(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 […]
Category: Latin America and the Caribbean
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 Pré-sal Petróleo 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 América, 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, […]
US OKs LPG Exports To Venezuela
(Energy Analytics Institute, 12.Jul.2021) — The US Office of Foreign Assets Control (OFAC) issued general license no. 40 which allows “all transactions and activities related to the exportation or reexportation, directly or indirectly, of liquefied petroleum gas to Venezuela, involving the government of Venezuela, Petróleos de Venezuela, S.A. (PDVSA), or […]
Ecopetrol Reports Uptick In Oil Output
(Ecopetrol, 12.Jul.2021) — Ecopetrol S.A. (BVC: Ecopetrol; NYSE EC) informs about the recovery of its operations in the upstream, midstream, downstream and sales and marketing segments in Colombia, in connection with the adverse impacts the company had observed as a consequence of the restrictions on mobility caused by the public […]
Sonangol, Petrobras Reveal Teaser For Potiguar Basin Stakes
(Petrobras, 9.Jul.2021) — Petrobras started the opportunity disclosure stage (teaser) for the sale, together with Sonangol Hidrocarbonetos Brasil Ltda., of the total stakes of both companies in the onshore exploratory block POT-T-794, belonging to the BT-POT-55A concession, located in the Potiguar Basin, in the State of Rio Grande do Norte. […]
LatAm briefs: ENRE fines, “Zama drama” in Mexico
BATON ROUGE, LOUISIANA (By Steve Stewart, Energy Analytics Institute, 9.Jul.2021, Words: 421) — Energy briefs from the Latin America and Caribbean region including: oil prices remaining above the $75/bbl mark, Argentina’s ENRE imposing fines on Edenor, an energy storage system in Barranquilla, and more. Oil Prices — As of 7 […]
CGX Spuds Long-awaited Guyana Oil Well
(Argus, 8.Jul.2021) — Canadian independent CGX Energy, one of the early movers in Guyana’s offshore play, spudded its first well in the South American country, 21 years after its initial effort derailed because of a border dispute. CGX has started drilling the Kawa-1 well on the shallow-water Corentyne block with […]
Venezuela Resorts To Upgraded Oil For Refineries
(Reuters, 8.Jul.2021) — Venezuela’s state-run oil company PDVSA has started producing two upgraded crude grades for domestic refining, aiming at reanimating the country’s much-needed output of motor fuels, according to a company document and sources close the decision. Years of under-investment in PDVSA’s 1.3 million-barrel-per-day capacity refining network and U.S. […]
Guyana-US Relations Strong, Valuable
(DPI, 8.Jul.2021) — His Excellency Dr Irfaan Ali called the relationship between Guyana and the United States of America strong and valuable and pointed to greater partnerships between the two nations moving forward. The Commander in Chief and several senior members of his Government, including the Prime Minister, Brigadier (Ret’d) the […]
Ecopetrol Downgraded By Fitch
(Energy Analytics Institute, 7.Jul.2021) — Fitch Ratings downgraded Ecopetrol S.A.’s downgraded the state oil company’s foreign currency and local currency Issuer Default Ratings to BB+ from BBB- with a Stable Outlook. The downgrade is in line with a similar action on the rating of the Republic of Colombia. Ecopetrol’s stand-alone […]
Eni Find Oil In Ghana’s Block 4
(Eni, 6.Jul.2021) — Eni announces a significant oil discovery on the Eban exploration prospect in CTP Block 4, offshore Ghana. The Eban – 1X well is the second well drilled in CTP Block 4, following the Akoma discovery. Preliminary estimates place the potential of the Eban–Akoma complex between 500 and […]
New Fortress Secures LNG Supply
(New Fortress, 6.Jul.2021) — New Fortress Energy Inc. (NASDAQ: NFE) reached an agreement for liquefied natural gas (LNG) supply that will cover the remaining volumes for NFE’s existing natural gas and electricity businesses through the end of 2027. “This transaction secures our LNG supply for the next several years across […]
