ENERGY ANALYTICS INSTITUTE (EAI), Author at Editores LatinPetroleum

Ecopetrol Eyes Two Promising Developments

(Energy Analytics Institute, 31.Jan.2021) — Colombia’s state oil and gas company Ecopetrol is eyeing two promising developments in Colombia that could utilize initial lessons learned abroad from offshore Brazil and the US Permian Basin. The first relates to an offshore development and the second relates to pilot fracking projects. The […]

Review Of Economic, Financial Developments (Jan. 2021): Trinidad

(Energy Analytics Institute, 31.Jan.2021) — Key highlights from the January 2021 Economic Bulletin from the Central Bank of Trinidad & Tobago follow. — The COVID-19 pandemic continued to have broad-based negative impacts on the performance of the domestic economy, particularly the energy sector. — Energy commodity prices were significantly impacted […]

Argentine Finance Minister Seeks $44bn IMF Debt Deal

(Wall Street Journal, 30.Jan.2021) — With Argentina broke, Finance Minister Martín Guzmán is pushing for a deal by May with the International Monetary Fund to repay $44 billion in debt. To win the IMF’s acquiescence, he’ll narrow a yawning budget gap, he said in an interview on Friday. It is […]

Sugarcane Harvest At Risk In Venezuela’s Portuguesa State

(Energy Analytics Institute, 30.Jan.2021) — Venezuelan sugarcane growers in the country’s central Portuguesa state are at risk of losing the opportunity to harvest an estimated 762 hectares of the cane due to a lack of diesel. Producers in the state need an estimated 150,000 liters of diesel to assist them […]

PDVSA Ad Hoc Board Head Calls Citgo “Crown Jewel”

(Energy Analytics Institute, 29.Jan.2021) — The president of the Ad Hoc Board of Petróleos de Venezuela (PDVSA) called US-based refiner Citgo Petroleum the “crown jewel” of the company’s international assets. Horacio Medina, the President of PDVSA’s Ad Hoc Board, said the situation regarding actions taken during 2019-2020 by Interim President […]

Latin America and the Caribbean

Chevron Reports 4Q:20 Results [PDF DOWNLOAD]

(Chevron, 29.Jan.2021) — Chevron Corporation reported a loss of $665mn ($(0.33)/share – diluted) for fourth quarter 2020, compared with a loss of $6.6bn ($(3.51)/share – diluted) in fourth quarter 2019. Included in the current quarter was a charge of $120mn associated with Noble Energy, Inc. acquisition costs. Foreign currency effects […]

EOG Schedules 4Q:20 Conference Call , Webcast

(EOG, 29.Jan.2021) — EOG Resources, Inc. (EOG) will host a conference call and webcast to discuss fourth quarter and full year 2020 results on Friday, 26 February 2021, at 9 a.m. Central time (10 a.m. Eastern time). Please visit the Investors/Events & Presentations page on the EOG website to access […]

Moody’s Assigns Caa3 Rating To YPF’s Proposed Notes

(Moody’s, 29.Jan.2021) — Moody’s Investors Service assigned a Caa3 rating to YPF Sociedad Anónima’s (YPF) proposed senior secured notes due 2026 and senior unsecured notes due 2029 and 2033. The outlook is stable. Net proceeds from the proposed issuance will be used for a tender offer to exchange a combined […]

Petrobras Finds Oil At Campos Basin Urissanê Well

(Petrobras, 29.Jan.2021) — Petrobras informs that has identified the presence of hydrocarbon in the wildcat well of block C-M-411, located in the pre-salt of the Campos Basin, in Rio de Janeiro state. The well 1-BRSA-1377-RJS, informally known as Urissanê, is located approximately 200 km from the coast, in water depth […]

Asia

OPEC+, Covid-19 and Energy Transition: 3 Themes in 2021

(WoodMac, 28.Jan.2021) — Wood Mackenzie’s latest outlook report shows that the art of balancing oil markets and the refining sector in 2021 hinges upon three key themes – OPEC+ production, Covid-19 developments, and the energy transition. Following 2020’s unprecedented oil demand shock amid the Covid-19 pandemic, Wood Mackenzie expects 2021 […]

OPEC Fund Marks 45 Years Of Driving Development

(The OPEC Fund, 28.Jan.2021) — The OPEC Fund for International Development (the OPEC Fund) marks its 45th anniversary today. Since inception, the multilateral development finance institution has approved more than $25bn in essential financing for 135 partner countries. Established in 1976 with a distinct mandate to drive development, strengthen communities […]

General Motors Plans To Be Carbon Neutral By 2040

(GM, 28.Jan.2021) — Today, GM announced that it plans to become carbon neutral in its global products and operations by 2040 and has committed to setting science-based targetsⁱⁱ to achieve carbon neutrality. The company has also signed the Business Ambition Pledge for 1.5⁰C, an urgent call to action from a […]

