(Reuters, 6.Jun.2020) — Mexico will not join other top oil producers in extending through July output cuts aimed at propping up the price of crude, Energy Minister Rocio Nahle said on Saturday. Made up of OPEC members and allies led by Russia, the group known as OPEC+ agreed in April […]
Category: Latin America and the Caribbean
Chevron Oil Tangled In US Sanctions On Venezuela
(Reuters, 5.Jun.2020) — A Chevron Corp crude oil cargo has become embroiled in U.S. sanctions on shipping companies for violating restrictions on doing business with Venezuela, the company confirmed on Friday. Adamant Maritime Ltd, the owner of very large crude-oil carrier (VLCC) Seahero was sanctioned by the U.S. Department of […]
Petrobras Reports Rise In Fuel Exports
(Petrobras, 5.Jun.2020) — Petrobras reports that it exported 1.11 million tons of fuel oil in May, surpassing the previous record set in February 2020 by 10%. The amount of fuel oil exported was 231% higher than the volume exported in May last year. It is important to highlight that, on […]
OPEC+ To Meet Saturday On Extending Cuts
(Reuters, 5.Jun.2020) — OPEC and its allies led by Russia will meet on Saturday to discuss extending record oil production cuts and to push laggards such as Iraq and Nigeria to comply with existing curbs. The producers known as OPEC+ previously agreed to cut supply by 9.7 million barrels per […]
Statement From The OAS On The Elections In Guyana
(OAS, 4.Jun.2020) — The General Secretariat of the Organization of American States (OAS) is mindful that the recount of the votes cast in the March 2 General and Regional elections in Guyana, will be concluded in the next few days. OAS International Election Observers have been present at the recount […]
Petrobras’ Reveals Details Of Five Generation Companies
(Petrobras, 4.Jun.2020) — Petrobras started the opportunity disclosure stage (teaser), regarding the sale of its stakes in five power generation companies: Brasympe Energia S.A. (Brasympe), Energética Suape II S.A. (Suape II), Termoelétrica Potiguar S.A. (TEP), Companhia Energética Manauara S.A. (CEM) and Brentech Energia S.A. (Brentech). The teaser, which contain key […]
Iran’s Message To US With Venezuela Oil Shipments
(Financial Times, 4.Jun.2020) — For the Islamic republic, it was a mission fraught with risk: send five Iranian-flagged fuel tankers through some of the world’s most crucial maritime gateways to cash-strapped Venezuela without being stopped by the Americans. With the shipment, Iran intended to send a clear message: that it […]
CNH Again Extends Timeframe For Oil Permits
(Reuters, 4.Jun.2020) — Mexico’s oil regulator will allow energy firms more time to secure permits and plan approvals, it said in on Thursday, in effect extending a freeze on all deadlines until the government determines it is safe to resume official work. The latest extension due to the coronavirus pandemic […]
Oil Workers In Mexico Plead To Come Home
(The Guardian, 4.Jun.2020) — Dozens of Trinidad and Tobago oilfield workers in Mexico have issued a plea to the government to allow them to return home. The workers issued a statement to the media Wednesday night saying they are currently stranded there. They say that before going to Mexico, they […]
Suriname Beckons Oil Drillers Ahead Of Poll Result
(Argus, 3.Jun.2020) — Suriname is edging closer to a change of government that could pave the way for expanded offshore oil exploration. The South American country is hoping to emulate neighboring Guyana, where ExxonMobil started oil production from the deepwater Stabroek block in December 2019. Suriname’s current production is limited […]
Petrobras Concludes $3.25bn Global Notes Offering
(Petrobras, 3.Jun.2020) — Petrobras concluded the offering of two series of Global Notes in the international capital market in the amount of $ 3.25 billion, with $ 1.5 billion from the issuance of the 2031 new notes and $1.75 billion from the issuance of the 2050 new notes, by means […]
Pemex Continues With Tula Refinery Contingency
(Energy Analytics Institute, 3.Jun.2020) — Pemex’s “Miguel Hidalgo” refinery in Tula carried out preventive measures to mitigate the risks of the Covid-19 pandemic among its work force as well as personnel from contractor companies. Since commencement of contingency efforts, more than 10,000 face masks have been delivered at the entrance […]
PetroAmazonas Develops 63.5 Ha On Blocks 43 And 31
(Energy Analytics Institute, 3.Jun.2020) — PetroAmazonas EP has developed 63.50 hectares of Block 43-ITT (Ishpingo, Tambococha, Tiputini) and Block 31, both located in the province of Orellana. Of the figure, approximate 26.60 hectares corresponds to Block 43 and 36.90 hectares to Block 31, PetroAmazonas announced 3 June 2020 in an […]
