Suriname:

TotalEnergies, APA plan FPSO for first deepwater oil development

Sept. 13, 2023

Field development studies are underway for the deepwater Sapakara South and Krabdagu oil field discoveries offshore Suriname in Block 58.

Courtesy APA Corp.

Offshore staff PARIS –

TotalEnergies started development studies for the deepwater Sapakara South and Krabdagu oil field discoveries in Block 58, which the company operates in partnership with APA Corp.

• Appraisal drilling and production tests of three wells confirmed total resources of close to 700 MMbbl for the two fields.
• The reserves, in water depths ranging from 100-1,000 m, will be produced through a network of subsea wells connected to an FPSO stationed 150 km offshore Suriname, with a capacity of 200,000 b/d. Estimated investment will approach $9 billion.
• Detailed engineering studies (FEED) will start by the end of the year with partners set to take FID on the development by the end of 2024, targeting first oil in 2028.
• TotalEnergies committed to use of the best available technologies to minimize emissions. Installations will be designed for zero flaring, with the associated gas reinjected.
• During the development and production phases, the company and state-owned Staatsolie will continue to collaborate on furthering local content for the project, with over 80 citizens trained for operations at the Paramaribo logistics base during the exploration and appraisal phases.

President Chandrikapersad Santokhi of Suriname said,

“Suriname is going through a difficult period economically. This announcement paves the way for positive developments for our country… Local entrepreneurs will need to seize opportunities to provide services and goods. We will ensure that future offshore oil and gas revenues are put to good use.”

09.13.2023

 

TotalEnergies announces 200,000 b/d project

13 Sep 2023

TotalEnergies announced the launch of development studies for a large oil project in offshore Block 58. TotalEnergies is the operator of Block 58, with a 50% interest, alongside APA Corporation (50%).

Appraisal of the two main oil discoveries, Sapakara South and Krabdagu, was successfully completed in August 2023, with the drilling and testing of three wells, and confirmed combined recoverable resources close to 700 million barrels for the two fields.

These reserves, located in water depths between 100 and 1,000 meters, will be produced through a system of subsea wells connected to a FPSO (Floating Production, Storage and Offloading unit) located 150 km off the Suriname coast, with an oil production capacity of 200,000 barrels per day. The project will represent an investment of approx. $9 billion.

The detailed engineering studies (FEED) will start by end 2023 and the Final Investment Decision is expected by end 2024 with a first production target in 2028.

TotalEnergies is committed to the authorities of Suriname to develop this project in a responsible manner, both by ensuring benefits in terms of job creation and economic activities and by using the best available technologies to minimize greenhouse gas emissions. Facilities will be designed for zero flaring, with associated gas entirely reinjected into the reservoirs.

During the upcoming development and production phases, TotalEnergies will continue working closely with national oil company Staatsolie to reinforce the actions in favor of local content. These have allowed the training of over 80 people for logistic base operations in Paramaribo during the exploration and appraisal phases.

‘The Block 58 development studies that we are launching today are a major step towards the development of the petroleum resources of Suriname. This development is in line with TotalEnergies’ strategy aiming at the development of low cost, low emissions oil resources, and leverages on our Company’s expertise in deep water projects. We will thus contribute to improving the well-being of the people of Suriname’, said Patrick Pouyanné, Chairman and CEO of TotalEnergies.

‘Suriname is going through a challenging economic period. This announcement provides the much-needed outlook towards positive developments for our nation. We are confident that the Surinamese people will benefit from the economic spin-off that will be generated in the next phases. Local entrepreneurs will have to seize the opportunities to provide their services and goods. We will make sure that future income from the offshore oil and gas will be spent wisely. Those incomes will contribute to the prosperity and stability fund, and will be a means to diversify our economy by developing sustainable sectors such as agriculture and tourism’ said His Excellency Chandrikapersad Santokhi, President of the Republic of Suriname.

‘Our company was set-up to find, develop and produce oil in the Offshore. It took huge efforts, great patience and excellent partners to come to this long-awaited moment. We see the momentum, increased understanding of the basin, and diligent execution as key elements for further unlocking the Block 58 and Suriname basin potential in a responsible way’, said Annand Jagesar, CEO of Staatsolie.

Source: TotalEnergies

 

 

 

Suriname seeks direction for future drilling close to freshly auctioned exploration blocks

State-run company Staatsolie to assess subsurface geology to determine potential for hydrocarbon resources

29 August 2023 By Fabio Palmigiani in Rio de Janeiro

Suriname state-owned oil company and market regulator Staatsolie plans to run new activities in an area where six offshore blocks are being auctioned off in the under-explored Demerara plateau.

