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Thursday, January 19, 2023

#Mexico's #Pemex destroyed resources worth $342 million from two top fields

Pemex burns one of Mexico's largest gas deposits as regulator circles, in Tierra Blanca

[1/2] Gas is flared at the state energy company Petroleos Mexicanos (Pemex) Perdiz Plant, which is unable to process the vast volumes of gas sent from the Ixachi field, outside of Tierra Blanca, Mexico May 4, 2022. REUTERS/Quetzalli Nicte-Ha/File Photo

Exclusive: Mexico's Pemex destroyed resources worth $342 million from two top fields

January 18, 202310:31 PM GMT+1

MEXICO CITY, Jan 18 (Reuters) - Mexican state oil company Pemex illegally burnt off hydrocarbon resources worth more than $342 million in the three years up to August 2022 at two of its most important new fields, internal documents from the country's oil regulator showed.

The three documents, produced by the regulator and dated August 2022, detail how Pemex (PEMX.UL) destroyed resources worth $275 million from the Ixachi field in three years and $67 million from the Quesqui field in two years.

Wednesday, January 11, 2023

Demand for Plastics, Petrochemicals Will Keep #Oil Demand Steady As Far As The Eye Can See



American oil demand will rise to near-record levels in 2024 despite a significant drop in gasoline use
, according to the EIA. 


EIA estimates that by 2024, American gasoline demand will drop to 8.73 million barrels per day, or about 600,000 barrels a day lower than it was in 2018But the fall would be more than offset by rising consumption of the feedstock used in the petrochemical industry

Friday, January 6, 2023

#Venezuela's #Oil Exports Continue at their Lowest Levels in 80 Years

Venezuela's oil exports slipped despite big assist from Iran | Reuters

There is little Venezuela can do to get out of its oil slump while the current government stays in power. A radical overhaul and a back to basics strategy across the board is needed before things improve markedly.   As things stand, no serious capital is willing to be committed to the country and/or the oil industry. 

And no real effort is being made to increase that production, as can be seen from its rig count. 
Venezuela's drilling rig count has remained at zero since 2020 amid a lack of investment and U.S. sanctions, leading to stagnant oil output.