(Nynas, 12.May.2020) — The US Treasury Department’s Office of Foreign Asset Control (OFAC) announced today that Nynas is no longer being blocked pursuant to the Venezuela Sanctions Regulations. As a result of a corporate restructuring of the ownership of Nynas AB sanctions are lifted, and US persons and companies no […]
Category: Latin America and the Caribbean
YPF Lays Out Debt Schedule
(Energy Analytics Institute, Aaron Simonsky, 12.May.2020) — Argentina’s state controlled oil and gas producer YPF highlighted its principal debt amortization schedule from 2020 and beyond. Approximately 80% of the company’s debt and approximately 90% of its cash is in US dollars, the company announced in its first quarter 2020 investor […]
Pampa EnergĂa Announces 1Q:20 Results
(Pampa, 12.May.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 quarter ended on March 31, 2020. As from January 1, 2019, the Company adopted US$ as functional currency for the […]
YPF S.A. 1Q:20 Earnings Call Transcript
(Motley Fool, 12.May.2020) — Executives with Argentina’s state oil company YPF 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 Welcome to the Q1 2020 Sociedad Anonima S.A. Earnings Conference Call. […]
Ecopetrol’s Loads At Barrancabermeja Rising
(Energy Analytics Institute, Piero Stewart, 12.May.2020) — Fuel demand in Colombia has started to recover slightly while refinery loads at the Barrancabermeja are rising, according to comments from Ecopetrol President Felipe BayĂłn. Loads at the refinery are now at 140,000 barrels per day (b/d) compared to 115,000 b/d, said BayĂłn […]
PetroEcuador Automates Personnel Selection Process
(Energy Analytics Institute, Piero Stewart, 12.May.2020) — State oil company EP PetroEcuador automated the personnel selection process across Ecuador for the first time with use of a technological platform that facilitates the activity, the company announced 12 May 2020 in an official statement. The first phase of the new Human […]
Nynas: Removal Of Venezuela-related License
(OFAC, 12.May.2020) — The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is revoking and archiving on its website Venezuela-related General License (GL) 13E “Authorizing Certain Activities Involving Nynas AB,” and is issuing GL 3H (“Authorizing Transactions Related to, Provision of Financing for, and Other Dealings in Certain […]
Argentina: Unconventional Activity Update
(IHS, 12.May.2020) — The year 2020 has been filled with surprises as the COVID-19 pandemic spreads worldwide, leaving many homebound, resulting in a negative impact for many industries and ultimately leading to a decline in oil and gas demand across the globe. The pandemic paired with a supply surplus has […]
PDVSA Allocates Oil Cargoes To Partner At Petrozamora
(Reuters, 12.May.2020) — A joint venture partner of state oil company PDVSA, GPB Global Resources BV, has received at least two cargoes of Venezuelan crude in recent months as part of a deal to settle pending debt from their Petrozamora project, according to two sources and a shipping document seen […]
Pampa Energia To Host Video Conference
(Pampa, 12.May.2020) — Pampa EnergĂa S.A. will host a videoconference to discuss its Q1 20 results on Wednesday May 13, 2020 at 10:00 a.m. Eastern Standard Time / 11:00 a.m. Buenos Aires Time. The hosts will be Gustavo Mariani, CEO, Gabriel Cohen, CFO and Lida Wang, Investor Relations and Sustainability […]
Ecopetrol Business Group Announces 1Q:20 Results
(Ecopetrol, 11.May.2020) — Ecopetrol S.A. announced the Ecopetrol Group’s financial results for the first quarter of 2020, prepared in accordance with International Financial Reporting Standards (IFRS) applicable in Colombia. The figures included in this report were extracted from the audited financial statements. The financial information is expressed in billions of […]
Pemex’s Oil Reserves Replacement Rate Jumps
(Reuters, 11.May.2020) — The replacement rate of proven oil and gas reserves estimated by Mexican national oil company Pemex soared in 2019 compared to the previous year, according to the firm’s annual filing with the U.S. Securities and Exchange Commission (SEC). Pemex’s 2019 replacement rate, a measure of new discoveries […]
Petrobras On Oil Finds In BĂşzios And Albacora
(Petrobras, 11.May.2020) — Petrobras confirmed oil of excellent quality in the Southeast area of the BĂşzios field and greater potential in the pre-salt of the Albacora field. POÇO 9-BUZ-39DA-RJS Located in the Southeast area of the BĂşzios field, in the Santos Basin pre-salt, 210 km from Rio de Janeiro, the […]
Pemex Files 2019 Annual Report, Form 20-F
(Pemex, 11.May.2020) — In compliance with the Disposiciones de Carácter General aplicables a las Emisoras de Valores y a Otros Participantes del Mercado de Valores, in May 8, PetrĂłleos Mexicanos filed its Annual Report as of December 31, 2019. Similarly, on the same day, PEMEX filed its Annual Report with […]
