(Oilprice.com, 25.Aug.2020) — The deeply impoverished South American country of Guyana in recent years was heralded as the hottest new oil boom in the Americas. A series of large offshore oil discoveries by integrated global energy major ExxonMobil catapulted Guyana into the spotlight. Earlier this year Exxon made its 16th […]
Category: Latin America and the Caribbean
EP PetroEcuador Awards Import Of NAO RON 93
(Energy Analytics Institute, 25.Aug.2020) — EP PetroEcuador awarded the importation of 2,950,000 barrels of High-Octane Naphtha (NAO) RON 93 to Trafigura Pte, which won the auction offering a differential of +$7.06 per barrel. Of the 44 companies invited to the international auction on 18 August 2020, three offers were received […]
Argentina’s Shale Province Predicts Slow Recovery
(Argus, 25.Aug.2020) — Argentina’s Vaca Muerta shale patch will take 12-18 months to resume pre-Covid-19 activity because of lagging demand, according to Alejandro Monteiro, energy minister of Neuquen province. “We believe it will take a while for fuel demand to fully recover,” Monteiro said in an industry webinar yesterday. Many […]
Russia Is Winning The Battle For Venezuela’s Oil
(Oilprice.com, 24.Aug.2020) — In just over a year Venezuela, and the push to oust socialist leader President Nicolas Maduro, has gone from being one of the world’s hottest news headlines to obscurity. The popularity of Venezuelan opposition leader Juan GuaidĂł is waning. As the December 2020 election date for Venezuela’s […]
Guyana Re-launches Search For Co. To Market Oil
(Reuters, 24.Aug.2020) — Guyana has re-launched a search for a company to market the government’s share of the crude produced at the offshore Liza project, operated by Exxon Mobil Corp, according to a notice published in the South American country’s newspapers. President Irfaan Ali’s government scrapped a previous, similar process […]
How Venezuela’s Oil Industry Collapsed: FT.com
(FT.com, 23.Aug.2020) — The country’s oil industry was once the envy of the region, but after decades of mismanagement and corruption the sector is facing ruin. The FT’s Andean correspondent Gideon Long asks what went wrong. Watch his video here. __________
Guyana And Suriname To Benefit From Joining Forces
(Energy Analytics Institute, 24.Aug.2020) — Neighboring Guyana and Suriname in South America have been well off investor’s radars until recently. The countries are now regular headlines due to offshore crude oil discoveries, which hold much prospect to change fortunes for both governments and citizens alike if managed properly and by […]
Petrobras’ Teaser For Rio Grande do Norte E&P Assets
(Petrobras, 24.Aug.2020) — Petrobras started the opportunity disclosure stage (teaser), referring to the sale of all of its stakes in a set of twenty-six onshore and shallow water E&P concessions, located in the Potiguar Basin, in the state of Rio Grande do Norte, jointly called Potiguar Cluster. The teaser, which […]
A Not-To-Do List For Guyana’s New Govt
(IPS, 24.Aug.2020) — Just over five years ago, a major oil discovery occurred on the northeastern coast of South America. There have been a series of additional discoveries ever since. But this time it was not Venezuela. It was Guyana. Fast forward to August 6 when Irfaan Ali assumed the […]
Venezuela Restarts Gasoline Output At Cardon Unit
(Reuters, 23.Aug.2020) — Venezuela’s state-run oil company, Petroleos de Venezuela, has restarted gasoline output at the 310,000-barrel-per-day (bpd) Cardon refinery, according to five people familiar with the matter. The move will provide partial relief to widespread fuel shortages in the once-prosperous OPEC nation, whose 1.3 million- bpd refining network is […]
Maduro Thanks Iran For Help Overcoming Sanctions
(Reuters, 23.Aug.2020) — Venezuelan President Nicolas Maduro on Sunday thanked ally Iran for helping the South American country overcome U.S. sanctions on its oil industry and floated the idea of purchasing missiles from the country. Washington maintains strict sanctions against Iran’s oil industry to try to halt the country’s nuclear […]
Exxon Limits Guyana Output Due To Gas Injection Issues
(Reuters, 21.Aug.2020) — Exxon Mobil Corp is limiting output at its flagship offshore project in Guyana to 100,000 barrels-per-day (bpd) due to more issues with the reinjection of natural gas, the South American country’s environmental regulator said on Friday. Exxon, which operates the Stabroek block in a consortium with Hess […]
Petrobras’ EspĂrito Santo E&P Assets Teaser