In May, Staatsolie received bids for three of the six blocks — 63, 64, 65, 66, 67 and 68 — that were offered in the round, to attract investors.

 

 

 

Colombia: Arrow announces Q2 2023 interim results

29 Aug 2023

Arrow Exploration, the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, has announced the filing of its Interim Condensed (unaudited) Consolidated Financial Statements and Management’s Discussion and Analysis (‘MD&A’) for the three and six months ended June 30, 2023.

Q2 2023 Highlights:

• Recorded $10.3 million of total oil and natural gas revenue, net of royalties, more than double compared to the same period in 2022 (Q2 2022: $5 million).
• Adjusted EBITDA of $5.8 million, more than double compared to 2022 (Q2 2022: $2.8 million).
• Average corporate production up 120% to 2,169 boe/d (Q2 2022: 980 boe/d).
• Realized corporate oil operating netbacks of $44.21/bbl due to increased production allowing operating cost to be spread over more barrels.
• Cash position of $10.8 million at the end of Q2 2023.
  Generated positive operating cashflows of $4.9 million (Q2 2022: negative $0.1 million).
• Successfully drilled the Carrizales Norte-1 (CN-1) exploratory well at the Tapir block resulting in material production and reserves additions.

Post Period End Highlights:

• The Carrizales Norte-2 (CN-2) well has been successfully drilled encountering multiple hydrocarbon-bearing intervals and is currently on production.
• The Ubaque zone in CN-2 has produced at initial rates exceeding 600 BOPD (net) at low water cuts.
• Reservoir stewardship is in execution in voluntarily reducing high initial rates with the well currently producing at a managed rate of 500 BOPD net.
• Forecasted rates were 320 BOPD (net) per Ubaque well which is well below flow capability.
• The Carrizales Norte-3 (CN-3) well has been drilled and is currently undergoing production testing in the Upper Ubaque. Stabilized flow rates are expected to be reported in first week of September.

Outlook:

• The preliminary development plan at CN consists of 21 wells, the majority focusing on the Ubaque formation, to fully exploit the thick reservoir.
• The reservoir pay zone is consistently thick (100 feet) across the fault bounded structure. Gacheta targeted wells will also be part of the overall development plan at CN.
• Arrow anticipates drilling two additional wells at Rio Cravo Este (RCE) by year-end to target the Gacheta formation which was successfully tested at commercial rates in RCE-2.
• Arrow plans to drill two development wells at the Oso Pardo Block in the Middle Magdalena Basin.
• Existing wells at Osso Pardo demonstrated initial rates exceeding 400 BOPD of 23 API gravity crude. This is expected to be initiated prior to year-end utilizing a second rig.

Marshall Abbott, CEO of Arrow Exploration Corp., commented:

‘Arrow continues to gain momentum with strong Q2 2023 results. Our exciting drilling program, including the drilling of three RCE wells and three CN wells, is adding significant production and reserves, as well as establishing a new core area. The 3D seismic West Tapir project is currently being processed and is expected to further evaluate the 2D recognized fault prospects. The Board remains confident in the Company’s opportunity rich portfolio and the capability of the Arrow team to increase shareholder value.’

Original announcement link

Source: Arrow Exploration

 

 

Colombia:

Ecopetrol to drill Caribbean test well

Aug. 17, 2023 – Alex Procyk

The well will be drilled by the Noble Discoverer semi-submersible mobile drilling rig in fourth-quarter 2023. It will be the first deepwater well operated directly by the company.

Development will occur only if the reservoir is confirmed. Due to high investment and long lead times for development, Eni has started planning for a gas pipeline from Orca to the Chuchupa B platform and further on to land. The company is currently finalizing details of the processes required to support these works, such as the onshore operating base, support vessels, and drilling services.

In 2014, a gas accumulation was confirmed at 3,600 m in Orca-1, marking the first discovery in the history of exploratory research in the Colombian Caribbean deep waters. Drilling concluded in September 2014, reaching a total depth of 4,240 m in 674 m of water (OGJ Online, Dec. 3, 2014).

Petrobras operates the Tayrona block, expected to deliver Colombia’s first gas production from deep water fields in 2026

 

 

 

Guyana and Brazil lead Latin America oil boom

Aug 06, 2023

In a surprising turn of events, Latin America is set to experience a significant oil boom over the next five years, as projected by the International Energy Agency (IEA). The agency has noted that despite the ongoing climate change crisis, global oil production is expected to increase, with Brazil, Guyana, and Argentina leading the charge.

