(Petrobras, 25.Mar.2021) — Petrobras, following up on the releases disclosed to the market on 22 June 2020 and 11 November 2020, announces that it received, on this date, a decision from the Market Arbitration Chamber of B3 (MAC), which granted its challenge and dissolved the Arbitration Tribunal that rendered a […]
Category: Latin America and the Caribbean
Bolivia, Germany Resume Talks Over Lithium Development
(Energy Analytics Institute, 24.Mar.2021) — Bolivia resumed negotiations with Germany for the industrialization of the South American country’s lithium reserves. Bolivia is also open to the possibility of the participation of other countries that offer better work and technology, according to reports 24 March 2021 in the daily newspaper La […]
Favorable Conciliation Deal Between Frontera, CENIT And Bicentenario
(Frontera Energy, 24.Mar.2021) — Frontera Energy Corporation, Cenit Transporte y Logística de Hidrocarburos S.A.S. and Oleoducto Bicentenario de Colombia S.A.S. separately announced today that the Office of the Attorney General of Colombia (Procuraduría General de la Nación) has delivered its opinion on the Conciliation Agreement between Frontera, CENIT and Bicentenario. […]
Barbados Implements IMF’s Enhanced General Data Dissemination System
(IMF, 24.Mar.2021) — Barbados has implemented the recommendations of the IMF’s Enhanced General Data Dissemination System (e-GDDS) by publishing essential data through the National Summary Data Page (NSDP). The e-GDDS was established by the IMF in 2015 to support improved data transparency, encourage statistical development, and help create synergies between […]
Key Petrobras Executives Set To Depart
(Petrobras, 24.Mar.2021) — Petrobras informs that Andrea Almeida, Chief Financial and Investor Relations Officer, Carlos Alberto Pereira de Oliveira, Chief Exploration and Production Officer, André Chiarini, Chief Trading and Logistics Officer, and Rudimar Chief Production Development Officer, informed today to the Board of Directors that they do not intend to […]
Heritage, EOG Ink Gulf Of Paria Deal
(Trinidad and Tobago Newsday, 24.Mar.2021) — Hailing a new deal for EOG Resources to explore for oil in the Gulf of Paria in a 14,000 hectare area owned by the State-run Heritage Petroleum Company, the Prime Minister urged more drilling in both sea and land areas so as to boost […]
Petrobras Inks Deal To Divest RLAM
(Petrobras, 24.Mar.2021) — Petrobras, following up on the release disclosed today, informs that it has signed a contract with MC Brazil Downstream Participações, a company of the Mubadala Capital group, for the sale of the company’s shares that will hold the Landulpho Alves Refinery (RLAM) and its associated logistics assets, […]
Petrobras On Samsung Leniency Deal
(Petrobras, 24.Mar.2021) — Petrobras, following up on the release disclosed on 03/01/2021, informs that it received last week the second, and last, installment, in the amount of $59.4mn, of the leniency agreement entered into by Samsung Heavy Industries. With these values, Petrobras surpasses R$ 5.7bn in funds recovered through collaboration, […]
LatAm Briefs: Kircher On IMF, OCP President Resignation
(Energy Analytics Institute, 24.Mar.2021) — Energy briefs from the Latin America and Caribbean region including: Argentina’s Cristina Kircher insisting the International Monetary Fund (IMF) give Argentina lower debt rates, the president of Caracas-based CAF resigning, and the president of Ecuador’s OCP resigning, among others. Kircher Insist IMF Give Argentina Lower […]
LatAm Briefs: Argentina And IMF, ANCAP 2020 Loss
(Energy Analytics Institute, 23.Mar.2021) — Energy briefs from the Latin America and Caribbean region including: the IMF contemplating lending $4.4bn to Argentina and Uruguay’s ANCAP reporting a $12mn loss in 2020. IMF Could Lend $4.4bn To Argentina The International Monetary Fund (IMF) could lend Argentina around $4.4bn, according to reports […]