Patterson-UTI Energy To Buy Pioneer Energy Services
(Patterson-UTI Energy, 6.Jul.2021) — Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has entered into an agreement to acquire Pioneer Energy Services Corp. for approximately $295mn, which includes the retirement of all Pioneer Energy Services‘ debt. Consideration for this acquisition consists of the issuance of up to 26,275,000 shares of Patterson-UTI common stock plus payment […]
Edenor Names Bleasdale As CEO
(Edenor, 6.Jul.2021) — Empresa Distribuidora y Comercializadora norte S.A. (Edenor; BYMA/NYSE: EDN), the largest electricity distribution company in Argentina, announces that the Chairman of the Board, Mr. Neil A. Bleasdale, has been appointed as Chief Executive Officer (CEO) of the company and Mr. Germán Ranftl as Chief Financial Officer (CFO). […]
AES To Retire More Than 1 GW Of Coal In Chile
(AES, 6.Jul.2021) — The AES Corporation (NYSE: AES) signed an agreement with the Government of Chile, represented by Chile’s President Sebastián Piñera, together with Minister of Mines and Energy Juan Carlos Jobet and Minister of the Environment Carolina Schmidt, allowing for the closure of 1,097 MW of coal generation as […]
LatAm Briefs: Rio Negro Drilling, Ecuador Production
(Energy Analytics Institute, 5.Jul.2021) — Energy briefs from the Latin America and Caribbean region including: plans to reactivate 77 wells in Argentina’s Río Negro region, EP PetroEcuador and Repsol Ecuador S.A. inking a deal for the use of a topping plant in Ecuador, Ecuador’s production reached 491,497 b/d on 1 […]
Eco Atlantic Confident In Guyana Despite Jabillo-1 Setback
(ProActive, 5.Jul.2021) — Eco Atlantic Oil & Gas Ltd (LON:ECO, TSE:EOG) chief executive Gil Holzman remains confident in the Canje block, offshore Guyana, where Exxon is now lining up its next drill plans. It comes as Exxon’s Jabillo-1 well exploration well was safely drilled down to its target depth of […]
Talos Energy Provides Update On Zama
(Talos Energy, 5.Jul.2021) — Talos Energy Inc. (NYSE: TALO) provided an update regarding operatorship for the company’s Zama asset in offshore Mexico. On 2 July 2021, Talos was notified by Mexico’s Ministry of Energy (SENER) it had designated Petróleos Mexicanos (Pemex) as the operator of the Zama unit, just three […]
Eco Atlantic Says Jabillo-1 Well Shows Non-commercial
(Eco Atlantic, 5.Jul.2021) — Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSX‐V:EOG) has received a detailed update from JHI Associates Inc. The Jabillo-1 well in the Canje Block, offshore Guyana, reached its planned target depth and was evaluated but did not show evidence of commercial hydrocarbons. Jabillo-1 will now be plugged […]
Swiss Insured Brazil Power 9.850% Notes Due 2032
(Swiss Insured Brazil Power, 2.Jul.2021) — Swiss Insured Brazil Power Finance S.à r.l., a private limited liability company (société à responsabilité limitée), incorporated and existing under Luxembourg law, having its registered office at 14, rue Edward Steichen, L-2540 Luxembourg, Grand Duchy of Luxembourg, registered with the Luxembourg Register of Commerce […]
Seadrill On Restructuring Discussions
(Seadrill, 2.Jul.2021) — Seadrill Limited (OSE: SDRL, OTCPK:SDRLF) and the Issuer announce that, further to the announcement made by Seadrill and the Issuer on 18 June 2021, the Issuer and certain of its subsidiaries have today agreed key commercial terms for a comprehensive restructuring of the Issuer and entered into […]
Brazil’s Lower-Sulphur Fuel Booms In Asia
(Reuters, 1.Jul.2021) — Brazil is growing its marine fuel oil exports to Asia’s lucrative premium hubs, where rules mandating lower sulphur content have been squeezing out most of its Latin American peers, according to sources and data. Fuel oil exports are the second largest source of energy revenue for most […]
Ecuador Races To Move Oil Pipelines