(Petrobras, 21.Aug.2020) — Petrobras started the opportunity disclosure stage (teaser), referring to the sale of all of its stakes in a set of five onshore field concessions, with integrated facilities, jointly called the North Capixaba Cluster, located in the state of EspĂrito Santo. The teaser, which includes key information about […]
Petrobras Inks Deal With SPE Rio Ventura
(Petrobras, 21.Aug.2020) — Petrobras, following up on the release disclosed on 26 August 2019, signed today with SPE Rio Ventura S.A., a wholly-owned subsidiary of 3R Petroleum e Participações S.A., a contract for the sale of its entire interest in eight E&P onshore fields, denominated Rio Ventura Cluster, located in […]
Transpetro’s CEO Elia de Marsillac Resigns Post
(Petrobras, 21.Aug.2020) — Petrobras announced the Board of Directors of its subsidiary Petrobras Transporte S.A. (Transpetro) received a letter of resignation from Cristiane Elia de Marsillac from the position of CEO and Board Member of the company, for personal reasons. Transpetro’s CFO, Gustavo Santos Raposo, assumed as CEO of the […]
YPFB To Suspend Gas Service To Caranavi
(Energy Analytics Institute, 21.Aug.2020) — Bolivia’s Yacimientos PetrolĂferos Fiscales Bolivianos (YPFB) announced plans to suspend residential gas supplies to communities in Caranavi starting 21 August 2020. The Bolivian state entity didn’t state a reason for the suspension nor did it say when services would be reinstated. YPFB said 21 August […]
TechnipFMC Wins Subsea EPCI For Mero 2 Project
(TechnipFMC, 20.Aug.2020) — TechnipFMC has been awarded a large(1) contract for Engineering, Procurement, Construction and Installation (EPCI) through a competitive contracting process, by Petrobras, the leader and operator of the Libra Consortium, which was formed by Petrobras, Shell Brasil, Total, CNPC, CNOOC Limited and PrĂ©-sal PetrĂłleo SA (PPSA), for the […]
Guyana Planning For More Demands On ExxonMobil
(Forbes, 20.Aug.2020) — With the newly-elected People’s Progressive Party/Civic (PPP/C) government now firmly in place following five months of vote-counting controversy, Guyanese President Irfaan Ali and his Vice President, Bharrat Jagdeo, have recently turned the discussion over the country’s offshore oil developments to proposals to require oil and gas operators […]
Drilling Rig Virtual Tour: AAPG Trinidad
(Energy Analytics Institute, 20.Jun.2020) — AAPG Young Professionals Trinidad and Tobago chapter offered a free webcast that consisted of a virtual rig tour, which was narrated by Mr. Neil Ramkhalawan. During the virtual drilling rig tour, Ramkhalawan Neil shared his passion for the drilling environment and engaged attendees on a […]
SQM Reports 2Q 2020 Earnings
(SQM, 19.Aug.2020) — Sociedad QuĂmica y Minera de Chile, S.A. reported earnings today for the six months ended June 30, 2020 of US$95.8 million (US$0.36 per share), a decrease from US$150.7 million (US$0.57 per share), representing a 36.4% decrease compared to the earnings reported for the six months ended June […]
SQM To Hold Conference Call
(SQM, 19.Aug.2020) — SQM will hold a conference call to discuss these results on Thursday, 20 August 2020, at 12:00pm ET (12:00pm Chile time). Webcast details here. __________
Trump Seeks To Slap More Sanctions On Venezuela
(Oilprice.com, 19.Aug.2020) — The U.S. federal government is considering more sanctions to add to a list aimed at severing the lifeline between the Venezuelan government and oil revenues that, according to Washington, are the only thing keeping Nicolas Maduro in power. Bloomberg reports, citing unnamed sources familiar with the situation, […]
Exxon Gets Concession For Los Toldos II Oeste Oil Block
(Zacks Equity Research, 19.Aug.2020) — Exxon Mobil Corporation was recently granted concession by the Neuquen provincial government for exploratory activities in another block, Los Toldos II Oeste, in the prolific Vaca Muerta shale play in Argentina, as said by the government of Neuquen. The 35-year concession has called for a […]
Venezuela Coast Could Take 50 Years To Recover
(Reuters, 19.Aug.2020) — A strip of Venezuela’s western coastline boasting pristine beaches and fragile ecosystems like mangroves and coral reefs could take more than half a century to fully recover from the environmental impacts of a recent oil spill, a researcher said on Wednesday. The country’s opposition-controlled National Assembly last […]
Petrobras Comments On Petros Plan
(Petrobras, 19.Aug.2020) — Petrobras, following up to the announcement made on 10 March 2020, said the cash contribution of R$ 2.05 billion to be paid to the Petrobras Social Security Foundation (Petros) was renegotiated due to the macroeconomic scenario and the guidance provided by the Secretariat for Coordination and Governance […]
EnergyQuest’s 1st Australian LNG Shipment To Chile
