News / International
Mexico to Receive $6b from Oil Hedge Deals
Mexico will receive at least $6b from its oil hedge deals in 2015, Bloomberg reports. The country locks in its oil price each year through deals with banks to protect against price declines. For 2015, the government of Mexico negotiated a price of $76.40 per barrel, almost $30 per barrel higher than the yearly average.
Azerbaijan Helping Meet EU Energy Goals Despite Rising Tensions
Ali Hasanov, a top official in the Government of Azerbaijan, discussed the country’s relationship with the European Union. Azerbaijan acts as an important supplier of Caspian Sea energy, having received major oil and gas investments from the EU over the past 20 years.
Venezuelan Oil Minister: OPEC Must Act to Prevent $20 Oil
Few countries have felt low oil prices as much as Venezuela. In Tehran the Venezuelan Oil Minister Eulogio Del Pino urged OPEC to act to raise oil prices, which he said could fall to the mid-$20s per barrel with action from the organization, Bloomberg reports.
India to Deregulate Locally Produced Gas Prices
India will deregulate gas prices for locally extracted natural gas and allow producers marketing autonomy during auctions for new exploration blocks, Bloomberg reports. A notice on the Indian Oil Ministry’s website describes a proposed new revenue sharing model, to replace the current profit-sharing model.
Tanzania to Launch Non-Invasive Aerial Oil, Gas Surveys
Tanzania Petroleum Development Corporation is set to start Airborne Gravity Gradiometry Survey (AGGS) for oil and gas deposits this week in Arusha, Simiyu and Singida.
Mozambique Allows Cost Recovery Rights to OVL
The Mozambique govt has allowed ONGC Videsh Ltd the right to recover costs for one of its project in the country. OVL is to set up an LNG terminal for exports in Mozambique.
Angola Sees Oil Output Rising Slightly in 2016
Angola will produce an average of 1.89m barrels per day of crude oil next year, according to budget projections.
Algeria Energy Earnings to Fall by 50% This Year
Algeria’s energy earnings are forecast to fall to $26.4b next year while foreign exchange reserves will dip to $121b after low oil prices cut into the Opec nation’s economy.
