Latin America and the Caribbean Archives - Page 126 of 220

Petrobras On Binding Phase For Santos Basin Assets

(Petrobras, 8.Sep.2020) — Petrobras, following up on the release from 10 August 2020, informs the beginning of the binding phase regarding the sale of 50% to 100% of its stake, with the passing of the operation, in the BM-S-51 concession, in the Santos Basin. The concession is located at water […]

Ecuador Announces PPS For Renewable Projects

(Energy Analytics Institute, 8.Sep.2020) — Ecuador revealed details of a public selection process (PPS) for a private sector concession for a block of non-conventional renewable energy projects, also known as ERNC by its Spanish acronym, with a potential of 200 megawatts (MW). Private investment of up to $300mn is expected, […]

Copec Voltex Selects Driivz For Charging Infrastructure

(Copec, 8.Sep.2020) — Copec Voltex, a subsidiary of Copec S.A., a leading energy and mobility company and one of the most trusted brands throughout Latin America and the Southeastern United States, migrated its electric vehicle charging infrastructure to Driivz, the leading end-to-end EV charging and smart energy management software platform. […]

Rafael Ramirez: Venezuela Can Fix Its Own Oil Industry

(Argus, 8.Sep.2020) — Rafael Ramirez served as Venezuela’s oil minister from 2002-2013 and concurrent chief executive of state-owned PdV from 2004-2013, a tumultuous period marked by an oil strike and nationalizations under the late president Hugo Chavez. In this interview, edited for length and clarity, Ramirez, now in exile in […]

Capital Research Acquires Petrobras Preferred Shares

(Petrobras, 8.Sep.2020) — Petrobras, in compliance with article 12 of CVM Instruction no. 358, dated of 1/3/2002, reports it was notified today by Capital Research Global Investors (CRGI), independent investment division of Capital Research and Management Company, that it has acquired preferred shares issued by the company and it manages […]

Hess Finds More Oil At Redtail-1, Yellowtail-2

(Hess, 8.Sep.2020) — Hess announced another oil discovery offshore Guyana at the Redtail-1 well, the 18th discovery on the Stabroek Block, which will add to the previously announced gross discovered recoverable resource estimate for the block of more than 8 billion barrels of oil equivalent. Redtail-1 encountered approximately 232 feet (70 meters) of […]

Total Resigns Operator Role In Foz Do Amazonas Basin

(Total, 7.Sep.2020) — Total notified its partners on 19 August 2020 about its resignation from its role of operator for five exploration blocks, located in the Foz do Amazonas Basin, 120 kilometers offshore Brazil. These exploration blocks are referenced as FZA-M-57, FZA-M-86, FZA-M-88, FZA-M-125 and FZA-M-127. Total has informed the […]

What Oil Spill In Venezuela Tells Us About Its Politics

(Javier Corrales, 7.Sep.2020) — The largest oil reserves and one of the world’s most incompetent governments have brought authoritarianism, economic collapse and environmental disaster to the country. It has been a tough summer for Venezuela. The already ailing country, in the throes of a severe lockdown, is also experiencing a […]

New NW Operating Center To Service Over 50,000 Users

(Energy Analytics Institute, 7.Sep.2020) — The Quito Electric Company (EEQ by its Spanish acronym) announced initial operations on 7 September 2020 at the Northwest Operation Center and Los Bancos Agency to the benefit of more than 50,000 users in towns such as Nanegalito, Nono, Nanegal, Pacto, Gualea and Pedro Vicente […]

Iranian Shipments Of Oil To Venezuela

(Dryad Global, 7.Sep.2020) — Reporting from TankerTrackers.com indicates that three Iranian tankers have departed Iran, with a suggested routing to Venezuela, via the Suez Canal. The three vessels in question are: – FOREST (IMO: 9283760), Iranian-flagged oil and chemical tanker.– FAXON (IMO: 9283758), Iranian-flagged oil and chemical tanker.– FORTUNE (IMO: […]

Big Oil Sees Major Potential In Suriname

(Oilprice.com, 7.Sep.2020) — Suriname is one of Latin America’s poorest countries. Up until July 2020, the former Dutch colony was mired in a political crisis that emerged from the hotly contested May parliamentary elections. It saw incumbent, former military strongman and convicted murderer, Desiree Bouterse replaced by former police chief […]

The Threat Of Oil Nationalism In Argentina

(Oilprice.com, 6.Sep.2020) — Latin America has a long history of resource nationalism, particularly when it comes to petroleum. Since the end of World War Two, this has acted as a significant deterrent for international energy majors seeking to invest in the region’s vast hydrocarbon potential. This is being amplified by […]

