Author: ENERGY ANALYTICS INSTITUTE (EAI)

Energy Analytics Institute (EAI), formerly LatinPetroleum.com, is a Houston-established private organization with a satellite presence in Calgary, Mexico City and Venezuela where it operates under Editores LatinPetroleum SA. Since 1999, EAI has been a leader in energy news coverage of Latin America in particular. Coverage, run out of Latin America, now spans the world and encompasses nearly all energy and energy-related sectors.

Five Iran Tankers Sailing For Venezuela

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(AP, 18.May.2020) — Five Iranian tankers likely carrying at least $45.5 million worth of gasoline and similar products are now sailing to Venezuela, part of a wider deal between the two U.S.-sanctioned nations amid heightened tensions between Tehran and Washington. The tankers’ voyage came after Venezuela’s socialist leader NicolĂĄs Maduro […]

Total Buys Occidental Petroleum’s Assets in Ghana

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(Total, 18.May.2020) — In August 2019, Total and Occidental Petroleum entered into a Purchase and Sale Agreement (PSA) in order for Total to acquire Anadarko’s assets in Africa. Under this agreement, Total and Occidental have since completed the sale and purchase of the Mozambique and South Africa assets. The PSA […]

McDermott Awarded Middle East Engineering Contract

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(McDermott, 18.May.2020) — McDermott International, Inc. today announced it has been awarded a sizeable* contract from a Middle East customer to carry out front-end engineering and design (FEED) work for offshore riser platform topsides. The scope includes the design of two offshore riser platforms, as well as associated brownfield integration […]

Total Discontinues Purchase Of Oxy’s Assets In Ghana

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(Total, 18.May.2020) — In August 2019, Total and Occidental Petroleum entered into a Purchase and Sale Agreement (PSA) in order for Total to acquire Anadarko’s assets in Africa. Under this agreement, Total and Occidental have since completed the sale and purchase of the Mozambique and South Africa assets. The PSA […]

Petrobras Starts EWT At Albacora Field

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(Petrobras, 17.May.2020) — Petrobras, following up on the press release disclosed on 11 May 2020, informs that it started yesterday the Extended Well Tests (EWT) in the Discovery Assessment Plan (DAP) of Forno, in the Albacora field, located in the Campos Basin pre-salt. The test is being carried out in […]

Energy Dispute Deepens Between In Mexico

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(Reuters, 16.May.2020) — The European Union and Canada have formally raised concerns to Mexico about rules they say endanger renewable energy projects, escalating tensions with its government, which late on Friday moved to tighten its control over the power industry. In letters that were leaked to Mexican media on Friday, […]

Guyana Political Stalemate Drags On

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(Argus, 15.May.2020) — Fledgling oil producer Guyana’s political stalemate is dragging on amid slow progress in a closely watched recount of votes from a disputed 2 March parliamentary election. The electoral outcome is critical to the country’s future oil policy, six months after ExxonMobil kicked off deepwater production on the […]

Petrobras Kicks Off NTS’ Non-binding Phase

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(Petrobras, 15.May.2020) — Petrobras, following up on the press release disclosed on 31 March 2020, announces the beginning of the non-binding phase regarding the sale of its remaining stake (10%) in Nova Transportadora do Sudeste S.A. (NTS). Qualified parties for the non-biding phase will receive a process letter with detailed […]

Petrobras Starts Gaspetro’s Non-binding Phase

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(Petrobras, 15.May.2020) — Petrobras, following up on the press release disclosed on 4 May 2020, announces the beginning of the non-binding phase regarding the sale of its entire 51% stake in Petrobras GĂĄs S.A. (Gaspetro). Qualified parties for the non-biding phase will receive a process letter with detailed instructions on […]

Petrobras Posts $11bn Impairment

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(Bloomberg, 15.May.2020) — Petrobras, the Brazilian sate-controlled oil producer, posted a 65 billion-real ($11 billion) impairment in the first quarter after revising down its outlook for crude prices. Even without the impairment, Petrobras reported a loss in the quarter on lower oil prices and the devaluation of Brazil’s real, the […]

