(Ecopetrol, 17.Mar.2020) — Ecopetrol S.A. informs that in an extraordinary session held on March 16, its Board of Directors adopted a set of actions to address the challenging market conditions, which have resulted, among other matters, in a 40% decline in the Brent crude price as compared to the end […]
Category: Latin America and the Caribbean
Guyana’s Oil-soaked Election Heads For Recount
(Axios, 16.Mar.2020) — Guyana’s March 2 election came while the country is on the cusp of a transition from relative poverty to newfound wealth — and it was marred by severe irregularities that caused the U.S. and other countries to reject the result. Why it matters: The coming days could […]
Methanex Cut Production In Trinidad And Chile
(Methanex, 16.Mar.2020) — Methanex Corporation has idled its Titan plant in Trinidad effective today and will idle its Chile IV plant effective April 1, 2020. These changes are being made for an indefinite period. John Floren, President and CEO of Methanex, commented, “We anticipate that methanol demand could be impacted […]
Economic Fallout From Virus Felt In Venezuela
(ABC News, 16.Mar.2020) — Nicolás Maduro’s government on Monday banned gasoline sales in two states as part of a broader lock-down to stem panic buying by Venezuelans accustomed to hoarding basic goods whenever there’s a hint of turmoil. But his orders, which explicitly prohibit lines outside gas stations, were largely […]
EOG Resources Updates 2020 Capital Plan
(EOG, 16.Mar.2020) — EOG Resources, Inc. updated its full-year 2020 capital plan as a result of the significant decline and increased volatility of commodity prices. Exploration and development expenditures for 2020 are now expected to range from $4.3 billion to $4.7 billion, including facilities and gathering, processing and other expenditures, […]
PetroPar Launches Free Alcohol Initiative
(Energy Analytics Institute, Ian Silverman, 14.Mar.2020) — Paraguay’s state oil company PetroPar launched an initiative to provide free alcohol at its petrol stations across the South American country for use for cleaning surfaces. The alcohol can be used daily to disinfect and cleans surfaces as part of preventive measures to […]
Ecuador Issues Sanitary Emergency Decree
(Energy Analytics Institute, Piero Stewart, 14.Mar.2020) — Ecuador’s government has issued a sanitary emergency decree in response to the coronavirus pandemic, according to details revealed in an official statement from state oil company EP PetroEcuador. © Energy Analytics Institute (EAI). All Rights Reserved. ***
Joint Statement From Int’l Observers In Guyana
(The Carter Center, 13.Mar.2020) — The international observer missions from the Commonwealth, the European Union, and The Carter Center issue the following statement: The international election observation missions in Guyana are deeply concerned about the continued lack of transparency in the ascertainment of results for Region 4. The order of […]
Vitol Negotiates Venezuela Oil Purchase
(Oilprice.com, 13.Mar.2020) — The largest independent oil trader in the world, Vitol Group, is discussing the purchase of Venezuelan crude oil from a Mexican firm that had received the crude in exchange for aid, Bloomberg reported on Friday, citing emails and documents that it has reviewed. Vitol hasn’t traded […]
Petrobras Releases Teaser For Sale Of Wind Farms
(Petrobras, 13.Mar.2020) — Petrobras has started the disclosure stage for this opportunity (teaser) in relation to the joint sale of all its shares in the wind farms Mangue Seco 3 and Mangue Seco 4, owners of the wind power generation plants with the same names. Petrobras holds a 49% interest […]
Caricom Comments On Guyana Elections
(Caricom, 12.Mar.2020) — Caricom released a press statement by the groups Chairman Prime Minister Mia Mottley of Barbados following a two-day visit to Guyana. BY A DELEGATION OF CARICOM HEADS OF GOVERNMENT, INCLUDING PRIME MINISTERS ROOSEVELT SKERRIT OF DOMINICA; DR. KEITH MITCHELL OF GRENADA; DR. RALPH GONSALVES OF ST VINCENT […]
Maduro Suggests OPEC, OPEC+ Discuss Oil Market
(Energy Analytics Institute, Piero Stewart, 12.Mar.2020) — Venezuela’s President Nicolas Maduro has suggested that members of OPEC and OPEC+ return to discussions about balancing the oil market. “Let us seek agreements to provide short-term, medium-term and long-term solutions that will restore the oil markets to an equilibrium point,” state oil […]
Armando Zamora To Head Colombia ANH
