(US Dept. of Justice, 14.Aug.2020) — The Justice Department today announced the successful disruption of a multimillion dollar fuel shipment by the Islamic Revolutionary Guard Corps (IRGC), a designated foreign terrorist organization, that was bound for Venezuela. These actions represent the government’s largest-ever seizure of fuel shipments from Iran. On […]
Category: Latin America and the Caribbean
ExxonMobil Secures Another LT Vaca Muerta Concession
(Argus, 14.Aug.2020) — ExxonMobil has been awarded a 35-year concession for another block in Vaca Muerta, a massive shale play that has been driving the company’s growth in oil and natural gas production in Argentina. The government of Neuquen, a southwestern province where most of the play is located, said […]
TTNGL: Condensed Interim Financial Statements
(TTNGL, 14.Aug.2020) — The 2019 novel coronavirus disease (Covid-19) pandemic has ravaged the worldwide economy and reduced economic activity has resulted in changes to the energy supply and demand patterns of 2020. Economies across the world have suffered declines in gross domestic product during the first half of 2020, as […]
ENDE Oruro Reports Attack Of Pairumani Power Station
(Energy Analytics Institute, 14.Aug.2020) — Bolivia’s National Electricity Company, through its subsidiary ENDE Oruro S.A., reported 14 August 2020, at around 9 p.m., that groups of persons perpetrated a so-called “terrorist attack” on an electrical power substation located in the town of Pairumani and on Huanuni road. According to a […]
Petrobras Inks Charter Deal For Mero 3 FPSO
(Petrobras, 14.Aug.2020) — Petrobras signed a letter of intent with the company MISC Berhad for the chartering and services for FPSO (floating production storage and offloading unit) Marechal Duque de Caxias to be installed in the Mero field, belonging to the Libra Block, in Santos Basin pre-salt, as part of […]
Quality Issues Add Delays To Venezuela’s Oil Exports
(Reuters, 13.Aug.2020) — Crude exports from Venezuela are facing growing delays due to excess water and other impurities in cargoes loaded at state-run PDVSA’s main terminal, according to internal company documents seen by Reuters, as U.S. sanctions worsen disruptions to the oil industry. In recent years, PDVSA has been forced […]
Payara, Payara, Payara!
(Kaieteur News, 13.Aug.2020) — Payara will be proof and pave the way. Payara could be the first plank toward petroleum prosperity. That delay pending review is a constructive move. For its part, ExxonMobil is not wasting any time. It has gone on the offensive by delivering the first sorties from […]
Officials: US Seizes Iranian Oil Heading For Venezuela
(AP, 13.Aug.2020) — The Trump administration has seized the cargo of four tankers it was targeting for transporting Iranian fuel to Venezuela, U.S. officials said Thursday, as it steps up its campaign of maximum pressure against the two heavily sanctioned allies. Last month, federal prosecutors in Washington filed a civil […]
Venezuela’s Maduro doubling down on earnings from illicit means
HOUSTON, TEXAS (Ian Silverman and Piero Stewart, Energy Analytics Institute, 13.Aug.2020, Words: 966) — Venezuela’s President Nicolas Maduro is doubling down on earning money through illicit means where sanctions have less of an impact while also doubling down on alliances with autocratic regimes whether its Cuba, Iran, Russia or others, […]
GeoPark To Release Block 64 Back To PetroPeru
(Energy Analytics Institute, 13.Aug.2020) — PetroPerĂş S.A. agreed to accept the transfer of GeoPark Peru S.A.C.’s 75% interest in the license agreement for Block 64; thus, obtaining 100% of the rights and obligations as a contractor for the exploration and exploitation of hydrocarbons from the deposit. GeoPark Peru had already […]
Venezuela Is Boosting Oil Exports As Output Plummets
(Bloomberg, 13.Aug.2020) — Exports of crude oil, the commodity that bankrolls the regime of President Nicolas Maduro, are set to reach a four-month high of at least 325,000 barrels a day in August, largely because of diesel-for-crude swaps that up until now have been exempt from U.S. sanctions. At the […]
ExxonMobil Holding Out For Approval Of Payara Project
(Stabroek News, 13.Aug.2020) — On the heels of President Irfaan Ali’s announcement on Tuesday that the Payara project approval will have to wait on an international oil expert’s assessment and advice, ExxonMobil last night said that delays will reduce the value of the project and that more than a year […]
PPSA Sale Plan Stokes Oil Contract Debate
(Argus, 12.Aug.2020) — The Brazilian government’s plan to sell state-owned pre-salt marketing company PPSA has stalled amid congressional foot-dragging over a change in pre-salt contract terms. Addressing reporters late yesterday, influential economy minister Paulo Guedes confirmed that the delay in selling the firm contributed to the departure of secretary Salim […]