US Sanctions Four Firms For Transporting Venezuelan Oil
(Aljazeera, 2.Jun.2020) — The United States Treasury Department on Tuesday said it had sanctioned four shipping firms for transporting Venezuelan oil, the latest escalation in Washington’s effort to depose socialist President Nicolas Maduro by cutting off the OPEC nation’s crude exports. Marshall Islands-based Afranav Maritime Ltd, Adamant Maritime Ltd and […]
Venezuela’s Oil Exports Sink To 17-year Low On Sanctions
(Reuters, 2.Jun.2020) — Venezuela’s oil exports plummeted in May to their lowest level since 2003 as U.S. sanctions choked exports and two Mexican firms that had acted as intermediaries for Venezuelan crude sales stopped receiving oil, Refinitiv Eikon data and internal shipping documents from state-run energy company PDVSA showed. Washington […]
Guyana To Offer Gas-to-power Project
(Argus, 2.Jun.2020) — Guyana is preparing to launch a tender for a natural gas-to-power project anchored on the ExxonMobil-operated Stabroek block. The project would entail the installation of a 160km subsea gas pipeline from the deepwater block to onshore power generation units and other facilities. Around 30mn-50mn cf/d would be […]
Mexico Probes Libre Abordo Pact With Venezuela
(Reuters, 2.Jun.2020) — The Mexican government’s financial crime department is investigating Libre Abordo, a Mexico-based firm that received millions of barrels of Venezuelan crude under an oil-for-food pact, in a probe coordinated with U.S. agencies, the department’s chief, Santiago Nieto, told Reuters. The Mexican Financial Intelligence Unit is also separately […]
CITGO Proposes $750mn Private Offering
(Citgo, 2.Jun.2020) — Citgo Petroleum Corporation has commenced a private offering exempt from the registration requirements of the Securities Act of 1933, as amended, of $750 million aggregate principal amount of senior secured notes due 2025. The notes offering is subject to market and other conditions, and there is no assurance […]
Petrobras Starts Camamu Basin Non-binding Phase
(Petrobras, 1.Jun.2020) — Petrobras, following up on the release disclosed on 05/04/2020, announces the beginning of the non-binding phase regarding the sale of its stake (35%) in the Manati Field, a shallow water maritime production concession located in the Camamu Basin, in the State of Bahia. Potential buyers qualified for […]
Venezuela Rolls Out Two-tiered Fuel Pricing
(Argus, 1.Jun.2020) — A two-tiered gasoline pricing system rolled out by Venezuela today maintains generous subsidies for limited volumes but allows private-sector operators to charge international prices for imports. The new fuel rationing and pricing policy was unveiled over the weekend in separate addresses by President Nicolas Maduro and acting […]
Caricom Election Mission To Suriname Departs
(Caricom, 1.Jun.2020) — The CARICOM Electoral Observer Mission (CEOM) is scheduled to depart Suriname on Tuesday 2nd June 2020 after having spent a full two weeks in Suriname observing, not only the Election Day activities of 25th May, but also the Pre and Post-Election Day phases. On the eve of […]
CENIT’s Transport Tariffs Neutral For Ocensa
(Fitch Ratings, 1.Jun.2020) — Fitch Ratings views the agreement reached between crude oil transportation companies and producers in Colombia as credit neutral for Oleoducto Central S.A (Ocensa) (BBB-/Negative) and A.I. Candelaria (Spain), S.L.’s ratings (BB+/Negative), as Fitch does not anticipate a material change in their capital structures. The agreement announced […]
Libre Abordo Announces Bankruptcy
(Reuters, 31.May.2020) — Mexico-based company Libre Abordo said on Sunday it was bankrupt and that Venezuelan President Nicolas Maduro had terminated an oil-for-food agreement that had allowed the firm to supply water trucks in exchange for millions of barrels of Venezuelan crude. Libre Abordo and its related firm Schlager Business […]
Venezuela, In Historic Shift, Scales Back Fuel Subsidy
(WSJ, 31.May.2020) — The regime of Nicolás Maduro, grappling with intense gasoline shortages, said it will scale back its longstanding fuel subsidy and privatize service stations, in a significant shift for Venezuelans long accustomed to filling up their cars free of charge. The measures, which take effect on Monday, are […]
PetroEcuador Monitoring Emissions At Esmeraldas
(Energy Analytics Institute, Piero Stewart, 30.May.2020) — Ecuador’s state oil company EP Petroecuador is monitoring emissions at the Esmeraldas refinery, especially those of sulfur dioxide (SOx) even though preliminary reports show emissions from the refining center have yet to exceed parameters allowed by environmental regulations. Notwithstanding, EP PetroEcuador has carried […]
Trinidad-Venezuela Ties Omit Natural Gas For Now