(ANH, 12.Mar.2020) — Colombia’s National Hydrocarbon Agency or ANH announced appointment of Armando Zamora Reyes as its new president, replacing Luis Miguel Morelli. Zamora, a mechanical engineer and specialist in high government at the University of Los Andes, was sworn in by Colombia’s Minister of Mines and Energy MarĂa Fernanda […]
Nynas Applies For Company Reorganization
(Nynas, 12.Mar.2019) — Nynas AB (publ) has today filed for company reorganisation at Södertörn’s District Court. Nynas loans have not been extended by the banks. Thus, Nynas cannot pay due debts forcing the company to apply for a reorganisation of the company. “Despite loyal customers and dedicated work by our […]
Gran Tierra Revises 2020 Capital Program
(Gran Tierra, 12.Mar.2020) — Gran Tierra Energy Inc. announced revisions to its 2020 capital program in response to recent commodity price volatility. All dollar amounts are in United States (“U.S.”) dollars, unless otherwise indicated. Gary Guidry, President and Chief Executive Officer of Gran Tierra, commented: “We operate 29 of our […]
Bioenergy Gets Restructuring Authorization
(Ecopetrol, 12.Mar.2020) — Ecopetrol S.A. published the release from its subordinate Bioenergy S.A.S, that together with Bioenergy Zona Franca S.A.S., were admitted in the reorganization process by the Superintendence of Companies under Law 1116 of 2006, which will allow them to organize financial, administrative and operational aspects to preserve their […]
Petrobras Cuts Gasoline Prices By Near 10%
(Reuters, 12.Mar.2020) — Brazil’s state-controlled oil company Petrobras cut gasoline prices at refineries in the country by almost 10% on Thursday, the first cut since this week’s oil price collapse, a move that could boost sugar production and reduce ethanol output. The oil company, which has a near refining monopoly […]
Pemex Received First Payment From Its Hedge
(Bloomberg, 12.Mar.2020) — Petroleos Mexicanos received its first payment from its annual oil hedge, as prices fell the most in three decades amid a producer battle for market share, and the fast-spreading coronavirus. Pemex protected its 2020 oil exports at an average of $49 a barrel, receiving the first payment […]
Pemex Receives First Oil Hedge Payout
(Reuters, 12.Mar.2020) — Mexican state oil firm Pemex said on Thursday it had received the first payment from a hedging program protecting its revenue from price swings, and that it has $7.85 billion available in credit lines, and will continue honoring debts to suppliers. Global oil prices have fallen to […]
PDVSA Partners Fret Over Managerial Vacuum
(Argus, 12.Mar.2020) — A presidential commission tasked with reorganizing Venezuela’s state-owned PdV is sowing confusion among the oil company’s joint venture partners over who is running the firm after chief executive Manuel Quevedo was effectively nudged out. “It is unclear who we are supposed to deal with now when discussing […]
Venezuela Discussing Oil Prices With OPEC, Russia
(TASS, 12.Mar.2020) — Venezuelan authorities are discussing the situation with the oil price collapse with OPEC and Russia, President Nicolas Maduro said on Thursday at a press conference broadcasted in Twitter. “We contacted our partners in OPEC, such our partners as Russia, with oil producing countries, to undertake steps in […]
Mexico’s Oil Hedge Just Saved Its Economy
(Oilprice.com, 11.Mar.2020) — Petroleos Mexicanos has been in an unrelenting downward spiral for decades. Pemex, Mexico’s state-owned oil company, has seen a vast and speedy decline of its production rates for the last 15 years, and at times it has vied for position as the most indebted oil company in […]
CARICOM PMs To Make Post-Elections Visit To Guyana
(Barbados Office of the Prime Minister, 11.Mar.2020) — Prime Minister Mia Amor Mottley will lead a delegation of regional Prime Ministers on a special two-day mission to Guyana, starting tomorrow March 11. The chairman of CARICOM will be joined by Prime Ministers Roosevelt Skerrit of Dominica, Ralph Gonsalves of St […]
Guyana Extends Search For Agent To Sell Govt’s Oil
(Reuters, 11.Mar.2020) — Guyana has extended the initial deadline in its search for an agent to market its share of oil produced by an Exxon Mobil-led consortium to March 24, the Department of Energy said on Wednesday. Guyana has no domestic refining capacity or national oil company and must sell […]
EP PetroEcuador GM Visits Balao Maritime Terminal
(Energy Analytics Institute, Piero Stewart, 11.Mar.2020) — EP PetroEcuador General Manager Pablo Flores supervised operations at the Esmeraldas Maritime Port and the Balao Maritime Terminal, which are part of the Trans-Ecuadorian Pipeline System (SOTE), and where the company carries out crude oil export activities essential for Ecuador’s economy. During the […]
