(Reuters, 6.Mar.2020) — The U.S. government is preparing to impose new measures as soon as next week to stifle Venezuela’s oil exports, including a move not to renew Chevron Corp’s license to do business with state-run company PDVSA, sources familiar with the matter said. The United States imposed harsh sanctions […]
Category: Latin America and the Caribbean
Echo Energy Extends Existing ÂŁ1mn Loan
(Echo, 6.Mar.2020) — Echo Energy, the Latin American focused upstream oil and gas company, provides an update on production and operations following the Company’s recent acquisition of a 70% non-operated working interest in the Santa Cruz Sur assets, onshore Argentina. The Company also announces a two-year extension to the Company’s […]
Petrobras Releases Teaser For Colombian Assets
(Petrobras, 6.Mar.2020) — Petrobras has started the opportunity disclosure stage (teaser), referring to the sale of its fuel and lubricant distribution and marketing businesses in Colombia. This project aims to sell 100% of the shares held by Petrobras International Braspetro B.V. (PIB BV) and other Petrobras subsidiaries, in Petrobras Colombia […]
Oil Bonanza Plunges Guyana Into Political Crisis
(The New York Times, 5.Mar.2020) — The discovery of an enormous oil deposit off the coast of Guyana was meant to catapult this tiny country into the top echelons of petroleum producers and put its citizens on the path to better lives. Instead, it has deepened the historical tensions shackling […]
Granger Says Ready To Serve Five More Years As President
(Reuters, 5.Mar.2020) — Guyanese President David Granger on Thursday told supporters his coalition was ready to serve five more years in office following the country’s presidential election on Monday. Opposition leaders have cried fraud and diplomats from the United States and European Union questioned part of the results of the […]
Frontera Announces Quarterly Dividend
(Frontera, 5.Mar.2020) — Frontera Energy Corporation announced that its Board of Directors has declared a dividend of C$0.205 per common share, which will be paid on or about April 16, 2020 to shareholders of record at the close of business on April 2, 2020. This dividend represents a 2.7% yield […]
Frontera Reports 4Q:19 And Year End 2019 Results
(Frontera, 5.Mar.2020) — Frontera Energy Corporation released its Consolidated Financial Statements, Management Discussion and Analysis (“MD&A“), Annual Information Form (“AIF“) and Form 51-101 F1 – Statement of Reserves Data and Other Oil and Gas Information for the Company (the “F1 Report“) for the year ended December 31, 2019. These documents, […]
AMLO Says New Energy Plan Could Be Ready In March
(Reuters, 5.Mar.2020) — Mexico’s President Andres Manuel Lopez Obrador said on Thursday the country’s new energy plan could be ready within 10 days, and the government was analysing proposals by the private sector for joint energy investments. Mexico has pursued a more state-led approach to the energy sector under Lopez […]
Guyana Elects Leader As Vast Oil Boom Dawns
(AP, 4.Mar.2020) — Guyana voted for a new government on Monday in a bruising fight for control of a tiny South American country whose oil revenues in the next decade could make it one of the wealthiest in the hemisphere. A consortium comprised of ExxonMobil and partners, Hess Oil of […]
Total Eyes $3.34B Investment In Brazil Oil And Gas
(Seeking Alpha, 4.Mar.2020) — Total expects to invest 15B reais ($3.34B) in Brazil’s oil and gas industry over the next five years, according to a report in a Brazilian newspaper. Total head of E&P Arnaud Breuillac told Valor EconĂ´mico the company plans to spend $600M-$700M/year through 2024 with the aim […]
Parker Drilling Reports 2019 Fourth Quarter Results
(Parker, 3.Mar.2020) — Parker Drilling Company announced results for the fourth quarter ended December 31, 2019, which included a net loss of $2.1 million, or a $0.14 loss per share on revenues of $156.3 million. Fourth quarter Adjusted EBITDA was $25.9 million (Note 1). Michael W. Sumruld, the Company’s Senior […]
Atlas Renewable, DNB Markets Issue Solar PV Bond
