(Reuters, 24.Feb.2021) — Brazilian President Jair Bolsonaro’s decision to replace the head of state-run oil giant Petrobras threatens the government’s privatization program and potentially the economy’s medium-term growth prospects, ratings agency Moody’s warned on Wednesday. “The greatest risk to Brazil’s sovereign credit profile is a confidence shock that leads to […]
Category: Latin America and the Caribbean
Ecopetrol Adopts Measures For Shareholder’s Meeting
(Ecopetrol, 23.Feb.2021) — Ecopetrol S.A. reports that in order to comply with the provisions of Part III Title I Chapter VI of the Basic Legal Circular issued by the Financial Superintendency of Colombia (SFC for its Spanish acronym) (E.C. 029 of 2014), the Board of Directors of Ecopetrol S.A. approved […]
Venezuela Ships Jet Fuel to Iran In Exchange For Petrol
(Reuters, 23.Feb.2021) — Venezuela is shipping jet fuel to Iran in return for vital gasoline imports for the South American nation as part of a swap deal agreed by the two state-run oil firms, three people with knowledge of the matter told Reuters. Iran has ramped up assistance to Venezuela […]
Ecopetrol’s Annual General Meeting
(Ecopetrol, 23.Feb.2021) — The Chief Executive Officer of Ecopetrol S.A. hereby summons all Shareholders to the Annual General Shareholders’ Meeting to be held remotely on Friday, 26 March 2021, starting at 9 a.m. The agenda for the meeting will be: Safety guidelines Quorum verification Opening by the Chief Executive Officer […]
Petrobras’ Political Risk Raises Uncertainties
(Fitch, 23.Feb.2021) — The request to replace Petroleo Brasileiro S.A.’s (Petrobras, IDR BB-/Negative) CEO made by the Brazil’s Ministry of Mines and Energy is viewed by Fitch Ratings as raising uncertainties for the ethanol sector whose price dynamics are strongly correlated with Petrobras’ pricing policy. The government influence on Petrobras’ […]
Ecopetrol: 2020 Earnings Distribution Proposal
(Ecopetrol, 23.Feb.2021) — Ecopetrol S.A. hereby informs of the company’s 2020 earnings distribution proposal, approved by its Board of Directors, which will be submitted for the consideration of the General Shareholders Meeting that will take place on 26 March 2021: The earnings distribution project proposes, in line with the company’s […]
Ecopetrol Reports 4Q:20 And YE:20 Results
(Ecopetrol, 23.Feb.2021) — Ecopetrol S.A. reported today the financial results of the Ecopetrol Group for the fourth quarter and the cumulative results for 2020, prepared in accordance with the International Financial Reporting Standards applicable to Colombia. * Excluding the effect of expenses associated to the Voluntary Retirement Plan, EBITDA amounts […]
Ecopetrol Minority Owners Nominate Candidate
(Ecopetrol, 23.Feb.2021) — Ecopetrol S.A. informs that in accordance with the subscription of the Declaration of the Nation as majority shareholder and the established procedure, the representatives of the minority shareholders deposited with Ecopetrol an agreement whereby they agreed to nominate Dr. Carlos Gustavo Cano Sanz as their candidate to […]
Ecopetrol Adopts Measures For Shareholders’ Meeting
(Ecopetrol, 23.Feb.2021) — Ecopetrol S.A. reports that in order to comply with the provisions of Part III Title I Chapter VI of the Basic Legal Circular issued by the Financial Superintendency of Colombia (SFC for its Spanish acronym) (E.C. 029 of 2014), the Board of Directors of Ecopetrol approved the […]
Ecopetrol’s Annual General Shareholders’ Meeting
(Ecopetrol, 23.Feb.2021) — The Chief Executive Officer of Ecopetrol S.A. hereby summons all Shareholders to the Annual General Shareholders’ Meeting to be held remotely on Friday, 26 March 2021, starting at 9 a.m. The agenda for the meeting will be: Safety guidelines Quorum verification Opening by the Chief Executive Officer […]
World Must Stop Venezuela’s Environmental Destruction
(By Francisco Dallmeier and Cristina V. Burelli, 22.Feb.2021) — The political and economic ruin of Venezuela, once one of Latin America’s wealthiest countries, is by now a well-known story. Far less understood are the catastrophic impacts of the crisis on the country’s environment. International action is urgently needed — first […]
Petrobras In Turmoil As Investors Digest Shake-up
(Argus, 22.Feb.2021) — The share price of Brazil’s Petrobras nosedived today after President Jair Bolsonaro moved to overhaul the state-controlled company’s management, heralding a return to state intervention and threatening to derail a $25bn-$35bn divestment plan. The stunning development sent shock waves through the company’s executive ranks and the investment […]
Politics To Forefront With Petrobras CEO’s Removal
