(Petrobras, 6.Jan.2020) — Petrobras, following up on the release disclosed on December 13, 2019, reports that it has received new correspondence from the National Bank for Economic and Social Development (BNDES) in which it reports that it has invited Banco de Investimentos Credit Suisse (Brasil) S.A., Bank of America Merrill […]
Category: Latin America and the Caribbean
COSAN Seeks Permits For Alternative Route 4
(S&P Global Platts, 6.Jan.2020) — Brazil sugar and ethanol group Cosan applied for environmental permits to build a second tranche of the Route 4 offshore natural gas export pipeline in a move that would add much-needed transportation capacity and boost oil and gas output from subsalt fields, according to documents […]
US Considering More Venezuela Sanctions
(S&P Global Platts, 6.Jan.2020) — The US may respond to escalating political disarray in Venezuela by allowing a sanctions waiver for Chevron and four US oil services companies to expire later this month and could ratchet up oil sanctions on foreign companies still working in the South American country, analysts […]
Will The West Lose Guyana To The Chinese?
(Fair Observer, 6.Jan.2020) — Guyana, home to just 750,000 people, is about to leap from one of the poorest to one of the richest countries in the world. The financial predators are circling, led by the Chinese. Guyana’s inexperience, incompetence and lack of Western interest will hand the Chinese a […]
Brazil Looks To Smooth Impact Of Oil Price Spikes
(Reuters, 6.Jan.2020) — Brazil’s government is working on a policy to reduce the local impact of spikes in international oil prices, officials said on Monday, reviving questions about the state oil firm’s independence in setting fuel prices. Mines and Energy Minister Bento Albuquerque told reporters the government will not create […]
Exxon’s Guyana Oil recovery Ramps Up Rating
(Stabroek News, 3.Jan.2020) — The commencement by ExxonMobil less than a fortnight ago of oil recovery from what is now firmly categorized as a “world class” oil find inside its Stabroek Block, while promising to yield lucrative medium to long term returns, it set to bring even quicker returns to […]
PDVSA, Chevron Turn Oil Blender Back Into upgrader
(Reuters, 3.Jan.2020) — Venezuela’s Petropiar facility, a joint venture between state oil company PDVSA and Chevron Corp, is once again operating as a crude upgrader after several months working as a less complex blending facility, according to a document seen by Reuters and a source with knowledge of the matter. […]
Mexico And Pemex Face Downgrade Risk In 2020
(Reuters, 3.Jan.2020) — Mexico threw troubled state oil company Pemex a lifeline in 2019 to stop $80 billion in bonds held by investors worldwide being labeled junk by credit rating agencies. Now, investors worry that the state itself is a risk for Pemex. Mexico’s creditworthiness came under increasing scrutiny in […]
Eco Updates On Carapa-1 Well Offshore Guyana
(Eco, 3.Jan.2020) — Eco (Atlantic) Oil & Gas Ltd. notes the recent announcement by Tullow Oil (37.5%), in partnership with Repsol (Operator, 37.5%) and Total (25%), regarding the cretaceous age light oil discovery made at the Carapa-1 well on the Kanuku block, directly in board of the Orinduik Block offshore […]
Petrobras Informs On Fuel Prices
(Petrobras, 3.Jan.2020) — Petrobras, informs that, due to the latest events in Middle East, it will carry on with its international market monitoring process. The company points out that, according to its current pricing practices, there is no pre-defined frequency for applying adjustments. The company will continue to monitor the […]
PetroAmazonas Boosted Output 4% In 2019
(Energy Analytics Institute, Piero Stewart, 3.Jan.2019) — Ecuador’s state oil company PetroAmazonas EP boosted its production of crude oil by 4% in 2019, according to the country’s Ministry of Energy and Non-Renewable Natural Resources (MENRNR). PetroAmazonas’ production reached 423,970 barrels of oil equivalent per day (boe/d) in 2019 — which […]
PDVSA Cedes Oilfield Operations To Foreign Firms
(Reuters, 3.Jan.2020) — Venezuelan state company PDVSA is letting some joint venture partners take over the day-to-day operation of oilfields as its own capacity dwindles due to sanctions and a lack of cash and staff, according to a former oil minister, an opposition lawmaker and industry sources. Crude production by […]
Ecuador Producing 537,689 Barrels Per Day
(Energy Analytics Institute, Piero Stewart, 2.Jan.2019) — South America’s Ecuador is producing 537,689 barrels per day of crude oil, the country’s Ministry of Energy and Non-Renewable Natural Resources (MENRNR) announced 2 January 2020 in an official statement. *** © Energy Analytics Institute (EAI)
