(Aljazeera, 3 Feb 2020) — Trinidad and Tobago has cancelled an agreement with Venezuela for the joint development of a natural gas field straddling their maritime border because of United States sanctions on Venezuela’s state energy giant Petroleos de Venezuela SA (PDVSA). The Caribbean island nation is a major exporter […]
Category: Latin America and the Caribbean
Petrobras’ Pará-Maranhão Basin Teaser
(Petrobras, 3.Feb.2020) — Petrobras reports that it has started the opportunity disclosure stage (teaser), referring to the sale of part of its equity interest in exploratory blocks, belonging to the BM-PAMA-3 and BM-PAMA-8 concessions, located in the Pará-Maranhão Basin. Petrobras is the operator of the blocks, with 100% stake in […]
Ecopetrol Reports Changes To Accounting Classification
(Ecopetrol, 3.Feb.2020) — Ecopetrol S.A. reports that having completed all legal and accounting analyses regarding the ruling issued by the Supreme Court of Justice dated October 30, 2019, reported by this same means, whereby the company obtained a 51.88% shareholding of INVERCOLSA, this investment will be classified in Ecopetrol S.A’s […]
Petrobras Gives Details On 2019 Annual Results
(Petrobras, 3.Feb.2020) — Petrobras reports that on February 10, after market closes, the company will release its quarterly production and sales report for 4Q19 and on February 19, also after market closes, it will disclose the financial statements report. On February 20, it will be held two conference calls/webcasts to […]
YPF Signs Preliminary Deal With Equinor And Shell
(Reuters, 31.Jan.2020) — Oil firms Equinor and Shell have signed a preliminary agreement with Argentina state energy firm YPF to acquire an additional 11% participation in the Bandurria Sur region of the vast Vaca Muerte shale field, YPF said on Friday. Vaca Muerta, which covers an area about the size […]
Equinor Strengthens Presence In Vaca Muerta
(Equinor, 31.Jan.2020) — Equinor and its partner Shell have completed a joint acquisition of the 49% interest held by Schlumberger in the Bandurria Sur onshore block in Argentina’s Neuquén province. The consideration for each partner for their 24.5% interest is $177.5mn. The block covers around 56,000 gross acres in the […]
Schlumberger Completes Sale Of Bandurria Sur
(Schlumberger, 31.Jan.2020) — Schlumberger announced today that it has completed the sale of its 49% interest in the Bandurria Sur Block in Neuquén, Argentina to Shell Argentina S.A. and Equinor. YPF will continue as operator of the block. This divestment covers all of Schlumberger’s interest in the Bandurria Sur shale […]
ExxonMobil Makes Fresh Guyana Discovery
(Petroleum Economist, 31.Jan.2020) — Guyanese offshore success in recent years has become almost synonymous with US giant ExxonMobil—the hot streak of oil discoveries achieved in the country’s waters has added 15 major finds to the firm’s roster and c.6bn bl oe in recoverable reserves. Momentum was further buoyed by the […]
Plans For An Ecuadorian LNG Terminal
(Sycar, 31.Jan.2020) — SYCAR LLC is working with a mayor LNG Trading firm for the development of a LNG import terminal for Ecuador, South America. The project includes port facilities for the berthing of an a FSRU to supply RLNG to an existing power plant and an LNG truck filling […]
Petrobras Releases Wind Power Plant Teaser
(Petrobras, 31.Jan.2020) — Petrobras has started the opportunity disclosure stage (teaser), regarding the sales of all of its equity stakes in the companies Eólica Mangue Seco 1 and Eólica Mangue Seco 2, owners of wind power generation plants. The teasers, which contain key information about the assets, as well as […]
Petrobras Starts Refinery Binding Phase
(Petrobras, 31.Jan.2020) — Petrobras, following up on the press release disclosed on 10/24/2019, informs the beginning of the binding phase related to the sale of downstream assets, which includes: Isaac Sabbá Refinery (REMAN) in Amazonas, Lubrificantes e Derivados de Petróleo do Nordeste (LUBNOR) in Ceará, and the Shale Industrialization Unit […]
Ecopetrol Endorses Initiative To Eliminate Gas Flaring
(Ecopetrol, 30.Jan.2020) — Ecopetrol has adhered to the Bank World-let initiative called “Zero Routine Flaring by 2030”, whose goal is to eliminate the routine flaring of gas in the oil and gas fields as soon as possible and no later than 2030. The initiative, which was introduced by the World […]
Argentina Extends Diesel, Gasoline Frice Freeze
(Argus, 30.Jan.2020) — Argentina’s government said Thursday it has extended a freeze on diesel and gasoline prices until the end of February, as it tries to reel in one of the highest inflation rates in the world. The freeze had been due to end Friday, but the country’s president, Alberto […]