(Fitch, 22.Feb.2021) — On 19 Feb. 2021 Brazil’s Ministry of Mines and Energy requested that Petroleo Brasileiro S.A.’s (Petrobras) board of directors replace the company’s CEO. Fitch Ratings views this change as potentially negative for the company’s cash flow generation and standalone credit profile (SCP), which Fitch currently assesses as […]
ANP: Petrobras Shakeup Will Not Change Refinery Policy
(Reuters, 22.Feb.2021) — Brazil’s oil sector regulator ANP does not see President Jair Bolsonaro’s appointment of a new Petrobras CEO altering the country’s policy of opening up the domestic refinery market to private investment, ANP director-general Rodolfo Saboia said on Monday. Shares in Petroleo Brasileiro SA, as the company is […]
Panama Canal Sets LNG Transite, Tonnage Record
(Panama Canal Authority, 3.Feb.2021) — The Panama Canal set a new monthly record for transits and tonnage of liquefied natural gas (LNG) vessels in January, which shows its capacity to respond to the demand of this segment, as a result of the recent surge in the energy market. In January, […]
Petrobras On Samsung Leniency Deal
(Petrobras, 19.Feb.2021) — Petrobras has received R$360mn ($65mn) last week related to the leniency agreement executed by Samsung Heavy Industries. This cash arises from the first installment of the Samsung agreement of a total amount of R$705.9mn that will be applied to the reimbursement for Petrobras. With these values, Petrobras […]
Petrobras Starts Binding Phase Of Carmópolis Cluster
(Petrobras, 19.Feb.2021) — Petrobras, following up on the release disclosed on 19 November 2020, informs the beginning of the binding phase regarding the sale of all of its stakes in a set of 11 onshore production field concessions, with integrated facilities, located in the state of Sergipe, jointly called the […]
Bolsonaro Says More Changes Underway
(Blooomberg, 19.Feb.2021) — Brazilian President Jair Bolsonaro said that more changes are underway after naming a former general to replace the University of Chicago-educated economist running state-controlled Petroleo Brasileiro SA. The leadership change at Petrobras followed a feud with Bolsonaro over fuel prices after Petrobras adjusted them to align with […]
Petrobras CEO Fights Pressure To Resign
(Reuters, 19.Feb.2021) — The chief executive of Brazil’s state-led oil company Petrobras is trying to fight off President Jair Bolsonaro’s bid to oust him over his insistence on raising gasoline prices in line with international market hikes, two sources with direct knowledge of the matter told Reuters on Friday. The […]
Ecopetrol’s Reserves Fall To 1,770 MMboe At YE:20
(Ecopetrol, 19.Feb.2021) — Ecopetrol S.A.’s consolidated crude oil, condensates and natural gas proven reserves (1P reserves, according to the standard international denomination) as of 31 December 2020. Reserves were estimated based on US Securities and Exchange Commission (SEC) standards and methods. 99% of the reserves were audited by five recognized […]
YPF Comments On Rating Change By Fitch
(YPF, 19.Feb.2021) — In accordance with the requirements of the Argentine Securities Commission (CNV) Rules YPF informs that Fitch Ratings decided to raise the long-term issuer default rating of the company and the rating of the unsecured negotiable obligations (“Senior Unsecured Notes”) on an international scale, in each case from […]
Petrobras CEO Castello Branco Out, Luna In
(Energy Analytics Institute, 19.Feb.2021) — A shake up at Petrobras will see CEO Roberto Castello Branco being replaced by Joaquim Silva e Luna, according to Brazil’s mining and energy ministry. “The government decided to nominate Joaquim Silva e Luna to fulfill a new mission as board member and president of […]
Petrobras On Letter From Mines And Energy Ministry
(Petrobras, 19.Feb.2021) — Petrobras informs that it received a letter from the Ministry of Mines and Energy, requesting measures to convene an Extraordinary General Meeting in order to promote the election and replacement of a Board of Directors member, and to appoint Joaquim Silva e Luna to replace Roberto da […]
Mexico Looks to Strengthen Energy Sector
(Energy Analytics Institute, 18.Feb.2021) — Mexico’s President Andrés Manuel López Obrador said the recent Texas freeze that saw many residents in the state lose power and water service, demonstrated why his country needed to strengthen its energy sector. Highlights: The Texas storm that commenced Friday night 12 February 2021 froze […]
Diesel And Food In Venezuela
(Council on Foreign Relations, Elliott Abrams, 18.Feb.2021) — As part of the broad economic sanctions against the Maduro regime in Venezuela and especially the petroleum sector, the Trump administration barred swaps of Venezuelan crude oil for gasoline and diesel. There has been a debate over this step. The humanitarian argument […]