PDVSA Says Nabarima No Threat To Ecosystem

(Energy Analytics Institute, 5.Sep.2020) — Venezuela’s state oil company Petroleos de Venezuela (PDVSA) says the Nabarima floating crude storage unit located off the country’s Gulf of Paria doesn’t “constitute in any way any threat to the ecosystem of the area.” In this regard, PDVSA also said on 5 September 2020 […]

YPF To Restart Shale Drilling In Argentina

(Argus, 4.Sep.2020) — Argentina’s state-controlled YPF will resume drilling activity in the country’s Vaca Muerta shale formation after an almost six-month pause resulting from pandemic restrictions. YPF will begin operating two drilling rigs in Vaca Muerta over the next two weeks, chief executive Sergio Affronti said today. The rigs will […]

Hess To Participate In Barclays CEO Conference

(Hess Corp., 4.Sep.2020 — Hess announced that John Hess, Chief Executive Officer, will present at the Barclays CEO Energy-Power Conference in New York on 9 September 2020 at 8:25 a.m. ET. A live audio webcast and a replay of the presentation will be accessible via Hess Corporation’s website. Hess Corporation […]

Petrobras Concludes Jupiter Area Drill Stem Test

(Petrobras, 4.Sep.2020) — Petrobras informs the conclusion of the Drill Stem Test (DST) in the area of Júpiter Discovery Assessment Plan, located in the Santos Basin presalt. The Jupiter area belongs to the BM-S-24 concession, in which Petrobras is the operator, with an 80% interest, and was acquired in 2001 […]

Maduro Assigns Oil Sector Workers Three Special Tasks

(Energy Analytics Institute, 3.Sep.2020) — Venezuela’s President Nicolas Maduro announced three areas of focus for petroleum sector workers as well as others working directly within the state oil giant Petroleos de Venezuela (PDVSA). “I have ordered the Alí Rodríguez Araque Presidential Commission and PDVSA workers [focus] on three tasks: the […]

Mexico’s Environment Minister Resigns

(Reuters, 2.Sep.2020) — Mexico’s environment minister has resigned after clashing with colleagues over policy priorities, prompting President Andres Manuel Lopez Obrador to defend the government’s green credentials on Wednesday. Environment Minister Victor Manuel Toledo, an academic known for his views on sustainable agriculture and the environmental practices of Mexico’s indigenous […]

Damaged Venezuelan Oil Tanker Drawing Concern

(AP, 2.Sep.2020) — The sight of a huge oil tanker that has taken on water and is leaning to one side off a remote stretch of Venezuela’s coast has triggered international calls for action. After years of neglect, the FSO Nabarima, a rusting hulk full of thick crude, is in […]

Ecuador Briefs: MENRNR Appointments

(Energy Analytics Institute, 2.Sep.2020) — Ecuador’s Ministry of Energy and Non-Renewable Natural Resources (MENRNR) announced new appointments at EP PetroEcuador and SCAN. Merino Avendaño Appointed New EP PetroEcuador General Manger (Energy Analytics Institute, 2.Sep.2020) — The Board of Directors of EP PetroEcuador and René Ortiz Durán, the chair of Ecuador’s […]

PDVSA, Eni Weigh Options To Transfer Idled Oil

(Reuters, 2.Sep.2020) — Venezuelan state oil company PDVSA and Italy’s Eni are looking at options to safely offload crude from a floating storage facility on Venezuela’s eastern coast that has remained idle for over a year due to U.S. sanctions, according to sources close to the discussions. The companies suspended […]

Mexico’s Obrador Says 2021 Budget Includes Refinery

(Reuters, 2.Sep.2020) — Mexican President Andres Manuel Lopez Obrador said on Wednesday the 2021 budget would call for spending on priority infrastructure, including refineries and oil production, and would not raise taxes. The Finance Ministry is due to present the budget next Tuesday, with the government facing scrutiny over an […]

Manuela Molina Named Sempra’s IR Vice President

(Sempra, 2.Sep.2020) — Sempra Energy announced that Manuela “Nelly” Molina, currently chief financial officer for Sempra Energy’s Mexico subsidiary, Infraestructura Energética Nova, S.A.B. de C.V. (IEnova), has been named vice president of investor relations for Sempra Energy. “Over the past 10 years, Nelly has built a tremendous career at IEnova […]

Venezuelan Opposition Politician Backs Elections

(Wall Street Journal, 2.Sep.2020) — A prominent Venezuelan opposition figure on Wednesday said he is supporting congressional elections in December that Juan Guaidó, the opposition leader backed by the U.S., has pledged to boycott. The decision by Henrique Capriles to support the elections is a major fissure in a movement […]

Ecuador’s Oil Output At 512,439 B/d: MERNNR

(Energy Analytics Institute, 1.Sep.2020) — South America’s Ecuador, formerly a member of the Organization of Petroleum Exporting Countries (OPEC), announced production of crude oil reached 512,439 barrels per day on the first day of September 2020. Of the production, PetroAmazonas accounted for 410,104 b/d or 80% of total production while […]

