ENERGY ANALYTICS INSTITUTE (EAI), Author at Editores LatinPetroleum

Argentina Freezes Local Oil, Fuel Prices For 90 Days

(Baker McKenzie, 16.Aug.2019) — In a context of a series of government measures aimed at appeasing the adverse economic effects arising as a result of the recent primary presidential elections in Argentina, the National Executive Branch issued today Emergency Decree 566/2019 freezing the exchange rate and price of crude oil […]

Argentina Caps Oil Prices By Decree

(Argus, 16.Aug.2019) — Argentina implemented a three-month freeze on fuel and crude prices through an emergency decree, eschewing an earlier plan to apply a decades-old law that was designed to avoid shortages. The decree specifies that refiners and hydrocarbon producers must fulfill all existing domestic demand during the period when […]

Sungrow Supplies Argentina’s Solar Plant

(Sungrow, 16.Aug.2019) — Sungrow, the global leading inverter solution supplier for renewables, announced that a 100.1 MWp solar plant utilizing the Company’s 1500Vdc central inverter solutions came online in Cafayate, Salta Province, Argentina, demonstrating the Company’s dedicated contribution to the largest solar plant in one of LATAM’s most booming solar […]

CNPC Backs Out Of Oil Purchases With Venezuela On Sanctions Scare

(Oilprice.com, Julianne Geiger, 16.Aug.2019) — Russia and China have stuck with Venezuela during its most recent time of need, but at least one of their loyalties may soon come to an end, according to anonymous sources who spoke to Bloomberg on Friday. CPNC’s PetroChina has canceled loading plans in August […]

Suriname Seeking Funds for Offshore Exploration

(Reuters, 16.Aug.2019) — Suriname’s state-owned oil company is planning a bond sale next year to finance offshore oil exploration, its chief executive said on Thursday, as it seeks to capitalize on growing hype over neighboring Guyana’s looming oil boom. The company, Staatsolie Maatschappij Suriname, would also consider listing some of […]

OPEC Sees Bearish Oil Outlook For Rest Of 2019

(Reuters, Alex Lawler, 16.Aug.2019) — OPEC delivered a downbeat oil market outlook for the rest of 2019 on Friday as economic growth slows and highlighted challenges in 2020 as rivals pump more, building a case to keep up an OPEC-led pact to curb supply. In a monthly report, the Organization […]

Petrobras Wins 2019 Transparency Trophy

(Petrobras, 16.Aug.2019) — Petrobras reports that it is one of the winning companies of the 2019 Transparency Trophy. The company was among the 10 best in Brazil in the category of publicly traded companies with revenues over R$ 5 billion. The award evaluates criteria such as the quality of the […]

Mexican Gov’t To Keep Investing In Pemex

(Reuters, 16.Aug.2019) — Mexican President Andres Manuel Lopez Obrador said on Friday that his government would keep investing in state oil company Pemex, which is on the verge of losing its investment grade rating. Fitch Ratings downgraded roughly $80 billion of bonds to speculative grade – or “junk” status – […]

Suriname’s State Oil Entity Plans Bond Issuance

(Reuters, Ank Kuipers, 15.Aug.2019) — Suriname’s state-owned oil company is planning a bond sale next year to finance offshore oil exploration, its chief executive said on Thursday, as it seeks to capitalize on growing hype over neighboring Guyana’s looming oil boom. The company, Staatsolie Maatschappij Suriname, would also consider listing […]

PetroRio Records Net Revenue Of R$547.9mn

(PetroRio, 15.Aug.2019) — PetroRio, the largest independent oil and gas company in the country, closed the second quarter of 2019 with records in operational and financial metrics, consolidating the success of the acquisition and integration of Campo de Frade. Net revenue recorded a record of R$547.9mn, a result attributed to […]

Fact Box: PetroRio’s Frade And Polvo Fields

(PetroRio, 15.Aug.2019) — Details of PetroRio’s Frade and Polvo Fields in Brazil. Frade Field The Frade Field is located in deepwaters of Campos Basin, about 125km from the city of Cabo Frio and 172km from Polvo Field. It has been producing commercially since early 2009. PetroRio joined the concession in […]

US Set To Sanction Rosneft Oil, Fuel Trade With PDVSA

(S&P Global Platts, 15.Aug.2019) — The US is set to impose sanctions on Rosneft if it continues to trade crude oil and fuel with Venezuela’s PDVSA in exchange for debt repayments and stakes in joint venture projects in the South American nation, a senior Trump administration official told S&P Global […]

