News / International
Indonesia’s Return to OPEC Raises Production Level, Quota Issues
In September, OPEC announced Indonesia’s return to the organization after 7 years of suspension. Indonesia’s return to the cartel, starting with the December policy meeting, will raise the issue of necessary changes to the group’s production target and possibly re-raise the issue of individual production quotas.
Alberta Takes Action to Reduce Carbon Emissions
The Canadian province of Alberta has announced tough measures on carbon usage, Bloomberg reports. Alberta will cap emissions for producers Suncor Energy and Imperial Oil, phase out coal power plants and set a price for carbon in an effort to reduce pollution in Canada’s highest greenhouse gas emitter.
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.
