(Argus, 13.Jul.2020) — Ecuador’s austerity-minded government is in discussions with China to secure a new loan backed by oil sales. The fresh loan of at least $1.4bn would be secured by some 50mn bl of crude sales under a long-term arrangement that replicates a series of oil-backed debt contracts that […]
Category: Latin America and the Caribbean
Petrobras On Asphalt Sale By Reduc
(Petrobras, 13.Jul.2020) — Petrobras reports that its refinery in Duque de Caxias (Reduc), located in Rio de Janeiro, reached the mark of 16,773 tons of asphalt sold in June 2020, an increase of 42.5% compared to May and 120.8% compared to the same month of the previous year. This is […]
PetroEcuador Continues With Elimination Process
(Energy Analytics Institute, 12.Jul.2020) — Technical staff with the Consortium Suez-Ecuambiente continues with previous work related to the export of hazardous waste from the Las Esmeraldas refinery, which consists of 3,000 tons of spent caustic soda, spent diethanolamine, dielectric oil with PCB’S and electrical transformers with PCBs, which remain stored […]
Recount Result: Guyana’s Only Democratic Solution
(OAS, 11.Jul.2020) — The Organization of American States (OAS) notes that the Chief Elections Officer of Guyana, in direct opposition to the instructions of the Chair of the Guyana Elections Commission, has submitted a final report which includes data compiled prior to the national recount; data which had already been […]
Petrobras On Measures In Aviation Gasoline
(Petrobras, 11.Jul.2020) — Petrobras informs that it has decided, preventively, to interrupt supplying a specific imported batch of aviation gasoline after tests carried out at its research center (Cenpes). The company identified that this batch had a different aromatic content compounds than the batches imported until then, although in accordance […]
Reliance To Load Venezuelan Oil In Fuel Swap Deal
(Sputnik, 10.Jul.2020) — India is one of the biggest buyers of Venezuelan oil in spite of US sanctions. Private Indian refiners Reliance Industries and Nayara Energy are the only buyers from India. Soon after the US imposed sanctions, the Indian Ministry of Petroleum and Gas had advised the two firms […]
Ecuador seeks private investor to operate Esmeraldas refinery
(Piero Stewart, Energy Analytics Institute, 10.Jul.2020) — Ecuador’s Ministry of Energy and Non-Renewable Natural Resources (MERNNR) together with state controlled EP PetroEcuador plan to define the contractual mechanism for a private investor to contribute, at their own risk and expense, to the improvement of the supply and quality of fuels […]
Exxon Restarts Drilling Off Guyana Amid Political Crisis
(Bloomberg, 10.Jul.2020) — Exxon Mobil Corp. resumed drilling in Guyana last month, underscoring its dedication to the offshore hot spot despite the oil price crash and a messy turn in local politics. Two of Exxon’s four drillships went back to work, according to data published Friday by Baker Hughes Co. […]
MERNNR Extends Offers For El Aromo And Villonaco
(Energy Analytics Institute, 10.Jul.2020) — René Ortiz, the head of Ecuador’s Ministry of Energy and Non-Renewable Natural Resources (MERNNR) extended terms for the delivery of technical and economic offers — within the public selection processes for the concession for the El Aromo photovoltaic projects (200 megawatts) located in the province […]
Mubadala Set For Talks With Petrobras For Bahia Refinery
(Reuters, 10.Jul.2020) — Abu Dhabi’s investment fund Mubadala Investment Co will enter into exclusive talks with Petrobras to purchase Brazil’s second-largest refinery, the Brazilian state-owned oil company said in a securities filing on Thursday. Reuters was the first to report earlier on Thursday that Mubadala was on an inside track […]
BW Offshore Mulls Bids For Golfinho Field In Brazil
(Reuters, 10.Jul.2020) — Norway’s BW Offshore Ltd and DBO Energy are among the firms mulling a bid for Petrobras’ Golfinho oilfield cluster, two sources said, as Brazil’s state-run oil company seeks to re-spark its asset sale program in the wake of this year’s crude price crash. With average daily production […]
OAS Statement On Electoral Process In Guyana
(OAS, 10.Jul.2020) — In our most recent press statement, on 23 June 2020, the OAS encouraged the Guyana Elections Commission (GECOM) to move forward in concluding Guyana’s electoral process, based on the results of the national recount, and in accordance with the will of the majority of the electorate. The […]
Petrobras Biocombustível To Divest Stake In Bambuí
(Petrobras, 10.Jul.2020) — Petrobras, following up on the release disclosed on 07/03/2020, informs that its wholly-owned subsidiary Petrobras Biocombustível S.A. (PBIO) signed an agreement for the sale of its 8.40% stake in the company Bambuí Bioenergia S.A. (Bambuí) to Turdus Participações S.A., which holds the other 91.60% stake in the […]
