ENERGY ANALYTICS INSTITUTE (EAI), Author at Editores LatinPetroleum

Petrobras Finalizes PO&GBV Divestment

(Petrobras, 14.Jan.2020) — Petrobras, following up on the release dated 10/31/2018, reports today that it completed the sale – to Petrovida Holding B.V. (Petrovida) – of the 50% equity interest held by Petrobras International Braspetro B.V. (PIBBV) in Petrobras Oil & Gas B.V. (PO&GBV). The transaction involved a total amount […]

Argentina President Sees Potential In Conventionals

(S&P Global Platts, 13.Jan.2020) — Argentinian President Alberto Fernandez said he plans to encourage the development of conventional oil and natural gas reserves, not just the shale resources in the huge Vaca Muerta play. “There is little exploration to find new deposits, and there is very little secondary and tertiary […]

Aruba

Citgo Drops Aruba Refinery Project, Island Balks

(Argus, 13.Jan.2020 — Citgo, the US refiner that Venezuela’s political opposition nominally wrested from the Opec country’s national oil company PdV in 2019, is abandoning a refinery project in Aruba, sparking fury on the Dutch-controlled island. In a 27 December letter obtained by Argus, Citgo Aruba Refining (CAR) told workers […]

PDVSA’s Partners As Oil Traders Amid Sanctions

(Reuters, 13.Jan.2020) — Venezuela, its oil exports decimated by U.S. sanctions, is testing a new method of getting its crude to market: allocating cargoes to joint-venture partners including Chevron Corp, which in turn market the oil to customers in Asia and Africa. This would not violate sanctions as long as […]

CNOOC Reveals 2020 Business Strategy, Plan

(CNOOC, 13.Jan.2020) — CNOOC Limited announced its business strategy and development plan for the year 2020. The company’s targeted net production for 2020 is 520 million to 530 million barrels of oil equivalent (BOE), of which, production from China and overseas accounts for approximately 64% and 36%, respectively. The company’s […]

Asia

Asia Pacific Gas, LNG: 6 Themes To Watch In 2020

(WoodMac, 13.Jan.2020) — Wood Mackenzie has identified six themes that will impact Asia Pacific’s gas and LNG markets in 2020. Asian LNG spot prices to fall further In 2019, the global LNG market relied heavily on Europe to absorb excess supply. Surging new LNG production from US and Australian projects […]

After $1bn Venezuela Deal, US Oilfield Firm Shuts Doors

(Reuters, 12.Jan.2020) — An Oklahoma oilfield company that played a central role in Venezuela’s high profile attempt to convince the world it could halt production declines at its dilapidated oilfields has shut its doors, according to three people familiar with the matter. In 2016, Horizontal Well Drillers, a closely held […]

Ecopetrol Reports Spill In Cerro Madera

(Energy Analytics Institute, Piero Stewart, 11.Jan.2020) — Illegal valves were again detected stealing crude oil from the Caño Limón-Coveñas oil pipeline and subsequently produced an oil spill in Caño Veinte in the Village of Cerro Madera in rural Tibú. Barriers have already been installed to maintain the spill, Colombia’s state […]

GEB Acquires 0.01% Of EDSAA Shares

(Energy Analytics Institute, Piero Stewart, 10.Jan.2020) — Bogotá Energy Group (GEB) was awarded 0.01% of the shares of Electro Dunas S.A.A. (EDSAA) by the Lima Stock Exchange in Peru as a result of a Public Procurement Offer (OPA by its Spanish acronym) made 9 December 2019. EDSAA is an affiliate […]

YPFB To Use Gasbol Pipeline Independently

(Reuters, 10.Jan.2020) — The Brazilian government authorized Bolivian oil and gas company YPFB to use the Gasbol pipeline to sell gas to other companies in Brazil beyond state-run oil firm Petrobras, according to a publication on Friday in the official gazette. Brazil’s Energy Ministry gave the green light to a […]

Citgo Announces Small Grants Program Winners

(Citgo, 24.Jan.2020) — The Simón Bolívar Foundation Inc. (SBF), a non-profit, private foundation of CITGO Petroleum Corporation, awarded seven grants totaling $100,000 to nonprofits that expand access to medicine, health care services, and health education to vulnerable individuals in and from Venezuela. The grant winners were recognized at an SBF […]

CELEC To Invest In Highway Near Hydroelectric Plants

(Energy Analytics Institute, Piero Stewart, 9.Jan.2020) — Ecuador’s Electric Corporation (CELEC EP) and the Sub-secretariat Zonal 6 of the Ministry of Transportation and Public Works (MTOP) signed an agreement for the maintenance of the Sevilla de Oro – Guarumales highway – Méndez, located in the area of influence of the […]

