(WoodMac, 29.Jul.2021) — Wood Mackenzie’s Latin America upstream senior analyst Luiz Hayum commented on the latest exploration results offshore Guyana and Suriname: “In a year thin of deepwater discoveries, Guyana and Suriname continue to deliver great exploration results, with the Whiptail discovery and the successful Sapakara appraisal. “The two successful […]
Category: Latin America and the Caribbean
LatAm Briefs: Train 1 Mothballing, CVP Appointments
(Energy Analytics Institute, 28.Jul.2021) — Energy briefs from the Latin America and Caribbean region including: rising Brazilian imports of US LNG, Ecopetrol’s electric vehicles fleet, Hess reports 2Q:21 results, Trinidad ponders mothballing Atlantic LNG’s Train 1, new appointments at CVP in Venezuela, and more. Brazil — Brazil’s imports of US […]
ExxonMobil Reveals Oil Find at Whiptail
(ExxonMobil, 28.Jul.2021) — ExxonMobil said it made a discovery at Whiptail in the Stabroek Block offshore Guyana. The Whiptail-1 well encountered 246 feet (75 meters) of net pay in high quality oil bearing sandstone reservoirs. Drilling is also ongoing at the Whiptail-2 well, which has encountered 167 feet (51 meters) […]
S&P Upgrades Petrobras’ Credit Profile
(Petrobras, 28.Jul.2021) — Petrobras informs that the rating agency S&P Global Ratings raised its stand-alone credit profile (intrinsic risk) by one notch, from “bb” to “bb+”. The agency affirmed the global scale rating of the company’s corporate debt at “BB-“, two levels below the stand-alone credit profile, due to Brazil’s […]
Petrobras Inks Contract To Divest Gaspetro
(Petrobras, 28.Jul.2021) — Petrobras, following up on the releases disclosed on 10 June 2020 and 30 December 2020, informs that it has signed a contract with the company Compass Gás e Energia S.A. for the sale of all its stake (51%) in Petrobras Gás S.A. (Gaspetro). The sale value is […]
Petrobras On Favorable Labor Lawsuit
(Petrobras, 28.Jul.2021) — Petrobras informs that, on this date, it became aware of a favorable decision handed down by the Minister Reporter of the Federal Supreme Court, in appeals filed against the decision of the Superior Labor Court on the review of the methodology for calculating the Minimum Compensation Per […]
Hess Corp.’s Transcript For Its 2Q:21 Results Call
(Seeking Alpha, 28.Jul.2021) — The earnings call transcript from Hess Corporation’s (NYSE:HES) second quarter 2021 earnings conference call on 28 July 2021. Corporate Participants Jay Wilson – VP, Investor Relations John Hess – Chief Executive Officer Greg Hill – Chief Operating Officer John Rielly – Chief Financial Officer Conference Call […]
Hess Reveals Oil Find At Whiptail-1
(Hess, 28.Jul.2021) — Hess Corporation (NYSE: HES) announced a significant oil discovery on the Stabroek Block offshore Guyana at Whiptail. The Whiptail-1 well encountered 246 feet (75 meters) of net pay in high quality oil bearing sandstone reservoirs. Drilling is also ongoing at the Whiptail-2 well, which is located 3 […]
MEEI Minister Delivers Address At Atlantic LNG Event
(MEEI, 27.Jul.2021) — The Minister of Energy and Energy Industries and Minister in the Office of the Prime Minister The Honourable Stuart R. Young M.P delivered the feature address at the opening of Atlantic LNG’s 9th Process Safety Week 2021 virtually from the International Waterfront Complex Office of the Ministry […]
Guyana Revives Hydro Project
(Trinidad Express, 27.Jul.2021) — The Guyana government says it is seeking to revive the 165 Megawatts (MW) Amaila Falls Hydropower project (AFHP) and hoping to start construction in 2022 with a completion date in 2025. The former coalition A Partnership for National Unity (APNU) in 2017 halted the project that […]
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Andrés Pastrana Talks Of Colombia Situation [Video]
(FundaciĂłn Libertad y Desarrollo, 27.Jul.2021) — Dionisio GutiĂ©rrez, President of FundaciĂłn Libertad y Desarrollo, recently met with the former president of Colombia, AndrĂ©s Pastrana, and discussed the political situation in the Latin American region, particularly the emergence of a new wave of populist dangers. Regarding the return of populism and […]
Central America’s Private Sector Plays A Big Role In Corruption, Too
(World Politics Review, 27.Jul.2021) — The word corruption tends to evoke images of self-dealing politicians and bureaucrats, and for good reason. In Central America, graft is so endemic among public officials that it constitutes a “root cause” of out-migration from the region, according to U.S. President Joe Biden’s administration. But […]
Canadian Solar Raises $100mn To Support Brazil Project Portfolio
(Canadian Solar, 27.Jul.2021) — Canadian Solar Inc. (NASDAQ: CSIQ) closed a BRL 500mn (approximately $100mn) financing facility with Brazilian banks BTG Pactual and ItaĂş BBA. Canadian Solar will use the financing facility for the development and construction of solar projects in Brazil, where the Company has established a leadership position in the […]
bp Announces Cassia C Installation
(bpTT, 26.Jul.2021) — bp Trinidad and Tobago LLC (bpTT) announced the installation of the topsides of its Cassia Compression (Cassia C) platform off Trinidad’s east coast. The installation marks a significant milestone in the Cassia C project which will enable bpTT to access and produce low pressure gas reserves from currently-producing fields in the Greater […]
KBR Inks Lithium Process Deal With Neo Lithium Corp.
