(Energy Analytics Institute, Piero Stewart, 25.May.2020) — The first of five Iranian tankers carrying gasoline and additives for making fuel from Iran to Venezuela has reached the Caribbean country’s shores. The first tanker Fortune has reached El Palito Refinery, according to a Twitter post by Venezuela’s Economy Vice President Tareck […]
Category: Latin America and the Caribbean
Oil Minister Says Ecuador’s Production Recovering
(Energy Analytics Institute, Piero Stewart, 25.May.2020) — Production from Ecuador’s state oil company PetroAmazonas EP and other private companies operating in the Andean country have reached 90% of levels seen prior to breakages at the SOTE and OCP. “Soon, we’ll achieve 530,000 barrels per day,” reported PetroAmazonas in a Twitter […]
Exxon Gas Could Have Been Put To Good Use – Mangal
(Stabroek News, 25.May.2020) — ExxonMobil’s flaring of over nine billion cubic feet of natural gas could have been avoided had a proposed gas-to-shore pipeline project been implemented but it was stalled because a plan to determine the best location was rejected by government officials as some wanted to handpick a […]
Bouterse Seeks Another Term In Suriname
(AP, 25.May.2020) — Few leaders have the sort of shadows that hang over Suriname’s President DĂ©si Bouterse, a former coup leader and strongman, convicted of murder and drug smuggling, who is overseeing a dire economy. Yet the charismatic 74-year-old president stands a fair chance of holding onto power as the […]
Maduro Thanks Iran For Tanker Shipments
(Energy Analytics Institute, Piero Stewart, 24.May.2020) — Venezuela’s President Nicolás Maduro announced gratitude to the Iran Republic for the shipments of gasoline and fuel additives that began to arrive to the OPEC country. “The Fortune tanker arrived in Venezuela, the first of five ships that brings gasoline and supplies to […]
New Petro-state Guyana Lifts Second Oil Cargo
(Stabroek News, 23.May.2020) — Guyana has lifted its second one-million barrel cargo of crude oil entitlement from ongoing offshore production and the oil tanker Sonangol Namibe departed these shores yesterday afternoon. The entire transfer process, from entry of the vessel into Guyana’s waters to the completion of the lift, was […]
Mexico To Remain In Opec+, No Output Cuts Planned
(Argus, 22.May.2020) — Mexico will remain within the Opec + group but has no plans for further production cuts, the energy ministry told Argus today. “Mexico will participate in the Opec + meeting in June but we do not contemplate implementing more cuts,” the ministry said. “There are no plans […]
Pemex Reiterates No Fracking Mandate
(Energy Analytics Institute, Jared Yamin, 22.May.2020) — Mexico’s state oil company PetrĂłleos Mexicanos or Pemex announced it remains committed to not conducting fracking activities as part of its aim to protect is citizens. The state oil giant revealed the details 22 May 2020 in a Twitter post. © Energy Analytics […]
Argentina Defaults On Bonds As Debt Talks Heat Up
(Reuters, 22.May.2020) — Argentina missed payments on around $500 million in already delayed bond coupons on Friday, creditors and a ratings agency said, marking the country’s ninth sovereign default amid ongoing restructuring talks with creditors. The default on three bonds came as negotiations to revamp around $65 billion in foreign […]
PdV’s Board Of Exiles Loses Two Technocrats
(Argus, 21.May.2020) — Two members of the parallel board of Venezuela’s national oil company PdV have resigned, a development that exposes brewing frustration in the exiled technical ranks of US-backed opposition leader Juan Guaido. In a letter dated and made public today, the “ad hoc” board of the state-owned company […]
Petrobras Updates On Colombian Asset Sale
(Petrobras, 21.May.2020) — Petrobras, following up on the press release disclosed on 03/06/20, informs that the non-binding phase related to the sale of 100% of the shares held by Petrobras International Braspetro B.V. (PIB BV) and other Petrobras subsidiaries, in Petrobras Colombia Combustibles (PECOCO) is underway, as described in the […]
Shell Starts Drilling Saturn Offshore Block
(Reuters, 21.May.2020) — Royal Dutch Shell has begun drilling the Saturn block in the Santos pre-salt basin, the company’s Brazil chief said on Thursday, adding that Brazil faces hurdles to remain attractive in a low-price environment. Brazil’s No. 2 oil producer after state-run Petroleo Brasileiro, Shell is the operator of […]
Petrobras Approaching Pre-Crisis Refinery Runs