Venezuela’s Congress To Consider Scaled-back Reform

(Reuters, By Luc Cohen, 15.Aug.2019) — Venezuela’s opposition-controlled congress is considering reforms to the country’s oil law that would open up the sector to private investment but are scaled back from the sweeping changes outlined in a past proposal, according to a draft of the bill seen by Reuters. The […]

Petrobras Updates On CDB Debt Pre-Payment

(Petrobras, 14.Aug.2019) — Petrobras reports that today it fully prepaid a financing contract with China Development Bank (CBD) due in 2024, totaling US$ 3 billion. The company also notified CBD on the advanced payment of another loan, in the amount of US$ 5 billion and whose maturity would be in […]

Citgo Petroleum Corp. Names Carlos E. Jorda As CEO

(Citgo, 14.Aug.2019) — The Board of Directors of Citgo Petroleum Corporation has selected Carlos E. Jorda to occupy the Chief Executive Officer (CEO) position after a thorough and extensive search process that began earlier this year. Mr. Jorda has deep knowledge of Citgo and its stakeholders based on his previous […]

Petrobras Clarifies About Fertilizer Divestments

(Petrobras, 14.Aug.2019) — Petrobras clarifies, in relation to news disclosed by the media, that the values related to the sale of the Nitrogen Fertilizer Unit III (UFN-III) are not correct. Pursuant to the release to the market dated June 14, 2019, Petrobras reiterates that the competitive process for the sale […]

Petrobras Promotes Advances In Governance

(Petrobras, 14.Aug.2019) — Petrobras informs that it continuously improves its governance system, in compliance with the best market practices, with the objective of strengthening internal controls and the efficiency of the decision making process, which is fundamental in a competitive business environment. The company conducted a diagnosis, approved by the […]

PDVSA Partners Fear Latest U.S. Sanctions: Sources

(Reuters, Luc Cohen, 14.Aug.2019) — Foreign joint venture partners with Venezuelan state-owned oil company PDVSA are concerned the latest set of U.S. sanctions on the South American country could disrupt their operations, three industry sources said. The Trump administration last week froze all Venezuelan government assets in the United States […]

Petrobras Confirms CAPEX For 2019-2023 Set At $84.1bn

(Petrobras, 14.Aug.2019) — Petrobras reports it has received the Official Letter No. 713/2019-SLS, which requests the following clarification: Official Letter nº 713/2019-SLS “Dear Gentlemen, In a news report published by the newspaper “Valor Econômico”, on 08/14/2019, under the headline “Petrobras’ CEO expects to invest US$ 100 billion in five years”, […]

Asia

Rosneft Seeks Euros Payment In Naphtha Tender

(Reuters, 14.Aug.2019) — Russian state oil company Rosneft has for the first time asked buyers to use the euro as the default currency in a spot tender to sell naphtha, an official Rosneft document shows. The tender, for naphtha loading from ports in Russia’s Far East, is the first time […]

Guaido Names Execs To Debt Renegotiating Commission

(Energy Analytics Institute, Jared Yamin, 13.Aug.2019) — Venezuela’s National Assembly leader Juan Guaido announced creation of a special commission dedicated to renegotiating the OPEC country’s public debt, the assembly reported Aug. 13 in an official statement. A special presidential advisory commission selected to renegotiate public debt and appointed by the […]

Petrobras Says 20+ Groups Interested In Refineries

(Reuters, 13.Aug.2019) — More than 20 potential bidders are interested in the refineries that Brazil’s state-controlled oil company Petroleo Brasileiro SA plans to sell, the company’s chief executive officer said on Tuesday. CEO Roberto Castello Branco said more than 20 groups are interested in the four refineries in a first […]

Citgo To Name New CEO

(Reuters, Marianna Parraga, 13.Aug.2019) — Citgo Petroleum Corp has selected Carlos Jorda as its next chief executive, according to three people familiar with the matter, turning to a seasoned refinery expert and native Venezuelan to run a company facing legal attacks and working under U.S. sanctions against parent Petroleos de […]

Ecopetrol Group Announces Second Quarter 2019 Results

(Ecopetrol 12.Aug.2019) — Ecopetrol S.A. announced the Ecopetrol Group’s financial results for the second quarter of 2019, prepared in accordance with International Financial Reporting Standards applicable in Colombia. In words of Felipe Bayón Pardo, CEO of Ecopetrol: “In the first half of 2019 the Ecopetrol Group reported a net profit […]

Argentina’s Opposition Primary Win May Put Energy Investment On Hold

(S&P Global Platts, 12.Aug.2019) — Argentina’s leading opposition coalition, a left-wing populist alliance that ruled the country from 2003-15, swept the national primaries Sunday, putting it in the running to win the October 27 general election and damp investment in the oil and natural gas sector. Frente de Todos, led […]

