(Reuters, 8.Feb.2021) — Argentine state energy giant YPF made a last-ditch improvement to its $6.2 billion debt restructuring offer to creditors late on Sunday and extended the deadline after the majority of bondholders knocked back an earlier proposal. The firm, which spearheads development of the South American nation’s huge Vaca […]
Category: Latin America and the Caribbean
Ecuador’s Presidential Vote Heads To A Runoff
(New York Times, 7.Feb.2021) — Ecuadoreans are headed for a runoff presidential election following a vote Sunday in which a leftist economist drew the most votes, but not enough to secure an outright victory. The economist AndrĂ©s Arauz, outpolled a conservative rival, Guillermo Lasso, and an Indigenous environmental activist, Yaku […]
Petrobras Says Alignment To Int’l Prices Unchanged
(Petrobras, 7.Feb.2021) — Petrobras is clarifying a piece of news published on Friday afternoon, 5 February 2021, based on distorted statements released by the press. The maintenance of the periodicity for the measurement of the adherence between realization prices and international prices, adopted since June 2020 and confirmed in January […]
YPF’s Fourth Amendment To Exchange Offers
(YPF, 7.Feb.2021) — YPF Sociedad AnĂłnima announced its decision to amend the terms and conditions of its amended and restated Exchange Offer and Consent Solicitation Memorandum dated 25 January 2021, as amended on 1 February (the “Exchange Offer and Consent Solicitation Memorandum“). Capitalized terms used herein and not otherwise defined […]
Petrobras Concludes Frade Field Divestment
(Petrobras, 5.Feb.2021) — Petrobras, following up on the release disclosed on 28 November 2019, informs that it has concluded today the sale of its 30% participation in the Frade field, located in the Campos Basin, north coast of the state of Rio de Janeiro, to PetroRio Jaguar PetrĂłleo Ltda., a […]
Petrobras Begins Non-binding Phase For TBG, TSB
(Petrobras, 5.Feb.2021) — Petrobras, following up on the release disclosed on 23 December 2020, informs the beginning of the non-binding phase regarding the sale of its 51% stake in Transportadora Brasileira Gasoduto Bolivia-Brasil S.A. (TBG) and 25% stake in Transportadora Sulbrasileira de Gás S.A. (TSB). Potential buyers qualified for this […]
Petrobras Says Fuel Prices Aligned To Import Parity
(Petrobras, 5.Feb.2021) — Petrobras, regarding the news published in the media about fuel prices, clarifies that it practices prices aligned to the import parity. In the first half of 2020, given the significant increase in fuel price volatility, Petrobras decided to extend from quarterly to annual the limit period for […]
Petrobras Finalizes Sale Of Uruguayan Assets
(Petrobras, 5.Feb.2021) — Petrobras, following up on the release disclosed on 2 October 2020, informs that its indirect subsidiary Petrobras Uruguay Sociedad AnĂłnima de InversiĂłn (PUSAI), concluded today the sale of its entire stake in Petrobras Uruguay DistribuciĂłn S.A. (PUDSA), in Uruguay, to Mauruguay S.A., an indirect wholly-owned subsidiary of […]
PetroEcuador Starts Work On Two SOTE Variants
(Energy Analytics Institute, 5.Feb.2021) — EP PetroEcuador has commenced preventive work to protect the integrity of the Trans-Ecuadorian Pipeline System (SOTE) with construction of two additional variants to the four already existing. The natural phenomenon of regressive and lateral erosion of the Quijos River (Alto Coca) and its tributaries is […]
Bolsonaro To Discuss Diesel Price With Petrobras Head
(Reuters, 4.Feb.2021) — Brazilian President Jair Bolsonaro said he will meet on Friday with his Cabinet and the head of state-run oil company Petrobras to discuss diesel prices, a move that is not unprecedented under his administration, but could cause market jitters nonetheless. In a live video broadcast on Facebook […]