TT Faces Soft Energy Prices Despite Iran/US Tensions

(Newsday, 9.Jan.2020) — The price of crude oil, natural gas, ammonia and methanol are critical to the health of the TT economy. These are the main earners of our much-needed US dollars. In the last year the prices of all four have been soft, and that trend seems set to […]

Maduro Seeks Oil Contract Changes: Lawmakers

(Reuters, 8.Jan.2020) — Venezuela’s ruling Socialist Party hopes legislators it recently declared to be in charge of congress will approve changes to ownership of some crucial state oil assets, five opposition lawmakers said on Wednesday. Pro-government legislators on Sunday declared little-known politician Luis Parra as the head of congress after […]

Asia Eyes LatAm For Heavy Crude Amid Supply Risk

(S&P Global Platts, 8.Jan.2020) — Some Asian importers of Iraqi crude oil may scout for more heavy sour crude from Central and South America in the first quarter, as ongoing missile strikes in Iraq has put regular flow of Basrah crude to the Far East at some risk. Asian refiners […]

Politics Driving Shale Fluctuations In Argentina

(Argus, 8.Jan.2020) — Argentina’s shale fracturing hit a record in 2019 despite a deceleration sparked by political and economic uncertainty at the end of the year. A total of 6,425 hydraulic fractures were carried out last year in the Vaca Muerta formation, a 33pc increase from 4,825 in 2018, according […]

Politics Drives Shale Fluctuations In Argentina

Mitsubishi, Patria, And Shell Report On Azul Power Plant

(MHPS, 7.Jan.2020) — Mitsubishi Hitachi Power Systems Americas (MHPS), Patria Investments, and Shell announced the signing of a contract with Brazil’s State-owned development bank (BNDES) to finance the gas-powered Marlim Azul Energia power plant, in Macaé (Rio de Janeiro State). The loan approved by the bank for the construction of […]

Apache And Total Report Significant Oil Discovery Offshore Suriname

(Apache, 7.Jan.2020) — Apache Corporation and Total S.A. announced a significant oil discovery at the Maka Central-1 well drilled offshore Suriname on Block 58. The well was drilled using the drillship Noble Sam Croft with Apache as operator holding a 50% working interest and Total holding a 50% working interest. […]

Total And Apache Make Discovery In Block 58

(Total, 7.Jan.2020) — Total and Apache have made a material oil discovery with the Maka Central-1 well on Block 58 offshore Suriname, on trend with the prolific discoveries in the adjacent Stabroek block in Guyana. The Maka Central-1 well was drilled by a water depth of about 1,000 meters and […]

Talos Says Zama Reservoir Shared With Pemex

(Argus, 7.Jan.2020) — Third-party evaluation showed that 60pc of Mexico’s major Zama crude discovery lies within Talos Energy’s shallow-water block 7, with the remainder on state-owned Pemex’s acreage, the private operator has notified the energy ministry. The official notification of a joint reservoir by Talos Energy moves deciding how the […]

Guyanese Diasporans Invited To Fill Industry Jobs

(Caribbean Life News, 7.Jan.2020) — Guyana is on the cusp of great wealth development, celebrating its historic oil discovery of approximately half a billion barrels, but as this new industry takes shape, Minister of Finance, Winston Jordan, expressed interest in seeing diaspora oil and gas professionals return home to fill […]

Guaido Survival Likely To Buy Chevron More Time

(Argus, 7.Jan.2020) — The White House appears likely to extend a waiver for Chevron to operate in Venezuela after US-backed opposition leader Juan Guaido overcame a government-backed rival to retain control of the National Assembly. Guaido, accompanied by allied deputies, pushed past heavy security surrounding the assembly this morning and […]

Venezuelan Oil Exports Fell By A Third In 2019

(Reuters, 7.Jan.2020) — Venezuela’s oil exports plummeted 32% last year to 1.001 million barrels per day, according to Refinitiv Eikon data and state-run PDVSA’s reports, as a lack of staff and capital drove output to its lowest level in almost 75 years and U.S. sanctions shrank exports markets. The drop […]

Three Injured In Fire On Akal-C6 Platform

(Reuters, 7.Jan.2020) — Three people were injured in a fire on a platform run by Mexican state oil firm Petroleos Mexicanos (Pemex) on Tuesday, the company said, briefly leading to the evacuation of the rig. The fire broke out on the Akal-C6 platform in the Sound of Campeche in the […]