Tullow Says Jethro-1 Well Finds 55M Of Net Oil Pay Offshore Guyana

(Tullow, 12.Aug.2019) — Tullow Oil plc announces the results of its Jethro-1 exploration well, drilled on the Orinduik licence offshore Guyana by its wholly owned subsidiary Tullow Guyana B.V. The Jethro-1 was drilled by the Stena Forth drillship to a Total Depth of 4,400m metres in approximately 1,350 metres of […]

Jethro-1 Delivers The Goods For Tullow Offshore Guyana

(WoodMac, 12.Aug.2019) — The Jethro-1 well, drilled in the Orinduik block, offshore Guyana, has delivered for Tullow Oil, with chief executive Paul McDade saying the prospect could hold more than 100 million barrels of recoverable oil, subject to appraisal. Commenting on the discovery, Julie Wilson, director, global exploration, at Wood […]

How Trinidad Benefits From Venezuelan Crisis

(Oxford Business Group, 10.Aug.2019) — In June the UN estimated that 4m people had fled Venezuela as a result of the crisis. Of these, some 40,000 have arrived in T&T. Although this is far lower than the 1.3m who have gone to Colombia, migrants now make up 2.86 percent of […]

Petrobras Signs COMPERJ Licensing Agreement

(Petrobras, 9.Aug.2019) — Petrobras informs signed a Conduct Adjustment Agreement in the amount of R$ 814.5 million with the State of Rio de Janeiro, the Public Prosecution Office of Rio de Janeiro and the State Institute of Environment, to terminate a public civil action related to the environmental licensing of […]

Petrobras Inks Deal For Sale Of Potiguar Basin Fields

(Petrobras, 9.Aug.2019) — Petrobras reports that today it signed with SPE 3R Petroleum S.A., a wholly owned subsidiary of 3R Petroleum e Participações S.A., a contract for the sale of its entire working interest in a set of onshore and maritime producing fields in the Potiguar Basin, denominated Macau Cluster, […]

Petrobras Delists Shares From Argentine Exchange

(Petrobras, 9.Aug.2019) — Petrobras announces that its General Shareholders’ Meeting approved today the delisting of its common and preferred shares from Bolsas y Mercados Argentinos (BYMA) and the withdrawal from public trading in Argentina. The withdrawal from public trading still depends on the approval of the Argentine capital markets regulator. […]

Petrobras Inks Deal To Divest Interest In Belem Bioenergia Brasil

(Petrobras, 8.Aug.2019) — Petrobras reports that its subsidiary Petrobras Biocombustíveis S.A. (PBIO) signed today a contract to sell its 50% stake in Belem Bioenergia Brasil (BBB) to Galp Bioenergy B.V., which holds the other 50% stake in the company. BBB was established in 2011 by Petrobras and Galp for the […]

BHP To Invest $283mn In Trinidad Project

(Reuters, 7.Aug.2019) — Global miner BHP Group said it has approved an investment of $283 million to fund the development of an oil and gas project in Trinidad and Tobago. Total investment in the Ruby Project, in which BHP holds a 68.5% stake, is about $500 million, the miner said […]

Data Consortiums Signal The Future Of Oil And Gas

(WoodMac, 7.Aug.2019) — The energy industry has a data problem: Every major exploration and production company collects petabytes of data, but their analysis is limited to their own petabytes. Companies need access to industry-wide data to gain accurate insight into the sector, and to make better business decisions. Wood Mackenzie […]

BHP To Invest $283mn In Trinidad Project

(Reuters, 7.Aug.2019) — Global miner BHP Group said on Thursday it has approved an investment of $283 million to fund the development of an oil and gas project in Trinidad and Tobago. Total investment in the Ruby Project, in which BHP holds a 68.5% stake, is about $500 million, the […]

Brazil Market Reform Unlocks Investments

(WoodMac, 6.Aug.2019) — Brazil’s natural gas market reforms have taken a major step forward, with plans in place which are set to open up opportunities across the gas value chain, and boost investment in the country’s pre-salt. Last month, the National Council for Energy Policy (CNPE) unveiled its roadmap for […]

Codelco Sells 37% Stake In Natgas Plant For $193.5mn

(Reuters, 6.Aug.2019) — Chile’s Codelco, the world’s No. 1 copper producer, said on Tuesday it sold its stake in the GNL Mejillones natural gas plant in the northern part of the country for $193.5 million. State-controlled Codelco issued a statement saying it would transfer the 37% it held in the […]

