrels per day. e NOC also operates a 17,000 bpd re nery near the capital city of Paramaribo. ™
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Week 33 21•August•2019