ENERGY ANALYTICS INSTITUTE (EAI), Author at Editores LatinPetroleum

Gazprombank Says No Role In Venezuela Graft Case

(Reuters, Alexandra Ulmer, 2.Nov.2018) — Russian bank Gazprombank on Friday said it had no role in a Venezuelan corruption case at state energy company PDVSA. Abraham Ortega, a former financial executive at PDVSA, accepted $5 million in bribes to favor a French oil company and a Russian bank, U.S. prosecutors […]

YPFB Makes Initial Shipment Of Nitrogen Fertilizer To Brazil

(Energy Analytics Institute, Aaron Simonsky and Ian Silverman, 2.Nov.2018) — YPFB made its initial shipment of nitrogen fertilizer from Puerto Quijarro, in late October, to Baurú, a city located in the state of Sao Paulo in Brazil. “The importance of this milestone lies in the speed with which YPFB’s urea […]

Echo Energy Appoints Independent Non-Executive Director

(Echo Energy, 2.Nov.2018) — Echo Energy announced appointment of Dr. Gavin Graham as an Independent Non-Executive Director of the company with immediate effect. Dr. Graham has nearly 40 years’ experience in the oil & gas industry, with 29 of those years at Shell. Commencing his career in 1980 as a […]

In Guyana, Exxon Oil Project Stirs International Tensions

(Houston Chronicle, James Osborne, 2.Nov.2018) — Almost 4,000 feet beneath the surface of the Atlantic Ocean, off the northern coastline of South America, Exxon Mobil is drilling one of the biggest oil discoveries of the last decade, the so-called Stabroek Block with an estimated 4 billion barrels of crude. It […]

Natgasoline Places Around $900 Million Of New Debt

(Proman and CEL, 2.Nov.2018) — Consolidated Energy Limited (CEL) and OCI N.V. announced that their subsidiary Natgasoline LLC, the largest methanol production facility in the United States and one of the largest globally, has priced around $900 million of new senior secured debt financing, including a $565 million Term Loan […]

Ecuadorian Armed Forces Discover Fuel Tanks Destined For Smuggling

(Energy Analytics Institute, Aaron Simonsky, 2.Nov.2018) — Ecuador’s Joint Task Force Armed Forces discovered 38 tanks filled with 55 gallons of fuel in an operation carried out on October 31, 2018. The tanks were being stored in a house in El Caucal, in the parish of Ancon de Sardinas in […]

Ecopetrol Could Invest $3-3.5 Bln In 2019, Same As This Year

(Reuters, 1.Nov.2018) — Colombian state-run oil company Ecopetrol will likely invest between $3 billion and $3.5 billion in 2019, the same figure as forecast for this year, its chief executive officer said on Thursday. The spending is the backbone of an ambitious plan to boost production and explore for more […]

Bolivia

YPFB Transporte Controls Gas Leak In Villa Montes

(Energy Analytics Institute, Jared Yamin, 1.Nov.2018) — A new gas leak along a pipeline in Bolivia was reported in Villa Montes in the department of Tarija. The leak occurred at 1:50 am on Nov.1 in the Puesto Uno sector of Villa Montes. “Personnel from YPFB [Transporte] arrived on the scene […]

Tecpetrol Updates On Commitments In San Jorge And Neuquina Basins

Pemex Likely To Launch McDermott Offshore Platform In April

(Reuters, Marianna Parraga, Ana Isabel Martinez, 1.Nov.2018) — Mexico’s state-run Pemex is expected to start operating in April the largest offshore oil platform built in the country in a decade, which was constructed by McDermott International, an executive of the engineering firm said on Thursday. Pemex is trying to reverse […]

Exclusive: Perenco, Gazprombank Named In Venezuela Graft Case – Source

(Reuters, Alexandra Ulmer, 1.Nov.2018) — Anglo-French oil company Perenco and Russian financial firm Gazprombank have been identified in testimony by a former Venezuelan state oil company official who said he received millions of dollars in bribes in return for giving them preferential treatment, a source with knowledge of the matter […]