(KBR, 26.Jul.2021) — KBR (NYSE: KBR) has been awarded a contract by Neo Lithium Corp. in Argentina for its Tres Quebradas Lithium Project (“3Q Project”). Under the terms of the contract, KBR will implement its evaporation and crystallization technology solutions to ensure the project achieves maximum lithium yields for Neo […]
Sanctioned Citgo At Disadvantage To Rivals
(Reuters, 23.Jul.2021) — Sanctions barring U.S. imports of Venezuelan crude put refiner Citgo Petroleum Corp at a disadvantage to better-financed rivals, the board chair named by Venezuela’s political opposition for state oil company PDVSA said on Friday. Many refineries on the U.S. Gulf Coast – including Citgo’s facilities in Texas […]
Venezuelans Enduring Day-Long Waits to Fill Gasoline Tanks
(Bloomberg, 23.Jul.2021) — Venezuela’s capital city is once again rationing gasoline after output at state-owned refineries slumped, forcing motorists to endure day-long queues to top off tanks. Shortages have returned to Caracas, prompting drivers to prowl the streets for open filling stations as lines stretch for blocks in some areas. […]
Solaris Files La Verde Technical Report
(Solaris, 23.Jul.2021) — Solaris Resources Inc. (TSX: SLS) (OTCQB: SLSSF) announces the filing of a technical report for La Verde further to its news release of 12 May 2021. As La Verde has been on care and maintenance since 2016, the company filed an early exploration stage technical report for […]
LatAm Briefs: Argentine Output, Colombian Renewables
(Energy Analytics Institute, 22.Jul.2021) — Energy briefs from the Latin America and Caribbean region including: daily production details from Argentina’s NeuquĂ©n region to 13 renewable projects identified by Colombia’s Ecopetrol and more. Argentina — Daily production in Argentina’s NeuquĂ©n region reached a record 193,000 barrels per day, the highest volume […]
Venezuela Snubs Sanctions With Oil Import
(Bloomberg, 22.Jul.2021) — Venezuela’s state-owned oil company imported a key component needed to achieve its goal of almost tripling crude production, defying U.S. efforts to isolate the Maduro regime’s grip on power. The supertanker Rene is discharging a hydrocarbon known as condensate at the Venezuelan port of Jose, according to a document […]
China’s CCPC Takes Center Stage In Iran
(Reuters, 22.Jul.2021) — A Chinese logistics firm has emerged as a central player in the supply of sanctioned oil from Iran and Venezuela, even after it was blacklisted by Washington two years ago for handling Iranian crude, seven sources with knowledge of the deals told Reuters. The more prominent role […]
Shell Delivers First Natural Gas From Barracuda Project
(Shell, 22.Jul.2021) — Shell Trinidad and Tobago (through BG International, a subsidiary of Royal Dutch Shell plc) today announces that production has started on Block 5C in the East Coast Marine Area (ECMA) in Trinidad and Tobago. This marks a significant milestone in the delivery of gas both domestically and […]
Petrobras Highlights 2Q:21 Output, Sales
(Petrobras, 22.Jul.2021) — In 2Q21, Petrobras continued to operate safely and had a solid operating performance, despite the persistence of the pandemic scenario. The average production of oil, NGL and natural gas reached 2.80 MMboed, 1.1% above 1Q21, due to the continued ramp-up of platforms P-68 (BerbigĂŁo and Sururu fields) […]
AbraSilver Resource Corp Joins OTCQX
(OTC Markets Group, 21.Jul.2021) — OTC Markets Group Inc. (OTCQX: OTCM), operator of financial markets for 11,000 U.S. and global securities, today announced AbraSilver Resource Corp (TSX-V: ABRA; OTCQX: ABBRF), silver-gold focused advanced-stage exploration company, has qualified to trade on the OTCQX® Best Market. AbraSilver Resource Corp upgraded to OTCQX from […]
US Extends Protection For Citgo
(Reuters, 20.Jul.2021) — The United States on Tuesday extended a measure protecting Venezuelan-owned U.S. refiner Citgo Petroleum Corp PDVSAC.UL from bondholders seeking a stake in the company to collect on unpaid debts from state-owned oil company PDVSA, Citgo’s owner. Holders of PDVSA’s 2020 bond, which is backed by a majority […]
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US Extends Citgo Protection [PDF Download]
(Department of the Treasury, 20.Jul.2021) — The Office of Foreign Assets Control (OFAC) issued the following update to General License No. 5G related to PDVSA and Citgo Petroleum. Venezuela Sanctions Regulations 31 CFR Part 591 GENERAL LICENSE NO. 5G Authorizing Certain Transactions Related to the PetrĂłleos de Venezuela, S.A. 2020 […]