Petrobras Starts Gaspetro’s Binding Phase
(Petrobras, 10.Jul.2020) — Petrobras, following up on the press release disclosed on 15 May 2020, announces the beginning of the binding phase regarding the sale of its entire 51% stake in Petrobras Gás S.A. (Gaspetro). Qualified parties for this phase will receive a process letter with detailed instructions on the […]
Suriname Closes Oil Drilling Deal For Later This Year
(Stabroek News, 10.Jul.2020) — Having gone almost entirely unnoticed in the global oil & gas industry for decades, both Guyana and neighbouring Suriname are now claiming their respective shares of the global spotlight. With the US company ExxonMobil having begun to recover and export oil from the now well-known Stabroek […]
Reliance To Load Venezuelan Oil Under Fuel Swap Deal
(Reuters, 9.Jul.2020) — India’s Reliance will load its first cargo of Venezuelan crude in three months this week in exchange for diesel under a swap deal the parties say is permitted under the U.S. sanctions regime on the Latin American country, according to a Reliance source and a shipping document […]
Ecuador Eyes Mining Investments Of $1.3bn
(Energy Analytics Institute, 9.Jul.2020) — Ecuador envisions mining exploration investments of $1.3bn through January 2022, according to comments from the country’s Mines Vice Minister Fernando L. Benalcázar. Benalcázar’s comments came during his participation in the “Digital Latin American Mining Summit” on 9 July, Ecuador’s Ministry of Energy and Non-Renewable Natural […]
Talos Instructed To Unitize Zama Field Within 120 Days
(Talos, 9.Jul.2020) — Talos Energy Inc. announced that on 7 July 2020, that it received a notice from Mexico’s Ministry of Energy (SENER) instructing the partners of Block 7 and Petróleos Mexicanos (Pemex) to unitize the Zama field. Talos is the operator of Block 7 in a partnership with Wintershall […]
Petrobras On RLAM Refinery Divestment
(Petrobras, 9.Jul.2020) — Petrobras, regarding to the news published in the media, referring to the divestment of the Landulpho Alves Refinery (RLAM), clarifies that there was approval by the company’s internal bodies to start the negotiation phase of the applicable contracts and the Mubadala Investment Company (Mubadala) presented the best […]
Petrobras Inks Deal For Shallow Water Field Sales
(Petrobras, 9.Jul.2020) — Petrobras signed with OP Pescada Óleo e Gás Ltda., a wholly-owned subsidiary of Ouro Preto Óleo e Gás S.A., an agreement for the sale of its entire stake in the Pescada, Arabaiana, and Dentão fields located in shallow waters of the Potiguar Basin (Pescada Cluster), in the […]
Guyana Awaits New Oil Authorities
(Argus, 9.Jul.2020) — Changes are coming to the management and policy of Guyana’s fledgling oil sector, after a regional court cleared the way for declaring a victory for the opposition in a 2 March parliamentary election. In a pending declaration by the elections commission (Gecom), the People’s Progress Party (PPP) […]
Sener Authorizes Unification Of Zama Shared Deposit
(Energy Analytics Institute, 8.Jul.2020) — Mexico’s Energy Secretary (Sener) instructed the unification of a shared reservoir between the Zama field discovered through Contract CNH-R01-L01-A7 / 2015 by Talos Energy Offshore and Assignment AE-0152-Uchukil which is under ownership by Mexico’s state oil company Petroleos Mexicanos (Pemex). In compliance with Article 42 […]
MERNNR Works On Slowing Coca River Water Flow
(Energy Analytics Institute, 8.Jul.2020) — René Ortiz, head of Ecuador’s Ministry of Energy and Non-Renewable Natural Resources (MERNNR), CELEC EP General Manager Gonzalo Uquillas Vallejo, and Ecuador’s Hydrocarbon Vice Minister María Elisa Soledispa announced construction and incorporation of emerging ramps to decrease the water flow speed of the Coca River […]
Petrobras Reports Record Bunker 2020 Output
(Petrobras, 8.Jul.2020) — Petrobras informs that the Paulínia Refinery (Replan), located in the state of São Paulo, broke the monthly production record for Bunker 2020, a low-sulfur fuel oil used on ships, for the second consecutive month. In June, the refinery reached 148 thousand m³, 20% higher than the previous […]
Renewables Key To LatAm Economic Recovery
(Reve, 8.Jul.2020) — The International Renewable Energy Agency (IRENA) and the Latin American Energy Organization (OLADE) will boost ties to put the renewables driven energy transformation at the heart of Latin America and the Caribbean’s economic recovery following the COVID-19 outbreak. The efforts build on an existing Memorandum of Understanding […]