Talos Energy Touts Zama Study Results

(Chron.com, 7.Jan.2020) — Talos Energy touted promising new study results in Mexico’s first big deepwater oil discovery, and the Houston producer is pushing to move forward so it can maintain control of the project. Talos’ hold on the potentially prolific Zama discovery is somewhat tenuous because Mexico’s state energy company […]

Mann+Hummel Sells Mann+Hummel Fluid Brasil

(Mann+Hummel, 6.Jan.2020) — On 31 December 2019, the former CEO of Mann+Hummel Fluid Brasil, Luis Guilherme Pozzani da Rocha, officially signed the 100 percent purchase document of the company. The thereby created new company Fluid Brasil continues operating in the area of water and wastewater treatment, as well as being […]

Petrobras Comments On Public BNDES Share Offering

(Petrobras, 6.Jan.2020) — Petrobras, following up on the release disclosed on December 13, 2019, reports that it has received new correspondence from the National Bank for Economic and Social Development (BNDES) in which it reports that it has invited Banco de Investimentos Credit Suisse (Brasil) S.A., Bank of America Merrill […]

COSAN Seeks Permits For Alternative Route 4

(S&P Global Platts, 6.Jan.2020) — Brazil sugar and ethanol group Cosan applied for environmental permits to build a second tranche of the Route 4 offshore natural gas export pipeline in a move that would add much-needed transportation capacity and boost oil and gas output from subsalt fields, according to documents […]

US Considering More Venezuela Sanctions

(S&P Global Platts, 6.Jan.2020) — The US may respond to escalating political disarray in Venezuela by allowing a sanctions waiver for Chevron and four US oil services companies to expire later this month and could ratchet up oil sanctions on foreign companies still working in the South American country, analysts […]

Canadian Solar Increases Size Of Board Of Directors

(Canadian Solar, 6.Jan.2020) — Canadian Solar Inc. increased the size of its Board of Directors from five to six directors and appointed Lauren C. Templeton as an independent director, thereby increasing the number of independent directors to five. The Company also announced that it has appointed Karl E. Olsoni as […]

Will The West Lose Guyana To The Chinese?

(Fair Observer, 6.Jan.2020) — Guyana, home to just 750,000 people, is about to leap from one of the poorest to one of the richest countries in the world. The financial predators are circling, led by the Chinese. Guyana’s inexperience, incompetence and lack of Western interest will hand the Chinese a […]

Brazil Looks To Smooth Impact Of Oil Price Spikes

(Reuters, 6.Jan.2020) — Brazil’s government is working on a policy to reduce the local impact of spikes in international oil prices, officials said on Monday, reviving questions about the state oil firm’s independence in setting fuel prices. Mines and Energy Minister Bento Albuquerque told reporters the government will not create […]

Exxon’s Guyana Oil recovery Ramps Up Rating

(Stabroek News, 3.Jan.2020) — The commencement by ExxonMobil less than a fortnight ago of oil recovery from what is now firmly categorized as a “world class” oil find inside its Stabroek Block, while promising to yield lucrative medium to long term returns, it set to bring even quicker returns to […]

PDVSA, Chevron Turn Oil Blender Back Into upgrader

(Reuters, 3.Jan.2020) — Venezuela’s Petropiar facility, a joint venture between state oil company PDVSA and Chevron Corp, is once again operating as a crude upgrader after several months working as a less complex blending facility, according to a document seen by Reuters and a source with knowledge of the matter. […]

Mexico And Pemex Face Downgrade Risk In 2020

(Reuters, 3.Jan.2020) — Mexico threw troubled state oil company Pemex a lifeline in 2019 to stop $80 billion in bonds held by investors worldwide being labeled junk by credit rating agencies. Now, investors worry that the state itself is a risk for Pemex. Mexico’s creditworthiness came under increasing scrutiny in […]

Eco Updates On Carapa-1 Well Offshore Guyana

(Eco, 3.Jan.2020) — Eco (Atlantic) Oil & Gas Ltd. notes the recent announcement by Tullow Oil (37.5%), in partnership with Repsol (Operator, 37.5%) and Total (25%), regarding the cretaceous age light oil discovery made at the Carapa-1 well on the Kanuku block, directly in board of the Orinduik Block offshore […]

Petrobras Informs On Fuel Prices

(Petrobras, 3.Jan.2020) — Petrobras, informs that, due to the latest events in Middle East, it will carry on with its international market monitoring process. The company points out that, according to its current pricing practices, there is no pre-defined frequency for applying adjustments. The company will continue to monitor the […]