Fact Sheet: Tax Reform in Argentina

Ecopetrol Boasts 67% Exploration Success Rate To-date In 2018

(Energy Analytics Institute, Piero Stewart, 1.Nov.2018) — Colombia’s state oil company Ecopetrol is boasting a 67% exploration success rate based on six completed wells thus far in 2018. Of the six wells, two were abandoned and 4 were successful, reported the company in its third quarter results update. Three other […]

PDVSA’s Citgo Contributes To 8th Annual Houston Energy Day Festival

(Citgo Petroleum, 1.Nov.2018) — CITGO Petroleum Corporation recently participated in Houston’s largest free family festival, Energy Day. The event brought together families, students, energy professionals and other members of the community for a day of science, technology, engineering, and mathematics (STEM) programs, exhibits and activities. With more than 25,000 attendees […]

Petrobras Inks Deal to Divest Of Petrobras Oil & Gas B.V.

(Petrobras, 31.Oct.2018) — Petrobras, following up on the release disclosed on 3/8/2018, announces that its subsidiary Petrobras International Braspetro B.V. (PIBBV) signed a Sale and Purchase Agreement (SPA), related to the full sale of its 50% interest in Petrobras Oil & Gas B.V. (PO&GBV) to Petrovida Holding B.V., a company […]

Petrobras Postpones Mothballing Of Sergipe And Bahia Fertilizer Plants

(Petrobras, 31.Oct.2018) — Petrobras, following up on the release disclosed on Mar. 28, 2018, informs that it postponed until Jan. 31, 2019 the mothballing of the fertilizer plants located in Sergipe (Fafen-SE) and Bahia (Fafen-BA). The company continues to evaluate alternatives to the mothballing with government representatives and industry federations […]

Petrobras Updates On Debt Pre-Payment With Banco Santander

(Petrobras, 31.Oct.2018) — Petrobras prepaid a debt with Banco Santander in the amount of $1 billion, due 2023. Simultaneously, it signed with the same institution a new line of credit worth $750 million, due October 2028 and with more competitive financial costs. These transactions are in line with the company’s […]

Ecopetrol Business Group Reports 3Q:18, Year-To-Date 2018 Results

(Ecopetrol S.A., 31.Oct.2018) — Ecopetrol S.A. announced the Business Group’s financial results for the third quarter and year-to-date 2018, prepared in accordance with International Financial Reporting Standards applicable in Colombia. The figures included in this report are not audited. Financial information is expressed in billions of Colombian pesos (COP) or […]

Ex-Venezuelan Oil Exec Admits Bribes In $1.2 Bln Money-Laundering Scheme

(El Nuevo Herald, Jay Weaver And Antonio Maria Delgado, 31.Oct.2018) — A former top official of Venezuela’s state-owned oil company pleaded guilty Wednesday in Miami federal court to playing a pivotal role in a $1.2 billion money-laundering racket that U.S. authorities say was run by some of the country’s wealthiest […]

Latin America and the Caribbean

YPF Seeks To Generate 20% Of Energy from Renewable Sources By 2023

(Energy Analytics Institute, Aaron Simonsky, 31.Oct.2018) — YPF announced it will continue with electric power generation projects through its affiliate YPF LUZ as part of its transformation as an energy company. “By 2023, 20% of the electric power generated by YPF will come from renewable sources,” YPF announced in an […]

Guyanese Could Get Increased Salaries, Other Improvements In 2020

(DemeraraWaves, 31.Oct.2018) — Finance Minister, Winston Jordan on Wednesday hinted that government workers would receive salary increases when in 2020 when Guyana begins producing oil estimated to rake in about US$300 million in that year. “I foresee improvements in the social and economic status of Guyana. I foresee progressive improvements […]