(EnergyQuest, 19.Aug.2020) — Australia has just shipped its first LNG cargo to Chile. The cargo is from the Shell-operated QCLNG project at Gladstone in Queensland. It was transported aboard the Sevilla Knutsen. The tanker docked at Quintero, Chile on 15 August after a 24-day voyage of more than 13,500 nautical […]
CNOOC: Good Achievements With Cost Reduction
(CNOOC, 19.Aug.2020) — CNOOC Limited announced its 2020 interim results for the six months ended June 30, 2020. Facing the unprecedented challenges in the first half of 2020, CNOOC Limited held fast to the bottom line of safe and healthy development, made timely adjustment to its business strategies, and took […]
US Eyes October To End Exemptions On Venezuela
(Reuters, 19.Aug.2020) — The United States is considering an October deadline for ending exemptions to Venezuelan sanctions that allow some companies and refiners to still receive the South American producer’s oil, two sources said, as Washington seeks to raise the heat on President Nicolas Maduro. U.S. President Donald Trump has […]
Traders Are Already Betting On Argentina’s Next Default
(Bloomberg, 18.Aug.2020) — In the next few weeks, if all goes as scripted, Argentine officials will put the finishing touches on a bond restructuring deal and bring an end to the ninth default in the country’s history. Bond traders are already bracing for the 10th. They’re refusing to bid up […]
Guyana Wants To Buy Power For National Grid
(DemeraraWaves, 18.Aug.2020) — In light of the recent blackouts , the Guyana Power and Light Inc (GPL), through the Ministry of Public Works will be moving to put out an Expression of Interest (EOI) to source additional power to add to the national electricity grid. Junior Minister of Public Works […]
Curacao Fuel Sale Touches Venezuela Sanctions Nerve
(Argus, 18.Aug.2020) — A fuel oil cargo stuck off of the Dutch Caribbean island of Curacao is about to be released to an unnamed buyer in a closely monitored transaction that highlights maritime sensitivity to US sanctions on Venezuela. The Liberia-flagged Panamax Promoter loaded the cargo early this month at […]
UK’s Global Witness Urges Guyana Renegotiate Oil Deal
(Caribnews, 18.Aug.2020) — The United Kingdom-based, anti-corruption organization Global Witness yesterday called on the new Government here to immediately investigate and renegotiate the US-owned oil giant Exxon’s exploitative oil license to ensure the country has the funds needed to rebuild after divisive elections and a debilitating novel coronavirus pandemic. In […]
EP PetroEcuador Exports Industrial Residue To France
(Energy Analytics Institute, 18.Aug.2020) — EP PetroEcuador exported tons of industrial waste from the Esmeraldas Refinery for final disposal at treatment plants in France and with all the necessary permits and under strict security protocols. “It has been intense work to achieve export of this waste,” announced PetroEcuador general manager […]
Trump Govt Weighs Tighter Sanctions On Venezuelan Oil
(Bloomberg, 18.Aug.2020) — The Trump administration is considering additional sanctions on Venezuela aimed at halting the remaining fuel transactions permitted with the South American nation, according to people familiar with the matter. The measures could target crude swaps with companies in Asia and Europe, said the people, who requested anonymity […]
Houston Refiner Citgo Reports 2Q:20 Results
(Citgo, 17.Aug.2020) — Citgo Petroleum Corporation reported a net loss of $5 million for the second quarter of 2020, which includes the benefit from the reversal of a previously recorded lower of cost or market (LCM) inventory adjustment discussed further below. During the same period, Citgo reported EBITDA of $203 […]
MENRNR Authorizes Cos. For Conolophus Project
(Energy Analytics Institute, 17.Aug.2020) — The technical commission delegated by Ecuador’s Ministry of Energy and Non-Renewable Natural Resources (MENRNR) to carry out the public selection process (PPS) of the Conolophus project, authorized participation of five international companies and/or associations including Canadian Solar Conolophus, Gransolar-Total EREN, Voltalia SA, Woojin Industrial Systems […]
Petrobras On Unregistered Global Notes Exchange Offer
(Petrobras, 17.Aug.2020) — Petrobras announces the commencement of an offer (the “Exchange Offer”) by its wholly-owned subsidiary Petrobras Global Finance B.V. (“PGF”) to exchange up to U.S.$4,115,281,000 aggregate principal amount of PGF’s newly issued 5.093% Global Notes due 2030 (CUSIP/ISIN: 71647N BE8 / US71647NBE85) (the “New Notes”) registered under the […]
Suzano Reports Cash Generation Of R$3.4bn