Petrobras And Ecopetrol Bullish On 2021

(Argus, 28.Jan.2021) — Just as Covid-19 affected each Latin American country differently, so too is the outlook of each country’s future crude oil production and exports. Colombia’s state-owned Ecopetrol and Brazil’s state-run Petrobras developed years-long strategies that in a year fraught with hurdles managed to yield higher export figures in […]

Ecopetrol’s Bid For ISA Ratifies Govt Linkage

(Fitch Ratings, 28.Jan.2021) — Ecopetrol’s (BBB-/Negative) non-binding offer for the Colombian government’s 51.4% stake in Interconexion Electrica (ISA, BBB+/Negative) ratifies the company’s close linkage with the government, according to Fitch Ratings. Although Fitch does not expect the transaction to impact Ecopetrol’s ratings, as they will continue to be equalized with […]

Ivan Duque Officially Opens Trina Solar Plant

(Trina, 27.Jan.2021) — The second phase of the Los Llanos photovoltaic power plant project developed and managed by Trina Solar in Colombia has been connected to the grid and the start of its commercial operations officially declared. The President of Colombia, Iván Duque Márquez, cut the ribbon at the delivery […]

Antony Blinken Named US Secretary of State

(Energy Analytics Institute, 27.Jan.2021) — The US Department of the Treasury confirmed appointment of Antony Blinken as the agency’s new head, taking the helm after the departure of Michael Pompeo. Blinken is a Former Deputy Secretary of State & Deputy Nation Security Agency under the administration of former US President […]

Exxon To Host 4Q:20 Earnings Call

(Energy Analytics Institute, 27.Jan.2021) — Irving, Texas-based oil giant Exxon announced details of its fourth quarter 2020 earnings call. Darren Woods, Chairman and Chief Executive Officer, and Stephen Littleton, Vice President and Secretary, will lead the discussion of the company’s fourth quarter 2020 financial and operating results via webcast with […]

Ecopetrol Bids For Transmission Giant

(Argus, 27.Jan.2021) — Colombia’s state-controlled Ecopetrol is seeking to acquire state-controlled electricity transmission giant Isa in an aggressive move away from its core oil business. Ecopetrol presented a non-binding offer for the government’s stake in Isa, equivalent to more than 51pc of the shares in circulation, the company said this […]

Climate Commitments Top Energy, Mining Agendas

(WoodMac, 27.Jan.2021) — 2020 was the year that climate change became a dominant force for commodities. In response, a slew of companies and governments made ambitious net zero commitments. Renewables grew in importance in some oil and gas companies’ portfolios and as a power source for mining. Carbon pricing accelerated, […]

Hess Updates On Ops In The US, Guyana And Malaysia

(Hess, 27.Jan.2021) — Hess Corporation provided operational highlights from the fourth quarter of 2020 and its operations in the US Bakken, the US Gulf of Mexico, offshore Guyana and Malaysia. Bakken (Onshore U.S.): Net production from the Bakken increased to 189,000 boepd from 174,000 boepd in the prior-year quarter. Net […]

Hess Reports 4Q:20 Net Loss

(Hess, 27.Jan.2021) — Hess Corporation reported a net loss of $97mn, or $0.32 per common share, in the fourth quarter of 2020, compared with a net loss of $222mn, or $0.73 per common share, in the fourth quarter of 2019. On an adjusted basis, the corporation reported a net loss […]

US Secretary Of State Antony J. Blinken Press Briefing

(US State Department, 27.Jan.2021) — Remarks to the Press from US Secretary of State Antony J. Blinken from the Press Briefing Room in Washington, DC. MR PRICE: Good afternoon. Welcome back to the briefing room, to your briefing room. We’ll be spending quite a bit of time together starting very […]

Hess Corp.’s 4Q:20 Earnings Call Transcript

(Seeking Alpha, 27.Jan.2021) — A full transcript of the Hess Corporation4Q 2020 earnings conference call from 27 January 2021 at 10:00 am ET follows here. Executives Jay Wilson – VP, IR John Hess – CEO Greg Hill – COO John Rielly – CFO Analysts Jeanine Wai – Barclays Capital Doug […]

Bolsonaro Urges Truckers Not To Strike

(Reuters, 27.Jan.2021) — Brazilian President Jair Bolsonaro on Wednesday urged truckers not to strike on Feb. 1, suggesting he could lower diesel costs with tax breaks as he seeks to head off a crushing blow to the country’s pandemic-stricken economy. Speaking in Brasilia after a meeting with Economy Minister Paulo […]

