Saipem, in joint venture with McDermott International and Chiyoda Corporation, has reached agreement with Area 1 concessionaires on an EPC contract to engineer and construct an onshore LNG project in Mozambique.

Venezuela's exports of crude oil and refined products fell 17% in May from the previous month to 874,500 barrels per day

Argentina and Russia have set up a working group tasked with specifying the project on the construction of a nuclear power plant (NPP) in the Latin American country,

Brazil has seen its exports of crude grow from 734,000 b/d in 2015 to 1.3 million b/d in Q1 of this year. In contrast, Mexico, which was once a powerhouse of oil production, has maintained its export status only through curtailment of domestic refining, not increased crude oil output.

After contracting by almost 7 percent during the 2015-16 recession, real GDP grew by only 1.1 percent per year in 2017 and 2018.

Venezuela's state-owned PDVSA exported 1.416 million barrels of combined crude and products in May to Cuba's state Cubametales, up from 355,000 barrels in April.

Crudes are being priced at Dated Brent discounts between $15/b and $17/b, FOB, according to a PDVSA report.

Despite significant U.S. oil sanctions on the OPEC member nation, Maduro has held on to power, backed by Cuba, Russia and China, and retains the support of the country’s military and other institutions.

OPEC is due to meet in June, where the Iran question will no doubt be raised. But oil and gas leaders are taking a cautious approach, with Kuwait's oil minister Khaled Al Fadhel noting that a decision would be taken only after a review of oil prices.

In March 2019, Venezuela's crude oil production (excluding condensate) averaged 840,000 barrels per day (b/d), down from 1.1 million b/d in February,

Since January, Maduro’s administration has been in talks with allies in Moscow about ways to circumvent a ban on clients paying PDVSA in dollars, the sources said. Russia has publicly said the U.S. sanctions are illegal and it would work with Venezuela to weather them.

REUTERS - A consortium led by French utility Engie has won a bid for Petrobras’ TAG pipeline arm with an $8.6 billion offer, in a deal that boosts Engie’s presence in a fast-growing sector and will help Petrobras cut its debts.

Venezuela’s state-run energy company, PDVSA, kept oil exports near 1 million barrels per day in March despite U.S. sanctions and power outages that crippled its main export terminal, according to PDVSA documents and Refinitiv Eikon data.

IEA - Until recently, Venezuela’s oil production had stabilised at around 1.2 mb/d. During the past week, industry operations were seriously disrupted and ongoing losses on a significant scale could present a challenge to the market.

Argentina’s efforts to boost its natural gas output and supply are progressing through new pipeline and transport projects and auctions, moves that are expected to balance the country’s production and demand, the energy secretary said