(Argus, 21.May.2020) — Brazil’s state-controlled Petrobras has further boosted refinery throughput in response to a pick-up in fuel demand, with utilization rates approaching the average pre-crisis level. Petrobras downstream director Anelise Lara said this week that utilization at the company’s refineries is at 77pc, up from a mid-April low of […]
Suriname On Election’s Eve
(Nacla, 21.May.2020) — With Suriname headed to the ballots on May 25, President Bouterse may be facing his toughest election yet. Suriname is rarely in the news these days, usually only making headlines when there’s been an update in the ongoing murder trial of the country’s president, DesirĂ© Delano Bouterse. […]
Petrobras On Parque das Baleias Production
(Petrobras, 20.May.2020) — Petrobras informs that the Parque das Baleias Area reached today the mark of 1 billion barrels of oil produced. The Parque das Baleias Area is formed by the fields of Jubarte, Baleia AnĂŁ, Cachalote, CaxarĂ©u and PirambĂş. The first field, of Jubarte, was discovered in 2001. Currently, […]
Covid-19 Crisis Could Crush Brazil’s Oil Boom
(Oilprice.com, 20.May.2020) — The coronavirus is spreading like wildfire in Brazil, and the country’s oil industry could get dragged down with it. “Brazil has the worst COVID growth rate of any G20 country: the pandemic is totally out of control,” Raymond James wrote in a report, explaining its reason for […]
Colombia Eyes Intervention In Oil Pipeline Tariffs
(Reuters, 20.May.2020) — Colombia’s government could make an unprecedented intervention in oil pipeline tariffs, which private producers have criticized as too high, the president of the country’s National Hydrocarbons Agency (ANH) said on Wednesday. Private oil companies in the Andean country have been hit hard by falling prices amid a […]
US Seeks Ways To Halt Iran’s Oil Sales To Venezuela
(Wall Street Journal, 20.May.2020) — The Trump administration is weighing new sanctions and other legal steps to disrupt Iranian oil exports to Venezuela, U.S. officials said, in response to what the U.S. considers the Islamic Republic’s attempts to make inroads into Latin America. The possibility of new U.S. sanctions and […]
PdV Restarts Coker For Export Via Cuba
(Argus, 20.May.2020) — State-owned PdV has partially restarted a 70,000 b/d delayed coker which had been off line for over a year at its 305,000 b/d Cardon refinery, three PdV and oil union officials said. Once the coking unit operations have stabilized, PdV plans to ship the coke to Cuban […]
NOCs To Slash Exploration Budgets
(WoodMac, 20.May.2020) — National oil companies (NOCs) globally are estimated to cut exploration budgets by over a quarter on average in 2020, says Wood Mackenzie. The analysis is based on announcements and tracking well plans of 11 top spending NOC explorers, including three Chinese NOCs, PTTEP, PETRONAS, ONGC, Qatar Petroleum, […]
Argentina Props Up Oil Price At Cost To Producers
(Argus, 19.May.2020) — A new decree in Argentina that establishes above-market prices for domestic crude obliges oil companies to maintain production, payrolls and investment and prevents them from repatriating profits. The decree sets a minimum price of $45/bl for domestic sales of light sweet Medanito crude. Export taxes for crude […]
Korean Delegation Visits Vaca Muerta Formation
(Energy Analytics Institute, 19.May.2020) — Korean Ambassador Jang Myung-soo visited the Loma Campana field, where production comes from the Vaca Muerta formation, together with personnel from state controlled YPF, as well as officials from the Ministry of Energy and the Secretary of State (COPADE). The officials toured different points of […]
Petronas Farms Down 50% In Block 52 to Exxon
(Petronas, 19.May.2020) — Petronas through its subsidiary, Petronas Suriname Exploration & Production B.V. (PSEPBV), has completed the farm-down of 50 per cent of its participating interest to ExxonMobil Exploration and Production Suriname B.V. (ExxonMobil) from a 100 per cent participating interest in Block 52, offshore Suriname. Block 52 is located […]
Iran’s Oil Supply To Venezuela Eases Glut
(Argus, 19.May.2020) — Iran’s gasoline shipments to Venezuela are helping to ease a supply glut at home, where demand has collapsed because of strict measures to check the Covid-19 pandemic. The shipments and Tehran’s parallel support for Venezuelan state-owned PdV’s effort to repair its refining system have the added effect […]
SQM Reports 1Q:20 Earnings
(SQM, 19.May.2020) — Sociedad QuĂmica y Minera de Chile S.A. reported earnings today for the three months ended March 31, 2020 of US$45.0 million (US$0.17 per share), a decrease from US$80.5 million (US$0.31 per share) reported for the three months ended March 31, 2019. Gross profit reached US$107.7 million (27.5% […]
