(S&P, 27.Sep.2021) — Asian refiners could soon find their crude oil procurement options in the regional spot market increase significantly as Colombia’s state-run Ecopetrol rapidly accelerates its heavy crude marketing efforts in the Far East, while the upstream company’s ambition to apply carbon offsets to its crude cargoes could lure […]
Category: Latin America and the Caribbean
Brazil Gas Disputes Rise As Open Market Nears
(Argus, 27.Sep.2021) — Tensions are mounting in Brazil’s natural gas industry among players eager to maintain their positions or broaden their stakes as the country’s gas market prepares to open up in January. Disputes in the new Brazilian gas sector are on the rise and may well end up in […]
Brazil Gas Disputes Rise As Open Market Nears
(Argus, 27.Sep.2021) — Tensions are mounting in Brazil’s natural gas industry among players eager to maintain their positions or broaden their stakes as the country’s gas market prepares to open up in January. Disputes in the new Brazilian gas sector are on the rise and may well end up in […]
Young: Trinidad Can Benefit From High Oil, Gas Prices
(Trinidad and Tobago Newsday, 27.Sep.2021) — Energy Minister Stuart Young expressed optimism on Monday that Trinidad and Tobago could benefit from the high energy prices of recent times. Young made this comment in response to rising natural gas prices in the United Kingdom. A September 18 report in the UK […]
Peru PM Warns Gas Sector
(Reuters, 26.Sep.2021) — Peruvian Prime Minister Guido Bellido on Sunday said that companies which exploit natural gas in Peru will need to agree to pay higher taxes or else face nationalizations, a sharp warning to the sector from the new leftist government. Bellido told Reuters in August that the government […]
ANP Publishes Production Related Resolution
(Energy Analytics Institute, 24.Sep.2021) — Brazil’s oil regulator ANP published on 24 September 2021 Resolution No. 852/2021, which regulates activities related to the production of oil products and natural gas, as well as their storage, sell, and provision of services. The resolution will take effect on 1 October. The objective […]
Venezuela Talks Suspended In Mexico City
(AP, 24.Sep.2021) — The latest round of negotiations between Venezuela’s government and the country’s opposition were suspended Friday when the government’s delegates failed to appear in Mexico City. Two sources tied to the process confirmed that the first session of this round of talks had been suspended. They hoped to […]
Touchstone Reports Royston-1 Drilling Results
(Touchstone, 24.Sep.2021) — Touchstone Exploration Inc. (TSX, LSE: TXP) completed drilling the Royston-1 exploration well and is pleased to announce that the well encountered substantial hydrocarbon accumulations based on drilling and wireline log data. Touchstone has an 80 percent operating working interest in the well, which is located on the […]
Golden Arrow Starts Drilling In Chile
(Golden Arrow, 23.Sep.2021) — Golden Arrow Resources Corporation (TSXV: GRG) (FSE: G6A) (OTCQB: GARWF), commenced the first reverse circulation drilling program at the Rosales Copper Project in Chile. The drill program is testing the large conductive zones identified in the recent TEM geophysical survey, as discussed in the August 4th, 2021 news release. “We […]
KTI IngenierĂa Expands Throughout Chile
(Vuzix, 23.Sep.2021) — Vuzix® Corporation (NASDAQ: VUZI), a supplier of Smart Glasses and Augmented Reality (AR) technology and products, announced that Latin America distributor KTI IngenierĂa has brought Vuzix Smart Glasses to a growing list of Chilean companies across multiple industry verticals, particularly in the highly populated and industrialized BiobĂo region. […]
NRGBriefs: ANP Resolution, Ramirez Extradition Request
(Energy Analytics Institute, 23.Sep.2021) — Energy briefs from the LAC region including: Brazil’s ANP approving a resolution to regulate a reduction in royalties, a court in Rome rejects Nicolas Maduro’s request to extradite former PDVSA head Rafael Ramirez, and the BODs of APA Corp. declaring a regular cash dividend. LATIN […]
ConocoPhillips Steps Up Push To Collect PdV Debt
(Argus, 23.Sep.2021) — ConocoPhillips stands out in Venezuela’s vast universe of jilted creditors and claimants as a potential future commercial partner for state-owned PdV, a distinction that is driving aggressive international enforcement actions and quiet overtures for Caracas to resume payments of the company’s arbitration debt. The US independent’s $10bn […]
Understanding The NGC Debacle: 10 Things To Know
(Loop News, 22.Sep.2021) — What is all the talk of the scandal surrounding the National Gas Company of T&T (NGC) really about? It can sometimes be hard to understand as many of us can get confused when we hear politicians talk about upstream (oil and gas exploration companies) and the […]
