(Sempra, 30.Jun.2020) — Sempra Energy completed its business exit from South America, following the recently announced sale of its Chilean businesses, which generated approximately $2.23 billion in total cash proceeds, subject to post-closing adjustments. The completion of the Chilean transactions concludes Sempra Energy’s sales of its South American businesses in […]
Category: Latin America and the Caribbean
Brazil’s IBP Sees COVID-19 Impact Until The End Of 2021
(Reuters, 30.Jun.2020) — Brazil’s oil industry expects a recovery in domestic demand in the next months driven by growing China imports, but the negative effects of COVID-19 are expected to last through the end of 2021, lobbying group IBP said in a note on Tuesday. Consumption could drop by more […]
Brazil’s Refinery Utilization Rate Stable
(S&P Global Platts, 30.Jun.2020) — Brazil’s refineries returned close to pre-pandemic levels in June, despite several incidents at processing units across Latin America’s biggest country that led to output volatility during the month, the Mines and Energy Ministry said June 30. State-led oil company Petrobras, which operates 98% of Brazil’s […]
Petrobras Says Buzios Oil Field Achieved New Record
(Reuters, 29.Jun.2020) — Brazil’s Petrobras said that its platforms P-74, P-75, P-76 and P-77 located in the deepwater Buzios oil field, the largest in the world, achieved record production levels on June 27, totalling 664,000 bpd and 822,000 boed. The oil company said it sold 764,000 cubic meters of diesel […]
Argentina’s Subsidy Not Enough To Boost Production
(GlobalData, 29.Jun.2020) — Adrian Lara, Senior Oil & Gas Analyst at GlobalData, commented on announcements from Argentina’s government to implement a new plan for subsidizing oil and gas production in face of the current Covid-19 crisis. “The impact of COVID-19 in Argentina has resulted in lower oil refining inputs and […]
Petrobras Implements PDV At Transpetro
(Petrobras, 29.Jun.2020) — Petrobras said the Board of Directors of its wholly-owned subsidiary Petrobras Transporte S.A. (Transpetro), approved the creation of a Voluntary Severance Program (PDV), exclusive to its employees. The PDV is an important staff management tool, being yet another measure focused on cost reduction, in order to strengthen […]
Maersk In Exploration Deal For Petronas
(Maersk, 29.Jun.2020) — Maersk Drilling has secured a contract for the semi-submersible rig Mærsk Developer which will be employed by Petronas Suriname Exploration & Production B.V. for a one-well exploration campaign in Block 52 offshore Suriname. The contract is expected to commence in Q3/Q4 2020, with an estimated duration of […]
ANCAP Selects KBR For SDA Upgrade Project
(KBR, 29.Jun.2020) — KBR’s solvent deasphalting (SDA) technology, ROSE®, has been selected by Uruguay’s sole refinery, ANCAP, for a strategic upgrade project. Under the terms of the contract, KBR will provide technology licensing, basic engineering design, and proprietary equipment for a 6,000 BPSD ROSE unit. The unit will allow ANCAP […]
Petrobras Releases Teaser For Sergipe-Alagoas Basin
(Petrobras, 29.Jun.2020) — Petrobras started the opportunity disclosure stage (teaser), referring to the sale of its entire stake in the Tartaruga field, located in shallow waters of the Sergipe-Alagoas Basin, state of Sergipe. The teaser, which includes key information about the opportunity, as well as the eligibility criteria for selection […]
Petrobras Reports BĂşzios Production Record
(Petrobras, 29.Jun.2020) — Petrobras reports that the platforms (P74, P-75, P-76 and P-77) installed in the BĂşzios field, in the Santos Basin pre-salt, reached new production records on the 27th of this month, of 664,000 barrels of oil per day (bpd) and 822,000 barrels of oil equivalent per day (boed). […]
Venezuela Tightens Grip On Fuel Stations
(Reuters, 28.Jun.2020) — Venezuelan state oil firm PDVSA has told independent gas station operators it can revoke their licences “at any time”, only weeks after it cut generous fuel subsidies and as widespread shortages take hold, a notification PDVSA sent to the operators showed. PDVSA has a monopoly over the […]
Guyana Oil Find Raises Stakes In Fraud Case
(Stabroek News, 27.Jun.2020) — Allegations of mass vote fiddling in the former British colony of Guyana may lead to the country’s discredited government being ostracised unless a court hearing next week can resolve a bitter dispute over election results. The political stakes in Guyana have risen massively since May 2015 […]
Petrobras Receives R$265mn Of Leniency Agreement