Argentina To Restore Artificially High Oil Price
(Argus, 11.May.2020) — Argentina will restore artificially high domestic crude prices in an effort to jumpstart its stalled shale play following the March oil price crash and pandemic-driven demand collapse. The government, which is hurdling toward another default on its sovereign debt, plans to issue a decree that sets the […]
Ecopetrol Exploring Offshore Storage Options
(Argus, 11.May.2020) — Colombia’s state-controlled Ecopetrol is exploring options to expand storage capacity in response to oil market oversupply and slumping demand caused by the Covid-19 pandemic. The company has “adjusted the whole logistical system” in response to the unprecedented oil market conditions, including a cut in production and refinery […]
Ecopetrol 1Q:20 Net Profit Plunges 95% On Low Prices
(Reuters, 11.May.2020) — Colombia’s majority state-owned oil company, Ecopetrol, reported on Monday a 95% fall in first-quarter net profit, which came in at 133 billion pesos ($34.3 million), following a sharp drop in global oil prices. The company reported a net profit of 2.745 trillion pesos in the year-earlier period. […]
Ecuador’s MERNNR Finally Lifts Force Majeure
(Energy Analytics Institute, Piero Stewart, 10.May.2020) — Ecuador’s Ministry of Energy and Non-Renewable Natural Resources (MERNNR) on 9 May 2020 lifted the force majeure declared on 10 April declared due to breaks along the Trans-Ecuadorian Pipeline System (SOTE) and the Heavy Crude Oil Pipeline (OCP) caused by a nature event […]
Petrobras Comments On Internal Event News
(Petrobras, 8.May.2020) — Petrobras in view of the news published today in the media regarding the meeting held on 05/06/2020 by the Executive Board in an internal event with the company’s employees, clarifies that it has been keeping the market informed about the actions on resilience adopted due to the […]
Petrobras’ Cash Burn May Reach $1bn A Month
(Reuters, 8.May.2020) — Brazilian oil giant Petrobras said on Friday that its cash burn could reach $1 billion a month in periods of extreme stress and volatility, noting the current level of uncertainty in being able to accurately predict spending. The state-owned firm, formerly known as Petroleo Brasileiro S.A., cited […]
Venezuelan Oil Plan Runs Aground
(Argus, 8.May.2020) — A sweeping proposal to draw investment into an Opec nation would normally turn some heads. That is what Venezuela’s US-backed political opposition had been expecting when it rolled out the final draft of a comprehensive hydrocarbons reform bill last week. But in the time it takes to […]
Hess Reports Estimated Results For 1Q:20
(Hess, 7.May.2020) — Hess Corporation reported a net loss of $2,433 million, or $8.00 per common share, in the first quarter of 2020, including impairment and other after-tax charges of $2,251 million resulting from the low price environment, compared with net income of $32 million, or $0.09 per common share, in […]
PetroTal Provides Update On Financing Arrangements
(PetroTal, 7.May.2020) — PetroTal Corp. announces that the Northern Oil Pipeline (“ONP”) operated by Petroperu S.A. has been shut down by a public health directive from the Peruvian government, thereby resulting in PetroTal having to shut in the Bretana oil field as a result of storage capacity limitations. Additionally, PetroTal […]
Petrobras On Fitch’s Rating Outlook
(Petrobras, 7.May.2020) — Petrobras informs that the rating agency Fitch Ratings revised today the company’s international long-term ratings outlook from stable to negative, and maintained the ratings of Petrobras at “BB-“. This week the agency revised the sovereign rating outlook due to uncertainty over the duration and intensity of the […]
Sungrow Rolls Out Inverter For Brazilian 220V Market
(Sungrow, 7.May.2020) — Sungrow, the global leading inverter solution supplier for renewables, launched the Company’s three-phase 1000Vdc commercial inverter SG25CX-SA for Brazilian 220V grid system, showcasing its commitment to the flexibility and reliability of regional grid voltage requirement in commercial and industrial (C&I) applications. Sungrow’s three-phase inverter SG25CX-SA with unparalleled […]
Fitch Affirms PetroAmazonas’ Debt at ‘C’
(Fitch, 7.May.2020) — Fitch Ratings has affirmed the senior unsecured notes issued by Empresa Publica de Exploracion y Explotacion de Hidrocarburos Petroamazonas EP (PetroAmazonas) due in November 2020 at ‘C’/’RR4’. The affirmation reflects the completion of the consent solicitation processing for which the company received valid consents from 98.91% of […]
Argentina Considers $45/bbl Floor For Domestic Crude