Petrobras Reports Record Production From BĂşzios
(Petrobras, 11.Mar.2020) — Petrobras reports that it achieved on March 10th a new production record in BĂşzios field, in the Santos Basin pre-salt: 640 thousand barrels of oil per day and 790 thousand barrels of oil equivalent per day produced by the four platforms (P-74, P-75, P-76 and P-77) currently […]
TouchStone Reports Results of Cascadura Well
(March 11, 2020) — Touchstone Exploration Inc. provided an exploration update, highlighted by an update on production testing of the Cascadura-1ST1 liquids rich gas discovery on the Ortoire exploration block, onshore Trinidad and Tobago (Touchstone 80% working interest operator, Heritage Petroleum Company Limited 20% working interest). Production testing of the […]
Mexico Seeks To Mediate Russia, Saudi Arabia Oil Row
(Reuters, 10.Mar.2020) — Mexico and other nations are seeking to mediate between Russia and Saudi Arabia to end a price war that has battered world markets, Mexico’s finance minister said on Tuesday, citing his country’s prior experience in calming a crude producer feud. International crude oil prices suffered the biggest […]
Atlas And Anglo American Ink Solar Energy PPA
(Atlas, 10.Mar.2020) — Atlas Renewable Energy, a leading renewable energy company in Latin America along with British mining company Anglo American Plc, a leading global mining company, announced today the signing of the largest solar energy purchase and sale contract in Brazil with an investment of 881 Million Brazilian Reals. […]
TT Energy Minister: We Could Be Hurt Severely
(CNC3, 10.Mar.2020) — Energy Minister Franklin Khan has admitted that if the ongoing price-war between Saudi Arabia and Russia continues for a prolonged period this country could be significantly hurt. In a brief interview yesterday Khan told Guardian Media: “The Saudi’s have their own agenda, Russia has a more geopolitical […]
Pampa Reveals Conference Call Details
(Pampa EnergĂa, 10.Mar.2020) — Pampa EnergĂa S.A. announced it would hold a conference call to discuss its Q4 19 results on Wednesday 11 March 2020 at 10:00 a.m. Eastern Standard Time / 11:00 a.m. Buenos Aires Time. The host will be Lida Wang, Investor Relations Manager at Pampa. For those […]
Pipeline Blast Halts PetroPiar
(Argus, 10.Mar.2020) — Venezuelan state-owned PdV’s PetroPiar joint venture with Chevron suspended upgrading operations following a pipeline explosion early today, three oil workers at the facility tell Argus. The plant has since resumed partial operations and is slowly ramping back up to an unspecified level. Sulfur and hydrogen processing units […]
Mexico Says Hedge Covers Oil Income
(Reuters, 10.Mar.2020) — Mexico’s finance minister said on Tuesday a $1.4 billion hedge program completely covered 2020 national oil income following a steep drop in crude prices, adding the government needed to accelerate spending to help stimulate a flagging economy. The oil hedging program, the world’s largest financial oil deal, […]
Venezuela Offers Discounts As Prices Collapse
(Reuters, 10.Mar.2020) — Venezuela’s oil company PDVSA is this week offering discounts of up to $23 per barrel on its flagship crude, traders said, as a collapse in global oil prices puts more pressure on the state-run firm, already reeling from tightening U.S. sanctions. Petroleos de Venezuela had already been […]
Argentina Blocks Oil Imports In Bow To Local Producers
(Argus, 10.Mar.2020) — The oil price collapse is prompting Argentina to revive state intervention to protect the domestic oil industry. The national government is putting the brakes on imports of crude, gasoline and diesel, a move that mainly benefits state-controlled YPF, Argentina’s top oil producer and refiner. In the new […]
Pampa EnergĂa Announces Year-end Results
(Pampa EnergĂa, 10.Mar.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 fiscal year and quarter ended on December 31, 2019. The company adopted the US Dollar as functional currency (‘FC […]
Petrobras Reports On Petros Plan
(Petrobras, 10.Mar.2020) — Petrobras reports that its Board of Directors deliberated on the New Deficit Equation Plan (New Plan) of the Renegotiated and Non-Renegotiated Petrobras System Petros plans (PPSP-R and PPSP-NR), managed by Petrobras Social Security Foundation – Petros and in compliance with CNPC Resolution No. 30/2018. The New Plan […]
Venezuela Cause Drifting Off International Agenda
(Argus, 10.Mar.2020) — Venezuela’s US-backed opposition is scrambling to stay relevant at home and abroad as the US and other foreign patrons turn inward to focus on slowing the spread of coronavirus and mitigating the economic fallout of an oil price collapse. In a bid to reinvigorate his movement, Juan […]