(Petrobras, 26.Jun.2020) — Petrobras announces that, following up to the release disclosed on 25 July 2019, it has received R$265mn related to the second installment of the leniency agreement executed by Technip Brasil and Flexibras (companies of the Technip Group). This payment arises from the damages suffered by Petrobras’ within […]
Petrobras On The New Code Of Ethical Conduct
(Petrobras, 26.Jun.2020) — Petrobras said its Board of Directors has approved the company’s new Code of Ethical Conduct. The document, which unites the Code of Ethics with the Guide to Conduct, follows the best corporate integrity practices and represents another step towards strengthening the company’s integrity culture. The unification is […]
19 Companies Short Listed To Market Guyana’s Oil
(Stabroek News, 26.Jun.2020) — The Ministry of the Presidency this morning said that nineteen companies have been shortlisted for the marketing of Guyana’s oil from the Liza Destiny FPSO. A statement from the Ministry noted that the Department of Energy had issued an invitation for Expressions of Interest in February […]
Argentina Puts Damper On Oil Demand, Production
(S&P Global Platts, 26.Jun.2020) — Argentina has extended a 99-day-old economic lockdown for three more weeks to try to contain a surge in coronavirus cases, including by tightening restrictions on people’s movements in densely populated parts of the country, a decision seen as cutting oil demand and production that had […]
YPF Issues Force Majeure Notice On Tango FLNG
(Reuters, 26.Jun.2020) — Belgian shipping company Exmar has said that it had received a force majeure notice from Argentine oil company YPF SA under charter and services deals for the Tango floating export project. “YPF claims that effects of the coronavirus (COVID-19) pandemic both worldwide and in Argentina have hindered […]
Diego Mesa Named As Colombia’s New Mines, Energy Minister
(Energy Analytics Institute, 26.Jun.2020) — Colombia’s president Ivan Duque announced his naming of Diego Mesa as the country’s new Mines and Energy Minister, replacing MarĂa Fernanda Suárez, who resigned for personal reasons. Mesa, aged 38, most recently served as Colombia’s Deputy Oil Minister, and holds a master’s degree from the […]
Colombia’s May Production Of Gas Rises, Oil Falls
(Energy Analytics Institute, 25.Jun.2020) — Colombia’s production of natural gas was 938.7 million cubic feet per day (MMcf/d) in May 2020, up 13.5% sequentially from 827 MMcf/d in April 2020, but down 8.3% from 1,024 MMcf/d in May 2019, according to details published by Colombia’s Mines and Energy Ministry. Gas […]
PDVSA Weighs Plan To Pay For Refinery Work With Fuel
(Reuters, 25.Jun.2020) — Officials from Venezuelan state oil company Petroleos de Venezuela have spoken with private contractors about paying for work fixing the country’s refineries with fuel and byproducts, a half dozen people familiar with the talks said. The possibility of in-kind compensation comes as U.S. sanctions on PDVSA and […]
Santiago Upgrades Transport With 355 Scania Buses
(Scania, 25.Jun.2020) — Scania has started the delivery of 355 Euro 6 buses for Santiago de Chile’s public transport system. Deliveries to the operator Express Uno commences in June and will be completed in September. These Euro 6 buses represent a considerable improvement compared to the Euro 5 emissions standard, […]
Trinidad Cuts Oil, Gas Budget Price Assumptions
(Argus, 25.Jun.2020) — LNG exporter Trinidad and Tobago has reduced the crude and natural gas price assumptions in its national budget. According to the finance ministry’s mid-year economic review obtained by Argus, the country’s baseline scenario for macroeconomic conditions is now pegged to $45/bl for Brent and $2.90/MMBtu for the […]
Total Reports Ramp-Up On Iara With Second FPSO
(Total, 25.Jun.2020) — Total and its partners announce the start-up of the Floating Production Storage and Offloading (FPSO) P-70 of the Iara cluster (Block BM-S-11A), located in the deepwater Santos Basin pre-salt offshore Brazil. With a productive capacity of 150,000 barrels of oil per day, this new unit double the […]
Petrobras Starts Production In Atapu Pre-salt
(Petrobras, 25.Jun.2020) — Petrobras reports that it started today the production of oil and natural gas from the shared deposit of Atapu, through platform P-70, in the eastern portion of the Santos Basin pre-salt, near the BĂşzios field. The Atapu shared deposit, which comprises the fields Oeste de Atapu, Atapu […]
Petrobras To Receive Offers For Bahia Refinery
(Reuters, 24.Jun.2020) — Brazil’s Petroleo Brasileiro SA is set to receive binding offers for the country’s second-largest refinery on Thursday, five people with knowledge of the matter said, as the state oil company aims to restart a plan to divest more than $10 billion in assets. If the deal for […]
Tankers With Venezuelan Oil Stuck At Sea
