Latin America and the Caribbean Archives - Page 145 of 222

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

Maduro’s PDVSA Shake Up Amid Oil Emergency

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 Matías Kulfas, who oversees energy […]

US Blacklists Rosneft Unit

(Reuters, 18.Feb.2020) — The United States on Tuesday tightened financial restrictions on Venezuela, blacklisting a subsidiary of Russian state oil major Rosneft that President Donald Trump’s administration has said provides a lifeline to President Nicolas Maduro’s government. The sanctions announced by the U.S. Treasury Department increase the pressure on Russia, […]

Rosneft Says US Sanctions On RTSA Illegal

(Rosneft, 18.Feb.2020) — The sanctions announced by the U.S. Treasury Department against Rosneft’s subsidiary RTSA and its Chairman are illegal, unjustified, and an act of legal abuse. Rosneft has been implementing its projects in Venezuela in strict compliance with rules of international and national laws. In the course of the […]

Ending Putin’s Support Of Venezuela Not Easy For US

(AP, 18.Feb.2020) — In October 2016, the head of Russia’s largest oil company traveled to the birthplace of Hugo Chávez, in the empty, sweltering plains of Venezuela, to unveil a giant bronze statue of the late socialist leader that he and his longtime friend, Russian President Vladimir Putin, commissioned from […]

Venezuela, Rosneft and US Sanctions Complications

(S&P Global Platts, 18.Feb.2020) — US efforts to starve Venezuela’s Maduro regime of oil revenues have substantially increased the role of Russian energy in the US Gulf Coast, an outcome the Trump administration likely never anticipated when it put sanctions in place over a year ago. The situation has created […]

Frontera To Announce 4Q And Full Year 2019 Results

(Frontera, 18.Feb.2020) — Frontera Energy Corporation said Fourth quarter and full year 2019 results are expected to be released after market on Thursday, March 5, 2020 followed by a conference call for investors and analysts on Friday, March 6, 2020 at 8:00 a.m. (MST) and 10:00 a.m. (EST/GMT-5). Participants will […]

Ecopetrol To Reveal 2020-2022 Business Plan

(Ecopetrol, 18.Feb.2020) — Ecopetrol S.A. announces that on February 25, 2020 after market close, it will release its financial and operating results for the fourth quarter and full year 2019, and the 2020-2022 Business Plan. On Wednesday, February 26, Ecopetrol’s senior management will host two conference calls to review the […]

Talos Energy Announces 2020 Operating Guidance

(Talos 18.Feb.2020) — Talos Energy Inc. announced full year 2020 operating and financial guidance. The Company also announced that it expects to close the previously announced acquisition of affiliates of ILX Holdings, among other entities (the “Acquired Assets”, the “Acquisition”, or the “Transaction”), on February 28, 2020. The Company expects […]

Frontera Reports Growth In Value Of Reserves

(Frontera, 18.Feb.2020) — Frontera Energy Corporation announced the results of its annual independent reserves assessment and provided notice of fourth quarter and full year 2019 financial results and conference call. All dollar amounts in this news release and the Company’s financial disclosures are in United States dollars, unless otherwise noted. […]

FPSO Brasil Congress Returns To Rio De Janeiro

(FPSO Network, 18.Feb.2020) — Following 2 successful events since 2018, the FPSO Brasil Congress, taking place on 25 – 27 May 2020 is returning to Rio de Janerio. It will continue to be the largest FPSO-dedicated platform for the robust Brazilian market. Organized by the FPSO Network, the Congress will […]

Trinidad And Barbados Sign Unitization Agreement

(Office of the PM of Trinidad and Tobago, 17.Feb.2020) — Prime Minister of the Republic of Trinidad and Tobago, Dr the Hon. Keith Rowley and Prime Minister of Barbados, the Hon. Mia Mottley signed a unitization agreement today (Monday 17 February, 2020) in Bridgetown, Barbados. The agreement will allow for […]

Eni Announces New Oil Find Offshore Mexico

(Eni, 17.Feb.2020) — Eni announces a new oil discovery on the Saasken Exploration Prospect in Block 10, located in the mid-deep water of the Cuenca Salina in the Sureste Basin, Offshore Mexico. According to preliminary estimates, the new discovery may contain between 200 and 300 million barrels of oil in […]

PDVSA Seeks Buyers For 677 Mb/d Of February Crude

(S&P Global Platts, 14.Feb.2020) — Venezuela’s state owned PDVSA has 677,000 b/d of crude available to sell for February, but no buyers because of US sanctions, according to a company official. “The climbing of US sanctions against the Nicolas Maduro government alienated the few clients that were still daring to […]

PDVSA Steps Up Shipments To Cuba

(Reuters, 14.Feb.2020) — Venezuela’s state energy firm PDVSA has been shipping more oil this month to close ally Cuba, as tighter U.S. sanctions have worsened fuel shortages on the Caribbean island, according to sources and internal company documents seen by Reuters. Six vessels, most of them owned by PDVSA’s maritime […]

Chavez’s Legacy Oil Hasn’t Been Broken?