Petrobras Comments On Transpetro
(Petrobras, 21.Sep.2021— Petrobras’s Board of Directors of its subsidiary Petrobras Transporte S.A. (Transpetro) received a letter of resignation from Gustavo Santos Raposo as CEO of the company, with effect from 24 September 2021. Transpetro’s Board of Directors will deliberate on the nomination of Transpetro’s Service Director, Luiz Eduardo Valente, to […]
Rome Court Rejects Extradition Bid For Ex-Oil Czar
(AP, 20.Sep.2021) — A Rome court has rejected a request by Venezuela to extradite its former oil czar to face corruption charges, citing the country’s record in violating human rights, his Italian lawyer said Monday. Rafael Ramirez, the longtime head of Venezuela’s PDVSA state oil company, fled to Italy after […]
Joint US-EU Global Methane Pledge
(White House, 18.Sep.2021) — The United States and European Union announced today the Global Methane Pledge, an initiative to reduce global methane emissions to be launched at the UN Climate Change Conference (COP 26) in November in Glasgow. President Biden and European Commission President Ursula von der Leyen urged countries […]
bpTT’s Matapal Achieves Early First Gas
(bpTT, 17.Sep.2021) — bp Trinidad and Tobago LLC (bpTT) confirms its Matapal project has safely achieved first gas. The major milestone was achieved ahead of schedule and under budget despite the constraints brought about by the COVID-19 pandemic. Matapal is bpTT’s second subsea development. It’s comprised of three wells, which […]
Aramco Trading To Market Guyana’s Oil For One Year
(Stabroek News, 15.Sep.2021) — Already coming out with the best responsive bid during evaluation for the one-year contract to market Guyana’s oil, Saudi Arabian company, Aramco Trading Limited, was also awarded the single-lift slated for this month to avoid this country having to forfeit its one million barrels of crude, […]
Ecopetrol Sanctioned By ANLA
(Energy Analytics Institute, 14.Sep.2021) — The National Environmental Licensing Authority (ANLA) fined Ecopetrol S.A. (BVC: ECOPETROL;NYSE: EC), through Resolution 01613 dated 10 September 2021, for a sum of COP $3,667,409,150. The sanction relates to work carried out in the CPO09 Exploratory Drilling Area project located in the municipality of AcacĂas, […]
Caricom On The Impact Of Venezuelan Political Parties Agreement On Guyana
(Caricom.org, 14.Sep.2021) — The Caribbean Community (CARICOM) has taken note of the round of negotiations in Mexico and mediated by Norway between representatives of the Government of the Bolivarian Republic of Venezuela and the opposition, seeking to bring an end to the protracted multidimensional crisis afflicting that country. The Community […]
LatAm Briefs: Argentina Lithium Acquisition, Citgo Challenges
(Energy Analytics Institute, 13.Sep.2021) — Energy briefs from the Latin America and Caribbean region including: Argentina Lithium & Energy Corp. acquiring high quality lithium projects, Citgo Petroleum executives warning of threats from biofuels amid the energy transition, and much more. LATIN AMERICA AND CARIBBEAN Argentina — The Center for International […]
YPF Acquires Class XI Notes
(Energy Analytics Institute, 13.Sep.2021) — Argentina’s state owned YPF acquired Class XI Notes (YMCBO) between 1-10 September 2021 for a total amount of Ps. 677,691,518.80 Argentine Peso ($7,037,920 or $7mn) which will be held in its portfolio. The Class XI Notes mature in November 2021 and were issued by YPF […]
Petrobras Signs Landmark Gas Supply Deal With Gerdau
(Argus, 13.Sep.2021) — Brazil’s state-controlled Petrobras signed a natural gas supply agreement with steel producer Gerdau in a debut of its more flexible pricing model designed to compete in the newly opened wholesale market. Petrobras will supply Gerdau’s steel milling complex in Ouro Branco, Minas Gerais state. The terms of […]
Brazilian Sector Shaking Up Gas Market
(Argus, 13.Sep.2021) — Brazil’s association of energy-intensive industries (Abrace) is holding a first-ever tender to purchase more than 6mn m3/d of natural gas. Abrace gas manager Adrianno Lorenzon spoke to Argus about the wholesale market outlook as state-controlled Petrobras pulls back. What are the primary goals of the tender? The […]
Petrobras Gas Sale May Hike States’ Ownership
(Argus, 13.Sep.2021) — Brazil’s push for state-controlled Petrobras to divest from the domestic natural gas distribution business may end up boosting individual states’ ownership in the sector, thwarting plans to open up competition. Gaspetro, Petrobras’ subsidiary for natural gas distribution, is tied to Brazil state governments in 19 regional gas […]