(Reuters, 24.Jun.2020) — Tankers carrying nearly two months worth of Venezuelan oil output are stuck at sea as global refiners shun the nation’s crude to avoid falling foul of U.S. sanctions, according to industry sources, PDVSA documents and shipping data. Washington is tightening sanctions to cut Venezuela’s oil exports and […]
Tankers With Venezuelan Oil Unable To Unload
(Sputnik, 24.Jun.2020) — Earlier this month, the US Treasury Department announced that it was imposing Venezuela-related sanctions against four companies and four oil tankers belonging to these entities over their alleged involvement in the oil trade with the South American country. Reuters has quoted unnamed industry sources as saying that […]
Argentina Weighs New Price Subsidy, Freezes Gas Tariffs
(WoodMac, 24.Jun.2920) — Gas pricing and market regulation are again under discussion in Argentina. The coronavirus pandemic has weakened an already vulnerable economy, with the impact felt in the gas market. To maintain low gas prices for end-users, the new administration has imposed a tariff freeze until the end of […]
Russia Backs Venezuela In Fight Against US
(Newsweek, 24.Jun.2020) — Russia vowed to support Venezuela in its campaign to counter U.S.-backed regime change after the Pentagon sailed warships nearby in the Caribbean to challenge the Latin American country. On Wednesday, Russian Foreign Minister Sergey Lavrov called Venezuela his country’s “reliable friend both in Latin America and in […]
Khiron Completes Solar Energy Park In Colombia
(Khiron, 24.Jun.2020) — Khiron Life Sciences Corp., a vertically integrated cannabis leader with core operations in Latin America and Europe, announces the completed installation of a state-of-the-art 2,600 panel solar park that will generate electricity to power the Company’s production facility in Doima, Colombia. Developed with ReFeel, a leading Italian […]
Keith Rowley’s Address – Energy, Renewables Event
(Trinidad Prime Minister, 24.Jun.2020) — Prime Minister Dr the Hon Keith Rowley’s Feature Address – Energy Efficiency and Renewables Conference 2020. Ladies and Gentlemen, a very good morning to you all. I am once again honoured to be among such a knowledgeable gathering, even if it has to be in […]
Petrobras Appoints Board Member Ruy Flaks Schneider
(Petrobras, 24.Jun.2020) — Petrobras reports that its Board of Directors, in a meeting held today, approved the appointment of Mr. Ruy Flaks Schneider for the position of member of the company’s Board of Directors. Mr. Ruy Schneider’s appointment will be submitted to Petrobras’ 2020 Annual General Meeting, called for July […]
Petrobras On Landulpho Alves refinery (RLAM) News
(Petrobras, 24.Jun.2020) — Petrobras, regarding to the news published in the media, clarifies that the date to receive the binding proposals for the divestment project of the Landulpho Alves refinery (RLAM) in Bahia is tomorrow, 25 June 2020. Facts deemed relevant on the matter and other portfolio management projects of […]
Petrobras On Deal With Sete Brasil
(Petrobras, 24.Jun.2020) — Petrobras, following up on the release disclosed on December 20, 2019, informs that its Executive Board approved a change in the deadline for certain conditions set forth in the agreement with Sete Brasil to be implemented. Therefore, the effectiveness of the agreement and of the other related […]
Low Prices To Weigh On Investment In LatAm
(Reuters, 23.Jun.2020) — Foreign investment in Latin America risks “drying out” due to economic turmoil and fiscal instability sparked by the COVID-19 pandemic, especially if Chinese-led commodity demand remains weak, a former Colombian finance minister said on Tuesday. “There is a risk that markets for the region dry out somewhat, […]
Fiscal Effects Of Covid-19, Oil Could Last Years In Colombia
(Reuters, 23.Jun.2020) — The fiscal fallout of the coronavirus pandemic and low oil prices could affect Colombia for several years, Richard Francis, director of sovereign ratings at ratings agency Fitch, said on Tuesday. Colombia’s government predicts the usually healthy economy will contract 5.5% this year. The country has suspended its […]
Mexico Antitrust Body Takes On Govt Over Energy Policy
(Reuters, 22.Jun.2020) — Mexico’s antitrust regulator said on Monday it had filed a suit at the Supreme Court against the energy ministry, arguing that steps taken by the government last month were in breach of free competition under the constitution. On May 15, the ministry published a set of rules […]
JinkoSolar To Supply 60.9 MW To Hybrid Plant In Chile
(JinkoSolar, 22.Jun.2020) — JinkoSolar Holding Co., Ltd., one of the largest and most innovative solar module manufacturers in the world, today announced that it will supply 60.9 MW of bifacial modules for the first industrial hybrid plant in Chile. The hybrid plant will be located about 10 kilometers outside the […]
