GAS
Venezuela signed an agreement to export gas to Trinidad from the giant Loran-Manatee field for processing as LNG at Atlantic in Point Fortin. With assets off the East Coast of Trinidad operator Chevron is continuing work on maturing commercial development concepts. In 2013, cross-border agreements were signed unitizing Loran-Manatee. Chevron holds a 60% operating stake in Block 2 and 100% of Block 3 in Venezuela´s offshore Plataforma Deltana region. It holds 50% of the Manatee area of Block 6d in Trinidad with BG. Loran in Block 2 and Manatee in Trinidad Block 6d form a single field straddling the maritime border of Venezuela and Trinidad and Tobago.
Mitsubishi invested in a methanol venture which produces 1.6 mt/y.
OIL
As the main source of heavy oil for blending with light oil for refiners in the Gulf of Mexico, PDVSA production is declining faster than that of joint ventures. Income dwindles from gasoline at 1 cent/gallon while revenue repays PRC loans. Growth shrinks over 7 % amid failure to adapt to low commodity prices, rampant inflation, price controls, an overvalued pegged currency, shortages and imprisonment of the opposition leader.
Bankrupt Hovensa refinery in the Virgin Islands which PDVSA and Hess plan to sell may become a storage facility with capacity for 15 million barrels. Another bidder hopes to continue refining.
COLOMBIA
Venezuela will close the entire border where it declared a state of emergency. Coal exports will be re-routed to Barranquilla. The flexible currency regime may spur growth to 3% as the oil rout pushed the peso down.
President Santos and FARC rebels announced a peace accord, following the visit of Pope Francis to Cuba which joined Norway as a guarantor.
Amerisur Resources spudded its first exploration well onshore.
Ecopetrol and Parex will explore a light-oil field.
Trafigura announced the death of Claude Dauphin, founder of the independent oil trader .
PETROCARIBE
Celebrating its tenth anniversary, Petrocaribe met in Suriname after visiting members.
From St Kitts-Nevis where Petrocaribe is developing 64 projects including solar panels with PdV Industrial, President Maduro travelled to Dominica, where the UK Royal Fleet Auxiliary LYME REGIS continues to deliver humanitarian aid.