Category: Latin America and the Caribbean

Petrobras Concludes Sale Of Onshore Fields

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(Petrobras, 9.Dec.2020) — Petrobras, following up on the release disclosed on 03/09/2020, has concluded the sale of 100% of its stakes in four onshore fields, located in the Tucano Basin, in the countryside of the state of Bahia, to Eagle Exploração de Ă“leo e Gás Ltda (Eagle). After fulfilling all […]

Trafigura Wins Bid To Import Premium Diesel

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(Energy Analytics Institute, 8.Dec.2020) — Ecuador’s state entity EP PetroEcuador awarded Trafigura Pte. Ltd. a deal to import 2,800,000 barrels of premium diesel. Trafigura won the deal with a differential of plus $0.37 per barrel. Approximately 46 qualified companies were invited to participate in the bid, of which six submitted […]

Chairman Risch On Fraud Elections In Venezuela

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(US Senate, 7.Dec.2020) — US Senator Jim Risch (R-Idaho), chairman of the Senate Foreign Relations Committee, released the following statement on yesterday’s fraudulent congressional elections in Venezuela: “The Maduro regime’s dismantling of the National Assembly, the last remaining democratic institution in Venezuela, is shameful, but predictable. The absence of representative […]

Venezuela’s New Assembly To Battle Sanctions

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(Argus, 7.Dec.2020) — Venezuela’s National Assembly elections yesterday thrust the Opec country’s last democratic institution under the thumb of President Nicolas Maduro, who has defied US oil sanctions for close to two years. The US-backed opposition led by Juan Guaido boycotted the elections, and abstention was estimated at around 80pc. […]

Venezuelans Vote In Legislative Election

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(Al Jazeera, 6.Dec.2020) — Venezuelans voted on Sunday in legislative elections set to tighten President Nicolas Maduro’s grip on power and weaken his US-backed rival, Juan Guaido, who is leading a boycott of the polls he calls a fraud. Victory will give Maduro’s governing Socialist Party control of an expanded […]

Heard Venezuela: Iranian Asset Takeovers

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(Energy Analytics Institute, 5.Dec.2020) — Rumors are that Iranian businesspersons and their companies are in the process of taking over operations at Venezuela’s six refineries while also looking to do the same at petrol stations across the OPEC country. Venezuela’s state oil company Petroleos de Venezuela (PDVSA) owns six refineries […]

Dems Statement Ahead Of Elections In Venezuela

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(US Senate, 4.Dec.2020) — US Senate Foreign Relations Committee Ranking Member Bob Menendez (D-N.J.) and Senate Democratic Whip Dick Durbin (D-Ill.) issued the following statement denouncing the Maduro regime’s sham elections scheduled to take place on Sunday, December 6. “For nearly two years, world leaders have stood in solidarity with […]

New Buyers Spur Rise In Venezuela Oil Exports

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(Reuters, 3.Dec.2020) — Venezuela’s oil exports almost doubled in November from the previous month as new customers linked to a Russian trading firm stepped in to boost purchases from state-run PDVSA amid U.S. sanctions, according to data from the firm and Refinitiv Eikon. In October, PDVSA’s established customers suspended swaps […]

Venezuela Eyes Oil Reform And Dialogue With US

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(Reuters, 3.Dec.2020) — Venezuela’s ruling Socialist Party would consider reforming the country’s oil law if it retakes control of the legislature after the Dec. 6 election, Nicolas Maduro Guerra, son of the country’s president and a candidate for congress, said on Thursday. Maduro Guerra, 30, also said the government was […]

Heard Mexico: Braskem Ideas Shuts PE Complex

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(Energy Analytics Institute, 3.Dec.2020) — Brazilian-based Braskem Idesa has shut down its Ethylene XXI polyethylene (PE) complex in the city of Coatzacoalcos, after a Mexican state energy agency shut off natural gas supplies from state owned Petroleos Mexicanos (Pemex). __________ By Ian Silverman. © Energy Analytics Institute (EAI). All Rights […]