Venezuela Wooed Texan Lawmaker To Ease Sanctions
(AP, 22.Jun.2020) — Venezuela’s socialist government tried to recruit then-Congressman Pete Sessions to broker a meeting with the CEO of Exxon Mobil at the same time it was secretly paying a close former House colleague $50 million to keep U.S. sanctions at bay, The Associated Press has learned. An official […]
Petrobras Comments On Partial Award In Arbitration
(Petrobras, 21.Jul.2020) — Petrobras, following up on the release dated 22 June 2020, filed a motion to vacate a partial arbitration award rendered in an arbitration filed by Petros and Previ before the Market Arbitration Chamber (CAM) of B3. As a result of the rules of the CAM, the motion […]
The Oil Nation Aiming To Emulate Guyana’s Success
(Oilprice.com, 20.Jun.2020) — Paths to economic development might vary, ranging all the way from ruthless dictatorships hewing their way with an iron fist to established democracies laboring towards the well-being of its constituents. In terms of swift decision-making and efficiency, 20th century empirical data would rather tilt towards dictatorships with […]
Venezuela Wooed Texas Lawmaker To Ease Sanctions
(AP, 20.Jun.2020) — Venezuela’s socialist government tried to recruit then-Congressman Pete Sessions to broker a meeting with the CEO of Exxon Mobil at the same time it was secretly paying a close former House colleague $50 million to keep U.S. sanctions at bay, The Associated Press has learned. An official […]
End of Venezuela’s Oil Fortune Looms Over Maduro
(Bloomberg, 20.Jun.2020) — Oil revenue, the financial lifeline of Venezuela, is quickly drying up, adding to the growing instability of Nicolas Maduro’s embattled regime. Crude exports that once accounted for 95 percent of foreign currency inflow to the country tumbled by almost half this month, after hitting a 73-year low […]
The Oil Nation Aiming To Emulate Guyana’s Success
(Oilprice.com, 20.Jun.2020) — Paths to economic development might vary, ranging all the way from ruthless dictatorships hewing their way with an iron fist to established democracies laboring towards the well-being of its constituents. In terms of swift decision-making and efficiency, 20th century empirical data would rather tilt towards dictatorships with […]
End Of Venezuela’s Oil Fortune Looms Over Maduro
(Bloomberg, 20.Jun.2020) — Oil revenue, the financial lifeline of Venezuela, is quickly drying up, adding to the growing instability of Nicolas Maduro’s embattled regime. Crude exports that once accounted for 95 percent of foreign currency inflow to the country tumbled by almost half this month, after hitting a 73-year low […]
Guaido Team Favoring COP In Citgo Fight: Update
(Argus, 19.Jun.2020) — Another senior Venezuelan opposition figure has resigned following the government’s leak of a strategy to favor ConocoPhillips in an escalating battle for Venezuelan state-owned PdV’s US refining unit Citgo. Jose Ignacio Hernandez, who held the title of special attorney general in opposition leader Juan Guaido’s US-backed exiled […]
Petrobras Releases Shallow Water E&P Teaser
(Petrobras, 19.Jun.2020) — Petrobras informs that it has started the opportunity disclosure stage (teaser), referring to the sale of its entire stake in the Atum, CurimĂŁ, Espada and XarĂ©u fields, maritime production concessions in shallow waters located in the MundaĂş sub-basin, in the State of Ceará. The teaser, which includes […]
Guaido Team Favoring COP In Citgo Fight
(Argus, 19.Jun.2020) — Another senior Venezuelan opposition figure has resigned following the government’s leak of a strategy to favor ConocoPhillips in an escalating battle for Venezuelan state-owned PdV’s US refining unit Citgo. Jose Ignacio Hernandez, who held the title of special attorney general in opposition leader Juan Guaido’s US-backed exiled […]
ExxonMobil Restores Guyana Oil Production
(Argus, 18.Jun.2020) — ExxonMobil has restored crude production offshore Guyana to 80,000 b/d after correcting a technical glitch, according to the head of the country’s environmental agency EPA Vincent Adams. A problem with compression equipment had slashed output at the Liza field by 65pc to 27,500 b/d last week, compared […]
US Sanctions Mexican Cos. Helping Venezuelan Oil
(Bloomberg, 18.Jun.2020) — The U.S. Treasury Department levied sanctions on Mexican trading company Libre Abordo SA de CV for buying Venezuelan oil via oil-for-humanitarian-aid agreements with the embattled country. Libre Abordo and its affiliate Schlager Business Group purchased 32 million barrels of crude oil this year to become the biggest […]