Hess, Exxon Mobil Prep For More Exploration Offshore Guyana

(Hart Energy, Velda Addison, Senior Editor, 31.Oct.2018) — Partners Exxon Mobil, Hess Corp. and CNOOC Nexen Petroleum are making progress toward development of the hydrocarbon bounty discovered offshore Guyana. “This month a second exploration vessel, the Noble Tom Madden, arrived to accelerate exploration and appraisal activities on the block starting […]

Ecopetrol Profit Nearly Triples On Oil Price Boost

(Reuters, Julia Symmes Cobb, 31.Oct.2018) — Ecopetrol, Colombia’s state-run oil company, said on Wednesday its third-quarter net profit rose to 2.77 trillion pesos ($866.5 million), up 177 percent from the same period last year, thanks to higher global crude prices and increased output. The company plans to invest between $3 […]

Colombia Plans Mexico-Style Oil Hedge After Recent Volatility

(Bloomberg, Matthew Bristow, 31.Oct.2018) — Colombia is planning to hedge its oil exports to protect the government from the violent swings in revenue it suffered in recent years. The financing bill to be presented to Congress Wednesday proposes the creation of a fund that can buy derivatives from “foreign entities […]

AMLO’s Bad Start: Fitch Revises Mexico Outlook To Negative

(Forbes, Kenneth Rapoza, 31.Oct.2018) — Prognosis negative for Mexico. So says Fitch Ratings. After a no vote on a new airport was reached yesterday in a referendum that president-elect Andrés Manuel López Obrador (aka AMLO) put on a special ballot, investors turned a bit sour. Elected this summer, AMLO takes […]

Petrobras Announces $1.4bn Sale Of African Oil Business

(Ft.com, Andres Schipani, Neil Hume, 31.Oct.2018) — Brazil’s state-controlled oil company Petrobras agreed to sell its 50 per cent stake in an African enterprise to a consortium led by trader Vitol, the world’s biggest independent energy trader. Vitol and its partners, Africa Oil Corp and Delonex Energy, will pay $1.4bn […]

PDVSA Bewilders Bond Analysts By Making $949mn Payment

(Bloomberg, Davide Scigliuzzo, 31.Oct.2018) — Venezuela just forked over almost $1 billion to stay current on a bond backed by shares of its U.S. refiner Citgo. The question is why. Yes, the payment ensures that Venezuela’s state-run oil company PDVSA gets to hold onto Citgo Holding Inc. for now, but […]

PDVSA Ships $35 Million Oil Cargo To Pay Dividends To ONGC – Sources

(Reuters, Alexandra Ulmer, Nidhi Verma, 31.Oct.2018) — Venezuela’s state-run PDVSA has shipped a crude cargo valued at $35 million as partial payment to Indian oil company ONGC Videsh Ltd for overdue dividends from a joint venture, according to two people familiar with the matter. The payment is based on an […]

Guyanese Dies Aboard Guyana-Registered Oil Tanker In Grenada

(DemeraraWaves, 31.Oct.2018) — Police in Grenada have confirmed that a Guyanese man died aboard the MV Ocean Trader – a Guyanese registered ship- that was docked in Grenada last weekend. Dead is 41-year old Permanand “Short Man” Permaul. The vessel departed that Caribbean island Tuesday evening following the completion of […]

ENAP Places 11-Year Bonds In NYC For $680 Million

(Energy Analytics Institute, Aaron Simonsky, 30.Oct.2018) — ENAP finalized an international bond placement in New York for $680 million. The placement was at 5.261% with a spread of 215 basis points over the benchmark 10-year U.S. Treasury Bond, while coverage was 5.25%. Capital amortizations are in years 9, 10 and […]

Pioneer Energy Services Reports 3Q:18 Results, Updates On Colombia

(Pioneer Energy Services, 30.Oct.2018) — Pioneer Energy Services reported financial and operating results for the quarter ended September 30, 2018. Third quarter and recent notable items include: — Domestic drilling fleet was fully utilized during the third quarter, and generated an average margin per day of $10,237, up 7% from […]