ANP Notifies Petrobras And BR Of Investigation
(Energy Analytics Institute, 4.Feb.2021) — Brazil’s National Agency of Petroleum, Natural Gas and Biofuels or ANP notified BR Distribuidora on 3 February 2021 and Petrobras on 4 February of an investigative process conducted by the agency regarding fuel produced in the Presidente Bernardes Refinery (RPBC) in CubatĂŁo, SĂŁo Paulo. ANP, […]
Lightsource bp Eyes Construction Of Project Lara
(Energy Analytics Institute, 3.Feb.2021) — Lightsource bp continues to advance two solar farm projects, collectively known as Project Lara, in Trinidad and Tobago and with a combined 112 MWac. The company aims to start construction of the Orange Grove Solar Project and the Brechin Castle Solar Project sometime in 2021, […]
Day 3: Energy Efficiency And Renewables Event Trinidad
(Energy Analytics Institute, 3.Feb.2021) — The Energy Efficiency and Renewables Conference 2021 hosted by the Energy Chamber of Trinidad and Tobago was broadcast virtually from 1-3 February 2021 from Trinidad. Keys details from Day 3 follow. DAY 3 SWECO’s Tanja Groth — Integrated policies maximize renewable usage by targeting infrastructure, […]
Taiwan To Open Office In Guyana
(Energy Analytics Institute, 3.Feb.2021) — Taiwan announced plans to establish an office in emerging petro-state Guyana, according to details revealed by the US Embassy in Guyana. “Deepening ties between Guyana and Taiwan will advance their shared goals of prosperity and security,” the US Embassy announced 3 February 2021 in an […]
Vaca Muerta Now Producing At Record Levels
(Rystad, 3.Feb.2021) — The oil production decline that the Covid-19 pandemic brought to Argentina’s Vaca Muerta formation now seems like a distant memory. The reserve’s oil output has not only rebounded to pre-pandemic levels but also reached a record high of 124,000 barrels per day (bpd) in December 2020, a […]
Day 2: Energy Efficiency And Renewables Event Trinidad
(Energy Analytics Institute, 2.Feb.2021) — The Energy Efficiency and Renewables Conference 2021 hosted by the Energy Chamber of Trinidad and Tobago was broadcast virtually from 1-3 February 2021 from Trinidad. Keys details from Day 2 follow. DAY 2 NewGen’s Philip Julien — NewGen is 100% locally owned, committed to the […]
Brazil’s Production Reaches 3.525 MMboe/d In Dec. 2020
(Energy Analytics Institute, 2.Feb.2021) — Brazil’s production of both crude oil and natural gas reached 3.525 million barrels of oil equivalent per day (MMboe/d) in December 2020, according to Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP) Total production in December 2020 was comprised of 2.726 million barrels […]
Letter Of Support For YPF Exchange Offer For 2021
(YPF, 2.Feb.2021) — On 7 January 2021, YPF S.A. launched exchange offers in respect of all seven series of its notes (collectively, the “Exchange Offer”). The Exchange Offer was a highly ambitious effort by the company to extract concessions from its international creditors. The Ad Hoc YPF Bondholder Committee represented […]
Argentina’s Escobar Terminal To Reopen
(S&P Global Platts, 1.Feb.2021) — A federal judge in Argentina has lifted a more than three-month suspension of the country’s only floating storage and regasification unit (FSRU) after the government warned of natural gas shortages if LNG imports were hindered. The FSRU, which is docked in Escobar, a district up […]
Day 1: Energy Efficiency And Renewables Event Trinidad
(Energy Analytics Institute, 1.Feb.2021) — The Energy Efficiency and Renewables Conference 2021 hosted by the Energy Chamber of Trinidad and Tobago was broadcast virtually from 1-3 February 2021 from Trinidad. Keys details from Day 1 follow. DAY 1 Comments From Trinidad And Tobago’s Minister Of Energy And Energy Industries Franklin […]