Argentina Sets Oil At $45/bbl To Shield Domestic Sector
(Reuters, 19.May.2020) — Argentina’s government set the local crude oil reference price at $45 per barrel on Tuesday in a bid to protect the country’s hard-hit sector from the impact of the coronavirus pandemic and low global prices. Reuters reported in April that Argentina was planning to set a higher […]
US Court Declines To Hear Appeal In Crystallex Case
(Reuters, 18.May.2020) — The U.S. Supreme Court on Monday declined to hear Venezuela’s appeal of a lower court ruling allowing Canadian gold mining company Crystallex to seize shares in U.S. refiner Citgo to collect on an unpaid arbitration award. That meant a 3rd U.S. Circuit Court of Appeals ruling from […]
Argentina Set $45/bbl Reference Oil Price
(S&P Global Platts, 18.May.2020) — Argentina’s move to set a $45/b domestic crude oil reference price this week has brought cheer to some oil producers, but analysts say it may take a couple of years to rebuild production, following its plunge in April, as companies keep to the sidelines because […]
JPMorgan Chase Climate Action Is Vastly Insufficient
(Amazon Watch, 18.May.2020) — Today, JPMorgan Chase – the largest bank in the United States and the largest banker of fossil fuels worldwide – will hold its Annual General Meeting. Among other decisions, the bank’s shareholders will vote on whether or not Lee Raymond should remain on the bank’s Board […]
Five Iran Tankers Sailing For Venezuela
(AP, 18.May.2020) — Five Iranian tankers likely carrying at least $45.5 million worth of gasoline and similar products are now sailing to Venezuela, part of a wider deal between the two U.S.-sanctioned nations amid heightened tensions between Tehran and Washington. The tankers’ voyage came after Venezuela’s socialist leader Nicolás Maduro […]
Venezuela Spurned By US Court In Citgo Clash
(Bloomberg, 18.May.2020) — The U.S. Supreme Court rejected an appeal by Venezuela in its fight to retain control of oil refiner Citgo Holding Inc., putting the country a step closer to losing its largest asset. The justices, without comment on Monday, left intact a federal appeals court victory for a […]
Petrobras Starts EWT At Albacora Field
(Petrobras, 17.May.2020) — Petrobras, following up on the press release disclosed on 11 May 2020, informs that it started yesterday the Extended Well Tests (EWT) in the Discovery Assessment Plan (DAP) of Forno, in the Albacora field, located in the Campos Basin pre-salt. The test is being carried out in […]
Energy Dispute Deepens Between In Mexico
(Reuters, 16.May.2020) — The European Union and Canada have formally raised concerns to Mexico about rules they say endanger renewable energy projects, escalating tensions with its government, which late on Friday moved to tighten its control over the power industry. In letters that were leaked to Mexican media on Friday, […]
Guyana Political Stalemate Drags On
(Argus, 15.May.2020) — Fledgling oil producer Guyana’s political stalemate is dragging on amid slow progress in a closely watched recount of votes from a disputed 2 March parliamentary election. The electoral outcome is critical to the country’s future oil policy, six months after ExxonMobil kicked off deepwater production on the […]
Message From Petrobras’ CEO On 1Q:20 Results
(Petrobras, 15.May.2020) — Petrobras CEO Roberto Castello Branco delivered his message to shareholders related to the company’s first quarter 2020 results. “We express our solidarity with the victims of the global pandemic, at the same time as we are deeply grateful to the health professionals who have been standing out […]
Petrobras Kicks Off NTS’ Non-binding Phase
(Petrobras, 15.May.2020) — Petrobras, following up on the press release disclosed on 31 March 2020, announces the beginning of the non-binding phase regarding the sale of its remaining stake (10%) in Nova Transportadora do Sudeste S.A. (NTS). Qualified parties for the non-biding phase will receive a process letter with detailed […]
Petrobras Starts Gaspetro’s Non-binding Phase
(Petrobras, 15.May.2020) — Petrobras, following up on the press release disclosed on 4 May 2020, announces the beginning of the non-binding phase regarding the sale of its entire 51% stake in Petrobras Gás S.A. (Gaspetro). Qualified parties for the non-biding phase will receive a process letter with detailed instructions on […]
UPM Finalizes Items With New Uruguayan Government
(UPM, 15.May.2020) — UPM is proceeding at full speed with its investment project in Uruguay and has taken several steps forward. UPM and the new Government of Uruguay have signed a memorandum of understanding on pending items related to UPM’s growth project in Uruguay that will further strengthen the implementation […]