Guyana’s Natural Resources Min. Bharrat Tours NRE
(DPI, 12.Aug.2020) — Minister of Natural Resources, Hon. Vickram Bharrat, this morning visited the Ministry of Natural Resources Annex where he toured the facility and met with staff. Minister Bharrat also sat down with Head of Compliance, Derrick Lawrence where the two discussed the department’s operations. The Minister also met […]
Payara Permit Approval On Hold Until Expert Found
(Stabroek News, 12.Aug.2020) — In a key oil sector decision, President Irfaan Ali last evening said that his government is lobbying for technical and financial support to have an international expert review Exxon’s Payara project and advise on the way forward. Government, Ali disclosed, has approached Canada for assistance in […]
PDVSA Takes Another Stab At Replenishing Gasoline
(Argus, 12.Aug.2020) — Venezuelan state-owned PdV plans to restart gasoline production in 10-15 days at its 940,000 b/d CRP refining complex after restarting two crude distillation units yesterday, according to PdV officials and an internal operations report seen by Argus. The CRP is currently processing up to 135,000 b/d of […]
Colombian Oil Major Reports Surprise Profits
(Oilprice.com, 12.Aug.202) — The March 2020 oil price crash and COVID-19 pandemic has hit the global energy sector hard. In response oil companies are slashing capital spending, driving down costs and shuttering uneconomic operations. The key goals being to preserve cash flow, shore-up balance sheets, protect dividend payments and retain […]
Oil Spill In Venezuela Stains Caribbean Beaches
(AP, 12.Aug.2020) — An oil spill in Venezuela has coated a stretch of the crisis-wracked nation’s Caribbean coastline, treasured for its white sand beaches, clusters of small islands and wildlife. Fisherman and locals living around Morrocoy National Park began reporting oil washing ashore last week and it has coated roughly […]
How Venezuela Lost Three Oil Supertankers
(Reuters, 11.Aug.2020) — A shipping joint venture between Venezuela and China has fallen apart in the wake of U.S. sanctions, resulting in the South American nation losing three supertankers at a time when foreign shippers are reluctant to carry its oil, court documents show. PetroChina Co Ltd, which had been […]
Guyana’s Natural Resources Minister Visits MNR Agencies
(DPI, 11.Aug.2020) — Solidifying his intention of having a hands-on approach with the Ministry of Natural Resources and its agencies, the Minister of Natural Resources, Hon. Vickram Bharrat, on Tuesday, toured most of the Ministry’s regulatory agencies. This activity served as a direct effort to interact with management and staff, […]
Venezuela Oil Spill Reaches Morrocoy Beaches
(Energy Analytics Institute, 11.Aug.2020) — An oil spill said to have occurred at El Palito refinery, owned and operated by Venezuela’s state oil company Petroleos de Venezuela (PDVSA), has reportedly reached the once pristine beaches of Morrocoy. PDVSA has yet to release a statement regarding the incident. RELATED STORY: El […]
Mexico’s Lopez Wants Plan To Execute Energy Vision
(Reuters, 11.Aug.2020) — Mexico’s president has given officials until late September to craft a plan to reassert state control over the energy industry as an alternative to constitutional change to achieve the same goals, according to three people familiar with the matter. President Andres Manuel Lopez Obrador on July 22 […]
Pampa EnergĂa’s Financial Results Thru 30 June 2020
(Pampa, 11.Aug.2020) — Pampa EnergĂa S.A., the largest independent energy integrated company in Argentina, with active participation in the country’s electricity and gas value chain, announces the results for the six-month period and quarter ended on June 30, 2020. As from January 1, 2019, the Company adopted US$ as functional […]
Guyana Could Clear ExxonMobil’s Payara Project
(Argus, 11.Aug.2020) — Guyana’s new government will decide by the end of August whether to approve ExxonMobil’s 220,000 b/d Payara project, natural resources minister Vickram Bharrat said. Payara is ExxonMobil’s third development project on the deepwater Stabroek block, but approval was delayed by a five-month political impasse that ended last […]
Suriname Election Soothes Investor Nerves
(Petroleum Economist, 11.Aug.2020) — The small Latin American nation of Suriname is poised for profound change. Revenues from major offshore oil discoveries announced this year could transform the country’s long-term economic prospects. And, following the resolution of an election deadlock, a new coalition government has finally wrenched power from strongman […]