Petrobras Receives Proposals For Urucu Cluster
(Petrobras, 1.Feb.2021) — Petrobras, following up on the release disclosed on 7 December 2020, informs it has received binding proposals for the sale of its entire stake in a set of seven onshore production concessions, called Urucu Cluster, located in the Solimões Basin, in the state of Amazonas, and it […]
No Bids By Petrobras For Renting Of LNG Terminal
(Petrobras, 1.Feb.2021) — Petrobras, following up on the release disclosed on 1 October 2020, informs that the bidding process started on 3 August 2020 was ended, with no valid proposals, and that the company published, on today’s date, Bid Notice 002, aiming to determine a new deadline for the accreditation […]
Petrobras Chief Governance Officer Leaving In March
(Petrobras, 1.Feb.2021) — Petrobras informs that the Chief Governance and Compliance Officer, Marcelo Zenkner, has notified his intention to not renew his mandate, which will expire on 20 March 2021, for personal reasons: “I consider the mission of disseminating and generating engagement of the integrity culture at Petrobras duly fulfilled. […]
Petrobras Inks Deal To Divest EspĂrito Santo Assets
(Petrobras, 1.Feb.2021) — Petrobras, following up on the release disclosed on 5 August 2019, informs it has signed with the companies OP Energia Ltda. and DBO Energia S.A. a contract for the sale of the totality of its participations in the production fields of Peroá and Cangoá, and in the […]
bp’s Claire Fitzpatrick At Energy Efficiency Event 2021
(bp, 2.Feb.2021) — bp’s Trinidad and Tobago head Claire Fitzpatrick presented at the Energy Chamber’s Energy Efficiency and Renewables Conference 2021 in Port of Spain. Presentations at the conference came from virtual locations as well as some in person. What follows is her keynote speech. Thank you Dax – All protocols […]
Guyana’s Gas-to-Shore Project Economically Viable
(DPI, 1.Feb.2021) — An analysis carried out by local Financial Analyst, Mr. Joel Bhagwandin, has found that the Government’s gas-to-shore project is financially viable. The Government’s transformative gas-to-shore project is underway and is set to be completed by 2023. The main objective is to transport sufficient gas from the Stabroek […]
Ecopetrol Eyes Two Promising Developments
(Energy Analytics Institute, 31.Jan.2021) — Colombia’s state oil and gas company Ecopetrol is eyeing two promising developments in Colombia that could utilize initial lessons learned abroad from offshore Brazil and the US Permian Basin. The first relates to an offshore development and the second relates to pilot fracking projects. The […]
Review Of Economic, Financial Developments (Jan. 2021): Trinidad
(Energy Analytics Institute, 31.Jan.2021) — Key highlights from the January 2021 Economic Bulletin from the Central Bank of Trinidad & Tobago follow. — The COVID-19 pandemic continued to have broad-based negative impacts on the performance of the domestic economy, particularly the energy sector. — Energy commodity prices were significantly impacted […]
Argentine Finance Minister Seeks $44bn IMF Debt Deal
(Wall Street Journal, 30.Jan.2021) — With Argentina broke, Finance Minister MartĂn Guzmán is pushing for a deal by May with the International Monetary Fund to repay $44 billion in debt. To win the IMF’s acquiescence, he’ll narrow a yawning budget gap, he said in an interview on Friday. It is […]
Sugarcane Harvest At Risk In Venezuela’s Portuguesa State
(Energy Analytics Institute, 30.Jan.2021) — Venezuelan sugarcane growers in the country’s central Portuguesa state are at risk of losing the opportunity to harvest an estimated 762 hectares of the cane due to a lack of diesel. Producers in the state need an estimated 150,000 liters of diesel to assist them […]
PDVSA Ad Hoc Board Head Calls Citgo “Crown Jewel”