(Bloomberg, 7.May.2020) — West Texas Intermediate has been gaining since its history-making crash in the U.S. last month, trading at around $25. Brent crude has been practically soaring, touching $30 in London. They can’t match the criollo barrel in Argentina, though — $45 guaranteed, no matter what. That dream price […]
PetroEcuador Dispatches Fuel From Barbasquillo
(Energy Analytics Institute, Piero Stewart, 7.May.2020) — EP PetroEcuador on 2 May 2020 started dispatching super gasoline from the Barbasquillo Clean Products Terminal located in Manta in order to satisfy demand in the province of ManabĂ. The fuel was was previously dispatched from the Pascuales Terminal located in the city […]
The Only Hotspot Where Big Oil Will Still Spend
(Oilprice.com, 7.May.2020) — Oil majors may be slashing spending and deferring development plans across the globe, but they remain committed to developing the newest offshore oil finds in the heart of Latin America. The oil price collapse has forced the world’s oil companies to slash spending and curb production at […]
Pemex’s $44/bl Hedge Floor Adds Ps30bn To Deficit
(Argus, 7.May.2020) — The hedge contracted by Mexico’s state-owned Pemex has a floor of $44/bl, leaving the company exposed to losses below that following the global rout in crude prices, the company’s annual report reveals. “Pemex contracted coverage instruments that protect against declines in reference prices in the range of […]
GeoPark To Report 1Q:20 Results, Host Webcast
(GeoPark, 6.May.2020) — GEoPark Limited will report its consolidated financial results for the three-month period ended March 31, 2020 on Wednesday, May 13, 2020. In conjunction with the first quarter results press release, GeoPark’s management will host a conference call on Thursday, May 14, 2020 at 10:00 am (Eastern Daylight Time) to […]
Repsol Running Peru Refinery At 30pc Capacity
(Argus, 6.May.2020) — PetroPeru’s 12,000 b/d Iquitos refinery in the northern jungle is currently closed. Its 553,200 bl of storage is full. The 15,500 b/d Conchan refinery in Lima was closed for most of March, but restarted in late April at 50pc capacity. PetroPeru’s 65,000 b/d Talara plant on the […]
Qatar Petroleum Enters Into Three Mexican Blocks
(Qatar Petroleum, 5.May.2020) — Qatar Petroleum entered into three farm-in agreements to acquire about 30% of Total’s participating interest in blocks 15, 33 and 34 located in the Campeche basin, offshore Mexico. Each of the farm-in agreements is subject to customary regulatory and other approvals by Total’s existing partners and […]
Cairn Provides Mexico Drilling Update
(Cairn Energy, 5.May.2020) — Operations have been completed on the Eni operated Ehecatl-1 exploration well on Block 7, located in the Sureste Basin Offshore Mexico, in which Cairn has a 30% working interest through wholly owned subsidiary Capricorn Energy Mexico. The exploration target of the well was to prove hydrocarbons […]
EP PetroEcuador Cuts Import Budget By $191.7mn
(Energy Analytics Institute, Piero Stewart, 5.May.2020) — EP PetroEcuador reprogrammed its imports of high-octane naphtha ron 93, naphtha ron 80, premium diesel, cutter stock and diesel oil. “Derivatives imports have been rescheduled for May and June of this year, so we will have a $191.7 million reduction in the annual […]
Colombia Registers 25 Pipeline Attacks To Date
(Energy Analytics Institute, Piero Stewart, 5.May.2020) — Four Colombian pipelines have been attached at least 25 times to date in 2020, according to data revealed by the country’s state oil company Ecopetrol. The Caño-LimĂłn-Coveñas pipeline has reported 15 attacks in three departments as follows: Arauca Department in Arauquita municipal (5), […]
Nutrien Temporarily Shuts Trinidad Ammonia Facility
(Nutrien Litd., 5.May.2020) — Nutrien Ltd. has made the difficult decision to temporarily shut down one of the four ammonia (NH3) plants at its Trinidad facility. The temporary shutdown is in response to the current market price of ammonia. The plant has an annual ammonia capacity of 600,000 metric tonnes […]
Brazil’s Petrobras On Petros Plan
(Petrobras, 5.May.2020) — Petrobras, following up on the press release disclosed on March 10, related to the New Deficit Equation Plan (New Plan) of the Renegotiated and Non-Renegotiated Petrobras System Petros plans (PPSP-R and PPSP-NR), informs that obtained the approval by the Secretariat for Coordination and Governance of State-Owned Companies […]
PetroEcuador Delays May-June Fuel Imports
(Argus, 5.May.2020) — State-owned PetroEcuador has delayed all fuel imports that were supposed to arrive in May and June because of a sharp decline in demand. The delayed imports include Ron 93 and Ron 80 gasoline, diesel and cutter stock. The revised timeframe for the imports will depend on the […]
Weak 1Q Results Won’t Prevent Vale S.A.