Orvana Announces Results Of Shareholders’ Meeting
(Orvana Minerals, 18.Feb.2021) — Orvana Minerals Corp. announced that, at its annual shareholders’ meeting held on 18 February 2021, the individuals noted below were elected as directors of the company. The report on proxies provided by the company’s transfer agent indicated the following: George Darling received 78,734,816 votes (representing 95.30% […]
Argentina’s Shale Ambitions Hang In Balance
(Bloomberg, 18.Feb.2021) — YPF SA, Argentina’s state-run oil company, needs to come up with more than $1 billion to spur drilling in Patagonia, where it’s leading development of the biggest shale patch outside the U.S. It’s not going to be easy. YPF restructured bonds last week to free up money […]
IEnova Reports YE:20 And 4Q:20 Financial Results
(IEnova, 18.Feb.2021) — IEnova reported year-end and fourth quarter 2020 financial results. Highlights: – Top priority remains the health and safety of our employees while ensuring the continuity of safe and reliable operations – Full-year adjusted EBITDA up 7% to $1,006mn, meeting our 2020 Guidance – Fourth-quarter adjusted EBITDA of […]
Ecopetrol To Report On Its 2021-2023 Business Plan
(Ecopetrol, 18.Feb.2021) — Ecopetrol S.A. announces that on 23 February 2021 after market close, it will release its financial and operating results for the fourth quarter and full year 2020, and the 2021-2023 Business Plan. On 24 February, Ecopetrol’s senior management will host two conference calls to review the results […]
Texas Power Outage is Reminiscent of Socialist Venezuela
(Forbes, 18.Feb.2021) — In Houston, TX, the Energy Capital of the World, I have been without power and running water for three days. I and millions of other Texas residents are currently enduring the consequences of one of the worst instances of engineering malpractice, business mismanagement, and political irresponsibility in […]
Fitch Downgrades YPF’s IDRs To ‘RD’
(Fitch Ratings, 18.Feb.2021) — Fitch Ratings has downgraded YPF S.A.‘s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to ‘RD’ from ‘C’, due to the conclusion of its announced exchange offer. Fitch has simultaneously upgraded YPF’s Long-Term Local and Foreign Currency IDRs to ‘CCC’ from ‘RD’, and upgraded the […]
IENova To Host 4Q:20 Earnings Call
(IEnova, 18.Feb.2021) — IEnova announced plans to host its earnings call regarding its year-end and fourth quarter 2020 financial results. IEnova will broadcast a live discussion of its earnings results over the internet on Friday, 19 February 2021 at 11 a.m. ET with the company’s senior management. Access is available […]
Statement From Bondholder Group On Argentina
(The Ad Hoc Group of Argentina Exchange Bondholders, 17.Feb.2021) — The Ad Hoc Group of Argentina Exchange Bondholders today released the below statement containing its views on the current economic situation in Argentina and its government’s policies: Argentina’s Backdrop Should be Positive. With a multi-decade restructuring of its external debt […]
Mexico Plans To Help Pemex But Limit Covid Spending
(Bloomberg, 17.Feb.2021) — Mexico is preparing a significant tax break for its state-owned oil firm while the constitution blocks it from taking on debt to increase social spending during the pandemic, Finance Minister Arturo Herrera said in an interview. Lowering the state’s demands on Pemex, its biggest taxpayer, could help […]
Mexico Presses US To Guarantee Gas Supplies
(Reuters, 17.Feb.2021) — The Mexican government called the top U.S. representative in Mexico on Wednesday to press for natural gas supplies after the Texas governor ordered fuel to remain in the state during a freeze that has overwhelmed its energy grid. Already, earlier this week, natural gas supplies to Mexico […]
Frontera Releases Resources Details On Guyana Blocks
(Frontera, 16.Feb.2021) — Frontera Energy Corporation and CGX Energy Inc., joint venture partners, announced completion of an independent Prospective Resource study and report in respect of the Corentyne North Area, Corentyne Main Area and Demerara block, offshore Guyana. The Joint Venture is also pleased to announce the successful rescheduling of […]
Petrobras On Rating Maintenance By Fitch
(Petrobras, 16.Feb.2021) — Petrobras announces rating agency Fitch affirmed the ”BB-“ issuer default ratings for Petrobras, with a negative outlook, reflecting the agency’s opinion on the sovereign’s ratings. Petrobras stand-alone credit profile was also affirmed at “bbb”, 4 notches above the sovereign. Fitch highlighted the company’s strong capital structure, declining […]
Guyana Cautious On 2021 Oil Output, Price
