(Reuters, 9.Feb.2021) — National oil companies (NOCs) risk squandering $400 billion on expensive oil and gas projects over the next decade that may only break even if the world fails to meet the Paris climate goals, a non-governmental organisation said on Tuesday. In a new report called Risky Bet, the […]
Category: Latin America and the Caribbean
Golden’s Chairman Updates On Paraguay, Argentina
(Golden Arrow Resources Corp., 9.Feb.2021) — The New Year is underway, as President, CEO and Chairman of Golden Arrow Resources Corporation, I [Joseph Grosso] would like to share some comments and provide you with various links to Golden Arrow’s new website that provides additional information on the company’s current activity. […]
Petrobras Concludes BSBios Divestment
(Petrobras, 9.Feb.2021) — Petrobras following up on the release disclosed on 23 December 2020, informs that its wholly-owned subsidiary Petrobras Biocombustível S.A. (PBio) completed today the sale of all its shares (50% of the company’s capital) issued by BSBios Indústria e Comércio de Biodiesel Sul Brasil S/A (BSBios) to the […]
Ecopetrol On Decision Related To Lisama 158 Well
(Ecopetrol, 9.Feb.2021) — Ecopetrol S.A. has been notified of the decision issued by Colombia’s National Environmental Licensing Authority (ANLA), as per Resolution 290 of 9 February 2021, whereby a fine has been imposed on Ecopetrol S.A. in the amount of COP$ 3,863,918,267 for the oil seepage in the vicinity of […]
Hess To Market Guyana Oil
(Reuters, 9.Feb.2021) — U.S. oil producer Hess Corp has been selected to market two Guyana crude oil shipments as the emerging oil power seeks a permanent partner to handle its share of a major offshore oil find, the country’s vice president said on Tuesday. The South American country has became […]
CGX Names Professor Mark Zoback To The BODs
(CGX, 8.Feb.2021) — CGX Energy Inc. has appointed Professor Mark D. Zoback to the Board of Directors of the Company and Ms. Jennifer Budlong as its Exploration Manager. The company’s Board of Directors unanimously voted to increase the number of Directors of the Board from five (5) to six (6) […]
Ecopetrol Updates On Offer To Acquire ISA Stock
(Ecopetrol, 8.Feb.2021) — Ecopetrol S.A,, pursuant to the provisions set forth in Article 5.2.4.1.6 – Decree 2555/2010, does hereby confirm the information published in several media outlets that last 5 February 2021, received a written communication issued by the Ministry of Finance and Public Credit, whom, among other things, announced […]
ExxonMobil Exploits Divisions In South America
(People’s World, 8.Feb.2021) — Tensions are rising between neighboring Guyana and Venezuela over a piece of land that has been disputed since at least 1835. Both Guyana’s President Irfaan Ali and Venezuela’s President Nicolás Maduro have exchanged sharp words about the status of the Essequibo region, which both countries claim. Since 1990, the two […]
Petrobras On RLAM And REPAR Divestments
(Petrobras, 8.Feb.2021) — Petrobras concluded the final round of the binding phase of the sale process of the Landulpho Alves Refinery (RLAM) and its associated logistics assets, in Bahia, in which Mubadala Capital presented the best final offer in an amount of $1.65bn. The signing of the purchase and sale […]
YPF Sweetens $6.2 Bln Debt Deal Again After Offer Fails
(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 […]
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 Andrés 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 Anónima 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 Petróleo 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 Anónima de Inversión (PUSAI), concluded today the sale of its entire stake in Petrobras Uruguay Distribución 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 Cubatão, São 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 Espírito 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 Martín 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 Petróleos 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 Anónima’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 Urissanê 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 Urissanê, 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 […]