(Reuters, 1.Jul.2021) — Two dozen workers using six excavators cleared a strip of heavy forest in the foothills of Ecuador’s Reventador volcano on an overcast June morning, rushing to carve a new route for an oil pipeline in hopes of avoiding a repeat of the country’s worst oil spill in […]
Mainstream Renewable Closes Financing Deal In Chile
(Mainstream Renewable, 1.Jul.2021) — Global wind and solar company, Mainstream Renewable Power, has achieved financial close for the third and final phase of its “Andes Renovables” wind and solar platform in Chile. The c. $182mn in debt raised will be used to build the “Copihue” phase which consists of one […]
Colombia Anticipates New Offshore Oil Exploration
(Bloomberg, 1.Jul.2021) — Oil majors are gearing up to explore off the coast of Colombia, offering hope to a country struggling to reverse declines in reserves and output of its biggest export. Royal Dutch Shell Plc is planning to drill this year in the Caribbean, while Exxon Mobil Corp., Repsol […]
Vesta Reveals 2Q:21 Earnings Call
(Vesta, 1.Jul.2021) — Corporación Inmobiliaria Vesta, S.A.B. de C.V. (BMV: VESTA) is inviting persons to its conference call to discuss the second quarter results of 2021. The call will take place: Thursday, July 22, 2021 10:00 a.m. Eastern Time (9:00 a.m. Mexico City time) The conference call can be accessed […]
Colombia’s Ecopetrol Incorporates Singapore Affiliates
(Ecopetrol, 1.Jul.2021) — Ecopetrol S.A. (BVC: ECOPETROL;NYSE: EC) concluded the incorporation of Ecopetrol Singapore Pte Ltd., a company in which it will directly own 100% of its share capital. In turn, the aforementioned company will own 100% of the share capital of Ecopetrol Trading Asia Pte Ltd., whose main purpose […]
Ecopetrol Gets OK To Issue, Place Bonds
(Ecopetrol, 30.Jun.2021) — Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) received authorization from the Ministry of Finance and Public Credit, through Resolution 1484 of 29 June 2021, to structure the issuance and placement of bonds in the international capital markets for up to $1.4bn, to finance organic growth opportunities and the […]
Switzerland Investigates Gunvor Links To Ecuador
(Reuters, 30.Jun.2021) — Swiss prosecutors said on Wednesday they are investigating whether bribery, money laundering or other crimes linked to Ecuador oil trading were committed in Switzerland following a U.S. criminal case against an ex-Gunvor Group employee. U.S. prosecutors are investigating “the suspected bribery of Ecuadorian public officials and money […]
Factsheet: Chile’s Energy Minister and Undersecretary
(Chile’s Energy Ministry, 30.Jun.2021) — Details regarding Chile’s energy minister Juan Carlos Jobet and undersecretary Francisco Javier López follow. Energy Minister, Juan Carlos Jobet Jobet holds a degree in Commercial Engineering from the Universidad Católica and a master’s degree in Business Administration and another in Public Administration from Harvard University. […]
Venezuelan Oil Sector Still Confronts Headwinds
(Energy Analytics Institute, 29.Jun.2021) — Venezuela continues to confront headwinds from legal uncertainties to transparency issues to a new tariff on its bitumen exports to China that make it hard for the country to boost production, former Petróleos de Venezuela (PDVSA) Director José Toro Hardy said on 29 June 2021 […]
Venezuela’s Oil Sector Needs Private Investors
(Energy Analytics Institute, 29.Jun.2021) — The private sector must be reintegrated to increase production in Venezuela as it’s the only viable way the country could meet the optimistic production goals of 1.5 million barrels per day by year end as previously announced by President Nicolás Maduro. That’s why the participation […]
Argentina Fuel Sales Drop 8.1% In May 2021
(Energy Analytics Institute, 29.Jun.2021) — Argentina reported that fuel sales in May 2021 fell an average 8.1% compared to April 2021, according to a report by the Confederation of Hydrocarbons and Related Trade Entities (CECHA by its Spanish acronym). Gasoline sales were impacted the most, falling 13.6% sequentially. The drop […]