(Argus, 29.May.2020) — Trinidad and Tobago declared explicit support for Venezuela’s US-sanctioned government this week, but the political ties will not revive natural gas cooperation in the near term because industrial demand has crumbled. Venezuela’s vast untapped offshore gas deposits and cross-border fields have long been seen as vital to […]
Petrobras Concludes Sale Of Seven Onshore Fields
(Petrobras, 29.May.2020) — Petrobras, following up on the release dated 08/09/2019, reports that it has completed today the sale of its entire interest in seven onshore production fields, located in the Potiguar Basin, in the state of Rio Grande do Norte, to SPE 3R Petroleum S.A., a wholly owned subsidiary […]
Tanker Petunia Accompanied By Air Force
(Energy Analytics Institute, Piero Stewart, 29.May.2020) — Venezuelan military aircraft accompanied the Iranian tanker Petunia to a dock located on the OPEC country’s shores, announced Venezuelan official Vladimir Padrino L. in a post on Twitter. RELATED STORY: Iranina Tanker Faxon Docks At Guaraguao Refining Complex © Energy Analytics Institute (EAI). […]
Tanker Faxon Docks At Guaraguao Complex
(Energy Analytics Institute, Piero Stewart, 29.May.2020) — The Iranian tanker Faxon, the fourth of a flotilla of five, docked at the Guaraguao refining complex in Anzoátegui state in Eastern Venezuela, according to details in a tweet posted by Venezuelan National Guard. RELATED STORY: Second Tanker Forest Reaches Venezuela Dock © […]
US Threatens Sanctions to Deter Iranian Tankers
(Dow Jones, 29.May.2020) — U.S. authorities have threatened tankers carrying Iranian fuel to Venezuela with sanctions, aiming to thwart a burgeoning economic alliance between two of America’s biggest rivals. Two Liberian-flagged, Greek-owned vessels loaded with Iran oil products and headed to Venezuela halted their deliveries after the sanctions threat, according […]
Petrobras Opens Access To Gas Processing Units
(S&P Global Platts, 29.May.2020) — Brazilian state-led energy company Petrobras will grant rival producers and other companies access to onshore natural gas processing facilities in a two-step process in the latest move toward opening Latin America’s biggest market under the terms of an antitrust agreement signed in July 2019. “According […]
Iran’s 4th Fuel Tanker Nears Venezuelan Waters
(Fars News Agency, 28.May.2020) — Iran’s fourth tanker full of gasoline has entered the Caribbean and is close to the Venezuelan territorial waters. Venezuelan armed forces are due to escort the tanker, Faxon, en route to its destination, as in the case of its three predecessors. The five-tanker Iranian-flagged flotilla […]
Maduro Considers Charging Citizens More For Petrol
(Al Jazeera, 28.May.2020) — Venezuela’s president hints that he could start charging for petrol, which is usually practically free for citizens. Venezuela’s President Nicolas Maduro said on Wednesday his government must begin charging more for petrol and said he had directed a team of specialists to determine what the price […]
Fitch Affirms Raizen’s IDRs At ‘BBB’; Outlook Negative
(Fitch Ratings, 28.May.2020) — Fitch Ratings has affirmed Raizen Combustiveis S.A.’s and Raizen Energia S.A.’s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at ‘BBB’ and National Long-Term Ratings at ‘AAA(bra)’. Fitch has also affirmed the rating of Raizen Fuels Finance S.A.’s senior unsecured noted due 2027 at ‘BBB’. […]
Q&A: PdV Exile Board Has ‘Levers’ To Keep Citgo
(Argus, 28.May.2020) — Luis Pacheco is chairman of a parallel board trying to exert control over the future of Venezuela’s state-owned PdV. Appointed by the National Assembly led by opposition leader Juan Guaido, Pacheco and other key members of Guaido’s team are fighting to keep the company’s US refining arm […]
Environment Group Calls On Exxon To Cease Gas Flaring
(Stabroek News, 28.May.2020) — As ExxonMobil yesterday continued to play up its Guyana investments at its virtual Annual Meeting of shareholders, global environmental and human rights organisation, the Center for International Environmental Law (CIEL) called on the company to heed environmental pollution warnings and immediately stop flaring gas here. Guyanese, […]
Petrobras To Offer Third-party Access To Gas Plants
(Argus, 28.May.2020) — Brazil’s state-controlled Petrobras is opening its natural gas-processing plants to third parties, another step toward opening the country’s gas market to greater competition. Petrobras has started offering gas-processing capacity to current producers, and will offer capacity to other interested parties in a future phase, the company said […]
Op-Ed: My Love Affair With Tulsa University