Citgo-6 Surpasses 1,000 Days Of Wrongful Detention

(Energy Analytics Institute, 1.Sep.2020) — More than 1,000 days have passed since Tomeu Vadell, José Luis Zambrano, Alirio Zambrano, Jorge Toledo, Gustavo Cardenas and José Pereira — known as the Citgo-6 — were lured to Caracas for business meetings and then detained by masked security agents and thrown into one […]

Latin America and the Caribbean

TAG Oil Announces Private Placement, Stock Grants

(TAG Oil, 1.Sep.2020) — TAG Oil Ltd. announce the following corporate updates including management and board appointments, private placement and stock option grants. Management And Board Of Directors Mr. Abdel (Abby) Badwi has joined the Company as Executive Chairman of the board of directors, along with Mr. Suneel Gupta who […]

Mexican Oil Union Hints At Strike On Safety Concerns

(Argus, 1.Sep.2020) — Mexico’s oil workers union (STPRM) called on state-owned Pemex to resolve serious operational, safety and security concerns. “We demand our concerns are resolved without delay … the company finds itself in serious problems … that are causing great concern to our workers,” states a letter from the […]

Venezuela Faces Possibility Oil Output Drops To Zero

(Oilprice.com, 1.Sep.2020) — Venezuela once considered one of Latin America’s prosperous countries has plunged into the abyss. Years of economic mismanagement, cronyism and corruption have sparked a monumental economic collapse which saw the oil rich country become one of the poorest in South America. There are emerging signs that Venezuela […]

Brazil Eyes Temporary Quota For Tariff-free Ethanol

(Reuters, 1.Sep.2020) — Brazil is studying the resumption of a zero-tariff quota for its ethanol imports, but only for three months, aimed at getting the United States to negotiate better access for Brazilian sugar, Valor Economico newspaper reported on Tuesday. Brazil allowed a non-tariff quota for imports of 750 million […]

Stena Inks Deal For Tullow Suriname Well

(Energy Analytics Institute, 1.Sep.2020) — Stena Drilling inked a new contract with Tullow Suriname BV for the Stena Forth drillship to drill one well offshore Suriname in Block-47. Block 47 forms part of the Guyana-Suriname Basin and is located approximately 260 kilometers north of the Suriname coast. The Stena Forth […]

CleanSpark Deploys Microgrid In Costa Rica

(CleanSpark, 1.Sep.2020) — CleanSpark, Inc., a diversified software and services company announced the successful deployment of the company’s mPulse software on its latest microgrid project in Central America. Located on an industrial equipment retail facility in San Jose, Costa Rica, the project utilizes CleanSpark’s patented mPulse controller to coordinate all […]

US’ Abrams Eyes Tighter Sanctions On Venezuela

(Reuters, 31.Aug.2020) — The Trump administration is looking to tighten oil sanctions on Venezuela in the near future, top U.S. envoy for the country told Reuters on Monday, by potentially removing exemptions that allow some oil companies to receive crude oil from the OPEC member. U.S. President Donald Trump has […]

Maduro Pardons Political Prisoners Ahead Of Vote

(Bloomberg, 31.Aug.2020) — Venezuela’s President Nicolas Maduro issued a surprise decree pardoning more than 100 of his opponents as a concession ahead of upcoming congressional elections. Former National Assembly Vice President Freddy Guevara and Roberto Marrero, opposition leader Juan Guaido’s chief of staff, are among more than two dozen lawmakers […]

US Targets Websites Tied To Iran-Venezuela Oil Deal

(Al-Monitor, 31.Aug.2020) — The seizure follows the US interception of fuel tankers from Iran en route to Venezuela this month amid increased US pressure on both countries. The US government announced today that it had seized three websites used by Iran to facilitate oil deals with Venezuela. The decision follows […]

Fact Box: Ecopetrol’s Cartagena and Barrancabermeja Refineries

(Ecopetrol, 30.Apr.2020) — The fourth link in Ecopetrol’s value chain is the refining and petrochemical activity, which originates from the Barrancabermeja and Cartagena refineries. It is there where the crude oil originating from the fields is transformed into value-added products, which contributes towards job creation and revitalizes regional economies. Barrancabermeja […]

Ecuador Announces Date Of Consent Solicitation

(Ecuadorian Government, 28.Aug.2020) — The International Monetary Fund (IMF) announced today that it had reached a staff-level agreement on a new funded program for the Republic of Ecuador. Accordingly, the IMF Condition to settle the Republic’s Consent Solicitation and Invitation to Exchange has been satisfied. The Republic announced that it is […]