HPCL-Mittal Awaits Guyanese Crude Liza
(Reuters, 23.Mar.2021) — The first cargo from new oil producer Guyana to the world’s third-largest crude importer, India, departed this month from a production facility off the South American nation’s coast in a vessel chartered by trading firm Trafigura, data from Refinitiv Eikon showed on Tuesday. The cargo was bought […]
Guyana Oil Still At Peak Capacity: Hess
(S&P Global, 23.Mar.2021) — The ExxonMobil-operated Liza Phase 1 development offshore Guyana achieved its nameplate capacity output of 120,000 b/d in December and continues to produce at that rate, the top executive of Liza partner Hess Corp. said March 23. The partners at the Stabroek Block where Liza is located, […]
PetroPerú Guarantees Gas Supply
(PetroPerú, 23.Mar.2021) — Maintenance of the Pampa Melchorita plant will not affect natural gas users in the cities of Arequipa, Moquegua, Ilo and Tacna. Thinking about the well-being of its clients in the south of the country, PetroPerú has been taking action in order to guarantee the supply of natural […]
Neuquén Province Boosts Output In February 2021
(Energy Analytics Institute, 22.Mar.2021) — Argentina’s Neuquén province produced 178,349 barrels per day of oil in February 2021, up 3.22% sequentially and up 6.91% compared to February 2020. Approximately 80% of the production in February came from the Vaca Muerta formation, Neuquén governor Omar Gutiérrez said 22 March 2021 in […]
Gas Center Stage In Peru’s Presidential Race
(Argus, 22.Mar.2021) — Natural gas is a central theme among Peru’s top presidential candidates looking to distinguish themselves ahead of 11 April general elections. None of 18 candidates — spanning the full political spectrum — has garnered more than 20pc in the polls, and none is likely to break past […]
Mexico Seeks Better Terms From Vitol
(Reuters, 22.Mar.2021) — Mexico is looking to renegotiate some of its hundreds of millions of dollars-worth of contracts with Vitol SA after the global energy trader acknowledged paying kickbacks to win business with state oil company Pemex, Reuters has learned. The dispute in Mexico, the world’s fourth-largest importer of refined […]
Solek Group, Natixis Ink $85.25mn Deal For Chilean Photovoltaic Plants
(Solek Group, 22.Mar.2021) — Solek Group, through its Chilean subsidiaries, and Natixis as Sole Lead Arranger, Hedge Provider, LC Issuing Bank and Administrative Agent, have signed a $85.25mn senior secured facility for a portfolio of solar photovoltaic plants in Chile totaling at least 110MW. This marks Natixis’ first transaction with Solek, […]
PDVSA’s Bonaire Terminal Declares Bankruptcy
(Reuters, 22.Mar.2021) — A unit of Venezuelan state oil company PDVSA on the Dutch Caribbean island of Bonaire has declared bankruptcy, citing the impact of U.S. sanctions on Venezuela, a court filing showed. In a March 9 filing published last week by the Court of First Instance of Bonaire, Sint […]
Guyana Basins Summit (GBS) Energy Highlights
(Energy Analytics Institute, 22.Mar.2021) — Commentaries, quotes, data and other highlights from the Guyana Basins Summit (GBS) held virtually from 17-19 March 2021 and from speakers from Guyana’s President Mohamed Irfaan Ali to Guyana’s Natural Resources Minister Vickram Bharrat and others speaking about lessons learnt in other countries such as […]
LatAm Briefs: PDVSA Pipeline Attack, EP PetroEcuador Replanting
(Energy Analytics Institute, 21.Mar.2021) — Energy briefs from the Latin America and Caribbean region including: Venezuela state oil giant denouncing an attack on a pipeline in Monagas state and EP PetroEcuador replanting 45 hectares in two Ecuadorian provinces. PDVSA Denounces Attack On Monagas Pipeline Venezuela’s state-owned oil producer Petróleos de […]