U.S. Expands Sanctions Against Venezuela

(WSJ, Vivian Salama, 6.Aug.2019) — The Trump administration imposed a total economic embargo against the government of Venezuela, a significant escalation of pressure against the regime of President Nicolás Maduro and countries including Russia and China that continue to support him, a senior administration official said. President Trump late Monday […]

Trump Imposes New Curbs In Bid To Pressure Maduro

(Bloomberg, 6.Aug.2019) — President Donald Trump imposed further sanctions on Venezuela, freezing the government’s assets in the U.S. and adding immigration restrictions in a move aimed at stepping up pressure on the regime of Nicolas Maduro. Property belonging to the Venezuelan government “may not be transferred, paid, exported, withdrawn, or […]

US Escalates Venezuela Sanctions

(Platts, 6.Aug.2019) — The US escalated sanctions against Venezuela late Monday and may use the executive order to target crude flows to China and India, analysts said Tuesday. Highlights Analysts see latest order acting as secondary oil sanctions Platts Analytics forecasts Venezuela output falling to 750,000 b/d President Donald Trump […]

Pre-salt E&P May See Spending Boost

Canadian Solar Energizes Solar Plant In Argentina

(Canadian Solar, 5.Aug.2019) — Canadian Solar Inc. announced its 100.1 MWp Cafayate solar power project in Argentina started commercial operation on July 19, 2019. It is now the largest operational solar power plant in the country. Located in the Province of Salta, the solar project is powered by over 289,000 […]

IEnova Suspends CFE Deal Related To El Oro Pipeline

(IEnova, 5.Aug.2019) — Infraestructura Energética Nova, S.A.B. de C.V., (IEnova), reports that, within the framework of the Negotiation Rounds convened by the Federal Government related to the Natural Gas Pipeline Transportation Services Agreements entered into by the Federal Electricity Commission (“CFE”) and some private companies, it executed a Term Suspension […]

Petrobras Starts Phase To Sale Espírito Santo Assets

(Petrobras, 5.Aug.2019) — Petrobras, following up on the release dated 07/05/2019, informs the beginning of the binding phase related to the sale of all its stakes in the Peroá and Cangoá production fields and in the concession BM-ES-21 (Malombe discovery appraisal plan), located in the Espírito Santo Basin. Qualified parties […]

Qatar Petroleum In Guyana Exploration Deal

(Trade Arabia, 5.Aug.2019) — Qatar Petroleum has entered into an agreement with French oil major Total for a share of exploration and production rights in two blocks offshore Guyana in Latin America. Under the agreement, Qatar Petroleum will hold 40 per cent of Total’s existing 25 per cent participating interest […]

Brazil To Reduce Natgas Imports From Bolivia

(Merco Press, 5.Aug.2019) — The Brazilian oil company Petrobras has announced that in the coming months it will reduce its imports of Bolivian natural gas, which it still considers to be essential nonetheless. “We are negotiating a new contract with Bolivia to reduce imports,” said Petrobras CEO Roberto Castello Branco, […]

The ‘Citgo 6’ Remain Imprisoned In Venezuela

(Oilprice.com, Tsvetana Paraskova, 5.Aug.2019) — Six U.S. executives at Citgo, the U.S. subsidiary of Venezuela’s state-held oil firm PDVSA, were detained by Nicolas Maduro’s regime in Venezuela in November 2017 and the ‘Citgo 6’—as the men have become known—are still in jail nearly two years after their detention, while their […]

Petrobras Approves Revision Of LPG Pricing Policy

(Petrobras, 5.Aug.2019) — Petrobras reports that its Executive Board has approved revision of its LPG pricing policy for residential use, sold for bottling in cylinders of up to 13 kg, including smaller capacity cylinders, such as 5 kg and 8 kg, which meet the demand for lower volumes. Prices charged […]

Trump Freezes All Venezuelan Govt Assets

(Reuters, Matt Spetalnick and Roberta Rampton, 5.Aug.2019) — U.S. President Donald Trump imposed a freeze on all Venezuelan government assets in the United States on Monday, sharply escalating an economic and diplomatic pressure campaign aimed at removing socialist President Nicolas Maduro from power. The executive order signed by Trump goes […]

Guaido Govt Authorized To Pick Citgo BODs, Court Says

(Energy Analytics Institute, Piero Stewart, 5.Aug.2019) — Court says National Assembly leader Juan Guaido authorized to appoint the directors of Houston-based refiner Citgo Petroleum, company spokesperson says. “Today’s decision is an important victory for Citgo. The Court’s affirmation of the Guaido Government’s authority to appoint the directors of Citgo, through […]