PdV Receives Diesel Cargo, Patches Gasoline Unit
(Argus, 8.Jul.2020) — PdV received a cargo of ultra-low sulfur diesel today at its Amuay terminal, close to where the Venezuelan state-owned company is running into more snags at its main refining complex. The cargo came aboard the Malta-flagged Gemma that loaded at Milazzo on 19-21 June. Italy’s Eni and […]
Petrobras To Open Tender For Brazil’s Biggest Platform
(Reuters, 8.Jul.2020) — Petrobras is preparing to launch a tender to build Brazil’s largest-ever oil platform, according to two people with knowledge of the matter, as the state-controlled oil firm pushes ahead with ambitious plans to boost deepwater production. Petroleo Brasileiro SA, as the Rio de Janeiro-based producer is formally […]
Colombia’s Gamble On Oil Could End In Disaster
(Oilprice.com, 8.Jul.2020) — The latest oil price collapse coupled with the considerable economic fallout from the coronavirus pandemic has battered Colombia’s fragile economy. As the strife-torn Latin American country emerged from decades of civil conflict and narrowly avoided becoming a failed state, it pegged future development and economic growth on […]
Petrobras Decommissions P-12 Platform
(Petrobras, 7.Jul.2020) — Petrobras informs that, after approval by the National Agency for Petroleum, Natural Gas and Biofuels (ANP), the Brazilian Institute for the Environment and Renewable Natural Resources (IBAMA) and the Navy, it started decommissioning the P-12 platform in the Campos Basin. Decommissioning of P-07 and P-15 in the […]
Cosan Claims Reorganization May Entail Capitalization
(Reuters, 7.Jul.2020) — Brazilian energy company Cosan SA said its planned reorganization may involve the capitalization of all operating units controlled and co-controlled by the group. In a securities filing on Tuesday, Cosan said the viability of the potential capitalizations of each of the units will be weighed separately and […]
US Gas Exports To Mexico Set To Rise
(EIA, 6.Jul.2020) — Exports of natural gas by pipeline are the largest component of U.S. natural gas trade, accounting for 40% of all U.S. gross natural gas exports in 2019. EIA expects these exports to increase with the completion of the southern-most segment of the Wahalajara system, the Villa de […]
Will Argentina’s Oil Industry Survive This Crisis?
(Oilprice.com, 6.Jul.2020) — Throughout the 2010s Argentina’s shale deposits were universally listed alongside the US shale gale, denoting the many similarities Vaca Muerta shares with Eagle Ford in particular and Texas’ shale deposits in general. Providing another layer to the juxtaposition, Argentina’s shale-rich Neuquen Province has historically been the main […]
Petrobras Awards Saipem $325mn Buzios Subsea Deal
(Saipem, 6.Jul.2020) — Saipem has been awarded a contract by Petrobras for the installation of a rigid riser-based subsea system to serve the Búzios pre-salt project, in water depths from 1537 to 2190 meters, offshore the state of Rio de Janeiro. The Búzios-5 overall production system foresees the interconnection of […]
JinkoSolar To Supply 126 MW Modules For Chilean Project
(JinkoSolar, 6.Jul.2020) — JinkoSolar Holding Co., Ltd. announced it will supply 126 MW of solar modules for the expansion of an existing 160 MW solar PV park in Chile. The local contractor recently announced the 126 MW expansion of an existing 160 MW PV park located in the Antofagasta Region. […]
Petrobras Eyes Braskem Deal With Odebrecht
(Reuters, 6.Jul.2020) — Brazilian state-led oil company Petrobras expects within six months to reach an understanding with engineering group Odebrecht on a new shareholder agreement for petrochemical company Braskem SA , the oil firm’s CEO said Monday. Roberto Castello Branco, chief executive of Petroleo Brasileiro SA, as the company is […]
YPFB Decontaminates Two Buildings In Santa Cruz
(Energy Analytics Institute, 6.Jul.2020) — YPFB’s Corporate Occupational Safety and Health Directorate applied its decontamination protocol to two buildings located on Grigota Avenue in Santa Cruz: the National Vice Presidency of Operations (VPNO) and the other, the one for Administration, Inspection and Contracts (VPACF). “As part of the biosecurity measures, […]
Suriname Awaits Drilling Of Third Apache Well Offshore
(Energy Analytics Institute, 4.Jul.2020) — Suriname, the small Dutch-speaking South America country looking to emulate the success of its immediate neighbor to the north, Guyana, is awaiting drilling results of a third well to be drilled offshore by US-based Apache Corporation and Paris-based Total. The companies have already drilled two […]
Venezuela’s Oil Production Sinks To 300,000 b/d