Colombia’s Ecopetrol Advances With Fracking Plans, Seeks License

(Energy Analytics Institute, Piero Stewart, 30.Oct.2018) — Colombia’s state oil company Ecopetrol has requested an environmental license over an area where it plans to begin a pilot project to explore crude oil in unconventional deposits with the hydraulic stimulation technique known as fracking. If a permit from Colombia’s National Environmental […]

Argentina Restarts Natural Gas Exports To Chile

(Reuters, Dave Sherwood, 30.Oct.2018) — Argentina has begun exporting natural gas to Chile after a 12 year interlude, Chilean President Sebastian Pinera said on Tuesday, as the two South American neighbors seek to increasingly integrate their energy supply and electricity grids. The unconventional gas is being piped from Argentina’s oil- […]

Bolivia To Kick Off Sale Of Super Ethanol 92 On Nov. 1

(Energy Analytics Institute, Jared Yamin, 30.Oct.2018) — Bolivia announced it expects to initiate sale of its new Super Ethanol 92 fuel on November 1, 2018. Santa Cruz will initiate the sales process from its 30 service stations. By year end 2018, an estimated 300 service stations across Bolivia will sell […]

Vista Oil & Gas Completes Jaguar Asset Acquisition In Mexico

(Vista Oil & Gas, 30.Oct.2018) — Vista Oil & Gas, S.A.B. de C.V. announced that, after having obtained the approval of Mexico’s National Hydrocarbons Commission (Comisión Nacional de Hidrocarburos de México) and having executed the corresponding license agreements, has completed the acquisition of 50% interest of three contracts in which […]

Texas Man Pleads Guilty In Ongoing Venezuela Bribery Probe

(The Wall Street Journal, Samuel Rubenfeld, 30.Oct.2018) — U.S. prosecutors said they secured another guilty plea in their ongoing corruption probe of Venezuela’s state-run oil company, Petroleos de Venezuela SA, or PdVSA. Ivan Alexis Guedez, a former PdVSA procurement officer from Katy, Texas, pleaded guilty to a money-laundering conspiracy charge. […]

Mexico Spends $1.2 Billion To Lock In Crude Rally For 2019

(Bloomberg, Eric Martin, 30.Oct.2018) — Mexico spent about 23.5 billion pesos ($1.2 billion) through the third quarter from its budget stabilization fund, which historically has been used almost exclusively to hedge forward oil prices, according to a quarterly report. The hedges, often known as Wall Street’s largest oil trade, are […]

Venezuela Poses Clear Threat – Comments Could Refuel Trump Military Action Talks

(Express, Ciaran McGrath, 30.Oct.2018) — Venezuela represents a “clear threat to regional stability” and a “direct challenge” to the United States, a senior US Government official has said, as the possibility of Donald Trump taking military action resurfaced after widespread speculation in the summer. The oil-rich South American country’s economy […]

Investors Begin Receiving Payment PDVSA 2020 Bond: Sources

(Reuters) — Investors have started to receive payment of interest and principal on Venezuelan state oil company PDVSA’s 2020 bond, two bondholders said on Tuesday. (Reporting by Corina Pons, writing by Brian Ellsworth Editing by Chizu Nomiyama) ### #LatAmNRG

Petrobras Stops Chevron Plan To Drill In Brazil Offshore Block: Sources

(Reuters, Alexandra Alper, Marta Nogueira, 30.Oct.2018) — A decision by Petrobras not to invest in drilling new wells has derailed Chevron Corp’s plan to resume exploration in a Brazilian offshore field, people familiar with the matter said. Chevron, which operates the field with a 52 percent stake, approved the drilling […]