(Gustavo Coronel, 27.May2020) — An April morning in 1951, I left New York City for Tulsa, Oklahoma. I had been studying English for 15 weeks at Queens College before going on to The University of Tulsa to study geology. I had traveled to New York City from Los Teques, Venezuela, […]
Maduro Sends Iranian Oil To Cuba
(Panam Post, 27.May.2020) — A Cuban vessel arrived in Venezuela to allegedly provide the island gasoline that has just arrived from Iran. According to the Marine Traffic portal, this is the Petion ship, which sails under the Panamanian flag and departed from Cuba on May 21. It arrived this Monday […]
Petrobras Announces Global Bond Offering
(Petrobras, 27.May.2020) — Petrobras announces that its wholly-owned subsidiary Petrobras Global Finance B.V. (PGF) plans to offer one or more series of bonds in the U.S. market in a new emission , subject to market conditions. The bonds will be issued with full and unconditional guarantee from Petrobras. PGF intends […]
Maduro Vows To Raise Venezuelan Gasoline Price
(Reuters, 27.May.2020) — Venezuelan President Nicolas Maduro on Wednesday pledged to begin charging citizens for gasoline, as the fourth cargo of a five-tanker flotilla bringing fuel from Iran approached the South American nation’s exclusive economic zone. Iran is providing the country with up to 1.53 million barrels of gasoline and […]
Petrobras Prices Two Global Notes For $3.3bn
(Petrobras, 27.May.2020) — Petrobras announces the pricing of two series of global notes denominated in US Dollars to be issued by its wholly-owned subsidiary Petrobras Global Finance B.V. (PGF). The Notes will be unsecured obligations of PGF and will be fully and unconditionally guaranteed by Petrobras. Closing is expected to […]
Prelim Results: Opposition Winning Suriname Election
(AP, 27.May.2020) — Suriname’s main opposition party is poised to win the country’s general election, preliminary results showed on Wednesday, an outcome likely to end the longtime rule of President Desi Bouterse, who was convicted months earlier of ordering the murder of political opponents. Chan Santokhi’s Progressive Reform Party (VHP) […]
Chilean Power Projects And Coronavirus: Fitch
(Fitch Ratings, 27.May.2020) — The economic contraction due to the coronavirus exacerbates the negative revenue effect of the rate freeze in place on Chilean power projects with regulated power purchase agreements (PPAs), Fitch Ratings says. The pandemic and efforts to contain the virus are expected to push the country into […]
LatAm Infrastructure Projects At Risk
(Fitch Ratings, 27.May.2020) — Latin American infrastructure projects face heightened risk of grantor payment delays driven by the increased pressure the coronavirus pandemic is placing on government finances, according to a new Fitch Ratings report. “Sharper delays, depending on materiality and duration, could rapidly lessen payment capacity of projects with […]
Third Iranian Fuel Cargo Approaches Venezuela
(Reuters, 26.May.2020) — The third cargo of an Iranian tanker flotilla carrying fuel for gasoline-thirsty Venezuela was approaching the nation’s exclusive economic zone on Tuesday as the previous two were preparing to discharge, according to Refinitiv Eikon data. The Iran-flagged tanker Petunia entered the Caribbean Sea on Monday after crossing […]
Second Iranian tanker Forest reaches Venezuelan loading dock
CARACAS, VENEZUELA (Piero Stewart, Energy Analytics Institute, Piero Stewart, 26.May.2020, Words: 76) — The Iranian tanker Forest docked at the Cardon refinery located in the Paraguaná Refining Complex (CRP) located in Falcón state in western Venezuela, according to details posted by RT correspondent Erika Ortega Sanoja. A total of five […]
Iranian Tanker Fortune Docks In Puerto Cabello
(Energy Analytics Institute, Piero Stewart, 25.May.2020) — The Fortune Iranian fuel tanker reached Pier 4 of PDVSA’s El Palito Refinery located in Puerto Cabello in Carabobo state, announced Venezuela’s Economy Vice President Tareck El Aissami. The ship’s crew was welcomed by the Venezuelan official together with Iran’s Ambassador in Venezuela, […]
Iranian Tanker Fortune Reaches Venezuela Waters
(Energy Analytics Institute, Piero Stewart, 25.May.2020) — The first of five Iranian tankers carrying gasoline and fuel additives, Fortune, has made it to Venezuela’s Exclusive Economy Zone. The five tanker are carrying an estimated 1.5 million barrels of fuel. Venezuela’s Oil Minister and Economy Vice President Tareck El Aissami, announced […]
Mexico’s Registers $3.09bn April Trade Deficit
(Market Watch, 25.May.2020) — Mexico ran up a $3.09 billion trade deficit in April as the shutdown of many industries to counter the spread of the coronavirus and the drop in world oil prices led to steep declines in both exports and imports. Exports last month fell 41% from April […]