(S&P, 4.May.2020) — S&P Global Ratings said today that Vale S.A.’s (BBB-/Negative/–) strong balance sheet and ability to adjust capital expenditures (capex) and dividends provide adequate cushion at the current rating level amid the company’s currently volatile sales and cash flows. Vale reported poor volumes as a result of rainfall […]
Guyana With No Plans To Cut Oil Output Amid Price Drop
(Reuters, 4.May.2020) — Guyana has no plans to cut crude output despite a plunge in oil prices, the government’s top energy official said on Monday, adding that shutting down production could prove costly and harm future output. Mark Bynoe, the director of the Department of Energy, said the country’s crude […]
Pemex Presents Audited Stmts As Of 31 Dec. 2019
(Pemex, 4.May.2020) — In compliance with the Disposiciones de Carácter General aplicables a las Emisoras de Valores y a Otros Participantes del Mercado de Valores, today PetrĂłleos Mexicanos (PEMEX) presented to the ComisiĂłn Nacional Bancaria y de Valores (CNBV, by its Spanish acronym) and the Mexican Stock Exchange (BMV, by […]
Aruba Offering Oil Storage After PDVH Exit
(Argus, 4.May.2020) — The Dutch Caribbean island of Aruba is offering to lease oil storage after terminating an ill-fated refining project with PdV Holding (PDVH), the opposition-controlled US subsidiary of Venezuela’s national oil company PdV. The lease offer comes at a time of severe tightness in onshore and floating oil […]
Guyana Crude Brings In Nearly $5mn For Govt
(Argus, 4.May.2020) — The government of burgeoning Latin American oil producer Guyana received $4.9mn in its first oil and gas royalty payment from gross production to date, deposited on 28 April into the National Resource Fund (NRF). Guyana began crude oil production in December and has produced more than 8mn […]
PdV Rolls Out New JV Presidents
(Argus, 4.May.2020) — Venezuela’s state-owned PdV rolled out the appointment of up to 26 new presidents of joint ventures that are mostly inactive. The appointments, some of whom may have been carryovers, are the latest manifestation of an industry shake-up led by new acting oil minister Tareck El Aissami. El […]
Repsol Makes Deepwater Oil Find In Mexican Waters
(Repsol, 4.May.2020) — Repsol has made two significant offshore oil discoveries in Mexico’s deep water with its Polok-1 and Chinwol-1 exploration wells in Block 29 in the Salina Basin. Both wells confirmed high quality reservoirs with excellent properties, encountering net oil pay of 200 meters and 150 meters respectively. Highlights: […]
Petrobras Releases Teaser For Camamu Basin Assets
(Petrobras, 4.May.2020) — Petrobras started the opportunity disclosure stage (teaser), referring to the sale of its entire stake in the Manati field, a maritime production concession in shallow waters located in the Camamu Basin, in the State of Bahia. The teaser, which includes key information about the opportunity, as well […]
Petrobras Reaches Oil Export Record In April
(Petrobras, 4.May.2020) — Petrobras exported 1 million barrels of oil per day in April. This represents a new oil export record and contributes to strengthening the company’s cash flow. The previous record was 771 thousand barrels per day, set in December 2019. The result occurs in a challenging period of […]
PTTEP Says Two New Oil Discoveries Offshore Mexico
(Reuters, 4.May.2020) — Thai energy company PTT Exploration and Production Pcl said on Monday its joint venture had made two deep-water oil discoveries in the Salina Basin, offshore Mexico. The Mexican subsidiary of PTTEP, Thailand’s largest oil and gas producer, and three partners including the Mexican subsidiary of Spain’s Repsol […]
Statement From Guyana’s DOE Director Mark Bynoe
(DOE, 4.May.2020) — Good morning ladies and gentlemen I am coming to you at a very interesting time in our country’s history given the furore over our national and regional elections, and the instability created in world market due largely to over-supply of crude and us being in the throes […]