Petrobras Updates On Diesel Price Subvention Program

(Petrobras, 29.Oct.2018) — Petrobras, following up on the release disclosed on Sep. 28, 2018, informs that, due to the methodology determined in the National Petroleum Agency (ANP) Resolution nº 743, of Aug. 27, 2018, the average price of diesel established by the company in its refineries and terminals will be […]

Ecopetrol Seeks License To Start Fracking Tests In Colombia

(Reuters, Luis Jaime Acosta, 29.Oct.2018) — Colombia’s state oil company Ecopetrol has requested an environmental license to launch a pilot plan to explore for crude oil from unconventional deposits using fracking technology, its chief executive said. Felipe Bayon told Reuters late on Friday the plan, which could triple Colombia’s proven […]

Lawmaker Says Voluntad Popular To Present ‘Energy Venezuela’ Proposal

(Energy Analytics Institute, Piero Stewart, 29.Oct. 2018) — Opposition party Voluntad Popular will present a proposal called “Energy Venezuela,” which will outline guidelines established for a modification of Venezuela’s Hydrocarbons Law to reverse the fall of oil production in the OPEC country. Among aspects outlined in the proposal are suggestions […]

Weatherford Reports Higher Activity Levels In Argentina and Mexico

(Energy Analytics Institute, Ian Silverman, 29.Oct.2018) — Weatherford International plc reported Western Hemisphere 3Q:18 revenues of $762 million were down $7 million, or 1%, sequentially, and down $5 million, or 1%, year-over-year, the company reported in an official statement. Compared to the second quarter of 2018, revenues in Canada improved […]

Bolsonaro Gets Brazilian Oil Windfall With Output Poised To Soar

(Bloomberg, Sabrina Valle, 29.Oct.2018) — Brazil’s President-elect Jair Bolsonaro is staring at an oil windfall. After a decade of stagnant production, Brazil’s offshore mega-projects are about to deliver a double whammy with exports set to surge and Brent prices comfortably above $70 a barrel. This means more revenue for a […]

Petrotrin Moves Against Land Grabbers

(Trinidad and Tobago Newsday, Azard Ali, 29.Oct.2018) — Starting today, Petrotrin will employ measures to stop people from grabbing its lands. The state-owned refinery is expcted to cease operations on November 30, and transfer its assets into new companies being set up. Even as it does so, it now faces […]

Venezuela’s Hydrocarbon Sector Incurring Weekly Accidents

(Energy Analytics Institute, Piero Stewart, 28.Oct.2018) — Petroleum sector accidents and oil spills in Venezuela have become an almost regular occurrence. Between two and three accidents are happening each per week in PDVSA operational areas as well as a similar number of oil spills, reported the daily newspaper El Nacional, […]

Venezuela: Oil Producer’s Slump Reflects Nation’s Decline

(Ft.com, Gideon Long, John Paul Rathbone, 28.Oct.2018) — Gideon Long in Caracas and John Paul Rathbone in Washington October 28, 2018 Print this page 95 In the lobby of the building where Iván Freites works, a photograph of an oil rig covers one wall. Emblazoned across it is the Venezuelan […]

This Venezuelan Energy Policy Will Kill The Investment We Need

(The Australian Financial Review, Craig Emerson, 28.Oct.2018) — On November 22, 2017, a nation’s government legislated price controls in response to voter dissatisfaction with the rising cost of essential items. On October 23, 2018, the government of another nation announced it would require electricity suppliers to reduce their prices by […]

Bolivia Discusses Methods to Calculate Hydrocarbon Royalties

(Energy Analytics Institute, Jared Yamin, 27.Oct.2018) — Bolivia’s Hydrocarbon Ministry held discussions October 24-26, 2018 to analyze a methodology for calculating hydrocarbon royalties in the departments of Cochabamba, Chuquisaca, Santa Cruz and Tarija, reported the daily newspaper La Razón, citing Exploration and Exploitation Hydrocarbons Vice Minister Carlos Torrico. No further […]