(Atlas, 3.Mar.2020) — Atlas Renewable Energy, and DNB Markets announced the issuance of a $253m US private placement (“USPP”) in Green Bond format. The notes were rated investment grade (BBB-) by Fitch Rating (including the construction period of one of the projects) and were issued by subsidiaries of Atlas Renewable […]
Promigas Commissions New Gas Transportation Capacity
(Promigas, 2.Mar.2020) — Promigas has commissioned an infrastructure expansion project in order to transport natural gas from new deposits in the south of the Caribbean region. This expansion – as of today it is transporting 100 Mpcd – enables it to meet commitments taken on in 2019 to deliver a […]
Promigas guarantees energy security In Colombia
BOGOTA, COLOMBIA (By Promigas, 2.Mar.2020, Words: 440) — Because of the drought that has been affecting Colombia, reservoir levels have fallen this week to 44% of capacity, which represents a useful hydroelectric generation volume of almost 8,000 gigawatts per hour (GWh). An increase in thermal generation was therefore required, in […]
OPEC Statutes Roots Point To Caracas
(Energy Analytics Institute, Piero Stewart, 2.Mar.2020) — In Caracas, and by unanimous decision of the founding member of the Organization of Petroleum Exporting Countries (OPEC) under the leadership and vision of the Venezuelan Juan Pablo PĂ©rez Alfonso, the organization adopted its statute at its second meeting held in January 1961. […]
Frontera Extends Deal With PeruPetro
(Frontera, 2.Mar.2020) — Frontera Energy Corporation has executed a six-month extension agreement with Perupetro S.A. with respect to the temporary service contract on Block 192 in Peru. The contract, which was due to expire on March 2, 2020, has been extended to September 2, 2020. The extension will help sustain […]
Venezuela Arrests Officials For Giving US Oil Data
(AFP, 2.Mar.2020) — Venezuela said Monday it had arrested two officials from state oil company PDVSA for providing the US with “strategic and sensitive” details of its sanctions-hit oil operations. Alfredo Chirinos, the company’s special operations chief, and Aryenis Torrealba, PDVSA’s general manager of crude operations, were arrested on Friday, […]
Venezuela’s Oil Exports Rose Ahead Of Wind-down Date
(Reuters, 2.Mar.2020) — Venezuela’s oil exports rose 9% in February from the previous month, as some buyers rushed to take cargoes ahead of the expiration of a wind-down period as part of new U.S. sanctions on PDVSA and its trade partners, data from the state-run firm and Refinitiv Eikon showed. […]
Guyana Holds Crucial March Election
(Aljazeera, 2.Mar.2020) — Guyana’s economy is expected to be transformed by oil and gas discovered off the poor South American country’s shores. Voters in Guyana will head to the polls on Monday in a crucial election that will decide which party oversees an oil boom that is expected to transform […]
Ecopetrol Restricts Travel To Asia And Europe
(Reuters, 2.Mar.2020) — Colombia’s state-run oil company Ecopetrol SA placed restrictions on business travel to all Asian and European countries on Monday in response to the coronavirus outbreak, its chief executive told Reuters. The company is closely monitoring the effects of the virus on crude demand, Chief Executive Felipe Bayon […]
Venezuela’s Maduro Announces PDVSA Shake Up
(Energy Analytics Institute, Piero Stewart, 29.Feb.2020) — Venezuela’s President Nicolas Maduro revealed key executive changes within state oil company Petroleos de Venezuela (PDVSA) in an announcement published in the country’s Official Gaceta dated 28 February 2020. The new appointments approved by the president include: — Erwin Enrique Hernández Hernández, named […]
Petroboscán Advancing With Materials Warehouse
(Energy Analytics Institute, Piero Stewart, 29.Feb.2020) — The Petroboscán joint venture, which partners Venezuelan Petroleum Corporation (CVP) and Chevron Corp., is advancing with a management and optimization project related to a materials warehouse in the Boscán field, located in the municipality of La Cañada de Urdaneta in Zulia state. Activities […]
Opinion: Can Venezuela’s Oil Sector Ever Recover?