(The Globe and Mail, 13.Feb.2020) — In terms of its trademark nationalist approach to its economy – the crown jewel of which has long been the country’s oil industry – Venezuela doesn’t seem like what it used to be. First, in 2019, Venezuelan President Nicolas Maduro – who succeeded Hugo […]

Petrobras Request Withdraw Of Governance Program

(Petrobras, 13.Feb.2020) — Petrobras, following up on the release dated 29 January 2020, reports that its request to withdraw from the Corporate Governance Program for State-Owned Companies (Program) was answered by B3 and the company will be withdrawn from the Program as of today, according to the attached document. ***

Guyana To Export First Share Of Oil-Official

(Reuters, 12.Feb.2020) — Guyana is getting ready to export in the coming days the first cargo of Liza crude entitled to the government as share of the oil produced by a consortium led by energy giant ExxonMobil, the head of the country’s Energy Department said on Wednesday. The tanker Cap […]

Ask No Questions, Tell No Lies

(Argus, 11.Feb.2020) — Juan Guaido is finally returning to Caracas today, with a vow to dislodge the “usurper” so he and his team of exiles can Make Venezuela Great Again. “Where’s Guaido?” is a question that often echoes among Venezuelan opponents of President Nicolas Maduro. Young opposition leader Juan Guaido […]

Petrobras On Arbitration Involving Sete Brasil

(Petrobras, 11.Feb.2020) — Petrobras informs about a favorable arbitration award to the company, which rejected a claim made by an investor in Sete Brasil Participações S.A. (in reorganization), in arbitration proceedings seeking compensation from Petrobras for alleged damages related to their investment in the Sondas Project. Due to the favorable […]

Noble Announces Deal With ExxonMobil

(Noble, 11.Feb.2020) — Noble Corporation plc and ExxonMobil today announced the execution of a unique commercial enabling agreement for drilling services in the Guyana-Suriname Basin. The agreement defines contract terms for the continuation of drilling services using certain drilling units in Noble’s fleet. The ultra-deepwater drillships Noble Bob Douglas, Noble […]

Citgo Names Jack Lynch As Chief Compliance Officer

(Citgo, 11.Feb.2020) — Citgo Petroleum Corporation announced the appointment of Jack Lynch as the company’s new Chief Compliance & Ethics Officer. Lynch will continue to serve as the Vice President of Legal & Government Affairs, a role he has held since October 2019. As Citgo’s new Chief Compliance & Ethics […]

Petrobras Hits New Production Record

(Reuters, 10.Feb.2020) — Brazil’s Petrobras hit a new production record in the fourth quarter, of over 3 million barrels of oil equivalent per day (boepd), thanks largely to the ramp-up of platforms in the prolific pre-salt formation, the state-run oil firm said. In a securities filing, Petroleo Brasileiro SA, as […]

Petrobras To Hire Emergency Workers

(S&P Global Platts, 10.Feb.2020) — Brazilian state-led oil company Petrobras was cleared by a local labor court judge to hire emergency workers to maintain operations while unionized oil workers remained on the picket line for a 10th consecutive day, the company and unions said Monday. “Petrobras is in the process […]

Fact Box: Atlantic LNG Trains

(Atlantic LNG, 10.Feb.2020) — Over our years of expansion, between 1999 – 2005, we first tripled the capacity of Train 1 with Trains 2 and 3, and then nearly doubled Train 1’s capacity with the construction of Train 4. The facility’s full capacity is 15 million tonnes per annum (mtpa) […]

US Imports Of Russian Residue Complicate Venezuela Sanctions

(Argus, 10.Feb.2020) — US Gulf Coast refiners have been increasing their imports of a crude oil residue from Russia in response to both sanctions on Venezuelan crude exports and declining prices of high sulfur fuel oil ahead of International Maritime Organization’s revamp of marine fuel sulfur regulations. The trend could […]

Guyana Aims To Agree To Oil Prices With Exxon

(Reuters, 10.Feb.2020) — Guyana is aiming to complete talks with the Exxon Mobil Corp-led consortium producing oil off its coast over crude pricing, lifting costs, and scheduling before the government exports its first cargo, energy director Mark Bynoe said on Monday. Exxon Mobil and partners Hess Corp and China’s CNOOC […]

Brazil Oil Strike Drags Into Second Week

(S&P Global Platts, 10.Feb.2020) — A indefinite strike by oil workers in Brazil is dragging on despite local labor court rulings classifying the work action as politically motivated and ordering 90pc of contingency crews to report for work. On 7 February, state-controlled Petrobras said it started hiring replacement workers and […]

Trinidad Energy Conference 2020: Photojournalism

(Energy Analytics Institute, Ian Silverman, 10.Feb.2020) — Select photos from the Trinidad and Tobago Energy Conference 2020 hosted by the Energy Chamber of Trinidad and Tobago and held in Port of Spain. More photos can be found on our Instagram page. © Energy Analytics Institute (EAI). All Rights Reserved. ***

Storage Constraints Prompt PdV To Consider Oil Pits

(Argus, 28.Feb.2020) — Venezuela’s PdV has exhausted its storage capacity and is now considering digging open-air pits to hold swelling stocks that US sanctions are keeping off the export market, according to multiple PdV upstream and marketing officials. A presidential commission created on 19 February to reorganize PdV has instructed […]

