Oil & Gas: The week in 10 stories

REGIONAL

OPEC, along with 10 other oil producers, including Russia, agreed on Friday in Vienna to increase crude output by one million barrels per day, which will imply a real increase of 600,000-700,000b/d starting in July.

ARGENTINA

Unexpectedly over the weekend, Argentina's President Mauricio Macri replaced energy minister Juan José Aranguren and production minister Francisco Cabrera in a reshuffle that sees the government changing course in response to the country's economic palpitations.

BRAZIL

The Brazilian government could help to boost the appeal of the surplus volumes discovered in transfer of rights areas if it limits the profit oil to be offered in the bids.

Hydrocarbons regulator ANP has reduced the number of oil and gas licenses to be offered to the market in the first phase of its permanent offer system.

The lower house of congress approved on Wednesday a bill that lifts the ban on state-run oil firm Petrobras selling areas in oil fields under the transfer of rights regime.

COLOMBIA

Three companies submitted offers in the Colombian government's procurement process that seeks recommendations for the incorporation of new oil and gas reserves.

GUYANA

"Following January's Ranger discovery, the February Pacora discovery, and Longtail, we estimate recoverable reserves will likely be over 4 billion boe, with major additional upside potential," according to Wood Mackenzie.

MEXICO

With just three days of gasoline supplies and heavy reliance on imports from the US, increasing gasoline storage capacity is a strategic necessity for Mexico.

In the wake of this week's approval by Mexico's hydrocarbons commission of new bidding rules for seven mature onshore fields in the Cuencas del Sureste basins, NOC Pemex expressed hope that the increased certainty would attract more participants.

PERU

Maintenance that Pluspetrol will carry out next quarter at Camisea in Peru will impact the production of natural gas and NGLs.