Petrobras Gets Approval For Petros Plan 3

(Petrobras, 27.Jan.2021) — Petrobras, following up on the release disclosed on 18 January 2021, informs that the Secretariat for Coordination and Governance of StateOwned Companies (SEST) and the National Private Pension Superintendence (PREVIC) approved the Petros Plan 3 (PP-3). PP-3 will be a private pension option exclusively aimed to voluntary […]

Fact Sheet: Biden’s Climate Crisis Executive Actions

(The White House, 27.Jan.2021) — Biden-Harris Administration Commits on Climate Change – Creating Jobs, Building Infrastructure, and Delivering Environmental Justice Today, President Biden will take executive action to tackle the climate crisis at home and abroad while creating good-paying union jobs and equitable clean energy future, building modern and sustainable […]

Exxon Mobil Declares 1Q:21 Dividend

(Energy Analytics Institute, 27.Jan.2021) — Irving, Texas-based Exxon Mobil Corporation announced that its Board of Directors declared a cash dividend of $0.87 per share on the common stock. The dividend is payable on 10 March 2021 to shareholders of record of common stock at the close of business on 10 […]

Petrobras’s Refining Head Anelise Quintão Lara Leaves

(Petrobras, 26.Jan.2021) — Petrobras informs that its Board of Directors, in a meeting held today, approved the dismissal of Anelise Quintão Lara and elected Rodrigo Costa Lima e Silva as Chief Refining and Natural Gas Officer. The Refining and Natural Gas Office is responsible for the industrial operations of refining […]

Venezuela Crude Stocks Drop As Exports Pick Up

(Reuters, 26.Jan.2021) — Venezuelan state oil company PDVSA’s inventories of its main export crude grade dipped this week to their lowest levels since late November, internal company documents seen by Reuters showed. Merey 16 stocks at the country’s main oil terminal, the Jose port, fell to 4.85 million barrels as […]

YPF Bonds Rally After Sweetened Debt Offer

(Bloomberg, 26.Jan.2021) — Bonds of Argentine oil producer YPF SA climbed to a three-week high after the company improved a $6 billion restructuring offer. Stocks also jumped. YPF’s $540 million in securities due March 2025 rose almost 6 cents and shares rose as much as 9.3% after the state-controlled firm […]

Petrobras On Deal With Sete Brasil

(Petrobras, 26.Jan.2021) — Petrobras, following up on the release disclosed on 12 November 2020, informs it has received a notification from the Sete Brasil in which: (a) it indicates that will not comply with certain conditions set forth in the agreement that should be fully met by 31 January 2021; […]

Petrobras’ Proved Reserves Fall In 2020 Versus 2019

(Petrobras, 26.Jan.2021) — Petrobras discloses its proved reserves of oil, condensate and natural gas, according to SEC (US Securities and Exchange Commission) regulation, estimated at 8.816 billion barrels of oil equivalent (boe), as of 31 December 2020. Oil and condensate, and natural gas correspond to 86% and 14% of this […]

YPF Amends Second Exchange Offers

(YPF, 25.Jan.2021) — YPF Sociedad Anónima (YPF) announced its decision to amend the terms and conditions of its Exchange Offers and Consent Solicitation initially described in its Exchange Offer and Consent Solicitation Memorandum dated 7 January 2021, as first amended on 14 January (the “Exchange Offer and Consent Solicitation Memorandum“). […]

Hess Announces 2021 E&P CAPEX Of $1.9bn

(Hess, 25.Jan.2021) — Hess today announced a 2021 Exploration & Production capital and exploratory budget of $1.9bn, of which more than 80% will be allocated to Guyana and the Bakken. Net production is forecast to average approximately 310,000 barrels of oil equivalent per day in 2021, excluding Libya. Bakken net […]

ProColombia Launches Nature Tourism Guides

(ProColombia, 25.Jan.2021) — ProColombia, the government entity in charge of promoting international tourism, foreign direct investment, non-mining energy exports and the country brand, is encouraging eco-conscious travelers to consider Colombia as their next international destination when planning 2021 vacations. To inspire travelers and educate them on the country’s efforts, Colombia […]

Three European Banks Stop Funding Trade Of Oil

(Al Jazeera, 25.Jan.2021) — BNP Paribas, Credit Suisse and ING have announced plans to exclude the problematic export from their trading activities in response to environmental criticisms. Several big European financial institutions — BNP Paribas, Credit Suisse and ING — have committed to halting the financing of the trade of […]

Work At Dos Bocas Continues [PHOTOS]

(Energy Analytics Institute, 23.Jan.2021) — Construction work at the Dos Bocas refinery in Mexico continues to move forward, announced Mexico’s Energy Secretariat Rocio Nahle. Nahle is seen here explaining work at the refinery to other energy sector workers while she also monitored the arrival of new equipment from state oil […]