(Energy Analytics Institute, 29.Jan.2021) — The president of the Ad Hoc Board of PetrĂłleos de Venezuela (PDVSA) called US-based refiner Citgo Petroleum the “crown jewel” of the company’s international assets. Horacio Medina, the President of PDVSA’s Ad Hoc Board, said the situation regarding actions taken during 2019-2020 by Interim President […]
![Chevron Reports 4Q:20 Results [PDF DOWNLOAD]](https://energy-analytics-institute.org/wp-content/uploads/2020/08/chevron-corporate-houston.jpg){kind=icon}
Chevron Reports 4Q:20 Results [PDF DOWNLOAD]
(Chevron, 29.Jan.2021) — Chevron Corporation reported a loss of $665mn ($(0.33)/share – diluted) for fourth quarter 2020, compared with a loss of $6.6bn ($(3.51)/share – diluted) in fourth quarter 2019. Included in the current quarter was a charge of $120mn associated with Noble Energy, Inc. acquisition costs. Foreign currency effects […]
Moody’s Assigns Caa3 Rating To YPF’s Proposed Notes
(Moody’s, 29.Jan.2021) — Moody’s Investors Service assigned a Caa3 rating to YPF Sociedad AnĂłnima’s (YPF) proposed senior secured notes due 2026 and senior unsecured notes due 2029 and 2033. The outlook is stable. Net proceeds from the proposed issuance will be used for a tender offer to exchange a combined […]
Petrobras Finds Oil At Campos Basin UrissanĂŞ Well
(Petrobras, 29.Jan.2021) — Petrobras informs that has identified the presence of hydrocarbon in the wildcat well of block C-M-411, located in the pre-salt of the Campos Basin, in Rio de Janeiro state. The well 1-BRSA-1377-RJS, informally known as UrissanĂŞ, is located approximately 200 km from the coast, in water depth […]
OPEC Fund Marks 45 Years Of Driving Development
(The OPEC Fund, 28.Jan.2021) — The OPEC Fund for International Development (the OPEC Fund) marks its 45th anniversary today. Since inception, the multilateral development finance institution has approved more than $25bn in essential financing for 135 partner countries. Established in 1976 with a distinct mandate to drive development, strengthen communities […]
Petrobras And Ecopetrol Bullish On 2021
(Argus, 28.Jan.2021) — Just as Covid-19 affected each Latin American country differently, so too is the outlook of each country’s future crude oil production and exports. Colombia’s state-owned Ecopetrol and Brazil’s state-run Petrobras developed years-long strategies that in a year fraught with hurdles managed to yield higher export figures in […]
Ecopetrol’s Bid For ISA Ratifies Govt Linkage
(Fitch Ratings, 28.Jan.2021) — Ecopetrol’s (BBB-/Negative) non-binding offer for the Colombian government’s 51.4% stake in Interconexion Electrica (ISA, BBB+/Negative) ratifies the company’s close linkage with the government, according to Fitch Ratings. Although Fitch does not expect the transaction to impact Ecopetrol’s ratings, as they will continue to be equalized with […]
Ivan Duque Officially Opens Trina Solar Plant
(Trina, 27.Jan.2021) — The second phase of the Los Llanos photovoltaic power plant project developed and managed by Trina Solar in Colombia has been connected to the grid and the start of its commercial operations officially declared. The President of Colombia, Iván Duque Márquez, cut the ribbon at the delivery […]
Ecopetrol Bids For Transmission Giant
(Argus, 27.Jan.2021) — Colombia’s state-controlled Ecopetrol is seeking to acquire state-controlled electricity transmission giant Isa in an aggressive move away from its core oil business. Ecopetrol presented a non-binding offer for the government’s stake in Isa, equivalent to more than 51pc of the shares in circulation, the company said this […]
Hess Updates On Ops In The US, Guyana And Malaysia