These three nations are poised to account for a quarter of the world’s oil production, marking a new chapter in the region’s energy landscape.

A report by ‘The Economist’ was keen to note that the era of oil dominance once limited to countries like Venezuela, Mexico, Ecuador, and Colombia appears to be shifting. It also noted Francisco Monaldi, Director of the Latin American Energy Program at the Baker Institute in Texas, suggesting that these earlier oil-producing countries might find it difficult to reverse their decline. Instead, the spotlight has shifted to Guyana, Brazil, and Argentina as they embrace a fresh wave of oil production.

It said that Guyana, which was often considered a small and economically challenged nation, experienced a seismic transformation following the discovery of significant oil reserves in the Stabroek Block offshore by ExxonMobil in 2015. Now, with estimated proven reserves of around 11 billion barrels, Guyana is poised to become the country with the highest oil wealth per capita in the world, potentially surpassing even Kuwait. This newfound wealth it says has driven Guyana’s per capita income to increase ninefold over the past two decades, solidifying its position as the world’s fastest-growing economy.

Meanwhile, Brazil, the giant of Latin America, stands as another formidable player in this impending oil boom. It was revealed that the country boasts vast underwater oil deposits, positioning it as one of the world’s largest marine oil sources.

Further, the report said that in 2017, Brazil overtook Mexico to become Latin America’s top oil producer, a trend that has continued as its oil production surged to 2.2 million barrels in 2022. What sets Guyana and Brazil apart is not just their production volume, but also their commitment to more efficient, profitable and sustainable oil extraction methods.

Both countries emit a lower amount of CO2 per barrel produced compared to many other nations, making their endeavours seemingly more environmentally conscious.

However, the report was keen to note that the projected oil boom is not without its complexities. It said that as the global energy landscape evolves, renewable energy sources are anticipated to gain more prominence in the latter part of the decade, potentially altering the trajectory of oil demand and production.

Emphasis was also placed on the fact that the balance between fossil fuels and renewable energy remains a critical consideration for policymakers and industries alike.

While Latin America is on the cusp of a significant oil boom, with Guyana and Brazil emerging as the primary drivers of this transformation it is also important that a watchful eye is kept on how the citizens will benefit.

In addition, as the world grapples with climate change concerns, the region’s newfound oil prospects present both opportunities and challenges for the years to come.

 

 

 

Panama Canal

..restrictions expected to last for at least ten months; large containers to reroute to Suez Canal

August 29th 2023

Panama Canal cut draft restrictions for ships transiting neo-panamax locks by 2 m as well as slashing the volume of daily transits by 20% to 32 vessels a day.   Global shipping has been urged to share transit plans at one of the world’s key maritime crossings following on Panama Canal Authority officials warning that water-conserving restrictions will be in place for at least the next 10 months, given this year’s unprecedented drought which Panama is experiencing.

As a consequence of the drought and the onset of the El Niño weather phenomenon, administrators at the Panama Canal have cut the draft restrictions for ships transiting its larger neo-panamax locks by 2 m as well as slashing the volume of daily transits by 20% to just 32 vessels a day.

These measures have seen ships queuing up in significant numbers at both ends of the canal. The official count of ships waiting to cross on Monday midday was 129, down from the peak of 165 earlier this month, but still 43% higher than the average.

The canal’s deputy administrator, Ilya Espino, said restrictions would remain in place for at least the next 10 months, throughout the first half of next year.

Container services and cruise itineraries tend to transit the canal with long advanced bookings. For bulk sectors, it is more ad hoc and with shorter notice and it is here that the impact has been greater this month, where it might not be possible to obtain an advanced booking and therefore joining the queue is necessary.

For containerships, which will likely continue to have draft restrictions that means that around 2,500 teu of space cannot be utilized and therefore a maximum head-haul utilization of 84%. For those 12,000 teu+ ships, re-routing via Suez would be one option that many liners will now be looking at given the official line from Panama that the restrictions are here to stay.

For smaller containerships, which can still pass fully laden, a backhaul return to Asia via the Suez or the Cape with a slightly longer distance and time is another option liners will be looking at to reduce overall Panama demand while also soaking up capacity at a time, where container fortunes are widely perceived to be on the wane through to at least the end of next year.

There has already been one cruise ship which has cancelled its winter Panama season. Container carriers switching routes will be watched carefully by other sectors keen to get prized slots through the waterway in the coming months.