LatAm Briefs: Chile’s Green Plans, Venezuelan Oil Output
(Energy Analytics Institute, 29.Jun.2021) — Energy briefs from the Latin America and Caribbean region including: Chile and Germany inking a green hydrogen deal, EP PetroEcuador reaching an agreement with the community of El Edén to lift a 45-day blockage, Venezuela’s oil production averaging around 570,000 barrels per day, and more. […]
Indian Oil Corp. Buys Its First Guyanese Oil
(Reuters, 29.Jun.2021) — Indian Oil Corp (IOC.NS), the country’s top refiner, has made its first purchase of Guyana’s Liza light sweet crude as it seeks to diversify its crude purchases, a source familiar with matter said. The 1 million-barrel cargo will set sail around July 4 on Greece-flagged tanker Militos […]
Colombia To Launch Hydrogen Road Map
(Reuters, 29.Jun.2021) — Colombia will launch plans in September to develop the production and use of hydrogen as a long-term clean energy source, the Minister of Mines and Energy said on Tuesday, while voicing hope this year’s oil and gas auction will be successful. The South American country will publish […]
Sempra Gives Strategic Update, Financial Outlook
(Sempra, 29.Jun.2021) — Sempra‘s (NYSE: SRE) (BMV: SRE) senior management team is providing an update on the company’s strategy, operations and financial outlook at its 2021 Virtual Investor Day. “Over the next decade, we see the economies of North America becoming increasingly integrated,” said Jeffrey W. Martin, chairman and CEO […]
Magna Achieves Full-Scale Production At San Francisco
(Magna Gold, 29.Jun.2021) — Magna Gold Corp. (TSXV: MGR), (OTCQB: MGLQF) achieved full-scale and steady state commercial production at its 100% owned flagship San Francisco Mine, located in Sonora, Mexico. Commercial production was achieved on schedule on 1 June 2021, as outlined in the company’s press release dated 13 April […]
New Pacific Starts Initial Drilling At Carangas Silver Project
(New Pacific, 29.Jun.2021) — New Pacific Metals Corp. (TSX: NUAG) (NYSE-A: NEWP) commenced an initial discovery drill program at the Carangas Silver Project, Oruro Department, Bolivia. The company has identified near-surface bulk-tonnage and high-grade vein-hosted silver-rich polymetallic targets centred on and adjacent to the historically exploited West and East Dome […]
PDVSA Restarts Drilling Campaign Suspended Since 2019
(S&P Global, 29.Jun.2021) — In the second half of the year, Venezuela’s state-owned PDVSA will restart the drilling of oil wells while intensifying work to open 3,700 shuttered wells and to recover compression and gas injection capacity needed to increase crude output, according to an internal “Operational Follow-up Plan” report […]
Solaris Reveals Results Of Annual General Meeting
(Solaris, 29.Jun.2021) — Solaris Resources Inc. (TSX: SLS) (OTCQB: SLSSF) announces that all matters presented for approval at Solaris’ annual meeting of shareholders held today, as more particularly set out in the company’s Management Information Circular dated 13 May 2021, have been approved. These matters included: — Setting the number […]
Vista Reveals JV With Trafigura For Vaca Muerta Development
(Vista Oil, 28.Jun.2021) — Vista Oil & Gas, S.A.B. de C.V. (NYSE: VIST; BMV: VISTA) announced that its wholly-owned subsidiary Vista Oil & Gas Argentina S.A.U. established an un-incorporated joint venture and has entered into an investment agreement with Trafigura Argentina S.A. for the joint development of, initially, 5 pads […]
Glencore Snaps Up BHP, Anglo Stakes In Colombian Coal Mine
(Reuters, 28.Jun.2021) — Diversified miner Glencore will become the sole owner of the Cerrejon thermal coal mine in Colombia by buying out partners BHP and Anglo American, boosting its coal assets at a time when others are looking to exit the sector. Glencore said on Monday it expects to pay […]