(Hess, 27.Jan.2021) — Hess Corporation provided operational highlights from the fourth quarter of 2020 and its operations in the US Bakken, the US Gulf of Mexico, offshore Guyana and Malaysia. Bakken (Onshore U.S.): Net production from the Bakken increased to 189,000 boepd from 174,000 boepd in the prior-year quarter. Net […]
Hess Reports 4Q:20 Net Loss
(Hess, 27.Jan.2021) — Hess Corporation reported a net loss of $97mn, or $0.32 per common share, in the fourth quarter of 2020, compared with a net loss of $222mn, or $0.73 per common share, in the fourth quarter of 2019. On an adjusted basis, the corporation reported a net loss […]
Hess Corp.’s 4Q:20 Earnings Call Transcript
(Seeking Alpha, 27.Jan.2021) — A full transcript of the Hess Corporation4Q 2020 earnings conference call from 27 January 2021 at 10:00 am ET follows here. Executives Jay Wilson – VP, IR John Hess – CEO Greg Hill – COO John Rielly – CFO Analysts Jeanine Wai – Barclays Capital Doug […]
Bolsonaro Urges Truckers Not To Strike
(Reuters, 27.Jan.2021) — Brazilian President Jair Bolsonaro on Wednesday urged truckers not to strike on Feb. 1, suggesting he could lower diesel costs with tax breaks as he seeks to head off a crushing blow to the country’s pandemic-stricken economy. Speaking in Brasilia after a meeting with Economy Minister Paulo […]
Petrobras Gets Approval For Petros Plan 3
(Petrobras, 27.Jan.2021) — Petrobras, following up on the release disclosed on 18 January 2021, informs that the Secretariat for Coordination and Governance of StateOwned Companies (SEST) and the National Private Pension Superintendence (PREVIC) approved the Petros Plan 3 (PP-3). PP-3 will be a private pension option exclusively aimed to voluntary […]
Petrobras’s Refining Head Anelise Quintão Lara Leaves
(Petrobras, 26.Jan.2021) — Petrobras informs that its Board of Directors, in a meeting held today, approved the dismissal of Anelise QuintĂŁo Lara and elected Rodrigo Costa Lima e Silva as Chief Refining and Natural Gas Officer. The Refining and Natural Gas Office is responsible for the industrial operations of refining […]
Venezuela Crude Stocks Drop As Exports Pick Up
(Reuters, 26.Jan.2021) — Venezuelan state oil company PDVSA’s inventories of its main export crude grade dipped this week to their lowest levels since late November, internal company documents seen by Reuters showed. Merey 16 stocks at the country’s main oil terminal, the Jose port, fell to 4.85 million barrels as […]
YPF Bonds Rally After Sweetened Debt Offer
(Bloomberg, 26.Jan.2021) — Bonds of Argentine oil producer YPF SA climbed to a three-week high after the company improved a $6 billion restructuring offer. Stocks also jumped. YPF’s $540 million in securities due March 2025 rose almost 6 cents and shares rose as much as 9.3% after the state-controlled firm […]
Petrobras On Deal With Sete Brasil
(Petrobras, 26.Jan.2021) — Petrobras, following up on the release disclosed on 12 November 2020, informs it has received a notification from the Sete Brasil in which: (a) it indicates that will not comply with certain conditions set forth in the agreement that should be fully met by 31 January 2021; […]
Petrobras’ Proved Reserves Fall In 2020 Versus 2019
(Petrobras, 26.Jan.2021) — Petrobras discloses its proved reserves of oil, condensate and natural gas, according to SEC (US Securities and Exchange Commission) regulation, estimated at 8.816 billion barrels of oil equivalent (boe), as of 31 December 2020. Oil and condensate, and natural gas correspond to 86% and 14% of this […]
YPF Amends Second Exchange Offers
(YPF, 25.Jan.2021) — YPF Sociedad AnĂłnima (YPF) announced its decision to amend the terms and conditions of its Exchange Offers and Consent Solicitation initially described in its Exchange Offer and Consent Solicitation Memorandum dated 7 January 2021, as first amended on 14 January (the “Exchange Offer and Consent Solicitation Memorandum“). […]