“Maybe the bulk and container segments such as the World Shipping Council, INTERTANKO, INTERCARGO and BIMCO along with the Panama Canal Authority can come together to strategically plan how to best use the limited resources in the short and medium term. Such cross-industry coordination and collaboration, I think would be a first,” suggested Andy Lane, a partner at shipping advisory CTI Consultancy.

The difficulties at the canal are not having a notable lifting effect on container spot rates in the past fortnight. Drewry’s weekly World Container Index, published last week, showed rates from Shanghai to New York were down by $120 per feu.

 

 

 

The Bahamas:

Country Report No. 2023/306 : Technical Assistance Report-   Operationalizing the New Bank Resolution Framework and Amended Deposit Insurance Legislation   —Second Mission

Summary:

The CBOB has made good progress in implementing recovery plans for the domestic systemically important banks (DSIBs). Building on this progress, the mission recommends that the CBOB provide the DSIBs with structured feedback on their initial recovery plans and, based on lessons learned from the pilot, provide to all banks and credit unions updated industry-wide guidance that sets out high-level expectations on the content for recovery plans. Engagement with home supervisory authorities of foreign-owned banks should also be strengthened, with a view to seeking to ensure that parent-bank recovery plans adequately address recovery actions for subsidiaries in the Bahamas.

 

Country Report No. 2023/305 : The Bahamas: Technical Assistance Report-Operationalizing the New Bank Resolution Framework and Amended Deposit Insurance Legislation—First Mission

Summary:

The Bahamas has made considerable progress in developing the infrastructure needed for an effective bank recovery and resolution regime.

Following recommendations of the 2019 FSAP, the new legislation brought into force in September 2020 provides a reasonably comprehensive legal framework for the resolution of banks, including triggers, legal powers, and safeguards. The amendments to the Protection of Depositors Act in 2020 clarify the DIC’s role and responsibilities within the country’s financial safety net and have expanded its membership to include not only commercial banks, but also credit unions.

 

High Level Summary Technical Assistance Report No. 2023/010 : The Bahamas: Operationalizing the New Bank Resolution Framework and Amended Deposit Insurance Legislation – Second Mission
Author/Editors : Gayon M Hosin,David S. Hoelscher,Geoffrey J Mortlock

Summary:

The Bahamas has made considerable progress in developing the legal framework, infrastructure and resolution tools for an effective bank recovery and resolution regime, with legislation entered into force in September 2020.

Implementation of recovery planning and development of other strategic and preparatory initiatives commenced after the first Technical Assistance mission in October/November 2021. The Central Bank of The Bahamas is committed to continuing apace with the operationalization of the reforms supported by the Fund’s TA guidance and recommendations, including with respect to: steps to further strengthen recovery planning; resolution framework, policies, and procedures including for credit unions; resolution planning and resolvability assessments; inter-agency coordination and communications; the contingency public funding framework; building capacity within the Deposit Insurance Corporation; and a program for testing authorities’ preparedness for a bank failure

Economic Survey of Latin America and the Caribbean 2023.

Financing a sustainable transition: investment for growth and climate change action

https://www.cepal.org/en/publications/67990-economic-survey-latin-america-and-caribbean-2023-financing-sustainable-transition?utm_source=CiviCRM&utm_medium=email&utm_campaign=20230907_economic_survey2023

 

 

Economic development

SEPTEMBER 2023|

The 2023 edition of the Economic Survey of Latin America and the Caribbean, its seventy-fifth issue, consists of three parts.

Part I outlines the region’s economic performance in 2022 and analyses trends in the early months of 2023, as well as the outlook for growth for the year and for 2024.

It highlights the external and domestic factors that have influenced the region’s economic performance and how these factors will affect economic growth in the coming years.

Part II of this edition analyses the macroeconomic repercussions of climate change on the economies of Latin America and the Caribbean and the potential financial mechanisms for facilitating the investment needed to make economies resilient and drive dynamic, sustained and sustainable growth.

The estimations presented in chapter II suggest that owing to the intensification of climate shocks, by 2050, the gross domestic product (GDP) of six countries of the region that are highly exposed to climate change risks could be between 9% and 12% lower than under a business-as-usual growth scenario.

Fully offsetting these economic losses would require an exceptionally large additional investment effort, of between 5.3% of GDP and 10.9% of GDP per year. In view of the magnitude of this investment effort, chapter III posits the need for a framework with multiple sources of financing to ensure greater mobilization of domestic and external resources.