Buenos Aires On Debt Restructuring
(The Province of Buenos Aires, 21.Mar.2021) — Since the announcement of its invitation to holders of certain eligible bonds as set forth in the invitation memorandum dated 24 April 2020 (as amended and supplemented from time to time, the “Invitation Memorandum”) to submit orders to exchange their eligible bonds for […]
Guyanese Communities To Benefit From Solar Streetlights
(DPI, 21.Mar.2021) — Minister of Local Government and Regional Development, Hon. Nigel Dharamlall has said more communities across Guyana will soon benefit from the installation of solar streetlights. This initiative will be undertaken through the Ministry’s Community Infrastructure Improvement Project (CIIP). Speaking with DPI, Minister Dharamlall said the Ministry is […]
Ecuador Eyes National Energy Plan 2050
(Energy Analytics Institute, 19.Mar.2021) — Ecuador’s hydrocarbon sector head René Ortiz announced the country would start the development process for a mid-century Ecuadorian National Energy Plan (PEN by its Spanish acronym). “This tool will guide long-term actions on issues of energy efficiency, generation, expansion, transmission, distribution and commercialization of electricity; […]
Are Foreign Oil Firms About To Return To Venezuela?
(Bloomberg, 19.Mar.2021) — Inside a chic lounge, oil lobbyists and executives rub shoulders as Spanish, French and Italian can be heard in the halls. This isn’t the ZaZa boutique hotel in Houston, where global energy top brass like to stay. It’s the Cayena Hotel in the Venezuelan capital of Caracas. Drawn by […]
Ecopetrol On Board Member Nominee
(Ecopetrol, 19.Mar.2021) — Ecopetrol S.A. announced in accordance with the agreement of the Nation’s Declaration as the majority shareholder, and in compliance with standing procedures, the representatives of the hydrocarbon producing departments have signed an agreement in order to unanimously nominate Mr. Hernando Ramirez as their candidate for the Board […]
Petrobras Begins Bahia Terra Cluster Binding Phase
(Petrobras, 19.Mar.2021) — Petrobras, following up on the release disclosed on 23 December 2020, informs the beginning of the binding phase, referring to the sale of all of its stakes in a set of 28 onshore production field concessions, located in the Recôncavo and Tucano Basins, in the state of […]
LatAm Briefs: Cañadón Wind Farm, Argentina Investment Law
(Energy Analytics Institute, 19.Mar.2021) — Energy briefs from the Latin America and Caribbean region including: Argentina eying the start up of the Cañadón wind farm as well as the government of Argentina President Alberto Fernández continuing to promote the country’s hydrocarbon investment law. YPF Eyes Start Up Of Cañadón Wind […]
Bolivia Eyes GDP Growth Of 4.4% In 2021
(Energy Analytics Institute, 18.Mar.2021) — Bolivia’s government adjusted its 2021 Financial Fiscal Program and foresees Gross Domestic Product (GDP) growth of 4.4% and controlled inflation of 2.6% this year. Bolivia’s President Luis Arce anticipates “gradual economy repercussions,” but called for a “sacrifice” from all sectors. Additionally, this year, Bolivia expects […]
LatAm Briefs: Pemex Costs, Ecuador Output
(Energy Analytics Institute, 18.Mar.2021) — Energy briefs from the Latin America and Caribbean region including: Banco do Brasil CEO resigning under pressures from Brazil’s President Jair Bolsonaro, Ecuador’s oil production reaching 506,519 barrels per day (b/d), and Pemex reducing production cost. Banco do Brasil CEO Resigns Under Bolsonaro Pressures Petrobras […]
Guyana Basins Summit Day 2 Recap
(Energy Advance, 18.Mar.2021) — The Guyana Basins Summit (GBS) was officially inaugurated by Hon. Albert R. Ramdin, Minister of Foreign Affairs, International Business and Cooperation, government of the Republic of Suriname who discussed the need for a new paradigm on regional co-operation, a future to be built post oil and […]