Novum Energy Wins Bid To Import Cutter Stock

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(Energy Analytics Institute, 2.Dec.2020) — Ecuador’s state entity EP PetroEcuador awarded Novum Energy Trading Corp. a deal to import 1,260,000 barrels of cutter stock. Novum won the deal with a differential of plus $6.86 per barrel. Approximately 35 qualified companies were invited to participate in the bid process, PetroEcuador announced […]

Sempra Announces Integrated Transactions

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(Sempra, 2.Dec.2020) — Sempra Energy announced a series of integrated transactions intended to simplify its energy infrastructure investments under one platform – creating scale, unlocking portfolio synergies and better positioning the business for growth. To accomplish this, the company announced its intention to launch a stock-for-stock exchange offer for the […]

Petrobras Receives Bids On Four Refineries

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(Petrobras, 2.Dec.2020) — Rio de Janeiro-based Petrobras, following up on the press release disclosed on 1 October 2020, has received binding proposals for four refineries: Landulpho Alves (RLAM), in Bahia, Isaac Sabbá (REMAN), in Amazonas, Lubrificantes e Derivados de PetrĂłleo do Nordeste (LUBNOR), in Ceará, and Unidade de Industrialização do […]

Bright Future For Suriname And Guyana

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(Petroleum Economist, 2.Dec.2020) — Crumbling oil prices and volatile energy demand have tipped Latin America into a sharp recession, exacerbated by one of the world’s worst Covid-19 mortality rates. But in Suriname and Guyana, at least, there are reasons to be cheerful. Although both countries face stark economic challenges, they […]

Mexico Wins Over $2bn On Oil Hedge

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(Bloomberg, 1.Dec.2020) — Mexico will cash in its oil price insurance policy this year for the fourth time only in the last two decades, receiving a payout of about $2.5 billion from its 2020 sovereign oil hedge, people familiar with the transaction said. In an ironic turn of events, Mexico […]

Fitch Affirms Ecopetrol’s Investment Grade Rating

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(Ecopetrol, 1.Dec.2020) — Ecopetrol reports that rating agency, Fitch Ratings, has affirmed the company’s credit rating at BBB- with a negative outlook and its standalone credit profile (without incorporating government support) at bbb. In its statement, Fitch highlighted the company’s strategic importance for the country, its ability to maintain a […]

ANH Inks Three Deals In Third Cycle Nomination

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(ANH, 1.Dec.2020) — Colombia’s National Hydrocarbons Agency – ANH signed 4 new contracts as a conclusion of the third cycle of the Continuous Area Nomination Process, PPAA. Parex Resources and CNE Oil & Gas were awarded four areas, with associated investments estimated at approximately $40mn. COMPANY  AREA NAME  MUNICIPALITY  Parex […]

Gas-To-Energy Project To Bridge Oil And Gas: Guyana

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(DPI, 1.Dec.2020) — Government’s gas to energy project is set to see development of new sectors and boost local traditional industries. Minister of Natural Resource, Hon. Vickram Bharrat shared this yesterday with regional and international officials attending the Caribbean Region Virtual Networking Event, organised by the U.S Commercial Service Trade […]

Venezuela Producing Around 450,000 b/d

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(Energy Analytics Institute, 1.Dec.2020) — Venezuela is said to be producing around 450,000 barrels per day and exporting more with the assistance of Chinese and Russians companies lifting the South American country’s oil. Production could rise to at least 600,000 b/d in coming months, oil union official Ivan Freites told […]

Petrobras On Favorable Arbitration Decision

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(Petrobras, 1.Dec.2020) — Petrobras informs that it received, on this date, a favorable partial decision in one of the arbitrations proceeding before the Market Arbitration Chamber (CAM) of B3, initiated by foreign investors who claim financial losses caused by the facts revealed at Lava Jato. This decision promoted the definitive […]

Venezuela Crude Production, Exports Recover

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(Argus, 1.Dec.2020) — Venezuelan state-owned PdV’s crude production and exports have recovered in recent weeks as China resumed direct loadings and a tanker deficit the company blames on US sanctions eased, according to PdV officials and internal reports seen by Argus. PdV’s crude exports jumped to around 500,000 b/d last […]