Chapter IV explores the role that central banks and financial supervisors can play in addressing climate risks and strengthening sustainable financing and investment. The report also notes that decisive action is needed to align the requisite financial flows with national climate goals, by expanding the financing mechanisms available for financial intermediation, adjusting the management of central banks’ asset portfolios to make them sustainable and supporting initiatives that foster the development of sustainable capital markets.

Part III of this publication may be accessed on the website of the Economic Commission for Latin America and the Caribbean (ECLAC) (www.cepal.org/en). It contains the notes relating to the economic performance of the countries of the region in 2022 and the first half of 2023, together with their respective statistical annexes. The cut-off date for updating the statistical information in this publication was 30 July 2023.

Table of contents
Presentation and Executive summary .–

1. Part I. Regional macroeconomic report and outlook for 2023 and 2024 .– Chapter I. Regional overview .–
2. Part II. Financing a sustainable transition: investment for growth and climate change action .– Chapter II. Growth and the fiscal implications of climate shocks for the economies of Latin America and the Caribbean .– Chapter III. A financing strategy to boost climate investment and drive robust, sustained and sustainable growth .– Chapter IV. The role of central banks and financial supervisors in scaling up sustainable finance and investment in Latin America and the Caribbean .–
3. Statistical annex.

 

 

 

China, Venezuela sign agreements on economy, trade, tourism

Reuters – September 14, 2023

President Xi Jinping and Venezuela’s President Nicolas Maduro took part in a welcoming ceremony at the Great Hall of the People, in Beijing, China September 13, 2023.   Miraflores Palace/Handout via REUTERS

• Also signed deals on technology, civil aviation, aerospace
• Venezuela says can make key contributions to BRICS energy agenda
• China supportive of building special economic zones in Venezuela
• The countries agree to “enrich the variety of trade goods”

BEIJING, Sept 13 (Reuters)

Chinese President Xi Jinping and Venezuelan counterpart Nicolas Maduro have signed bilateral cooperation agreements in areas such as economy, trade and tourism, state broadcaster China Central Television (CCTV) reported.

The two nations also signed deals on science and technology, civil aviation and aerospace, CCTV reported on Wednesday.

The pair met during Maduro’s first visit to Beijing in five years against a backdrop of China’s testy relations with the West and energy and debt repayment talks. China is the world’s largest oil importer and oil-rich Venezuela’s largest creditor.

China and Venezuela have long-standing warm ties seen in China’s regular oil purchases despite U.S. sanctions and financial support it bestows upon the cash-strapped Latin American country via loan-for-oil deals and investment.

China on Wednesday upgraded relations with Venezuela to an “all-weather strategic partnership”, typically reserved for a select few nations. The world’s second-largest economy is owed over $10 billion by Venezuela, independent data showed.

Xi said the two countries are “good friends with mutual trust” and common development, state media reported.

He also noted that next year will be the 50th anniversary of the establishment of the pair’s diplomatic relations.

Maduro said Venezuela supports China’s Belt and Road Initiative to boost trade infrastructure, Chinese media said, referring to a related conference in China next month. China has said it has Belt and Road cooperation agreements with more than 150 countries and over 30 international organisations.

He also said Venezuela is willing to closely communicate and cooperate with China within multilateral frameworks such as with the BRICS group and United Nations.

• Venezuela is courting membership of BRICS – a group of major emerging economies Brazil, Russia, India, China and South Africa – which recently favoured expansion.
• A joint statement issued by China’s foreign ministry on Thursday stated that Venezuela is willing to join financial institutions and financing cooperation initiatives such as the New Development Bank set up by BRICS, and will continue to support the internationalisation of the yuan.
• Venezuela in the statement said, as a reliable supplier with the world’s largest oil and fourth-largest natural gas reserves, it can make important contributions to BRICS’ energy agenda.
• China said it is willing to support construction of special economic zones in Venezuela and both countries agreed to further develop bilateral trade and “enrich the variety of trade goods”.
• In the statement they also said agreements on aviation and aerospace include future flights between the countries and cooperation in spaceflight. The countries also agreed to deepen cooperation between legislative bodies to strengthen exchanges on legislation and governance.

By Bernard Orr, Liz Lee and Ella Cao;

Editing by Elaine Hardcastle and Christopher Cushing

September 14th 2023 –

President Xi Jinping announced after meeting Venezuelan counterpart Nicolás Maduro that relations between both countries would be strengthened to the point where the South American nation would become an “all-weather strategic level,” it was reported from Beijing.