Petrobras Says Lins Resigns As Board Member
(Petrobras, 2.Jan.2020) — Petrobras announced that Board Member Clarissa de AraĂşjo Lins presented her resignation as member of the Board of Directors of the company, as well as the Board Committees of which she was a member, for professional reasons that prevent her, at this moment, from continuing to perform […]
Ecuador Officially Exits OPEC
(Energy Analytics Institute, Piero Stewart, 2.Jan.2020) — Ecuador officially exited the Organization of Petroleum Exporting Countries or OPEC, effectively 1 January 2020. The small South American country plans to divert monies previously devoted to OPEC to activities such as exploration and exploitation with aim to boost domestic production of crude […]
BHP Says Standing By TT
(Newsday, 2.Jan.2020) — Call it a hunch. The deepwater acreages off the east coasts of Trinidad and Tobago were uncharted territory for hydrocarbon exploration but BHP, the world’s largest mining and extraction company, still felt there was potential. So, when these blocks came up for auction at the country’s first […]
Tullow Shares Drop On Carapa Well Doubts
(Reuters, 2.Jan.2020) — Shares of Tullow Oil dropped by nearly a fifth on Thursday as the Africa-focused oil producer’s update on the commercial viability of its new well offshore Guyana disappointed investors. Tullow said the Carapa well in the Kanuku offshore block contains oil with less than 1% sulphur content […]
Tullow Slumps On Guyana Oil Find News
(Bloomberg, 2.Jan.2020) — Tullow Oil Plc discovered light oil at its Carapa-1 well in Guyana, but the reservoir was smaller than the troubled company had expected prior to drilling. Shares fell as much as 20%. The independent oil producer’s first discovery of the new year comes after a calamitous 2019 […]
Tullow Announces Carapa-1 Well Result
(Tullow, 2.Jan.2020) — Tullow Oil plc announces that the Carapa-1 exploration well, drilled on the Kanuku licence offshore Guyana, has encountered approximately four metres of net oil pay based on preliminary interpretation, and has extended the prolific Cretaceous oil play into the Group’s Guyana acreage. Related Story: Tullow Oil plc […]
Bayphase Ltd. To Evaluate Payara Oil Field Plans
(Stabroek News, 1.Jan.2020 — The Department of Energy (DE) has awarded a consultancy to Bayphase Ltd for the evaluation of plans for the development of ExxonMobil’s Payara oil field. Payara would be the third of ExxonMobil’s developments in the Stabroek Block. The Liza-1 and Liza-2 have already been approved. In […]
Guyana Preps For March 2020 Elections
(Energy Analytics Institute, Ian Silverman, 1.Jan.2020) — South America’s Guyana, in preparation for elections to be held by the end of the first quarter of 2020, has opened calls for local and domestic observer groups. The initiative is “in order to enhance transparency, credibility and impartiality of General and Regional […]
Venezuela Is Quietly Ramping Up Oil Production
(Oilprice.com, 31.Dec.2019) — If anyone is to ever write a guidebook on political survival, the skills of Venezuelan President Nicolás Maduro would certainly top the contemporary charts. This autumn went relatively well for the besieged leader as the political headlines drifted towards the US-China trade wars, OPEC+ production cuts and […]
NGC Chairman End-of-Year 2019 Message
(NGC, 31.Dec.2019) — National Gas Company Chairman Conrad Enill provided the company’s year-end 2019 message, which highlighted milestones achieved during the year. Dear Colleagues and members of the NGC Group Family; End of year is always a time to reflect on the growth, achievements and lessons of the past few […]
PDVSA Touts Gasoline Delivery
(Reuters, 31.Dec.2019) — With an emoji of a flexing bicep, Venezuelan state oil company PetrĂłleos de Venezuela, S.A., or PDVSA, on Tuesday celebrated what was once a routine task in the OPEC nation: delivering gasoline. Acute gasoline shortages in much of Venezuela’s interior have in recent days reached the capital […]
Petrobras On Sale Tartaruga Verde And Module III
(Petrobras, 30.Dec.2019) — Petrobras following up on the press release disclosed on 27 December 2019, reaffirms that the total value of the sale of 50% of exploration and production rights of the Tartaruga Verde field (concession BM-C-36) and Module III of the Espadarte field to Petronas PetrĂłleo Brasil Ltda was […]
Petrobras Inks Gas Deal With YPFB