Brazilian Gas Availability Up 4.5% In June
(Argus, 19.Jul.2021) — The amount of Brazilian natural gas output offered to the market after flaring, loss and reinjection rose by 4.5pc in June from a year earlier and by 1.7pc from the prior month, to 58mn mÂł/d (2.04 Bcf/d). The increase is the result of a 5.6pc boost in […]
Petrotrin Pension Plan In Deficit
(Trinidad Express, 19.Jul.2021) — Most members of the Petrotrin Employees Pension Plan are in danger of not receiving their full pension benefits due to a $1.6 billion deficit in the plan. President-General of the Oilfield Workers’ Trade Union, Ancel Roget, said those in danger include employees who retired before the […]
BP: No Gas For Train 1
(Trinidad Express, 19.Jul.2021) — Energy major BP said there is no “ongoing fight” between itself and the minority shareholder of Atlantic, Royal Dutch Shell. In a statement issued late yesterday, responding to an Express story, the London-based energy company said it has been working closely with the other Atlantic LNG […]
Big Energy Fights Over Atlantic
(Trinidad Express, 18.Jul.2021) — No definitive decision has as yet been taken to mothball Atlantic Train I, industry insiders have said. According to these insiders, reports of the plant being mothballed should be seen as part of the ongoing fight between BP and Royal Dutch Shell, two of the world’s […]
Trinidad’s MEEI Reflects On Atlantic LNG Train 1
(MEEI, 17.Jul.2021) — The Government has been in discussions with all of the shareholders of Atlantic LNG for months with respect to the future of Atlantic LNG. These discussions are ongoing and at a very sensitive stage. The Government and the National Gas Company of Trinidad and Tobago (NGC) have […]
bp To Send Carbon Offset LNG To EnergĂa Costa Azul
(bp, 16.Jul.2021) — bp Gas Marketing Limited (bpGM), Sempra LNG and Infraestructura EnergĂ©tica Nova, S.A.B. de C.V. (IEnova), entered into a contract for the delivery and receipt of the companies’ first carbon offset Liquefied Natural Gas (LNG) cargo. The cargo is expected to be delivered to the EnergĂa Costa Azul (ECA) terminal […]
Atlas Renewable, Unipar Ink PPA In Brazil
(Atlas Renewable, 16.Jul.2021) — Atlas Renewable Energy, an international leading renewable energy company, along with Unipar, a leader in chlorine, chlorides, and PVC in South America, announced today the signing of a large-scale solar energy power purchase agreement (PPA) in Brazil. The clean solar energy supply will be generated through […]
Frontera Reveals Expected 2Q:21 Production Results
(Frontera, 16.Jul.2021) — Frontera Energy Corporation (TSX: FEC) expects second quarter production results and updated its production guidance for 2021. Second Quarter and First Half 2021 Production Update Frontera expects its second quarter 2021 production will average approximately 35,700 boe/d, compared to 40,599 boe/d in the first quarter of 2021. […]
Korea National Oil Paying Fines In Peru
(Business Korea, 16.Jul.2021) — Korea National Oil Corp. (KNOC), POSCO International and SK Innovation paid a fine of billions of won to the Peruvian government in withdrawing from Block 8 for a decline in profitability. The fine is for environmental restoration and the South Korean companies may have to pay more. […]
Vale Gets Permission To Import LNG
(S&P Global, 15.Jul.2021) — Brazilian multinational metals and mining company Vale has received permission from ANP, Brazil’s energy regulator, to import LNG for its own industrial uses. The company has been authorized to import 1.66 cu m of gas equivalent per day for use in heating the company’s industrial ovens, […]
ANP Authorizes To Import LNG
(Argus, 14.Jul.2021) — Brazil has authorized iron ore producer Vale to import LNG to serve its own heating demand. Brazilian oil and gas regulation agency (ANP) will allow Vale to import LNG equal to 1.66mn mÂł/d (58.6mn cf/d) of regasified fuel, to be supplied by any country, by sea transport. […]
Cyprus Emerges As sanctions Workaround For Venezuela
(Lloyd’s List, 14.Jul.2021) — Until last year, Greek shipowners accounted for 80% of crude lifted from Venezuela, undeterred by US sanctions. Then, six vessel-owning companies connected with four prominent owners were briefly blacklisted for breaching US sanctions, forcing all Greek-owned vessels involved in these trades to rethink and recalibrate business […]