Trinidad And Tobago Energy Conference 2020
(Energy Chamber, 30.Jan.2020) — The Trinidad and Tobago Energy Conference is the major annual conference of the energy sector in Trinidad and Tobago. The conference is one of the largest and most respected in the region. In 2020, the theme of the conference will be “Shaping the Caribbean’s Energy Future”. […]
Equinor Awards FEED Contract For Bacalhau Field
(Schlumberger, 30.Jan.2020) — Schlumberger announced an award to Subsea Integration Alliance of an exclusive contract by Equinor for the front-end engineering design (FEED) on its Bacalhau (formerly Carcará) project offshore Brazil. The contract scope brings together field development planning, project delivery and total life cycle solutions under an extensive technology […]
MODEC Inks Deal By Equinor For FPSO For Brazil Field
(Modec, 30.Jan.2020) — Modec Inc. has signed a Sales and Purchase Agreement (SPA) with Equinor Brasil Energia Ltda, a subsidiary of Equinor ASA, to supply a Floating Production Storage and Offloading (FPSO) vessel for the Bacalhau (formerly Carcará) field offshore Brazil. Modec was awarded a Pre-Front End Engineering Design (Pre-FEED) […]
YPF Deepens Partnership With Equinor And Shell
(Energy Analytics Institute, Aaron Simonsky, 31.Jan.2020) — The presidents of YPF, and European companies Equinor and Shell meet to discuss the scope of signed agreements and plans for the development of the Bandurria Sur Block. Executives participating the discussions included: YPF President Guillermo Nielsen, Equinor President Nidia Álvarez Crogh, Shell […]
MODEC Moves On With FPSO Charter For Marlim Field
(MODEC, 30.Jan.2020) — MODEC, Inc. (“MODEC,” head office: Chuo-ku, Tokyo; President & CEO: Yuji Kozai), Mitsui & Co., Ltd. (“Mitsui,” head office: Chiyoda-ku, Tokyo; President & CEO: Tatsuo Yasunaga), Mitsui O.S.K. Lines, Ltd. (“MOL,” head office: Minato-ku, Tokyo; President & CEO: Junichiro Ikeda) and Marubeni Corporation (“Marubeni,” head office: Chuo-ku, […]
Equinor Awarded Brazilian Contracts
(Equinor, 30.Jan.2020) — Equinor has, on behalf of the partners ExxonMobil and Petrogal Brasil entered into Front End Engineering and Design (FEED) contracts with early commitments and pre-investments for phase 1 of the Bacalhau (formerly Carcará) area in Brazil. Contractors have been selected for both the SURF (Subsea, Umbilical, Risers […]
Guyana’s Burgeoning Oil Wealth Kindles Contract Row
(S&P Global Platts, 30.Jan.2020) — ExxonMobil’s growing oil discoveries offshore Guyana are amplifying domestic calls for a review of production-sharing contract terms on the eve of the small South American country’s first elections as an oil exporter. Opposition political parties vying to unseat the ruling coalition in 2 March parliamentary […]
Petrobras’ Proved Reserves Fall Slightly In 2019
(Petrobras, 29.Jan.2020) — Petrobras discloses that its proved oil, condensate and natural gas reserves according to SEC (US Securities and Exchange Commission) regulation were estimated at 9.590 billion barrels of oil equivalent (boe), as of December 31, 2019, as displayed in Table 1. Changes in proved reserves in billion barrels […]
Petrobras On Collective Action In The Netherlands
(Petrobras, 29.Jan.2020) — Petrobras, further to the press release dated September 19, 2018, announces that the District Court of Rotterdam (the Court) today considered some issues and asked additional questions to the parties regarding the collective action filed by Stichting Petrobras Compensation Foundation (the Foundation) in the Netherlands against Petrobras […]
Petrobras Approves New Board Member
(Petrobras, 29.Jan.2020) — Petrobras reports that its Board of Directors, in a meeting held today, approved the appointment of Mrs. Maria Cláudia Guimarães for the position of member of the company’s Board of Directors. This appointment will be submitted to the next General Shareholders’ Meeting to be held. Mrs. Maria […]
Petrobras On Corporate Governance Program
(Petrobras, 29.Jan.2020) — Petrobras reports that it has requested today its withdrawal from the Corporate Governance Program for State-Owned Companies of B3 (Program). Petrobras’ adhesion to the Program took place on 08/08/2017. After that, the company continued to evolve in the improvement of its governance practices, having adhered to the […]
Pemex’s Romero Pushes For Control Over Zama
(Reuters, 29.Jan.2020) — Mexico’s state oil company Petroleos Mexicanos wants operational control over a major offshore oil area discovered by a consortium of private companies before development gets underway, its top official said on Wednesday. Pemex Chief Executive Officer Octavio Romero told a news conference the company believes most of […]