(Energy Analytics Institute, Aaron Simonsky, 30.Dec.2019) — Brazil’s state oil giant Petrobras inked a transition agreement under the natural gas supply agreement (GSA) with its Bolivian counterpart Yacimientos PetrolĂferos Fiscales Bolivianos or YPFB. The agreement, signed on 27 December 2019, establishes a transition period (from 1 January 2020 thru 30 […]
Petrobras Names JP Morgan New ADR Depositary Bank
(Petrobras, 30.Dec.2019) — Petrobras announced that JP Morgan Chase will be the new representative of the American Depositary Receipt (ADR) program for its shares traded in the New York Stock Exchange (NYSE) from 1 January 2020 to 31 December 2024. ADR holders may call the new depositary bank at 1-800-990-1135 […]
Pemex Closes Year Of Missed Targets
(Argus, 30.Dec.2019) — Mexican President Andres Manuel Lopez Obrador’s pledges to put state-owned Pemex back at the center of policy have worried investors who had banked on joint public-private opportunities. But operating statistics a little more than a year after the president took office show few signs of a revitalized […]
IMO 2020 May Slow Ecuador Loan Repayment
(Argus, 30.Dec.2019) — Possibly narrower differentials for sour crudes — under pressure from looming emissions regulations — could slow Ecuador’s repayment of its oil-backed debt and limit availability for spot market exports in the first half of 2020. Ecuador produces heavy sour Napo and medium sour Oriente crudes. It owes […]
MTBE, Ethanol Face Off In Mexico
(Argus, 30.Dec.2019) — Mexico’s oxygenates sector — long dominated by methyl tertiary butyl ether (MTBE) — could face market pressures to move toward ethanol as an octane enhancer for gasoline in 2020. MTBE will likely continue to be the prevailing enhancer, but further expansion of private suppliers in 2020 could […]
Petrobras Finalizes Auctions Payments To ANP
(Petrobras, 27.Dec.2019) — Petrobras today made the final payments in the amount of R$ 34.191 billion (thirty four billion one hundred and ninety one million reais), referring to the bidding rounds of the Transfer of Rights (TOR) surplus, Buzios and ItapĂş areas, 16th round under Concession Regime, block CM-477, and […]
Petrobras Informs About Pbio’s Interest In BioĂłleo
(Petrobras, 27.Dec.2019) — Petrobras, following up on the release disclosed on 20 December 2019, announced its wholly owned subsidiary, Petrobras BiocombustĂvel S.A. (PBio), signed a contract for the sale of its 6.07% stake in BioĂłleo Industrial e Comercial S.A. (BioĂłleo) to 2H Participações Societárias EIRELI, which holds the other 93.93% […]
EP PetroEcuador Ends Bajo Alto Plant Maintenance
(Energy Analytics Institute, Piero Stewart, 26.Dec.2019) — A scheduled stoppage at the Bajo Alto Natural Gas Liquefaction Plant located in the El Guabo in the province of El Oro concluded on 24 December 2019 and the plant commenced operations again on 26 Dec. Work at the plant — which cost […]
EP PetroEcuador Ends Stoppage At Shushufindi
(Energy Analytics Institute, Piero Stewart, 25.Dec.2019) — EP PetroEcuador initiated start-up activities on 25 December 2019 at the Crude Unit 2 (R2) of the Shushufindi Refinery, located in the province of SucumbĂos, after 48 days of scheduled maintenance work began. Work over the past two months has cost the company […]
Apache Stock Jumps On Suriname JV
(Zacks, 24.Dec.2019) — Shares of Apache Corporation rallied more than 17% in yesterday’s trading, hitting an all-time high among the S&P 500 components, after the energy explorer teamed up with Total S.A. in Suriname. With a view to explore and develop Block 58 offshore Suriname, Apache has entered into a […]
US Cuts Venezuelan Flows Plans For China, Rosneft
(S&P Global Platts, 24.Dec.2019) — US sanctions on PDVSA shut down roughly 500,000 b/d of crude flows from Venezuela to Gulf Coast refineries within a matter of weeks after being imposed in January, and helped cut the South American nation’s oil production roughly in half before the end of the […]
Remembrance: Energy Journalist David Renwick
(Energy Analytics Institute, Piero Stewart, 24.Dec.2019) — In remembrance of long-time energy journalist David Renwick who passed away in Trinidad, we share this video of him from 2015 talking about why oil prices are falling. Related Story: Veteran journalist Renwick to be laid to rest today *** © Energy Analytics […]
Total Enters Suriname With 50% Stake In Block 58
(Total, 23.Dec.2019) — Total has signed an agreement with Apache Corporation to acquire a 50% working interest and operatorship in the highly prospective Block 58 offshore Suriname, further expanding Total’s footprint in the prolific Guyana-Suriname basin. Block 58 is located on trend with the prolific discoveries in the adjacent Stabroek […]