Guyana Poised To Clear Exxon’s Payara Oil Deal
(Seeking Alpha, 11.Aug.2020) — Guyana’s new government will decide by the end of August whether to approve Exxon Mobil’s 220K bbl/day Payara project, the country’s natural resources minister says. Payara is Exxon’s third development project on the deepwater Stabroek block, but approval has been delayed by a five-month impasse that […]
LNG Vessel Completes 10,000th Neopanamax Transit At Panama Canal
(Panama Canal Authority, 11.Aug.2020) — The Panama Canal welcomed the 10,000th Neopanamax vessel through the Expanded Canal on Monday, marking a new milestone for the nearly 106-year waterway and its growing liquefied natural gas (LNG) segment. The milestone transit was completed by LNG vessel SK Resolute travelling southbound from the […]
Petrobras On Expressing Interest In Colombian Assets
(Petrobras, 11.Aug.2020) — Petrobras, following up on the release disclosed on 27 July 2020, regarding the sale of its entire stake in the exploratory portion of the Tayrona Block, located in the Guajira Basin, Colombia, informs that it has extended until 21 August the deadline for companies to express their […]
Petrobras Releases Santos Basin Teaser
(Petrobras, 10.Aug.2020) — Petrobras informs that it has started the opportunity disclosure stage (teaser), referring to the sale of 50% to 100% of its stake in the BM-S-51 concession with hand-over the operation, located in the Santos Basin, in the pre-salt polygon. The concession is located at water depths ranging […]
Petrobras Pays R$950mn In Sete Brasil Dispute
(Petrobras, 10.Aug.2020) — Petrobras, following up on the release dated 29 July 2020, informs it paid Fundação Petrobras de Seguridade Social (Petros) R$ 950 million, regarding the full amount of the agreement with Petros on the arbitral dispute related to the investment in Sete Brasil. The agreement extinguished the dispute […]
Guyana Mulls Absorbing Energy Dept Into Ministry
(Argus, 10.Aug.2020) — Guyana’s new natural resources minister is computer scientist Vickram Bharrat, a key appointment for the rapidly expanding oil sector. Bharrat, who is part of the administration of President Irfaan Ali that was inaugurated on 8 August, could assume an expanded portfolio if the ministry absorbs the energy […]
AES Gener To Speed Up Payments For Two PPAs
(AES Corp., 10.Aug.2020) — AES Corporation’s subsidiary, AES Gener, reached an agreement for the early termination of two tolling agreements (Power Purchase Agreements, PPAs) with the 558 MW Angamos coal-fired plant in Chile. Per this agreement, the PPAs will cease in August 2021. This year, Angamos will receive a payment […]
Ecuador Applies Fuels Price Band
EP PetroEcuador will apply the fixation and publication of prices in Ecuador’s clean products terminals in compliance with executive decree no. 1054 of 19 May 2020, by means of which the “regulation of prices of petroleum derivatives” was amended.
Fuel Issues Reported In Bolivia In La Paz And El Alto
(Energy Analytics Institute, 10.Aug.2020) — Issues with fuel supply have reportedly emerged in La Paz and El Alto as seen by long lines of vehicles at various gas stations in the cities. The La Paz-based Association of Private Hydrocarbon Suppliers (Asosur by its Spanish acronym) warned fuel shortages could become […]
Petrobras Comments On Record Diesel, Asphalt Sales
(Petrobras, 7.Aug.2020) — Petrobras achieved record sales for the S-10 Diesel in the Brazilian market. The Company sold 1.78 million mÂł, 12.7% higher than the previous record in July 2019, when sales reached 1.58 million mÂł. The sales record for the S-10 Diesel reflects the rapid commercial actions implemented to […]
Petrobras On Mothballing Of The Merluza Platform
(Petrobras, 7.Aug.2020) — Petrobras’ Executive Board approved the mothballing of the Merluza platform (PMLZ-1), located in shallow waters in the Santos Basin. The platform’s production had already been interrupted since March 2020, with the abrupt drop of demand for natural gas, and the deactivation will allow the reduction of operating […]
Petrobras Reveals Urucu Cluster Binding Phase
(Petrobras, 7.Aug.2020) — Petrobras, following up on the press release disclosed on 26 June 2020, informs the beginning of the binding phase, referring to the sale of its entire stake in a set of seven onshore production concessions (Urucu Cluster), located in the Solimões Basin, in the state of Amazonas. […]
Petrobras Starts Camamu Basin Binding Phase
(Petrobras, 7.Aug.2020) — Petrobras, following up on the release disclosed on 1 June 2020, announces the beginning of the binding phase regarding the sale of its stake (35%) in the Manati field, a shallow water offshore production located in the Camamu Basin, in the state of Bahia. Potential buyers qualified […]