Petrobras Warns Economy Has Changed Forever

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(Reuters, 15.May.2020) — Brazil’s Petrobras took a 65.3 billion real ($11.2 billion) impairment on its exploration and production assets on Thursday, warning investors that changes in consumer behavior resulting from the coronavirus pandemic would likely be permanent. The impairment led Petroleo Brasileiro SA, as the firm is formally known, to […]

Bangladesh To Double Fossil Imports In A Decade

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(WoodMac, 14.May.2020) — Bangladesh is expected to double its fossil fuel imports to 32 million tonnes of oil equivalent (Mtoe) between 2020 and 2030, says Wood Mackenzie. While growing working age population, urbanisation and rising income levels continue to spur domestic demand, it is electrification needs in the power, export-driven […]

Touchstone Reports 1Q:20 Results, Operational Update

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(Touchstone, 14.May.2020) — Touchstone Exploration Inc. reports its operating and financial results for the three months ended March 31, 2020. Selected information is outlined below and should be read in conjunction with Touchstone’s March 31, 2020 unaudited interim consolidated financial statements and related Management’s Discussion and Analysis, both of which […]

Nigeria LNG Limited Selects Saipem For LNG Project

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(Saipem, 13.May.2020) — Saipem, in joint venture with Daewoo E&C Co. Ltd and Chiyoda Corporation (SCD JV), has been awarded by Nigeria LNG Limited the contracts for the Engineering, Procurement & Construction of the Nigeria LNG Train 7 Project to be executed at Bonny Island LNG complex in Nigeria. The […]

Ecopetrol 1Q:20 Earnings Call Transcript

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(Motley Fool, 13.May.2020) — Executives with Colombia’s state oil company Ecopetrol conducted a first quarter of 2020 conference call with analyst. A full transcript of the call follows. Contents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: Operator Good morning. My name is Anna, and I will be your […]

PdV Keeps Nynas Board Seat After Restructuring

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(Argus, 13.May.2020) — Venezuela’s state-owned PdV has retained one seat on the new corporate board of European specialty refiner Nynas after a restructuring that freed the venture from US sanctions. The new board composition illustrates PdV’s small but enduring role in the European downstream business that it acquired in the […]

Are Venezuelan Oil Exports Poised For A Comeback?

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(Oilprice.com, 13.May.2020) — As the international community seeks answers with regards to the failed armed incursion into Venezuela that took place May 4, allegedly with the immediate participation of former US military veterans, President Maduro has once again proved to be a masterful survival artist. Notwithstanding the umpteenth round of […]

Guyana Poised To Become A Rich Country

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(Miami Herald, 13.May.2020) — The discovery of oil off its Atlantic coast is poised to transform a largely underdeveloped Guyana from one of South America’s most polarized and poorest nations into possibly one of its richest. But an ongoing post-electoral crisis involving allegations of fraud in its high stakes March […]

Nynas Exits US Sanctions

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(Nynas, 12.May.2020) — The US Treasury Department’s Office of Foreign Asset Control (OFAC) announced today that Nynas is no longer being blocked pursuant to the Venezuela Sanctions Regulations. As a result of a corporate restructuring of the ownership of Nynas AB sanctions are lifted, and US persons and companies no […]

YPF Lays Out Debt Schedule

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(Energy Analytics Institute, Aaron Simonsky, 12.May.2020) — Argentina’s state controlled oil and gas producer YPF highlighted its principal debt amortization schedule from 2020 and beyond. Approximately 80% of the company’s debt and approximately 90% of its cash is in US dollars, the company announced in its first quarter 2020 investor […]