(Suzano, 17.Aug.2020) — Suzano, a global reference in the manufacture of bioproducts developed from the cultivation of eucalyptus, announces today its results for the second quarter of 2020 (2Q20). The quarter was marked by the strong growth in pulp shipments, the favorable exchange rate and an excellent performance in controlling […]
Total Launches Mero Field 3 FPSO Development
(Total, 17.Aug.2020) — Total and its partners have taken the investment decision for the third phase of the Mero project (Libra block), located deep offshore, 180 kilometers off the coast of Rio de Janeiro, in the prolific pre-salt area of the Santos Basin. The Mero 3 FPSO, Floating Production Storage […]
Oil Cos. Wonder If It’s Worth Looking For Oil Anymore
(Bloomberg, 16.Aug.2020) — A few dots near the bottom corner of the world map in the southern Atlantic, the Falkland Islands were once at the forefront of a new era for the oil industry as companies scoured the planet for resources. Yet a decade after the discovery of as much […]
Former Alberta Premier To Head Payara Review
(CBC News, 16.Aug.2020) — Former Alberta Premier Alison Redford will head a team of consultants in a review of oil giant Exxon Mobil’s proposed Payara oil well in the South American country of Guyana, the country’s natural resources ministry announced in a statement on Saturday. “It will be important to […]
EP PetroEcuador Obtains Permits From MAAE
(Energy Analytics Institute, 15.Aug.2020) — EP PetroEcuador, through the Suez-Ecuambiente consortium, obtained cross-border permits from Panama and France, as well as authorization from the Ministry of the Environment and Water (MAAE by its Spanish acronym) for the export of more than 3,000 tons of industrial waste comprised mainly of caustic […]
Intl Team To Undertake Payara Contract Review
(Guyana Ministry of Natural Resources, 15.Aug.2020) — The Ministry of Natural Resources recently announced the review of the Esso Exploration and Production Guyana Limited’s (EEPGL) Payara contract and, in the interest of transparency and accountability, would like to highlight the following facts relating to the review. The current review has […]
Exxon Blames COVID-19 For Not Meet Flaring Deadline
(Kaieteur News, 14.Aug.2020) — Even though it told the Environmental Protection Agency (EPA) that it would bring an end to flaring today, it appears that American oil giant, ExxonMobil, will be burning gas offshore Guyana for a few more weeks. EPA Head, Dr. Vincent Adams had told this newspaper that […]
Joint Support Declaration For Change In Venezuela
(US State Department, 14.Aug.2020) — The text of the following declaration was released by several members of the Lima Group, the International Contact Group, the European Union, the United States, and others. Begin text: We, a group of concerned countries including members of the Lima Group, the International Contact Group, […]
Payara Approval Will Not Be Rushed: Bharrat Says
(Kaieteur News, 14.Aug.2020) — Even though the PPP/C government may be desirous of granting the approval for ExxonMobil’s third development project within a reasonable timeframe, it will not be rushing the review of the Payara Field Development Plan so as to compromise the integrity of the process. Making this statement […]
Guyana Pushes Exxon For Gas-generated Electricity
(DemeraraWaves, 14.Aug.2020) — The Guyana government plans to open negotiations with United States (US) oil giant ExxonMobil to purchase natural gas to push industrialisation and provide cheap electricity to the nation as well as entrench local content requirements to ensure Guyanese are not paid lower salaries than in other countries, […]
Petrobras Starts Thermal Power Plant Binding Phase
(Petrobras, 14.Aug.2020) — Petrobras, following up on the press release disclosed on 15 June 2020, announces the beginning of the binding phase regarding the sale of four thermal power plants, three of which are located in Camaçari, in the state of Bahia and powered by fuel oil (UTEs Polo Camaçari), […]
Trafigura Wins Tender For 6.5 MMbbls Of Oriente Oil
(Energy Analytics Institute, 14.Aug.2020) — Ecuador’s state oil company EP PetroEcuador awarded the third spot market sale of 2020 for a volume of 6,480,000 barrels of Oriente crude oil of approximately 24-degree API, to Trafigura PTE LTD. Trafigura won the bid with a per barrel differential of -$3.33, EP PetroEcuador […]
YPF Comments On RefinerĂa del Norte SA
The report includes an opinion relating to provision agreements for transportation, storage and dispatch services by multi-pipeline and fuel transportation services with RefinerĂa del Norte SA, YPF Market Relations Officer Santiago Wesenack said.