Private Equity Group Expects Venezuela Bet To Pay Off
(Reuters, 10.Sep.2021) — A private equity group expects a contrarian bet it made this year on Venezuela’s oil and gas sector to pay off soon, with the socialist government making reforms to attract capital to the OPEC nation after years of U.S. sanctions and sparse investment. Executives at Caracas-based Sucre […]
Colombia Not Liable To Pay $736 Mln To Miner Eco Oro – Gov’t
(Reuters, 10.Sep.2021) — Colombia’s government said on Friday a World Bank tribunal has ruled it is currently not liable to pay $736 million in damages to Eco Oro Minerals Corp after the Canadian mining company alleged that the Andean nation’s prohibition on mining in high-altitude wetlands constituted an indirect expropriation. […]
Venezuela Restarts Problematic Refinery To Meet Gasoline Goals
(Bloomberg, 9.Sep.2021) — Venezuela is pushing to restart a key gasoline refinery despite questions over ongoing maintenance problems as it attempts to double fuel production to fill a shortage that has caused long lines at pumps across the country. State oil firm PDVSA began partial operations in three units at […]
Mexico’s President Earmarks $32B To Help Pemex Boost Oil Production
(Bloomberg, 9.Sep.2021) — Mexico President Andres Manuel Lopez Obrador is raising Pemex’s spending plan for next year to about $32 billion in a bid to boost flagging oil production. The funds allocated for the state producer in a 2022 budget proposal, including operational spending, represent a 17% increase from this […]
Keppel Delivers Guyana’s Second FPSO Liza Unity
(Keppel, 9.Sep.2021) — Keppel Offshore & Marine’s (Keppel O&M) wholly-owned subsidiary Keppel Shipyard Ltd delivered the Liza Unity, a mega Floating Production Storage and Offloading vessel (FPSO), to SBM Offshore with no loss-time incidents. This follows the delivery of Guyana’s first FPSO by Keppel O&M in 2019. Mr Chris Ong, […]
ExxonMobil Reports Discovery At Pinktail
(ExxonMobil, 9.Sep.2021) — ExxonMobil made a discovery at Pinktail in the Stabroek Block offshore Guyana. The Pinktail well encountered 220 feet (67 meters) of net pay in high quality hydrocarbon bearing sandstone reservoirs. In addition to successful appraisal of the Turbot discovery, the Turbot-2 well encountered 43 feet (13 meters) […]
Hess Reveals Oil Find At Pinktail, Offshore Guyana
(Hess, 9.Sep.2021) — Hess Corporation (NYSE: HES) announced another oil discovery on the Stabroek Block offshore Guyana at Pinktail. The Pinktail well encountered 220 feet (67 meters) of net pay in high quality oil bearing sandstone reservoir. Pinktail is located approximately 21.7 miles (35 kilometers) southeast of the Liza Phase […]
bp EVP Emphasizes Commitment To Trinidad
(bpTT, 8.Sep.2021) — Dev Sanyal, executive vice president Gas and Low Carbon Energy, bp – has emphasized bp’s commitment to the continued development of its Trinidad and Tobago business. Sanyal had a virtual meeting with Minister of Energy and Energy Industries the Hon Stuart Young on Sept 7. Sanyal took […]
Drought Pressures Brazil’s Power Sector
(WoodMac, 8.Sep.2021) — The severe drought in Brazil will contribute to an extremely tight power balance in the country, new research from global natural resources consultancy Wood Mackenzie, a Verisk business (Nasdaq: VRSK), shows. Gabriel Dufflis, lead analyst in Wood Mackenzie’s Brazil power sector research team, said: “The electricity system […]
Sucre Energy Bets On Venezuelan Gas
(Argus, 8.Sep.2021) — Venezuela’s abundant hydrocarbons are beckoning a new generation of investors, stepping in where more established companies are pulling out. Sucre Energy, a Netherlands-based and Spanish-registered private equity company, acquired the central Venezuelan assets of Japan’s Inpex in a deal that closed in May for an undisclosed sum. […]
Atlantic LNG In Make-or-break Talks
(Argus, 8.Sep.2021) — Trinidad and Tobago’s beleaguered LNG producer Atlantic is working with the government on a restructuring to ensure its commercial viability, major shareholders Shell and BP told Argus. The 14.8mn t/yr Atlantic complex at Point Fortin is beset by a chronic feedstock shortage that led to the mothballing […]
InvestChile Seeks Investors For Plastic Recycling Industry
(InvestChile, 7.Sep.2021) — Chile urgently needs to increase its plastic recycling capacity and this opens up significant business opportunities for foreign companies. This topic will be aired in the online event “Plastic Recycling Infrastructure: Investment Opportunities in Chile” taking place this Thursday, September 9. The webinar has been organized by […]
Saudi Aramco Unit Wins Guyana Oil Tender