(Argus, 3.Jul.2020) — Venezuela kicked off July with only around 300,000 b/d of crude production and no oil rigs in operation, according to a series of internal operation reports from state-owned PdV. The production level is the Opec country’s lowest in close to nine decades, with the exception of a […]
Venezuela Awaits New Products Cargo From Italy
(Argus, 3.Jul.2020) — Venezuela will receive another products cargo from Italy next week, highlighting the endurance of debt-related oil trade with EU companies that falls outside the scope of escalating US sanctions on Caracas. The Malta-flagged Gemma is scheduled to berth at Venezuela’s Amuay terminal around 8 July, having loaded […]
Petrobras Eyes LNG Units For Pre-salt Gas
(Reuters, 3.Jul.2020) — Brazilian state-controlled oil company Petrobras is considering installing offshore units to liquefy the growing natural gas production from the so-called pre-salt area, the company’s emissions and climate change manager said during a webinar on Friday. Liquefied natural gas units could be an alternative for the gas associated […]
Petrobras Begins NTS Binding Phase
(Petrobras, 3.Jul.2020) — Petrobras, following up on the press release disclosed on 15 May 2020, announces the beginning of the binding phase regarding the sale of its 10% remaining stake in Nova Transportadora do Sudeste S.A. (NTS). Potential buyers qualified for this phase will receive a process letter with detailed […]
Petrobras’ Teaser For Sale Of Petrobras Biocombustível
(Petrobras, 3.Jul.2020) — Petrobras started the opportunity disclosure stage (teaser), regarding the sale of its wholly-owned subsidiary Petrobras Biocombustível S.A. (PBIO). This transaction consists of the sale of 100% of Petrobras’ shares in PBIO, including three biodiesel plants, and does not include the sale of PBIO’s stakes in BSBios (50.0%) […]
Lawmakers Seek To Block Sale Of Petrobras’ Refineries
(Reuters, 2.Jul.2020) — Brazilian lawmakers are seeking a Supreme court injuction to prevent state-run oil company Petrobras from selling its refineries Landulpho Alves and Repar, according to documents seen by Reuters. In their request, lawmakers argue that the sale cotradicts a previous court decision ordering Petrobras to ask for the […]
Fitch Downgrades Suriname’s IDR To ‘C’
(Fitch Ratings, 2.Jul.2020) — Fitch Ratings has downgraded Suriname’s Long-Term Foreign Currency Issuer Default Rating (IDR) to ‘C’ from ‘CCC’. KEY RATING DRIVERS The downgrade of Suriname’s Long-Term Foreign Currency IDR to ‘C’ reflects Fitch’s view that the Government of Suriname has begun a distressed debt exchange (DDE) in relation […]
Kichwa People Return To Ecuadorian Court
(Amazon Watch, 2.Jul.2020) — Now 8 years since the court’s decision, the community will once again demand the Ecuadorian government comply with the ruling that requires the removal of buried explosives in their territory and the guarantee of free prior and informed consultation in accordance with international and national standards. […]
Golar Power Enters Alliance With Galileo
(Galileo Technologies, 2.Jul.2020) — The Agreement was signed yesterday in Sao Paulo and will leverage Golar Power’s natural gas distribution Project, without pipelines, in the interior of Brazil. The project will also tap into new biomethane sources. Golar Power, one of the world’s largest LNG integrated companies, entered into a […]
YPF’s Exchange Offer For $1bn 8.5% Senior Notes
(YPF, 2.Jul.2020) — YPF Sociedad Anónima commenced an exchange offer for any and all of its outstanding US$1,000,000,000 aggregate principal amount of 8.500% Senior Notes due 2021 (the “Old Notes“) (144A CUSIP / ISIN Nos. 984245 AM2 / US984245AM20 and Reg S CUSIP / ISIN P989MJ BG5 / USP989MJBG51) for […]
Guaido Team Adds to PDVSA Ad Hoc Board
(Reuters, 1.Jul.2020) — Venezuela’s opposition-held National Assembly on Tuesday named three new members to an ad hoc board of directors for state Petroleos de Venezuela (PDVSA), which controls some of the company’s most important overseas assets. It was the latest shakeup in opposition leader Juan Guaido’s overseas leadership team, which […]
Politics Entangling Exile PdV Board
(Argus, 1.Jul.2020) — An “ad hoc” board of state-owned PdV that is a key part of US-backed opposition leader Juan Guaido’s parallel administration is running into political resistance in the run-up to National Assembly elections in early December. Ten deputies in the opposition-controlled assembly withheld support for three board appointments […]
Venezuelan Crude Arrives At Milazzo
(Argus, 1.Jul.2020) — A cargo of Venezuelan crude has arrived at the 235,000 b/d refinery run by Italy’s integrated Eni and Kuwait’s state-owned KPC at Milazzo, Sicily. Around 1mn bl is on board the Delta Tolmi waiting to discharge, and will be the first Venezuelan crude at Milazzo since February […]