PDVSA Says It Controls Gas Leak Along Anaco Pipeline

(Energy Analytics Institute, 23.Jan.2021) — Workers with PDVSA Gas, a subsidiary of Petróleos de Venezuela (PDVSA) controlled a gas leak in the Barbacoas sector of the city of Barcelona located in Anzoátegui state. The attack occurred along a section of a 26-inch diameter gas pipeline owned by PDVSA, which runs […]

Sungrow Supplies 100 MW Energy Project In Texas

(Sungrow, 22.Jan.2021) — Sungrow, the global leading inverter solution supplier for renewables, announced that it has forged a contract to supply its fully integrated Energy Storage System to the 100 MWac Chisholm Grid project in Fort Worth, Texas. Chisholm Grid has been under construction since August of 2020 and will […]

China Buys Venezuelan Oil Doctored To Skirt Sanctions

(Bloomberg, 22.Jan.2021) — It may be the oil market’s worst-kept secret: Millions of barrels of Venezuelan heavy crude, embargoed by the U.S., have been surreptitiously going to China. The cat-and-mouse games that avoid detection and sanctions include ship-to-ship transfers, shell companies and silenced satellite signals. But there’s another aspect to […]

Valor Econômico’s REFAP Figures Wrong: Petrobras

(Petrobras, 21.Jan.2021) — Petrobras, regarding the news published in the media, about Ultrapar Participações S.A.’s proposal to acquire Refinaria Alberto Pasqualini (REFAP), in Rio Grande do Sul, clarifies that the values published in the newspaper Valor Econômico are not correct. As disclosed on January 19, 2021, the company is in […]

Nickel Rock Resources Targets Lithium Clay

(Nickel Rock Resources, 21.Jan.2021) — Nickel Rock Resources Inc. reported that prior to implementing a reconnaissance drilling campaign on its 100% owned Clayton Valley Project adjoining a western portion of neighbouring lithium producer Albemarle’s evaporation ponds a staking program is now in progress. This new staking program is expanding our […]

Bankers ‘Bombard’ Guyana With Financing Plans

(Reuters, 21.Jan.2020) — As the former British colony begins its first significant oil production this year, it is wary of avoiding the mistakes made in oil-dependent economies such as Angola, Nigeria and its economically collapsing neighbor Venezuela. Winston Jordan, an economist and career public servant, also cited Guyana’s own history […]

Petrobras Comments On REFAP Sale

Italy Seeking Documents For Eni, Shell Nigeria Case

(Reuters, 20.Jan.2021) — Italian prosecutors asked a Milan Court on Wednesday for documents sourced from U.S. bank JPMorgan to be filed as part of a corruption trial over the acquisition of an oilfield in Nigeria by Eni and Shell. The long-running graft case revolves around the purchase of the Nigerian […]

Suriname Latest Big Oil Find As Industry Cuts Costs

(The New York Times, 20.Jan.2021) — The small South American country has become a hot prospect for oil companies looking to produce fossil fuels while spending less. The Atlantic waters off Guyana have become one of the world’s hottest oil-drilling zones. Now, international oil executives are looking at neighboring Suriname. […]

Exxon’s 4Q:20 Results Call

(Exxon, 20.Jan.2021) — Please join Darren Woods, Chairman and Chief Executive Officer, and Stephen Littleton, Vice President and Secretary, for a discussion of fourth quarter 2020 financial and operating results via webcast with slide presentation at 8:30 a.m. Central Time on Tuesday, 2 February 2021. Click here to join the […]

Latin America and the Caribbean

Vincent Pereira To Retire From BHP Trinidad

(BHP, 20.Jan.2021) — BHP announced today that, after 16 years of leadership as BHP’s Country Manager for Trinidad and Tobago, Vincent Pereira will retire, effective June 2021. Michael Stone, Operations Manager in Trinidad and Tobago, will succeed Vincent as Country Manager. Vincent joined BHP in 2005 and has more than […]

Asia

Huntkey Releases 20W Mini PD Charger In China

(Huntkey, 20.Jan.2021) — Huntkey, a leading provider of power solutions, has officially released its 20W Mini PD Charger – the K20 in China. It is now available on Tmall.com, one of biggest e-commerce giants in China. The K20 is designed with one USB-C charging port that is compatible with PD […]

Ecopetrol Says Pipeline Theft Rose 46% Last Year

(Reuters, 20.Jan.2021) — Theft of crude oil from pipelines operated by Colombia’s state-controlled oil company Ecopetrol rose by 46% last year, driven by surging robberies along the Cano Limon-Covenas pipeline, a company spokesman said. On average, 2,638 barrels per day of oil were stolen last year, up from 1,806 bpd […]