PRC also pledged to “firmly support Venezuela’s efforts to safeguard national sovereignty, national dignity and social stability, and firmly support Venezuela’s just cause of opposing foreign interference.

“I am very pleased to announce together with you the elevation of China-Venezuela relations to a level of strategic partnership for all time,” Xi told Maduro.

Maduro was seeking China’s support to bring his country into the BRICS bloc (Brazil, Russia, India, China, and South Africa) which will be expanded as of Jan. 1, 2024, with the joining of Argentina, Saudi Arabia, Iran, the United Arab Emirates, Ethiopia, and Egypt.

“We could categorize the enlarged BRICS group as the great engine for the acceleration of the birth process of a new world, of a world of cooperation where the Global South has the primordial voice,” Maduro said.

He began his Chinese tour in Shenzhen and will depart after signing a memorandum of understanding for the development and modernization of special economic regions. Maduro’s last visit to China was in 2018, while Xi last traveled to Venezuela in 2014.

PRC lent US$ 50 billion to Venezuela, which would repay through oil shipments. Is this the secret part of Dragon deal? WIll PRC take Dragon gas from Venezuela to reduce this debt?

From Caracas’ Embassy in Beijing, Maduro applauded the Joint Declaration between the PRC and the BRV on the Establishment of an All-Weather Strategic Partnership among the 31 working documents signed. Cooperation agreements include the Belt and Road, economy, trade, education, tourism, science and technology, health, aerospace and civil aviation.

Maduro noted that, for the first time in 49 years of relationship, “we have signed an agreement for Venezuela to place its products in the Chinese market,” including coffee, avocado, fish, and octopus. “We have ratified the strengthening between China and Venezuela of the group of defenders of the United Nations Charter and that it be the central element of a strategy so that sooner rather than later the United Nations condemns and reverses the systems of unilateral coercive measures.

We are in the 21st century, the century of the end of hegemonism, of imperialism, the century in which a different world has been born, a pluripolar world, a multicentric world for peace, for union. It has been a very successful visit where we have found new solutions and we have found new paths that will lead us to a superior relationship. I leave happy,” Maduro said

 

Maduro wants PRC help to join BRICS

 September 11th 2023

Maduro’s agenda in China has not been disclosed but he is expected to meet Xi Jinping sometime during his 6-day visit

Venezuelan President Nicolás Maduro told Chinese media during the weekend that he wanted the South American country to join the BRICS bloc (Brazil, Russia, India, China, and South Africa) as a way to consolidate ties between the Asian giant and Latin America and the Caribbean, it was reported in Beijing. Venezuela has already expressed its interest in joining BRICS formally.

”There would be three lines of work: strengthening the China-Latin America and the Caribbean relationship with the Celac (Community of Latin American and Caribbean States), strengthening and expanding the group of defense of the United Nations Charter for a re-foundation of the UN and the entry of Venezuela to the BRICS to continue strengthening the process of the birth of a new world,” explained Maduro, who is on a 6-day tour of China during which he is expected to hold a meeting with his local counterpart Xi Jinping.

The five-member bloc will be enlarged as of Jan. 1, 2024, with the accession of Argentina, Saudi Arabia, Egypt, Ethiopia, United Arab Emirates, and Iran which was approved in the alliance’s summit in South Africa last month.

Maduro, who arrived in China on Friday and whose agenda has not been disclosed, also highlighted the contributions his country could make to the bloc in light of its large oil reserves. The Venezuelan leader also raised the need for China to continue increasing its investments in Latin America and the Caribbean to strengthen ties with the region.

Earlier last week, Venezuelan Executive Vice President Delcy Rodriguez, held a meeting with Chinese Foreign Minister, Wang Yi, to discuss bilateral issues and the promotion of economic and trade agreements between the two nations.

 

 

 

Huawei Network Summit 2023 (Latin America):

High-Quality Connectivity Contributes to Win-Win Benefits in Commercial Markets

28 AUG, 2023, 00:52 ET

CANCUN, Mexico, Aug. 28, 2023 /PRNewswire/ — At the Latin America stop of Huawei Network Summit (HNS) 2023, two events related to commercial markets took center stage: a “Connectivity Upgrade, Business Win-Win” keynote and a “Build High-Quality Connections to Achieve Business Win-Win” session. Over 100 customers and partners from Mexico, Colombia, Chile, Peru, as well as other countries and regions, attended the events, sharing their thoughts on commercial market prospects and win-win cooperation strategies. During these events, Huawei Data Communication (Huawei Datacom) unveiled its high-quality IP network solutions with three distinctive traits — versatile, premium, and cost-effective — for diverse industries like public service, education, healthcare, hospitality, and retail.