Hess Divest Interests In Denmark
(Hess, 18.Mar.2021) — Hess entered into an agreement to sell its subsidiary Hess Denmark ApS, which holds a 61.5% interest in the South Arne Field, to Ineos E&P AS for a total consideration of $150mn, effective 1 January 2021. “The sale of our Denmark asset enables us to further focus […]
Petrobras On BODs Nominees
(Petrobras, 18.Mar.2021) — Petrobras, pursuant to CIRCULAR LETTER/CVM/SEP/No.01/2021, reports that it has received the nomination of candidate Pedro Rodrigues Galvão de Medeiros for the Board of Directors, in case multiple voting process is adopted. Board of Directors election will take place at the Extraordinary General Meeting of 12 April 2021. […]
Petrobras On Fiscal Council Nomination
(Petrobras, 18.Mar.2021) — Petrobras, pursuant to CIRCULAR LETTER/CVM/SEP/No.01/2021, reports it has received from holders of common shares the nomination of candidates for the Fiscal Council, whose election will take place at the Annual General Meeting of 14 April 2021. Candidates nominated by shareholders FIA Dinâmica Energia and Banclass FIA: Candidate’s […]
Petrobras On Questionings Energy Ministry
(Petrobras, 18.Mar.2021) — Petrobras clarifies that it inquired its controlling shareholder, through the Ministry of Mines and Energy (MME), to which the company is linked under Law 9. 478/1997, about the existence of information that should be disclosed to the market, under the terms of CVM Instruction 358/2002, in view […]
Petrobras On BM-C-33 Developments
(Petrobras, 18.Mar.2021) — Petrobras has approved, together with its partners Equinor and Repsol Sinopec Brasil, the development concept for block BM-C33, operated by Equinor, located in the pre-salt layer of the Campos Basin, in the state of Rio de Janeiro. The block is about 200 km offshore and has water […]
Mexico To Absorb Pemex Amortization
(Reuters, 18.Mar.2021) — Mexico’s government will absorb the debt amortization payments as of this year of state oil firm Pemex, the world’s most indebted national oil company, CEO Octavio Romero said on Thursday. Those payments will represent over $6 billion in 2021, Romero said at an event in the southern […]
Tullow’s GVN Suriname Well Had “Minor Shows”
(Energy Analytics Institute, 18.Mar.2021) — Tullow Oil plc revealed the Goliathberg-Voltzberg North exploration well drilled in Suriname’s offshore Block 47 reached its total depth encountering “good quality reservoir but only minor oil shows.” Tullow said on 18 March 2021 in an official statement the Stena Forth drillship drilled the well […]
Ecuador Dedicates $300mn To Coastal Electrification Plan
(Energy Analytics Institute, 18.Mar.2021) — Ecuador’s Ministry of Energy and Non-Renewable Natural Resources (MENNR) as well as the country’s Ministry of Production, Foreign Trade, Investments and Fisheries, together with the National Electricity Corporation (CNEL) signed an inter-institutional agreement to allow for investment of approximately $300mn on works to improve the […]
Mexico Taunts Dzimpona-1 Oil Find
(Energy Analytics Institute, 18.Mar.2021) — Mexican officials announced discovery of a new giant oil field called Dzimpona-1 in the state of Tabasco. Reserves at the field are estimated between 500 and 600 million barrels of crude oil equivalent (MMboe) The Dzimpona-1 is located near Valeriana and Racemosa, which together hold […]
Ministers Informed Of Deal ‘Citgo Six’ Were Jailed For
(Reuters, 17.Mar.2021) — Six executives of U.S. refiner Citgo have been jailed in Caracas on graft charges since 2017, but court documents seen by Reuters show that top Venezuelan officials were made aware of the deal that the country’s top prosecutor accused the six executives of signing in secret. The […]