Petrobras Comments On Corporate Governance
(Petrobras, 29.Jan.2020) — Petrobras has requested its withdrawal from the Corporate Governance Program for State-Owned Companies of B3 (Program). Petrobras’ adhesion to the Program took place on 08/08/2017. After that, the company continued to evolve in the improvement of its governance practices, having adhered to the special Level 2 Corporate […]
Karoon Starts Drilling In Peru At Marina‐1 Well
(Karoon, 28.Jan.2020) — Karoon Energy Ltd announced the Stena Forth Drillship has commenced the drilling of the Marina‐1 exploration well located in Block Z‐38 Tumbes Basin, Peru. The wholly owned, Karoon subsidiary, KEI (Peru Z‐38) Sucursal del Peru is the operator and has a 40% net interest in Block Z‐38. […]
Venezuela Lawmakers Eye Private Sector Oil Role
(Reuters, 28.Jan.2020) — A group of Venezuelan lawmakers backed by the ruling Socialist Party are exploring ways to increase the participation of private companies in the OPEC nation’s oilfields, one of the legislators said in an interview on Tuesday. Lawmakers calling themselves opponents of President Nicolas Maduro on Jan. 5 […]
ExxonMobil Tallies 16th Find Offshore Guyana
(NGI, 28.Jan.2020) — ExxonMobil, which rode the wave for worldwide exploration last year in part because of the prolific Guyana portfolio, announced another discovery offshore the South American country, where recoverable resources already were estimated at more than 8 billion boe. ExxonMobil said Monday it clinched the 16th discovery in […]
Pemex Underwhelming At Priority Fields
(Natural Gas Intelligence, 28.Jan.2020) — Mexican national oil company Petróleos Mexicanos (Pemex) is behind schedule at the 20 fields it deemed last year as “high priority” and crucial to reversing years of decline in hydrocarbons production, according to upstream regulator Comisión Nacional de Hidrocarburos (CNH). So far, 17 of the […]
Venezuela Weighs Privatizing Oil
(Bloomberg, 27.Jan.2020) — Facing economic collapse and painful sanctions, the socialist government of Venezuelan President Nicolas Maduro has proposed giving majority shares and control of its oil industry to big international corporations, a move that would forsake decades of state monopoly. Maduro’s representatives have held talks with Russia’s Rosneft PJSC, […]
ExxonMobil Ups Guyana Recoverable Resources
(ExxonMobil, 27.Jan.2020) — ExxonMobil has increased its estimated recoverable resource base in Guyana to more than 8 billion oil-equivalent barrels and made a further oil discovery northeast of the producing Liza field at the Uaru exploration well, the 16th discovery on the Stabroek Block. — Stabroek Block recoverable resources increased […]
Hess Announces Oil Discovery At Uaru
(Hess, 27.Jan.2020) — Hess announced another oil discovery offshore Guyana at the Uaru well, the 16th discovery on the Stabroek Block. The company also announced an increase in the estimated gross discovered recoverable resources for the block to more than 8 billion barrels of oil equivalent, up from the previous […]
IOCs To Press On With Vaca Muerta Projects
(S&P Global Platts, 27.Jan.2020) — Equinor, Shell and Total vowed to press on with projects in Vaca Muerta, even as policy uncertainty and price controls make it harder to plan investment in Argentina’s biggest shale play, raising concerns of a slowdown in oil and natural gas production growth. Representatives of […]
PDVSA Total Debt Remained Unchanged In 2019
(Reuters, 27.Jan.2020) — Venezuela’s state-run oil company PDVSA said its financial debt fell less than 0.1% in 2019 from the prior year to some $34.5 billion, though it remained in default on its bonds as sanctions freeze it out of the global banking system. PDVSA, which is short for Petroleos […]
PDVSA refineries Amuay and Cardon shuttered
CARACAS, VENEZUELA (By S&P Global Platts, 27.Jan.2020, Words: 249) — PDVSA has shut down its last two operating refineries in Venezuela, closing its Amuay and Cardon facilities at the Paraguana Refining Center (CRP), the largest refining complex in the country, according to a technical report seen Monday by S&P Global […]
Colombia Oil Investment To Rise 23% This Year: ACP
(Reuters, 27.Jan.2020) — Investment in Colombia’s oil industry is set to grow by 23% in 2020, the private oil producers association said on Monday, although production will be effectively flat, increasing just 0.5% compared with the previous year. Investment in the Andean country’s oil and gas industry this year will […]
Colombia 2020 Oil Flow Seen Flat, CAPEX Up: ACP
(Argus, 27.Jan.2020) — Investment in exploration and production in Colombia will grow by an estimated 23pc to $4.97bn in 2020, but crude production will remain flat at around 890,000 b/d compared with last year, according to an annual industry survey conducted by Colombia’s oil chamber (ACP). Exploration investment will climb […]