Huawei Datacom invests strategically in product R&D for commercial markets by building on its years of experience in enterprise business and leadership in infrastructure innovation. At HNS, Saul Arjona Bueno, CTO of Huawei’s Latin America Enterprise Network Solutions, unveiled future-proof network solutions for five scenarios in the Latin America commercial markets. Subsequently, Francisco Jose Fuster Montiel, CTO of Huawei’s Mexico Enterprise Business Department, delved deep into these network solutions together with attending customers and partners.

High-quality government office network solution: Integral to this solution, one AP ensures a smooth 1080p video conference of 30 to 50 channels, without any lags.
High-quality primary and secondary school network solution: With its simplified network architecture, this solution enables fiber-to-the-room and facilitates network evolution over the next 5 to 10 years. It just takes 3 days to deploy the network for one school building.
High-quality hotel network solution: A core part of this solution, Huawei APs draw on smart antenna technology to ensure more focused Wi-Fi signals and deliver 30% greater coverage range than omnidirectional antennas. More importantly, Huawei’s lossless roaming technology ensures zero roaming disconnections and zero network complaints from guests.
High-quality small and midsize hospital network solution: As part of this solution, Huawei’s IoT-capable APs enable Wi-Fi and IoT converged deployment. Specifically, one AP provides both Wi-Fi coverage and IoT connectivity, making it easy to expand healthcare IoT use cases while improving the quality of hospital services.
High-quality retail network solution: A unique component of this solution is Huawei’s 6-in-1 gateway — NetEngine AR5710 router — which helps to lower network investments by 30% for retail stores.

At the event, Luis E. Juarez, Director of Security One at Mainbit and Héctor Cabrera, Executive Director at NGN also shared their successful practices of cooperating with Huawei in commercial markets. By leveraging Huawei’s high-quality IP network offerings, MainBit and NGN help their customers quickly address network pain points and enjoy the ultimate network experience.

Huawei’s high-quality IP network offerings have been proven valuable in numerous customers across diverse industries — such as public service, education, healthcare, hospitality, and retail — in more than 100 countries and regions. As a trusted partner for digital transformation, Huawei Datacom is committed to becoming a key contributor to the ICT infrastructures of small- and medium-sized enterprises (SMEs).

To this end, Huawei Datacom keeps integrating technologies into specific enterprise scenarios and helping global SMEs to lay a solid digital foundation for their digital transformation journey.

 

 

No climate emergency’

15 August 2023

A giant of modern science, Dr. John Clauser, has signed the World Climate Declaration (WCD) that states there is no climate emergency.

Dr. Clauser is last year’s joint winner of the Nobel physics prize, and he recently sent shock waves through the climate industry by stating the popular climate narrative “reflects a dangerous corruption of science that threatens the world’s economy, and the well-being of billions of people”. The WCD argues that climate science has degenerated into a discussion based on beliefs, not on sound critical science.

Last August, the Daily Sceptic highlighted the WCD in an article that went viral on social media. The WCD has drawn comparison with the Great Barrington Declaration (GBD) which publicised the views of eminent medical scientists who dissented from the disastrous Covid lockdown episode.

As with the GBD, the WCD has been ignored by mainstream politicians and media. But since last August, it has attracted another 500 signatories, and the current list numbers 1,609 scientists and professionals. Over 300 academics at professorial levels have signed the list, while Clauser is the second Nobel physics laureate to lend support.

The WCD holds that climate research must give significantly more emphasis to empirical science. For his part, Clauser told a recent group of young Korean scientists that they must follow the scientific method based on good observations and experiments. Good observations always overrule purely speculative theory.

Referring to climate science, he noted the world was “literally awash, saturated, with pseudoscience, with bad science, with scientific misinformation and disinformation”. At a time when the unhinged head of the United Nations Antonio Guterres was claiming the world had entered an era of “global boiling”, he gave his opinion that the UN-funded IPCC “is one of the worst sources of dangerous misinformation”.

The WCD is wide-ranging in its criticism of the current ‘settled’ climate narrative that has been ruthlessly compiled over decades to promote an extremist Net Zero agenda. It notes that climate models are “not remotely plausible as global policy tools”.

They are said to “blow up” the effect of greenhouse gases such as carbon dioxide and “ignore the fact that enriching the atmosphere with CO2 is beneficial”.