(Argus, 15.Feb.2021) — Guyana forecasts average crude production of 109,000 b/d in 2021, 46.7pc above last year but short of initial expectations because of a recurring technical glitch. The government is predicting a 4pc year-on-year increase in the Brent crude price to around $43.9/bl, finance minister Ashni Singh said on […]
China, Russia, Venezuela: Q&A With Thomas O’Donnell
(Energy Analytics Institute, 13.Feb.2021) — China and Russia continue to push around their might in Venezuela. Thomas O’Donnell with the Hertie School of Governance & Freie Universität-Berlin weighs in briefly here. Energy Analytics Institute: What might China and Russia be willing to do this year to assist Venezuela’s President Nicolas […]
UN’s Douhan Urges Lifting Sanctions Against Venezuela
(OHCHR, 12.Feb.2021) — The UN Special Rapporteur on unilateral coercive measures and human rights, Alena Douhan, today urged the United States, European Union and other States to drop unilateral sanctions imposed against Venezuela. At the end of a two-week visit to Venezuela, Douhan said the sanctions have exacerbated pre-existing calamities. […]
UN Reports On Impacts Of US Sanctions On Venezuela
(OHCHR, 12.Feb.2021) — The United Nations Special Rapporteur on the negative impact of unilateral coercive measures on the enjoyment of human rights, Ms. Alena Douhan, visited the Bolivarian Republic of Venezuela from 1-12 February 2021. She thanks the Government of the Bolivarian Republic of Venezuela for enabling and supporting her […]
US Still Eyes “Free And Fair” Elections In Venezuela
(Energy Analytics Institute, 11.Feb.2021) — The US, despite recent presidential elections and a drastic change of leadership from the top down, continues in pursuit of “free and fair” elections in Venezuela and is willing to reverse sanctions if the results are achieved. “The [US] sanctions are to force a change […]
Petrobras On Inking PSA For RLAM
(Petrobras, 11.Feb.2021) — Petrobras, regarding a piece of news published on the media about the sale of the refineries, clarifies that the dates for the signing of the purchase and sale agreement and for their effective transfer to the buyers (respectively signing and closing) are merely internal estimates subject to […]
Guyana Re-engages India On Support For Renewables
(Guyana Times, 11.Feb.2021) — Guyana has re-engaged the Indian Government through The Energy and Resources Institute (TERI) to provide technological support in several sectors that will drive its achievement of the Sustainable Development Goals 2030. President Dr Irfaan Ali made this announcement during his address to the World Sustainable Development […]
Venezuela Briefs: Oil Tankers, OPEC+ Meeting
(Energy Analytics Institute, 10.Feb.2021) — Venezuelan briefs related to the departure of oil tankers Era and Explorer from PDVSA’s Amuay refinery in Punto Fijo and Venezuela’s participation in recent OPEC+ discussions. Oil Tankers Depart Amuay For Singapore (Energy Analytics Institute, 10.Feb.2021) — The oil tankers Era and Explorer are said […]
YPF Reveals 4Q:20 Conference Call Date
(Energy Analytics Institute, 11.Feb.2021) — Argentina’s oil and gas giant YPF plans to announce results of operations for the fourth quarter 2020 and full year 2020 on 5 March 2021. ____________________ By Jared Yamin. © Energy Analytics Institute (EAI). All Rights Reserved.
Petrobras To Host 4Q:20 Results Webcast
(Petrobras, 10.Feb.2021) — Petrobras informs that on 25 February 2021 two webcasts will be held, the first in Portuguese and the second in English, to present the company’s results for the fourth quarter of 2020. Petrobras will use the Microsoft Teams tool (link below) for the event. 25 February 2021 […]
EP PetroEcuador Reveals Energy Efficiency Program
(Energy Analytics Institute, 10.Feb.2021) — Ecuador’s state oil company EP PetroEcuador announced details of its Energy Efficiency Program, which uses associated gas for electricity generation to optimize resources and minimize impacts on the environmental. According to details about the program, PetroEcuador achieved the following savings between June 2009 and December […]
SeaOne Granted 30-Year Port Concession In Buenaventura
(SeaOne Holdings, 10.Feb.2021) — SeaOne Holdings, LLC, which is developing various projects for the delivery of US produced natural gas and natural gas liquids (NGLs) to the Caribbean, Central and South America, today announced that Colombia’s National Infrastructure Agency (ANI) has granted and approved an initial 30-year port concession to […]
China Expands Presence In LatAm’s Energy Industries
(IOA, 10.Feb.2021) — China is broadening its presence in Latin America’s energy and strategic minerals sectors, posing challenges to the regional countries themselves as well as to the United States, according to a new white paper published by the Institute of the Americas (IOA), an independent, nonpartisan organization based in […]