Neuquén Provincial Govt Seeks Minimum $50/bbl Price
(Energy Analytics Institute, Aaron Simonsky, 10.Mar.2020) — Officials from Argentina’s NeuquĂ©n Province has requested formal meetings be held with the Energy Secretariat of Argentina’s government and authorities of hydrocarbon-producing provinces of the South American country to discuss a possible floor oil price that would support hydrocarbon activities. “The price we […]
Oil Price Crash Spells Trouble For Trinidad
(Trinidad Express, 9.Mar.2020) — The oil price crash yesterday spells trouble for Trinidad and Tobago’s economy. University of the West Indies economist Dr Roger Hosein said the Government must immediately seek to have a contingency meeting and develop a “plan B” to deal with the financial crisis. It also must […]
Latin America Oil Plays Rocked By Oil Price Rout
(Argus, 9.Mar.2020) — Latin America’s bold plans to tap deepwater, unconventional and heavy oil reserves — already under pressure by coronavirus in key demand markets — face an even greater challenge from this week’s oil price crash. Ice Brent crude futures prices plunged by more than 20pc today to a […]
Petrobras Inks Deal To Sell Onshore Tucano Basin Fields
(Petrobras, 9.Mar.2020) — Petrobras signed an agreement with Eagle Exploração de Ă“leo e Gás Ltda. for the sale of 100% of its stakes in four onshore fields, located in the Tucano Basin, in the countryside of the state of Bahia, for US$ 3.01 million. The sale price will be paid […]
PdV Names New Shipping Head As Arrests Mount
(Argus, 9.Mar.2020) — Venezuelan state-owned PdV named a new head of its shipping unit following 38 arrests over alleged fuel theft. PdV Marina’s new president is Cesar Vladimir Romero Salazar, a navy captain who also heads the national aquatics institute INEA. The arrests were the latest manifestation of a purge […]
Nations Meet to Discuss Mexico Energy Concerns
(Reuters, 9.Mar.2020) — The United States, the European Union, Canada and six European nations have held joint talks on concerns over Mexico’s energy policy, sources told Reuters, as President Andres Manuel Lopez Obrador pushes for a bigger role for the state in the sector. The unusually broad diplomatic encounter is […]
Talos Energy To Postpone Analyst And Investor Event
(Talos, 9.Mar.2020) — Talos Energy Inc. announced that it is cancelling its Analyst and Investor Event previously scheduled for March 12, 2020 in New York City due to health and safety concerns for the potential spread of COVID-19 and the associated state of emergency declaration in New York. The company […]
Mobile Pipeline Order For TITAN®XL Modules
(Hexagon, 9.Mar.2020) — Hexagon Mobile Pipeline, a business of Hexagon Composites, has been awarded an order for TITAN® XL modules with an estimated value of $1.7 million from a leading gas distributor in Mexico. Hexagon’s Mobile Pipeline® modules will transport compressed natural gas (CNG) to industrial operations and gas island […]
Oil Price Plunge Ramps Up Pressure On Pemex
(Reuters, 9.Mar.2020) — A crash in crude prices has intensified pressure on the finances of Mexican state oil firm Petroleos Mexicanos (Pemex), which is facing the threat of a ratings downgrade after posting one of its worst-ever losses last year. Mexican President Andres Manuel Lopez Obrador took office 15 months […]
As Guyana Elections Remain Up In The Air
(News America, 8.Mar.2020) — As tension continues in Guyana one week after its general elections and a top court upheld an injunction blocking the elections commission from proclaiming a winner amid fraud accusations, a non-profit environment and rights campaign group, is accusing the World Bank of engaging in conflict of […]
Mariela Poleo To Head SimĂłn BolĂvar Foundation
(Citgo, 8.Mar.2020) — Citgo Petroleum Corporation announced the appointment of Mariela Poleo as President of the SimĂłn BolĂvar Foundation (SBF), the company’s non-profit, private foundation dedicated to catalyzing organizations and resources to meet the humanitarian needs of Venezuelans and Venezuelan refugees. As president, she will oversee all facets of SBF, […]
Guyana Court Halts Release Of Election Results
(Reuters, 8.Mar.2020) — Guyana’s top court on Sunday upheld an injunction blocking the elections commission from proclaiming a winner in this month’s presidential election, delaying the results of a vote that has been marred by accusations of fraud. A protester was killed and demonstrators took to the streets after diplomats […]