Rockhopper Disposes United Oil & Gas Shareholding

(Rockhopper, 28.Aug.2020) — Rockhopper Exploration plc announced the disposal of its entire shareholding in United Oil & Gas plc. The transaction involves the sale of 114,503,817 ordinary shares in United at a disposal price of 2.66 pence per share for total gross proceeds of approximately £3mn (approximately $4mn). The disposal […]

EP PetroEcuador And PetroAmazonas EP To Merge

(Energy Analytics Institute, 28.Aug.2020) — Ecuador’s state oil and gas entities EP PetroEcuador and PetroAmazonas EP have been given the go ahead for a merger that will go into effect 1 January 2021. The deal will be executed with respect for all the obligations and contractual commitments acquired by the […]

Argentina Puts Priority On Boosting Oil, Gas Exports

(S&P Global Platts, 28.Aug.2020) — Argentina’s new energy secretary Dario Martinez plans to promote oil and natural gas production with a view to increasing exports as part of a strategy to pull the economy out of one of its worst crises on record, he said Aug. 27. Martinez, who took […]

Bonaire Eyes Curacao Model To Sell Venezuelan Oil

(Argus, 28.Aug.2020) — Another Dutch Caribbean island is racing to safeguard and possibly sell Venezuelan fuel oil before a US sanctions window closes in December. Bonaire hosts Venezuelan state-owned PdV’s 10mn bl Bopec oil terminal, one of the few offshore assets that remains in the Caracas-based company’s hands. Following years […]

Latin America and the Caribbean

Petrobras Reveals Corporate Governance Letter

(Petrobras, 28.Aug.2020) — Petrobras announced its Board of Directors approved the 2019 Annual Letter of Public Policy and Corporate Governance. The Annual Letter is a requirement of Law 13.303/2016 and Decree 8.945/2016 and is in line with the transparency requirements required by legislation. This Letter is intended for the general […]

Cash-short Cuba Orders More Power Cuts

(Argus, 26.Aug.2020) — Cuba is deepening power cuts as US sanctions on its main fuel supplier Venezuela make it harder for the island to keep its lights on. Venezuela’s state-owned PdV has long supplied crude and fuel to Cuba under a barter agreement dating back two decades. But PdV’s own […]

Exxon Guyana Head Warns On Payara Investments

(News Room, 26.Aug.2020) — ExxonMobil could take the money for its third development project, called Payara, elsewhere if it does not get a favourable plan from local authorities jn a timely manner. The new PPP Government has brought in a team, led by a Canadian expert, to review the contract. […]

Harvest Drops Suit Against Ex Venezuela Oil Czar

(AP, 26.Aug.2020) — A Houston energy firm has dropped a lawsuit against Venezuela’s former oil czar, who it had accused of orchestrating demands for a $10 million bribe to approve an asset sale in the South American country. The dismissal came in a filing in Houston federal court Wednesday by […]

Faulty Heat Exchangers Spill Venezuelan Oil

(Argus, 26.Aug.2020) — An estimated 25,000 bl of oil spilled along western Venezuela’s coastline in recent weeks came from faulty heat exchangers at state-owned PdV’s El Palito refinery, three officials at the plant told Argus. Heat exchanger systems that use seawater as coolant for crude processing units were contaminated with […]

EP PetroEcuador Closes 4th Spot Sale For Napo Oil

(Energy Analytics Institute, 26.Aug.2020) — EP PetroEcuador held the last spot tender of the year, and in so doing awarded the export of 5,400,000 +/- 5% barrels of Napo crude oil of 17-degree API to Unipec América Inc., which presented the best offer with a spread of (-$4.68 per barrel). […]

Wärtsilä To Convert Brazilian Power Plant

(Wärtsilä Corp. 25.Aug.2020) — The technology group Wärtsilä will convert a Brazilian power plant to 100 percent natural gas operation, while at the same time increasing its output from 85 MW to 92 MW. The conversion will reduce the plant’s operational costs, and lessen its environmental impact. The contract with […]

Latin America and the Caribbean

Petrobras’ Partial Pre-Payment Of Credit Line

(Petrobras, 25.Aug.2020) — Petrobras, following up on the releases dated 27 July 2020 and 20 March, made today the partial pre-payment of its revolving credit lines, in the amount of $2.1bn. With this prepayment, the company currently has available $5.6bn for new withdrawals on the revolving credit lines denominated in […]

PetroTal Restart In Peru Hinges On Social Outlay

(Argus, 25.Aug.2020) — Canadian independent PetroTal is waiting for Peru’s government to implement an accord with indigenous communities so it can reopen its 10,000 b/d block in the northern jungle. PetroTal was forced to shut in production on 9 August, when indigenous protesters threatened block 95 in the Loreto region. […]