Brazil To Discuss OPEC With Saudi Arabia In July
(S&P Global Platts, 24.Jan.2020) — Brazil will discuss potential cooperation with OPEC on the sidelines of a Group of 20 event scheduled to be held in Saudi Arabia later this year, the country’s Mines and Energy Ministry said in a statement this week. Mines and Energy Minister Bento Albuquerque will […]
PDVSA PetroPiar President Eyes Higher Output
(Energy Analytics Institute, Aaron Simonsky, 24.Jan.2020) — PDVSA PetroPiar President Gabriel Carmona and executives from the mixed company’s management team help meetings to discuss ways to accelerate administrative and operational processes related to the company’s Operational Bare Center (COB) and San Remo. The meetings addressed ways to increase PetroPiar’s oil […]
Guyana – The World’s Newest Oil Producer
(IHSMarkit, 24.Jan2020) — In an environment of oil supply glut, a new player entered the scene. Guyana, a nation bordering Venezuela and Brazil – two countries with large oil reserves – has established itself as an oil producer as of 20 December with the first crude production from Liza (Phase […]
EP PetroEcuador Inks La Esperanza Aqueduct Deal
(Energy Analytics Institute, Piero Stewart, 23.Jan.2020) — An inter-institutional agreement between EP PetroEcuador and the municipalities of Manta, Jaramijó and Montecristi aims to provide a solution to problems related to the La Esperanza aqueduct. Ecuador’s government — through state oil company PetroEcuador — and in coordination with the aforementioned municipalities, […]
Guyana Searches For Firm To Trade Its Crude
(Reuters, 23.Jan.2020) — Guyana’s government next month plans to begin a search for an oil company or trading firm to market its share of the South American country’s crude, the director of the Department of Energy, Mark Bynoe, said in an interview. The government is entitled to a portion of […]
Brazil Breaks Oil Production Record
(Oilprice.com, 23.Jan.2020) — Brazil produced more than 1 billion barrels last year, the first time it has breached the 1-billion-barrel mark, Reuters reports, citing the country’s oil regulator, ANP. The daily average stood at 3.106 million bpd, up 7.78 percent on 2018, ANP also said. More than half of the […]
Petrobras Starts Non-binding Phase Of BSBios Sale
(Petrobras, 23.Jan.2020) — Petrobras, following up on the release disclosed on 20 December 2019, informs the beginning of the non-binding phase related to the sale of all shares of BSBios Indústria e Comércio de Biodiesel Sul Brasil S/A (BSBios) by its wholly-owned subsidiary Petrobras Biocombustíveis S.A. (PBio). Potential buyers qualified […]
Petrobras Announces BNDES Equity Secondary Offering
(Petrobras, 22.Jan.2020) — Petrobras announced today that Banco Nacional de Desenvolvimento Econômico e Social – BNDES (the “Selling Shareholder”) has commenced an offering of up to 734,202,699 common shares, without par value, of Petrobras (the “Common Shares”), including Common Shares represented by American depositary shares, each of which represents two […]
Petrobras On Unfavorable CARF Decision
(Petrobras, 21.Jan.2020) — Petrobras announced the Higher Chamber of the Administrative Tax Appeals Council (CARF) issued an unfavorable decision, by a casting vote, on an administrative tax proceeding which deals with the collection of PIS/COFINS – Import tax regarding remittances abroad for the payment of charters contracts in the calendar […]
ENAP Magallanes Drilled 35 Wells In 2019
(Energy Analytics Institute, Aaron Simonsky, 20.Jan.2020) — During 2019 ENAP’s Magallanes division drilled 35 new wells, most of them in Tierra del Fuego. Based on this drilling program, the company maintaining production of 3 million cubic meters per day (MMcm/d) of natural gas, fulfilling regional supply commitments, ENAP announced in […]
President Updates On Trafigura Subscription
(President Energy, 20.Jan.2020) — President Energy plc reports on subscription for new ordinary shares by Trafigura, conversion of debt into equity and immediate reduction of debt by $5.95 million and potentially up to $14.8 million. TRANSACTION HIGHLIGHTS: — The international commodity trader Trafigura has agreed to take a significant stake […]
Touchstone Updates On Cascadura-1ST1 Well Testing
(Touchstone, 20.Jan.2020) — Touchstone Exploration Inc. provided an exploration update, highlighted by the first stage of production testing of the Cascadura-1ST1 well on the Ortoire exploration block, onshore in the Republic of Trinidad and Tobago. The Cascadura-1ST1 production test was designed to evaluate a potential oil zone as indicated by […]