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This will help push output levels up to 100,000 bpd.
Eventually, Eni will develop the other two elds within Block 1, Amoca and Tecoalli.
With the launch of Mizton, the Italian com- pany has become the rst foreign investors to bring an o shore eld on stream since the debut of Mexico’s ambitious campaign to reform the energy sector. As Claudio Descalzi, Eni’s CEO, commented: “Eni is the first international company to start o shore production in Mex- ico [since] the Energy Reform, and we look
forward to continue working with the Mexican authorities.”
Descalzi also expressed satisfaction with the pace of work at Mizton, saying: “We have achieved production start-up in less than two and half years after Eni started its first well in Area 1 and in less than one year from the approval of the plan of development. is is in line with the expectations of the Mexican gov- ernment to increase the country’s overall pro- duction.”
Turkish firm identified as buyer of Venezuelan oil in Q2-2019
VENEZUELA
VENEZUELA’S national oil company (NOC) PdVSA has reportedly been working with sev- eral little-known trading rms to sell its crude since the imposition of tough US sanctions in January. One of these traders is Grupo Iveex Insaat, a Turkish company headed by a Vene- zuelan businessman, Reuters said last week.
Iveex is one of only five businesses that exported oil from Venezuela in the second quarter of 2019, the news agency said. It did not identify all of the other four, but it did note that Sahara Energy, a subsidiary of Nigeria’s Sahara Group, and Melaj O shore, a Panama-regis- tered company, had chartered tankers to take on Venezuelan cargoes in the rst quarter of the year, following the introduction of US sanctions.
According to PdVSA documents viewed by Reuters, Iveex made its rst purchase of Vene- zuelan fuels in April, when it loaded a total of four cargoes of crude oil and petroleum prod- ucts. e Turkish company did not make any further transactions in May or June, though.
e PdVSA documents did not disclose the terms under which Iveex was acquiring Ven- ezuelan fuels. But a sources inside the NOC, along with other unnamed sources in the ship- pingindustryandamaritimeinspectionagency,
told Reuters that the Turkish rm had arranged to buy oil from PdVSA in exchange for the deliv- ery of petroleum products. (Re ned fuels have been in short supply on the Venezuelan domes- tic market in recent months.)
Prior to the imposition of sanctions, PdVSA would not have had formal dealings with a com- pany such as Iveex, owing to its own policy of only taking on new customers that met certain requirements, such as having at least two years of experience in the oil industry. Documents from the Istanbul Chamber of Commerce show that Iveex was founded less than 12 months ago – and that it listed residential construction as its primary activity and had capital of only 10,000 lira, equivalent to just $1,775.
Turkish corporate records list Miguel Silva, a Venezuelan businessman, as the owner of Iveex. Silva is the head of the Venezuelan Exporters’ Chamber, based in Caracas, and also served as a commissioner in the Housing Ministry prior under President Nicolas Maduro.
Iveex has not commented on the Reuters report or divulged any information on the dis- position of the Venezuelan cargoes it loaded in April. e Turkish company does not have any re neriesofitsown.
laprensa.com.ni
Week 27 10•July•2019 w w w . N E W S B A S E . c o m
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