Petrobras Comments On Gaspetro Divestment

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(Petrobras, 30.Nov.2020) — Petrobras, following up on the release disclosed on 27 November 2020, regarding the divestment of Petrobras Gás S.A. (Gaspetro), clarifies that the company Compass Gás Energia S.A. (Compass) was not qualified for the continuation of the divestment process of 51% of Gaspetro capital stock for not meeting […]

Navitas Committed To Sea Lion Farm-in

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(Rockhopper, 30.Nov.2020) — Rockhopper Exploration plc provided the following update in relation to the previously announced farm-in to the Sea Lion project by Navitas Petroleum LP. Following the announcement of the proposed merger of Premier Oil plc and Chrysaor Holdings Limited, Navitas has confirmed it remains committed to the proposed […]

Rescheduling Of Work In Corentyne Block, Guyana

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(Frontera, 27.Nov.2020) — Frontera Energy Corporation and CGX Energy Inc, the joint venture partners, announce that their constructive and collaborative discussions with the Government of Guyana have been concluded with respect to the Corentyne block with a rescheduling of the Joint Venture’s work commitments regarding its Petroleum Prospecting License for […]

Compass Gas Energia Out Of Running For Gaspetro

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(Energy Analytics Institute, 27.Nov.2020) — Brazil’s state oil company Petrobras announced that regarding divestment of Petrobras Gás S.A. (Gaspetro) that Compass Gás Energia S.A. wasn’t qualified for the continuation of the divestment process of 51% in Gaspetro’s capital stock. “This is a natural development in divestment projects, with no forecast […]

Gustavo Petro Leads Early Polls In Colombia

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(Energy Analytics Institute, 27.Nov.2020) — Presidential hopefully Gustavo Petro tops a recent opinion poll in Colombia, leading with 25.9% popularity in the Andean country. Colombians were surveyed by polling company Invamer and questioned about “which leader they would vote for if elections were today?” Leftist leaning Petro, leader of Colombia […]

B.B Energy Wins Bid To Import Naphtha Ron 80

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(Energy Analytics Institute, 27.Nov.2020) — Ecuador’s state entity EP PetroEcuador awarded B.B Energy (Asia) PTE. LTD. a deal for the importation of 1,180,000 barrels of naphtha ron 80. B.B Energy won the deal with a differential of plus $1.18 per barrel. Approximately 44 qualified companies were invited to participate in […]

Venezuela Resumes Direct Oil Shipments To China

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(Reuters, 26.Nov.2020) — Venezuela has resumed direct shipments of oil to China after U.S. sanctions sent the trade underground for more than a year, according to Refinitiv Eikon vessel-tracking data and internal documents from state company Petroleos de Venezuela (PDVSA). Chinese state companies China National Petroleum Corp (CNPC) and PetroChina […]

Petrobras Says Not Party In Arbitrations

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(Petrobras, 26.Nov.2020) — Petrobras, in relation to the news published in the Exame magazine yesterday, informs that it is not a party in the arbitrations that are jointly pending before the Market Arbitration Chamber of B3, established by two minority shareholders, based on article 246 of Law 6,404/76, against the […]

Mexico Oil Executive Asked To Resign

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(Bloomberg, 26.Nov.2020) — A director at the trading arm of Mexico’s state oil company was asked to resign after authorizing payments under a profit-sharing plan, according to a person familiar with the matter. Jose Luis Cardenas Dominguez, director of administration at PMI, is expected to leave the company, said the […]

Webinar: Developing Wind Projects

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(Energy Analytics Institute, 26.Nov.2020) — The webinar will highlight issues around developing wind resources and panelists will discuss developing wind projects in different parts of the world, financing and available technologies. Feature speakers include: — Nicholas Jackman, CFO Ansa McAl Ltd. — Martin Voght, Managing Director Renewable Energies, MPC Capital […]