There is no statistical evidence that global warming is intensifying natural disasters and there is no climate emergency. There is no need for panic and alarm, it advises.

But of course panic and alarm plays a vital part in pushing the collectivist Net Zero agenda. As Clauser observes: “Misguided climate science has metastasized into massive shock-journalistic pseudoscience.”

 

 

Cuba :

Melbana Energy announces early production plans ahead of Alameda-3 appraisal well

20 Sep 2023

Highlights :

• Alameda-3 Appraisal Well to commence November 2023.
• Drilling rig is on site and being prepared to commence drilling operations.
• Prior to spud of Alameda-3, early production to commence from Unit 1B of the Amistad reservoir in the Alameda-2 appraisal well.
• Stabilised flow rates achieved from Unit 1B in Alameda-2 were ~1,235 barrels of oil per day – significantly above average for vertical wells in Cuba(1). Horizontal drilling in these reservoirs typically triples the flow rate.
• Oil produced had 19° API gravity and 30 cP viscosity, significantly better than average for Cuba(1). The produced oil also had none of the usual sulphur, responsible for price discounts.
• Units 1A and 3 of the Amistad reservoir are also productive and have been suspended for future development and production.

Melbana Energy’s Executive Chairman, Andrew Purcell, commented:

‘Following the success of Alameda-2, we are delighted to confirm plans to spud Alameda-3 in the near term to appraise the oil we previously encountered in the deeper Alameda and Marti Formations. As we have consistently stated, these remain our most prospective targets within Block 9.

Prior to spudding Alameda-3 in November, we are working on our plans to commence early production from Unit 1B to better understand the reservoir’s characteristics given the good flow rates and oil quality observed there. This early production will allow us to review our logistics and transaction procedures ahead of the finalisation of our field development plans for 2024, which we are presenting to our partners this week.

It is important to reinforce that Units 1A and 3 from this reservoir are also productive and will form part of our development plan for the Amistad Formation.’

Melbana Energy, a 30% interest holder in and Operator of Block 9 PSC onshore Cuba, has provided an perational update.

After analysing all options for re-entering the Alameda-1 well and undertaking a risk / reward assessment, the decision was made to plug and abandon Alameda-1 as per the original plan. This was completed earlier this week.

The drilling rig will remain on site on standby to enable essential maintenance and equipment upgrades to be undertaken in preparation for drilling the deeper Alameda-3 well.

During this standby period deliveries of all necessary inventory and equipment will be made to site to enable spud of Alameda-3 in November (see Figure 1).

Alameda-3 will test the lower two geologically independent oil-bearing Formations intercepted by Alameda-1 – designated Alameda and Marti, respectively. The Alameda-1 exploration well encountered movable hydrocarbons accompanied by significant formation pressure in both.

Ahead of the commencement of drilling of Alameda-3, the Company is working on plans to take advantage of the opportunity to obtain early production from the Amistad Formation Unit 1B reservoir given the excellent results obtained in Alameda-2. The Unit 1B section was completed for future production (see Figure 2), whilst Units 1A and 3 (also productive) were suspended for potential future development and production.

As reported on 28 August 2023, a stabilised average flow rate of 1,235 barrels of oil per day was achieved from Unit 1B in Alameda-2(2). The oil produced had an API gravity of 19° and viscosity of 30 cP, which is a higher API (thus lighter) and considerably lower viscosity than oil commonly produced in Cuba(3). Such an improvement in oil quality is an important factor for the value of this oil, as is the lack of sulphur normally present in Cuban production but absent here.

Analyses of performance of hundreds of wells in the region indicate that the flow rates observed in Unit 1B are around the high case rates experienced for shallow vertical wells in Cuba and are closer to the average rates of shallow horizontal wells through this Formation3, which typically flow at three times the rate of vertical wells in these upper formations if they intersect the dominant fracture systems at an optimal angle. Melbana has received high quality well logs from the appraisal program which will inform the orientation of potential future horizontal wells aimed at producing from this reservoir.

Obtaining early oil production data will also provide the Company with important information on reservoir management, transport, and sales processes for finalisation of next year’s field development work plan and budget. To date 1,500 barrels of initial test production has been trucked to a nearby oil storage facility which also acts as the custody transfer sales point.

(1) Internal Melbana technical review of regional well results and independent oil analyses

(2) See announcement on 28 August 2023

(3) Internal Melbana technical review of regional well results and independent oil analyses

Original announcement link                                     source: Melbana Energy