(Reuters, 7.Sep.2021) — Guyana awarded a unit of Saudi Aramco a tender to purchase a portion of the country’s oil production, and the two parties will likely enter into a one-year marketing deal, an official said on Tuesday. ____________________ Reporting by Neil Marks in Georgetown. Writing by Luc Cohen; Editing […]
Petrobras Strategy Slows Gas Market Opening: Sources
(Argus, 6.Sep.2021) — Brazilian natural gas pipeline distributors and other gas buyers say state-run company Petrobras is making it more difficult to sign short-term supply contracts, discouraging the opening of the country’s gas market. Petrobras said on 3 May it would offer six-months and one-year gas supply contracts in addition […]
Scandal Deepens Over Ill-fated Gas Deal
(Trinidad Guardian, 3.Sep.2021) — In what could turn out to be a major scandal for the government and state-owned National Gas Company, (NGC) Guardian Media has obtained confidential correspondence between Finance Minister Colm Imbert and the Board of the NGC that show the Board seeking, and Imbert agreeing, to grant […]
LatAm Briefs: Payara Progressing, Inpex Divestment In Venezuela
(Energy Analytics Institute, 2.Sep.2021) — Energy briefs from the Latin America and Caribbean region including: ExxonMobil progressing its Payara project in Guyana for start-up in 2024 and Japan’s Inpex divesting assets in Venezuela, and much more. Argentina — Argentina Lithium & Energy Corp. (TSXV: LIT) (FSE: OAY3) (OTC: PNXLF) named […]
Brazilian Congress Approves Decree Related To Health Benefits
(Petrobras, 2.Sep.2021) — The Brazilian Congress approved yesterday the Legislative Decree that suspends the effects of CGPAR Resolution No. 23, a rule that was in effect since 26 January 2018 and established, among other issues, guidelines and parameters for the federal state-owned companies’ funding of employees’ health care benefits. The […]
Colombia Loses Gas Supply After Glitch
(Argus, 2.Sep.2021) — Colombia is working to restore natural gas supply after an outage at state-controlled Ecopetrol‘s Cusiana field, the country’s second supply hiccup in a week. Ecopetrol said the outage was caused by a faulty valve but provided no further details. Cusiana normally produces 270mn cf/d of gas and […]
Brazil Jan-Jul Gas Imports Top 2020 Levels
(Argus, 1.Sep.2021) — Brazil’s natural gas imports in January-July reached a total of 8.7bn mÂł (310 Bcf), already reaching above the full-year total for 2020 of 7.8bn mÂł, according to oil and gas regulator ANP. Imports so far this year are equivalent to 37mn mÂł/d and include gas from neighboring […]
Petrobras Concludes TOR For Stake In Lapa Field
(Petrobras, 1.Sep.2021) — Petrobras, following up on the release disclosed on 21 December 2018, informs that it has finalized the transfer of rights of its 10% interest in the Lapa field to TotalEnergies. The operation, which also involves the assignment of the totality of the interest held by Petrobras Netherlands […]
CNPC prepares to revive Venezuela operations
(Bloomberg, 1.Sep.2021, Words: 597) — China’s top oil producer is laying the groundwork to revive output in Venezuela as President Nicolas Maduro finalizes legislation to attract more international investment. Once a major investor in the OPEC nation, China National Petroleum Corp. is sending engineers and commercial staff there and vetting local companies […]
Moody’s Maintains Ecopetrol Rating
(Energy Analytics Institute, 1.Sep.2021) — Moody’s Investors Service affirmed the credit rating of Colombia’s state oil company Ecopetrol S.A. at Baa3 but changed its outlook from Stable to Negative. The rating agency expects the proposed acquisition by Ecopetrol of 51.4% of the outstanding shares of InterconexiĂłn ElĂ©ctrica S.A. ESP (ISA) […]
Brazil Warns Of Energy Crisis
(Reuters, 1.Sep.2021) — Brazil’s Mines and Energy Minister Bento Albuquerque is warning that the country’s energy crisis is worse than previously thought, as a record drought hampers hydropower generation. In a televised national address on Tuesday, preempting the nightly news, Albuquerque said the crisis had deepened, with water reserves at […]
Venezuela still attractive: Amos Global Energy’s Ali Moshiri says
HOUSTON, TEXAS (By Pietro D. Pitts, Energy Analytics Institute, 1.Sep.2021, Words: 1,400) — Venezuela, home to the world’s largest oil reserves, still has an opportunity to capitalize on producing oil amid the energy transition, Ali Moshiri, head of Amos Global Energy tells Energy Analytics Institute (EAI). “Investment is going to […]
Drought May Force Brazil To Ration Power
(Reuters, 1.Sep.2021) — Brazilian Vice President Hamilton Mourao said on Wednesday a severe drought could lead to energy rationing in Brazil, contradicting other officials who have said that such a step would not be necessary. Brazil, one of the world’s agricultural superpowers, is suffering from one of its worst droughts […]