Rowley comments on Loran-Manatee deal

(Office of the PM of Trinidad and Tobago, 7.Feb.2020, Words: 2500) — Trinidad and Tobago’s Prime Minister the Honourable Keith Rowley provided details related to the agreement for the development of the Loran-Manatee field that straddles the maritime borders of Trinidad and Tobago and Venezuela. Statement by Dr the Honourable […]

Petrobras Reveals Fertilizer Plant Teaser

(Petrobras, 7.Feb.2020) — Petrobras has started the opportunity disclosure stage (teaser), regarding the sale of all its equity stake in its Nitrogen Fertilizer Unit III (UFN-III). The teasers, which contain key information about the asset, as well as the eligibility criteria for selection of potential participants, are available on the […]

PPGPL Acquires Twin Eagle’s Marketing Assets

(PPGPL, 7.Feb.2020) — Phoenix Park Gas Processors Limited announced its acquisition of a US entity. Effective February 1, 2020, PPGPL through its wholly owned US subsidiary, Phoenix Park Energy Marketing LLC, acquired the NGL marketing assets of Twin Eagle Liquids Marketing LLC. According to President Dominic Rampersad, “Through this acquisition, […]

Ecopetrol And Shell To Develop Caribbean Gas

(Ecopetrol, 7.Feb.2020) — Ecopetrol S.A. and Shell, through its subsidiary Shell EP Offshore Ventures Limited, signed an agreement whereby Shell will acquire a 50% stake in Fuerte Sur, Purple Angel and COL-5 blocks, located in the Colombian Caribbean deep-water, where a new gas province was discovered including the Kronos (2015), […]

Touchstone’s Cascadura Confirms Liquids Discovery

(Touchstone, 6.Feb.2020) — Touchstone Exploration Inc. announced flowback testing of the first stage of the Cascadura-1ST1 well has been completed, confirming that the well is a significant liquids rich natural gas discovery. Highlights — Cascadura-1ST1 production testing commenced on February 4, 2020, with the first stage testing the lower most […]

Canadian Solar Acquires 47.5 MWp Portfolio In Chile

(Canadian Solar, 6.Feb.2020) — Canadian Solar Inc. announced the acquisition of a 47.5 MWp portfolio of solar projects under development in Chile. These projects will become operational in two different stages, beginning from the fourth quarter of 2020. The projects will be located in the Araucanía and Maule Regions of […]

Petrobras Announces Pricing Of BNDES Offering

(Petrobras, 6.Feb.2020) — Petrobras announced that on February 5, 2020, it priced the global offering by Banco Nacional de Desenvolvimento Econômico e Social – BNDES (the “Selling Shareholder”) of 734,202,699 common shares, without par value, of Petrobras (“Common Shares”), including 168,140,000 Common Shares in the form of American Depositary Shares, […]

Bolsonaro Ready To Ax Fuel Taxes

(Reuters, 6.Feb.2020) — Brazil’s President Jair Bolsonaro said he is prepared to eliminate federal fuel taxes if state governors eliminate the “ICMS” state tax on gasoline and diesel. ICMS is a tax on sales and services and applies to the movement of goods, transportation, communication services and other supplies. Earlier […]

Mexico Spent $1.37 Billion On Oil Hedge

(Reuters, 6.Feb.2020) — Mexico spent more than 25 billion pesos ($1.37 billion) on its 2020 oil hedging program, the country’s finance ministry confirmed on Wednesday after financial website Sentido Comun reported the figure. The hedging program, the world’s largest, is to insure Mexico’s revenues from oil sales against price crashes. […]

Banks Willing To Invest In Renewables

(Trinidad Newsday, 6.Feb.2020) — Caribbean banks are well aware of the potential for investing in renewable energy across the region. What is required, however, is a more streamlined approach to policy. The Caribbean is blessed not just with hydrocarbons but also major resources for renewable energy like solar, wind and […]

Frontera Announces Discovery In Colombia

(Frontera, 6.Feb.2020) — Frontera Energy Corporation provided an exploration update in relation to prospects in Colombia in the Lower Magdalena Valley, including its exploration joint venture with Parex Resources Inc. involving the VIM-1 block. Richard Herbert, Chief Executive Officer of Frontera, commented: “We are excited that the first well with our […]

PetroEcuador Renegotiates Deal With Asia’s PTT

(Energy Analytics Institute, Piero Stewart, 21.Feb.2020) — Empresa Pública PetroEcuador completed negotiations with Thailand state-owned company PTT International Trading PTE. LTD. related to reprogrammed 6,480,000 barrels of crude oil, equivalent to 18 shipments of 360,000 barrels each. The volume represents estimated income of $373,705,202, since the barrels can be marketed […]

Watchdog: Exxon Guyana Deal ‘Exploitative’

(Forbes, 5.Feb.2020) — As ExxonMobil kicks off production on the world’s largest emerging oil projects, debate has intensified over the terms of contracts signed between the global oil giant and Guyana, the small impoverished South American nation that owns the offshore crude. Oil contracts are already the central issue in […]