CleanSpark And Sunshine Energy Ink Costa Rica Deal
(CleanSpark, 7.Aug.2020) — CleanSpark, Inc., a diversified software and services company and Sunshine Energy Corp., announce consummation of an exclusive partnership. The agreement allows Sunshine the exclusive right to market and sell CleanSpark’s products and services throughout the country of Costa Rica. As part of the agreement, Sunshine will license […]
Petrobras Starts Sergipe-Alagoas Basin Binding Phase
(Petrobras, 7.Aug.2020) — Petrobras, following up on the press release disclosed on 29 June 2020, informs the beginning of the binding phase, referring to the sale of its entire stake in the Tartaruga field, belonging to the SES-107D concession, located in shallow waters of the Sergipe-Alagoas Basin. Potential buyers qualified […]
PDVSA Changes Deals To Add Shipping Amid Sanctions
(Reuters, 7.Aug.2020) — Venezuelan state-run oil firm PDVSA has begun offering to ship its own oil, figuring in the costs in crude supply deals to help customers who have struggled to hire vessels to carry the country’s oil due to U.S. sanctions, according to company documents seen by Reuters. The […]
Camisea Has Contributed Royalties Of $10.5bn
(Energy Analytics Institute, 7.Aug.2020) — Camisea has reportedly contributed $10.45bn in terms of royalties during the 16 years it has been operating in Peru, website La RepĂşblica reported 7 August 2020. This figure represent 0.5% of the country’s gross domestic product (GDP), the media reported. Camisea’s gas exploitation takes place […]
US Charges Ex-Citgo Exec In Bribery Probe
(Reuters, 6.Aug.2020) — U.S. prosecutors charged a former Citgo Petroleum manager with accepting $2.5 million as part of a scheme to bribe officials with the U.S. refiner and its Venezuelan parent to win business contracts. Jose Luis De Jongh Atencio, 48, was indicted by a federal grand jury last month […]
Guyana’s President Ali Swears In 19 Ministers
(Stabroek News, 6.Aug.2020) — Nineteen ministers were added to the administration of President Irfaan Ali yesterday and among them are some veterans who have served in previous PPP/C’s administrations and also quite a few new faces. There were some notable omissions as well as surprise inclusions when the new individuals […]
Petrobras Inks Deal For Onshore Field In Sergipe
(Petrobras, 5.Aug.2020) — Petrobras, following up on the release disclosed on 01/03/2020, signed today with Centro Oeste Ă“leo e Gás Ltda. an agreement for the sale of its entire stake in the DĂł-RĂ©-Mi onshore field, located in the Sergipe-Alagoas Basin, in the state of Sergipe. The sale value is $37,600, […]
Bolivian Domestic Gas Connections Near 1 Million
(Energy Analytics Institute, 5.Aug.2020) — Bolivia’s state oil and gas entity Yacimientos PetrolĂferos Fiscales Bolivianos (YPFB) has achieved close to one million domestic gas installations nationwide. The connections are a basic service contributing to improving the quality of life of Bolivian families, YPFB executive president Richard Botello Hiza announced 5 […]
Bolivia To Lose $223mn In Petrobras Deal
(Energy Analytics Institute, 5.Aug.2020) — Bolivia’s state oil and gas entity Yacimientos Petrolifos Fiscales Bolivianos (YPFB) will cease to receive some $223 million over three years after signing an eighth addendum with its Brazilian counterpart Petrobras. “This year the figures is $58 million, in 2021 it’ll be around $80 million […]
Petrobras Reports Record July BĂşzios Production
(Petrobras, 5.Aug.2020) — Petrobras reports platforms (P-74, P-75, P-76 and P-77) installed in the BĂşzios field, in the Santos Basin pre-salt, reached new monthly production records in July, of 615,000 barrels of oil per day (bpd) and 765,000 barrels of oil equivalent per day (boed). The BĂşzios field, discovered in […]
Ecopetrol 2Q:20 Report, Updates Business Plan
(Ecopetrol, 4.Aug.2020) — Ecopetrol S.A. announced today the Ecopetrol Group’s financial results for the second quarter and the first half of 2020 and the update of the Business Plan 2020-2022. Financial results were prepared in accordance with the International Financial Reporting Standards applicable in Colombia. RELATED STORY: Moody’s Confirms Ecopetrol’s […]
Shell Argentina CEO Sean Rooney’s EconoJournal Q&A
(Energy Analytics Institute, 4.Aug.2020) — Shell Argentina President Sean Rooney discussed his company’s operations in Argentina amid the Covid-19 pandemic, including commenting on continued and future development of the Vaca Muerta shale formation. “A lot of economic recuperation post-Covid will come from industry pressures to accelerate the change of energy […]