Xi Jinping Urges Joint China-Guyana Ties
(CGTN, 17.Mar.2021) — Chinese President Xi Jinping said Tuesday that China and Guyana should take the 50th anniversary of their diplomatic ties next year as an opportunity to push for more cooperation results and lift bilateral relations to higher levels. In a telephone conversation with Guyanese President Irfaan Ali, Xi […]
Guyana: Sleeping Giant In Investment Opportunities
(DPI, 17.Mar.2021) — His Excellency Dr Irfaan Ali said that Guyana is poised to become the most exciting investment destination in the Western Hemisphere. The Head of State made this pronouncement during his address at the opening of the Guyana Basin Summit 2021 (GBS) held virtually this morning. The event, […]
LatAm Briefs: YPF Chubut CAPEX, Fracking In Colombia
(Energy Analytics Institute, 17.Mar.2021) — Energy briefs from the Latin America and Caribbean regions Argentina, Colombia and Uruguay including: YPF’s investment plans in Chubut, Argentina’s economic minister’s plans to visit with IMF officials in the US, ExxonMobil’s pilot fracking plans in Colombia, and ANCAP’s board naming a new general manager […]
Chile, Rotterdam Ink Green Hydrogen Deal
(Energy Analytics Institute, 17.Jan.2021) — Chile signed a historic first memorandum of understanding (MOU) together with Rotterdam port authorities for the export-import of green hydrogen. “This is excellent news for Chile and the world,” Chile’s Energy and Mining Minister Juan Carlos Jobet said 17 March 2021 in an official statement […]
Guyana Basins Summit Day 1 Recap
(Energy Advance, 17.Mar.2021) — Yesterday saw his Excellency Hon. Dr. Mohamed Irfaan Ali, President, Co-operative Republic of Guyana open the Guyana Basins Summit and declare Guyana is a sleeping giant in investment opportunities. President Ali noted that while the Summit is not necessarily confined to oil and gas, the sector […]
Guyana’s Liza 1 Reaches Full Capacity
(Reuters, 17.Mar.2021) — Guyana’s President Irfaan Ali said on Wednesday that the first phase of the Liza offshore crude project had achieved its intended full production capacity of around 130,000 barrels per day (bpd). Ali told the Guyana Basins Summit that he expected an additional 10 exploration and appraisal wells […]
Guyana Basins Summit: 17-19 March 2021
(Energy Advance, 17.Mar.2021) — GBS 2021 is the the meeting place for industry executives, experts, government stakeholders, local business owners delivering networking and valuable insight into the region’s potential; its challenges and the road ahead. GBS will feature a wealth of content, solutions, an abundance of networking opportunities and provide […]
LatAm Briefs: Ambar Eyes Bolivian Gas, PDVSA Shuts Cardón Refinery
(Energy Analytics Institute, 16.Mar.2021) — Energy briefs from the Latin America and Caribbean regions Bolivia and Venezuela including Ambar executives seeking a deal for piped gas from Bolivia’s YPFB, PDVSA shutting its Cardón Refinery in Falcón state, and Venezuela reportedly shipping around 50% of its diesel production to Cuba. Ambar […]
Solaris Appoints Thomson To Board
(Solaris Resources, 16.Mar.2021) — Solaris Resources Inc. announced appointment of Mr. Kevin Thomson to its Board of Directors effective immediately. Mr. Thomson brings over 35 years of senior strategic mergers and acquisitions experience in the mining industry. Mr. Thomson currently serves as Senior Executive Vice President, Strategic Matters for Barrick […]
YPF Increases Diesel, Gasoline Prices
(Argus, 16.Mar.2021) — YPF, the biggest oil producer in Argentina, said March 16 that it hiked diesel and gasoline pump prices by 7%, helping to finance a $2.7 billion investment plan to boost crude output. The state-backed company said the increase took effect at the start of the day, adding […]