Pampa EnergĂ­a Announces 1Q:20 Results

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(Pampa, 12.May.2020) — Pampa EnergĂ­a S.A., the largest independent energy integrated company in Argentina, with active participation in the country’s electricity and gas value chain, announces the results for the quarter ended on March 31, 2020. As from January 1, 2019, the Company adopted US$ as functional currency for the […]

YPF S.A. 1Q:20 Earnings Call Transcript

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(Motley Fool, 12.May.2020) — Executives with Argentina’s state oil company YPF conducted a first quarter of 2020 conference call with analyst. A full transcript of the call follows. Contents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: Operator Welcome to the Q1 2020 Sociedad Anonima S.A. Earnings Conference Call. […]

Ecopetrol’s Loads At Barrancabermeja Rising

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(Energy Analytics Institute, Piero Stewart, 12.May.2020) — Fuel demand in Colombia has started to recover slightly while refinery loads at the Barrancabermeja are rising, according to comments from Ecopetrol President Felipe BayĂłn. Loads at the refinery are now at 140,000 barrels per day (b/d) compared to 115,000 b/d, said BayĂłn […]

Pampa Energia To Host Video Conference

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(Pampa, 12.May.2020) — Pampa EnergĂ­a S.A. will host a videoconference to discuss its Q1 20 results on Wednesday May 13, 2020 at 10:00 a.m. Eastern Standard Time / 11:00 a.m. Buenos Aires Time. The hosts will be Gustavo Mariani, CEO, Gabriel Cohen, CFO and Lida Wang, Investor Relations and Sustainability […]

Ecopetrol Business Group Announces 1Q:20 Results

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(Ecopetrol, 11.May.2020) — Ecopetrol S.A. announced the Ecopetrol Group’s financial results for the first quarter of 2020, prepared in accordance with International Financial Reporting Standards (IFRS) applicable in Colombia. The figures included in this report were extracted from the audited financial statements. The financial information is expressed in billions of […]

Pemex’s Oil Reserves Replacement Rate Jumps

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(Reuters, 11.May.2020) — The replacement rate of proven oil and gas reserves estimated by Mexican national oil company Pemex soared in 2019 compared to the previous year, according to the firm’s annual filing with the U.S. Securities and Exchange Commission (SEC). Pemex’s 2019 replacement rate, a measure of new discoveries […]

Pemex Files 2019 Annual Report, Form 20-F

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(Pemex, 11.May.2020) — In compliance with the Disposiciones de CarĂĄcter General aplicables a las Emisoras de Valores y a Otros Participantes del Mercado de Valores, in May 8, PetrĂłleos Mexicanos filed its Annual Report as of December 31, 2019. Similarly, on the same day, PEMEX filed its Annual Report with […]

Ecopetrol Exploring Offshore Storage Options

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(Argus, 11.May.2020) — Colombia’s state-controlled Ecopetrol is exploring options to expand storage capacity in response to oil market oversupply and slumping demand caused by the Covid-19 pandemic. The company has “adjusted the whole logistical system” in response to the unprecedented oil market conditions, including a cut in production and refinery […]

Petrobras Comments On Internal Event News

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(Petrobras, 8.May.2020) — Petrobras in view of the news published today in the media regarding the meeting held on 05/06/2020 by the Executive Board in an internal event with the company’s employees, clarifies that it has been keeping the market informed about the actions on resilience adopted due to the […]

Petrobras’ Cash Burn May Reach $1bn A Month

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(Reuters, 8.May.2020) — Brazilian oil giant Petrobras said on Friday that its cash burn could reach $1 billion a month in periods of extreme stress and volatility, noting the current level of uncertainty in being able to accurately predict spending. The state-owned firm, formerly known as Petroleo Brasileiro S.A., cited […]

Venezuelan Oil Plan Runs Aground

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(Argus, 8.May.2020) — A sweeping proposal to draw investment into an Opec nation would normally turn some heads. That is what Venezuela’s US-backed political opposition had been expecting when it rolled out the final draft of a comprehensive hydrocarbons reform bill last week. But in the time it takes to […]