URUGUAY - YPF SA has won a bid to explore for oil in offshore blocks near the coast of Uruguay, the company said in a statement yesterday. YPF will have a 40% stake in the exploration, sharing the other 40% with Petrobras Uruguay, a unit of the Brazilian oil giant Petroleo Brasileiro SA and Portugal’s GALP, which will hold a 20% share. YPF will operate the deepwater exploration block 3 while Petrobras will operate the shallow water exploration block 4, both located along the coast of Punta del Este.
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YPF group wins a bid for offshore Uruguay exploration
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Sunday, July 5, 2009
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NIPC to implement five petrochemical projects
IRAN - National Iranian Petrochemical Company (NIPC) has signed three contracts with foreign companies for implementing new petrochemical projects. For implementing five petrochemical projects, NIPC is cooperating with South Africa, Turkey, Indonesia and India. Based on preliminary agreements, Turkey's Petkim is expected to invest in Mahabad's 300,000-ton petrochemical project and Assalouyeh's 650,000-ton methanol project while South Africa's Sasol (South African Synthetic Oils) is expected to invest in Olefin-12 project (Mehr Petrochemical Plant).
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Repsol receives offers for Argentine arm
SPAIN - Repsol YPF, the Spanish oil group, on Thursday confirmed that it had received offers to buy part of YPF, its Argentine company, in a putative deal that could be worth billions of euros and ultimately help shore up the finances of some of Repsol’s shareholders. Reacting to media reports that Chinese bidders, including China National Petroleum Corp (CNPC), were negotiating to buy control of YPF. Repsol issued a statement reiterating its desire to sell part of its YPF stake, possibly through a public share offering.
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Petrobras finds more oil in onshore Espirito Santo Basin block
BRAZIL - Petroleo Brasileiro SA, Petrobras, Brazil’s state-controlled oil company, has found more evidence of oil in an onshore block in the country’s Espirito Santo Basin, the Brazilian petroleum regulator has said.
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Chevron gets first oil from Mafumeira Norte Field
ANGOLA - Chevron Corporation has announced today that its subsidiary Cabinda Gulf Oil Company Limited (CABGOC) and its partners commenced crude oil production ahead of schedule from the Mafumeira Norte project located offshore Angola. “Today’s milestone underscores Chevron’s commitment to growing its resource base in West Africa and delivering on our robust queue of major capital projects,” said George Kirkland, executive vice president, Global Upstream and Gas, Chevron.
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Iran became the largest supplier of crude to China
CHINA - Energy Intelligence reported that Chinese crude imports rose by 5.5 percent to 4.04 million barrels per day in May, with Iran becoming the largest supplier. As per the report, imports from Iran almost doubled to 730,000 barrels per day while imports from Saudi Arabia reached 653,000 barrels per day, which shows a 15.5-percent decline, Steelguru wrote.
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Global oil and gas projects delayed in 2009
Following is a list of oil and gas projects and oil refinery expansion plans that have been delayed or cancelled so far in 2009.
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