Petrobras Posts $11bn Impairment
(Bloomberg, 15.May.2020) — Petrobras, the Brazilian sate-controlled oil producer, posted a 65 billion-real ($11 billion) impairment in the first quarter after revising down its outlook for crude prices. Even without the impairment, Petrobras reported a loss in the quarter on lower oil prices and the devaluation of Brazil’s real, the […]
Petrobras Warns Economy Has Changed Forever
(Reuters, 15.May.2020) — Brazil’s Petrobras took a 65.3 billion real ($11.2 billion) impairment on its exploration and production assets on Thursday, warning investors that changes in consumer behavior resulting from the coronavirus pandemic would likely be permanent. The impairment led Petroleo Brasileiro SA, as the firm is formally known, to […]
Touchstone Reports 1Q:20 Results, Operational Update
(Touchstone, 14.May.2020) — Touchstone Exploration Inc. reports its operating and financial results for the three months ended March 31, 2020. Selected information is outlined below and should be read in conjunction with Touchstone’s March 31, 2020 unaudited interim consolidated financial statements and related Management’s Discussion and Analysis, both of which […]
Touchstone Annual Shareholder’s Meeting
(Touchstone, 14.May.2020) — Touchstone Exploration Inc. will be holding our annual meeting of shareholders on Wednesday, June 3, 2020, at 10:00 a.m. (Mountain time). This year, to proactively address the unprecedented public health impact of COVID-19 and to mitigate risks to the health and safety of our communities, shareholders, employees […]
Ecopetrol 1Q:20 Earnings Call Transcript
(Motley Fool, 13.May.2020) — Executives with Colombia’s state oil company Ecopetrol conducted a first quarter of 2020 conference call with analyst. A full transcript of the call follows. Contents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: Operator Good morning. My name is Anna, and I will be your […]
PdV Keeps Nynas Board Seat After Restructuring
(Argus, 13.May.2020) — Venezuela’s state-owned PdV has retained one seat on the new corporate board of European specialty refiner Nynas after a restructuring that freed the venture from US sanctions. The new board composition illustrates PdV’s small but enduring role in the European downstream business that it acquired in the […]
Are Venezuelan Oil Exports Poised For A Comeback?
(Oilprice.com, 13.May.2020) — As the international community seeks answers with regards to the failed armed incursion into Venezuela that took place May 4, allegedly with the immediate participation of former US military veterans, President Maduro has once again proved to be a masterful survival artist. Notwithstanding the umpteenth round of […]
FBI Probes Firms Over Venezuela Oil Trading
(Reuters, 13.May.2020) — The FBI is probing several Mexican and European companies allegedly involved in trading Venezuelan oil as it gathers information for a U.S. Treasury Department inquiry into possible sanctions busting, according to four people familiar with the matter. U.S. Secretary of State Mike Pompeo and special envoy for […]
Petrobras On Equalizations In Lula, Atapu and SĂ©pia
(Petrobras, 13.May.2020) — Petrobras, regarding the press releases disclosed on 18 March 2019 and 11 September 2019, which announced the approval of Production Individualization Agreements (AIP) of the Lula, Atapu and SĂ©pia joint reservoirs, in Rio de Janeiro, informs that it executed Expenses and Volume Equalization Agreements (AEGV) with the […]
Petrobras Reveals Teaser For Thermal Power Plants
(Petrobras, 13.May.2020) — Petrobras reports that it has started the opportunity disclosure stage (teaser), regarding the sale of four thermal power plants, which three are located in Camaçari-BA (UTEs Polo Camaçari) of fuel oil, and one is located in Canoas-RS (UTE Canoas), of biofuel (diesel or natural gas). The teasers, […]
Fuel Cargo Loaded At Iran Sets Sail To Venezuela
(Reuters, 13.May.2020) — At least one tanker carrying fuel loaded at an Iranian port set sail to crisis-stricken Venezuela, according to vessel tracking data from Refinitiv Eikon on Wednesday, which could help ease an acute scarcity of gasoline in the South American country. The Iran-flagged medium tanker Clavel earlier on […]
Guyana Poised To Become A Rich Country
(Miami Herald, 13.May.2020) — The discovery of oil off its Atlantic coast is poised to transform a largely underdeveloped Guyana from one of South America’s most polarized and poorest nations into possibly one of its richest. But an ongoing post-electoral crisis involving allegations of fraud in its high stakes March […]