(IAD, 28.Feb.2020) — At the dawn of the 1920s, Venezuela had drilled its first oil wells and was just two years away from the eruption of almost a million barrels of oil from the Barroso No. 2 well on the shores of Lake Maracaibo — an event that would amplify […]
Citgo Says Gerd Knutsen Released From Seizure
(Citgo, 28.Feb.2020) — Citgo Petroleum Corporation confirms that the Gerd Knutsen and its crew have safely reached international waters, and that the Company intends to pursue the Maduro regime, and any entities that may have assisted it, for unlawful seizure of its cargo. BACKGROUND ON CITGO GERD KNUTSEN SEIZURE Citgo […]
ColbĂşn Reports Expiration Date Of Tender Offer
(ColbĂşn, 27.Feb.2020) — ColbĂşn, S.A., a publicly traded stock corporation (sociedad anĂłnima abierta) organized under the laws of the Republic of Chile (the “Company”), announced that it is extending the expiration date of its previously announced tender offer (the “Tender Offer”) to purchase for cash any and all of its […]
Pemex Posts Steep 2019 Loss In Blow To AMLO’s Plan
(Reuters, 27.Feb.2020) — Petroleos Mexicanos posted a $18.3 billion net loss for 2019 on Thursday, nearly doubling the previous year’s loss and dealing a major blow to the Mexican president’s quest to revive the heavily-indebted state oil company. The company known as Pemex said it had racked up a $9 […]
Misleading Expectations: Guyana’s Oil Bonanza
(Trinidad & Tobago News, 25.Feb.2020) — In a Statement delivered at the Opening of the Energy Conference recently Prime Minister Dr Keith Rowley dishonestly sought to create false and misleading expectations in an election year namely that: — T&T can gain continental shelf-access to and cash in on the huge […]
LONGi Inaugurates 191MW Pachamama PV Power Plant
(LONGi Solar, 25.Feb.2020) — Invested by French solar energy firm Neoen, the Pachamama photovoltaic power plant, located in the state of Aguascalientes in central Mexico, has a total installed capacity of 375MW, of which 191MW is deployed by LONGi. The plant was completed and handed over to Neoen in January 2020. […]
Ecopetrol Presents 4Q:19 And YE:19 Operations Results
(Ecopetrol, 25.Feb.2020) — Ecopetrol S.A. announced the Business Group’s 2019 fourth quarter and full-year financial results, prepared in accordance with International Financial Reporting Standards (IFRS) applicable in Colombia. he figures included in this report were extracted from the audited financial statements. The financial information is expressed in billions of Colombian […]
Talos To Host 4Q:19 And YE:19 Earnings Call
(Talos 23.Feb.2020) — Talos Energy Inc. will release fourth quarter and full-year 2019 results for the period ended December 31, 2019 on Wednesday, March 11, 2020 after the U.S. financial market closes. The Company will host an earnings conference call, which will be broadcast live over the internet, on Thursday, […]
Venezuela Committee Asks VPs To Offer Resignations
(Reuters, 22.Feb.2020) — Members of a committee tasked with overhauling Venezuelan state oil firm PetrĂłleos de Venezuela, S.A., or PDVSA, asked the company’s vice presidents on Friday to offer their resignations, three sources said. The committee could accept the resignations or maintain those officials in their posts, according to one […]
BoquerĂłn JV Advances With Gas Lift Pilot
(Energy Analytics Institute, Piero Stewart, 22.Feb.2020) — The BoquerĂłn joint venture, comprised of state oil company PetrĂłleos de Venezuela, SA (PDVSA) and Russian oil company Rosneft, is incorporating artificial gas lift technological with aim at increasing its production of light crude oil which is currently produced by natural flow. Use […]
Trump Wants Pressure Raised On Maduro
(Bloomberg, 21.Feb.2020) — President Donald Trump is frustrated that pressure is building too slowly on Venezuelan President Nicolas Maduro and is still considering military options in the country, including a naval blockade, a senior administration official said. The U.S. has put several companies that continue to do business in Venezuela […]
Colombia’s Ecopetrol To Build 50-MWp Solar Farm
(Renewables Now, 20.Feb.2020) — Colombian oil company Ecopetrol SA will develop a 50-MWp solar photovoltaic (PV) park in the department of Meta. Located on a 46-hectare (113.6 acres) area in the municipality of Castilla La Nueva, the PV park will be owned by Ecopetrol’s hydrocarbon transport subsidiary Cenit, the latter announced […]
Touchstone Closes $11.6 Million Private Placement
(Touchstone, 20.Feb.2020) — Touchstone Exploration Inc. announces that further to the company’s announcement on February 19, 2020 regarding the proposed placing (the “Placing”), the company has placed 22,500,000 new common shares of no par value (the “Placing Shares”) with institutional investors in the United Kingdom at a price of 40 […]
Ecopetrol Closes 2019 With Proven Reserves 10% Higher
(Reuters, 20.Feb.2020) — Colombia’s state-owned oil company Ecopetrol said an independent assessment found its proven reserves of oil and gas had increased 9.6% at the end of last year, equivalent to 7.8 years of production. Ecopetrol closed 2019 with 1.89 billion barrels of oil equivalent in proven reserves, also known […]
PetroMonagas Incorporates Turbo Generator