PetroAmazonas Boosted Output 4% In 2019

(Energy Analytics Institute, Piero Stewart, 3.Jan.2019) — Ecuador’s state oil company PetroAmazonas EP boosted its production of crude oil by 4% in 2019, according to the country’s Ministry of Energy and Non-Renewable Natural Resources (MENRNR). PetroAmazonas’ production reached 423,970 barrels of oil equivalent per day (boe/d) in 2019 — which […]

PDVSA Cedes Oilfield Operations To Foreign Firms

(Reuters, 3.Jan.2020) — Venezuelan state company PDVSA is letting some joint venture partners take over the day-to-day operation of oilfields as its own capacity dwindles due to sanctions and a lack of cash and staff, according to a former oil minister, an opposition lawmaker and industry sources. Crude production by […]

Ecuador Producing 537,689 Barrels Per Day

(Energy Analytics Institute, Piero Stewart, 2.Jan.2019) — South America’s Ecuador is producing 537,689 barrels per day of crude oil, the country’s Ministry of Energy and Non-Renewable Natural Resources (MENRNR) announced 2 January 2020 in an official statement. *** © Energy Analytics Institute (EAI)

Petrobras Says Lins Resigns As Board Member

(Petrobras, 2.Jan.2020) — Petrobras announced that Board Member Clarissa de Araújo Lins presented her resignation as member of the Board of Directors of the company, as well as the Board Committees of which she was a member, for professional reasons that prevent her, at this moment, from continuing to perform […]

Ecuador Officially Exits OPEC

(Energy Analytics Institute, Piero Stewart, 2.Jan.2020) — Ecuador officially exited the Organization of Petroleum Exporting Countries or OPEC, effectively 1 January 2020. The small South American country plans to divert monies previously devoted to OPEC to activities such as exploration and exploitation with aim to boost domestic production of crude […]

Europe

WindFloat Atlantic Project Supplies Energy To Portugal

(WindFloat, 2.Jan.2020) — WindFloat Atlantic wind farm is now operational. After the energisation of the 20-km cable connecting the offshore wind farm and the substation of Viana do Castello, the first of the three platforms comprising the Windplus consortium’s wind farm, was successfully connected on 31st December. The other two […]

BHP Says Standing By TT

(Newsday, 2.Jan.2020) — Call it a hunch. The deepwater acreages off the east coasts of Trinidad and Tobago were uncharted territory for hydrocarbon exploration but BHP, the world’s largest mining and extraction company, still felt there was potential. So, when these blocks came up for auction at the country’s first […]

Tullow Shares Drop On Carapa Well Doubts

(Reuters, 2.Jan.2020) — Shares of Tullow Oil dropped by nearly a fifth on Thursday as the Africa-focused oil producer’s update on the commercial viability of its new well offshore Guyana disappointed investors. Tullow said the Carapa well in the Kanuku offshore block contains oil with less than 1% sulphur content […]

Tullow Slumps On Guyana Oil Find News

(Bloomberg, 2.Jan.2020) — Tullow Oil Plc discovered light oil at its Carapa-1 well in Guyana, but the reservoir was smaller than the troubled company had expected prior to drilling. Shares fell as much as 20%. The independent oil producer’s first discovery of the new year comes after a calamitous 2019 […]

Tullow Announces Carapa-1 Well Result

(Tullow, 2.Jan.2020) — Tullow Oil plc announces that the Carapa-1 exploration well, drilled on the Kanuku licence offshore Guyana, has encountered approximately four metres of net oil pay based on preliminary interpretation, and has extended the prolific Cretaceous oil play into the Group’s Guyana acreage. Related Story: Tullow Oil plc […]

Bayphase Ltd. To Evaluate Payara Oil Field Plans

(Stabroek News, 1.Jan.2020 — The Department of Energy (DE) has awarded a consultancy to Bayphase Ltd for the evaluation of plans for the development of ExxonMobil’s Payara oil field. Payara would be the third of ExxonMobil’s developments in the Stabroek Block. The Liza-1 and Liza-2 have already been approved. In […]

Guyana Preps For March 2020 Elections

(Energy Analytics Institute, Ian Silverman, 1.Jan.2020) — South America’s Guyana, in preparation for elections to be held by the end of the first quarter of 2020, has opened calls for local and domestic observer groups. The initiative is “in order to enhance transparency, credibility and impartiality of General and Regional […]