Petrobras Finalizes Sale Of Rio Ventura Cluster
(Petrobras, 14.Jul.2021) — Petrobras, following up on the release disclosed on 21 August 2020, informs that today it has concluded the sale of its total interests in eight onshore exploration and production fields, jointly called Rio Ventura Cluster, located in the state of Bahia, to 3R Rio Ventura S.A., a […]
Italian Court Accepts Extradition Request For Former Minister Ramirez
(Reuters, 14.Jul.2021) — An Italian court on Wednesday approved an extradition request for Venezuela’s former Oil Minister Rafael Ramirez, who is charged with corruption, Venezuelan state television said. Authorities in the South American country had sought an Interpol red notice – a request to law enforcement worldwide to locate and […]
Bolsonaro Authorizes Eletrobras Privatization
(Xinhua, 13.Jul.2021) — Brazilian President Jair Bolsonaro signed into law on Tuesday a bill approved by Congress that paves the way for the privatization of state-owned electric utility company Eletrobras, according to the country’s Official Gazette. Among other measures, the regulatory framework will include the issuance of new Eletrobras shares […]
Minister Young Chairs 55th Council Of Experts
(MEEI, 13.Jul.2021) — Trinidad and Tobago assumed the Presidency of the Latin American Energy Organisation (OLADE) for the period 2021-2022 at the meeting of Ministers held virtually in November 2020. In his capacity as President of OLADE, The Minister of Energy and Energy Industries and Minister in the Office of […]
Minister Young Visits Ortoire Block
(MEEI, 13.Jul.2021) — The Minister of Energy and Energy Industries and Minister in the Office of the Prime Minister, the Honourable Stuart R. Young, M.P. and his MEEI team braved the elements yesterday to visit the Ortoire Block via an invitation from Touchstone Exploration Inc to conduct a seismic survey. […]
Guyana Re-launches Search For Co. To Market Govt’s Oil
(Reuters, 12.Jul.2021) — Guyana is re-launching a search for a company to market the government’s share of crude oil produced off the South American country’s coast to make the tender process “simpler and more competitive,” the natural resources minister said on Monday. According to the notice published late last week, […]
Washington Allows LPG Exports To Venezuela
(S&P Global Platts, 12.Jul.2021) — The US Department of Treasury granted a sanctions waiver July 12 allowing US companies to export or re-export LPG supplies to Venezuela, the first move by the Biden administration to ease sanctions on the economically hard-hit country. A propane shortage in Venezuela has forced many […]
Petrobras To Divest Papa-Terra Field
(Petrobras, 12.Jul.2021) — Petrobras, following up on the releases disclosed on 17 April 2020 and 24 November 2020, informs that it has signed with the company 3R Petroleum Offshore S.A. (3R Offshore) a contract for the sale of the totality of its participation in the Papa-Terra production field, located in […]
Petrobras Inks Itapu Coparticipation Deal
(Petrobras, 12.Jul.2021) — Petrobras signed with PrĂ©-sal PetrĂłleo S.A. (PPSA) the Itapu Coparticipation Agreement, which will regulate the coexistence of the Transfer of Rights Contract (ToR) and the Production Sharing Contract (PSC) for the Suplus of the Transfer of Rights for the Itapu field, in the Santos Basin pre-salt area. […]
Cox Energy Begins Capital Increase Process
(Cox Energy, 12.Jul.2021) — Cox Energy AmĂ©rica, S.A.B. de C.V. (BIVA: COXA*), a renewable solar energy (photovoltaic) generating company, informs that it begun the preferred subscription rights process for holders of common and registered shares, which have no face value and are identified by the ticker (BIVA: COXA) (BMV: COXA), […]
Canadian Solar To Enter Energy Storage Project In Colombia
(Canadian Solar, 12.Jul.2021) — Canadian Solar Inc. (NASDAQ: CSIQ) has been awarded the first utility-scale battery storage project in Colombia of 45 MW / 45 MWh. The project was awarded in the public tender launched by Colombia’s Ministry of Energy and Mines, via its affiliate UPME, the Mining and Energy […]
Frontera Updates On Guyana Exploration
(Frontera Energy, 12.Jul.2021) — Frontera Energy Corporation (TSX: FEC), the majority shareholder of CGX Energy Inc. (TSXV: OYL) and joint venture partner in the Petroleum Prospecting Licenses for the Corentyne and Demerara blocks offshore Guyana, announced an update on the activities related to the Corentyne block. Exploration The Kawa-1 well, […]