Brazil’s Output Soars In November: ANP
(S&P Global Platts, 23.Dec.2019) — Brazilian crude and natural gas production soared to a fresh record high in November as oil output topped 3 million b/d for the first time ever in Latin America’s largest producer, the country’s National Petroleum Agency, or ANP, said Monday. Oil companies operating in Brazil […]
EDP Closes Financing In El Salvador
(EDP, 23.Dec.2019) — EnergĂa del PacĂfico (EDP) today announced completion of project financing for the liquefied natural gas (LNG)-to-power project currently under construction at the Port of Acajutla, El Salvador. The transformative infrastructure project brings approximately $1 billion foreign direct investment for the Central American nation, making it the largest […]
Petrobras Announces Binding Phase On E&P Assets
(Petrobras, 23.Dec.2019) — Petrobras, following up on the release disclosed on 12/03/2019, announces that it has started the binding phase referring to the sale of its interest in two onshore exploratory blocks, located in the EspĂrito Santo Basin. Qualified parties for this phase will receive a process letter with instructions […]
ExxonMobil Reports 15th Guyana Find At Mako-1 Well
(Exxon, 23.Dec.2019) — ExxonMobil said today it made an oil discovery offshore Guyana at the Mako-1 well southeast of the Liza field, marking the 15th discovery on the Stabroek Block. The discovery adds to the previously announced estimated recoverable resource of more than 6 billion oil-equivalent barrels on the Stabroek […]
Petrobras About Expression Of Interest On E&P Assets
(Petrobras, 23.Dec.2019) — Petrobras, following up on the release disclosed on 12/16/2019, referring to the sale of its interest in the concession BM-P-2, located in the Pelotas Basin, reports that it has extended until 01/15/2020 the notification deadline for companies to express their interest on the opportunity. There is no […]
Petrobras Announces Binding Phase On E&P Assets
(Petrobras, 23.Dec.2019) — Petrobras, following up on the release disclosed on 12/03/2019, announces that it has started the binding phase referring to the sale of its interest in two onshore exploratory blocks, located in the EspĂrito Santo Basin. Qualified parties for this phase will receive a process letter with instructions […]
Veteran Journalist Renwick To Be Laid To Rest Today
(Trinidad and Tobago Newsday, 23.Dec.2019) — A former CEO of Newsday, David Renwick was the consummate professional with a passion for the business and labour aspects of journalism, who always dug deep for the facts. And he always shared his knowledge with interns in the field. Renwick, 81, died last […]
Production Begins In Guyana
(Exxon, 23.Dec.2019) — Today marks the start of a powerful new chapter in Guyana. On December 20, 2019, the floating production, storage and offloading (FPSO) vessel Liza Destiny began producing oil from offshore Guyana. This milestone comes less than five years after the initial discovery of the Liza field, and […]
Oil Boom Begins In Guyana
(Bloomberg, 23.Dec.2019) — Exxon Mobil Corp. and its partners produced the first commercial crude from Guyana, setting the small South American nation on a path to potentially vast flows of oil revenues. Output from the first phase of the offshore Liza field is expected to reach full capacity of 120,000 […]
EP PetroEcuador To Invest $700,000 In Pipe Replacement
(Energy Analytics Institute, Piero Stewart, 22.Dec.2019) — EP PetroEcuador announced that technicians from the company will carry out installation of a new 5.6-kilometer stretch of pipeline tubing that transports Cutter Stock diluent used at the Las Esmeraldas Refinery. Work on the pipeline section will last an estimated ten months and […]
Shushufindi-Quito Pipeline Repairs Finished
(Energy Analytics Institute, Piero Stewart, 21.Dec.2019) — Ecuador’s state oil company EP PetroEcuador announced completion of repair work at the Shushufindi-Quito Poly-duct Pipeline within 24 hours of the initial stoppage. Related Story: Operations Halted At Shushufindi-Quito Pipeline The pipeline runs about 305.5 kilometers from the Shushufindi refinery in the province […]
Guyana’s National Petroleum Day
(Guyana Govt, 21.Dec.2019) — Under the honest leadership of President David Granger, Guyana is finally moving in the right direction. President Granger is transforming Guyana’s economy, improving the living standards fof all Guyanese and working to unify our country. Last evening, President Granger announced that Guyana has began petroleum production, […]