(Energy Analytics Institute, Piero Stewart, 20.Feb.2020) — In order to generate its own electricity, the PetroMonagas joint venture incorporated use of an electric turbo generator (TG2) at its upgrader at the JosĂ© Antonio Anzoátegui Industrial Complex located in the northern part of Anzoátegui state. With incorporation of the generator, the […]
Venezuela Promises Another Oil Revival
(Argus, 20.Feb.2020) — Venezuela’s embattled government is vowing to overhaul the national oil industry one day after the US administration sanctioned the Russian trading company that channels most Venezuelan crude to market. In his latest national address late yesterday, Venezuelan president Nicolas Maduro issued an energy emergency decree and created […]
Pena Nieto Investigated In Corruption Probe
(Reuters, 19.Feb.2020) — Mexican law enforcement authorities are investigating a former president, Enrique Pena Nieto, as part of an inquiry into corruption, the Wall Street Journal reported on Wednesday. Pena Nieto has become embroiled in the investigation of Emilio Lozoya, the former chief executive of Mexico’s state oil firm PetrĂłleos […]
Maduro Taps VP To ‘Restructure’ Oil Sector
(Reuters, 19.Feb.2020) — Venezuelan President Nicolas Maduro said on Wednesday he would create a presidential commission to restructure the country’s beleaguered oil industry, which will be led by Vice President for the Economy Tareck El Aissami. The announcement came a day after the United States sanctioned Rosneft Trading, a unit […]
EP PetroEcuador Awards First Spot Sale Of 2020
(Energy Analytics Institute, Piero Stewart, 19.Feb.2020) — Ecuador’s state oil entity EP Petroecuador awarded its first spot market sale of 2020 to refining company Phillips 66 Company. The deal is for approximately 1,080,000 barrels of 24-degree API crude oil, EP PetroEcuador announced 19 February 2020 in an official statement. EP […]
Maduro Shakes Up PDVSA Amid Oil Sector Emergency
(Bloomberg, 19.Feb.2020) — Venezuela’s President Nicolas Maduro declared an “energy emergency” as he announced a commission to revamp state oil company Petroleos de Venezuela SA, redoubling efforts to shore up the nation’s crumbling oil industry. Economy Vice President Tareck El Aissami will lead the commission, which will focus on boosting […]
Rosneft Sanctions Raise Threats For Cos In Venezuela
(Reuters, 19.Feb.2020) — Washington’s move this week to sanction a trading unit of Russian oil giant Rosneft for its ties with Venezuela’s state-run PDVSA escalated threats facing non-U.S. firms and will likely spur “overcompliance” by companies, analysts and industry sources said. The U.S. government on Tuesday blacklisted Rosneft Trading, SA, […]
IMF Staff Statement On Argentina
(IMF, 19.Feb.2020) — An IMF team, led by Julie Kozack Deputy Director of the Western Hemisphere Department and Luis Cubeddu Mission chief for Argentina, visited Buenos Aires [1] from February 12 to 19, 2020 to discuss the recent macroeconomic developments and learn more about the Argentine authorities’ economic plans and […]
Noble Reports Quarterly And Full Year 2019 Results
(Noble, 19.Feb.2020) — Noble Corporation plc reported a net loss attributable to the Company for the three months ended December 31, 2019 (fourth quarter) of $33 million, or $0.13 per diluted share, on total revenues of $454 million. Results for the fourth quarter included net favorable items totaling $50 million, […]
Latest Rosneft Sanctions Raise Risks For Others
(Reuters, 19.Feb.2020) — Washington’s move this week to sanction a trading unit of Russian oil giant Rosneft for its ties with Venezuela’s state-run PDVSA escalated threats facing non-U.S. firms and will likely spur “overcompliance” by companies, analysts and industry sources said. The U.S. government on Tuesday blacklisted Rosneft Trading, SA, […]
Maduro’s PDVSA Shake Up Amid Oil Emergency
(Bloomberg, 19.Feb.2020) — Venezuela’s President Nicolas Maduro declared an “energy emergency” as he announced a commission to revamp state oil company Petroleos de Venezuela SA, redoubling efforts to shore up the nation’s crumbling oil industry. Economy Vice President Tareck El Aissami will lead the commission, which will focus on boosting […]
Maduro Accused Of “Disappearing” US Oilmen
(AP, 19.Feb.2020) — Family members of six American oil executives jailed in Venezuela are accusing Nicolas Maduro’s government of “forced disappearance” after the men were inexplicably missing for the scheduled start of their trial on Wednesday. Veronica Vadell said that lawyers for her father, Tomeu Vadell, and the five other […]
Could Rosneft Sanctions Signal End To Chevron’s Venezuela Waiver?
(S&P Global Platts, 18.Feb.2020) — The Trump administration’s decision to sanction Rosneft’s trading arm Tuesday may be a sign that Chevron’s waiver allowing it to continue its work in Venezuela may soon expire, analysts said. The Rosneft sanctions may also bolster the case for the Chevron waiver to be extended […]
Argentina To Ease NatGas, Power Price Controls In June
(S&P Global Platts, 18.Feb.2020) — Argentina plans to lift controls on power and natural gas tariffs as soon as June, a senior government official said, in a move seen as key for reviving investment in gas production. “It is not a permanent freeze,” Production Minister MatĂas Kulfas, who oversees energy […]