(Energy Analytics Institute, Piero Stewart, 23.Jan.2020) — An inter-institutional agreement between EP PetroEcuador and the municipalities of Manta, JaramijĂł 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, […]
Category: Latin America and the Caribbean
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 IndĂşstria e ComĂ©rcio de Biodiesel Sul Brasil S/A (BSBios) by its wholly-owned subsidiary Petrobras BiocombustĂveis S.A. (PBio). Potential buyers qualified […]
Petrobras Announces BNDES Equity Secondary Offering
(Petrobras, 22.Jan.2020) — Petrobras announced today that Banco Nacional de Desenvolvimento EconĂ´mico 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 […]
Guaido Rubbing Elbows In Surprise Foreign Trip
(Argus, 20.Jan.2020) — The US government is hoping a high-profile international tour by Venezuelan opposition leader Juan Guaido will re-inject momentum into its protracted campaign to unseat President Nicolas Maduro. Guaido turned up in Colombia today in the initial leg of his first journey outside Venezuela since an ill-fated February […]
Oil Tanker Arrives To Export Guyana’s First Oil Lift
(Jamaica Observer, 19.Jan.2020) — The Marshall Islands registered crude oil tanker, Yannis P , has arrived here as the country will soon lift the first one million barrels of crude from the Stabroek Block offshore Guyana. Production in Guyana commenced on December 20, last year, less than five years after […]
Shell Approved For New Gas Development
(Newsday, 19.Jan.2020) — Shell TT has announced a final investment decision (FID) on the development of Block 5C (Barracuda) in the East Coast Marine Area (ECMA). Barracuda is a greenfield (new) gas development and will involve a two-well subsea tie-back to existing infrastructure in the ECMA, helping grow and sustain […]
Oil Is The Only Way Back Up For Venezuela
(Oilprice.com, 19.Jan.2020) — There’s only one path to rebuilding Venezuela, and it’s paved with oil. For the time being, that path leads nowhere. The key to controlling everything now lies with the National Assembly, the only body with the power to hand out oil licenses—and Maduro’s recent scheme to retake […]
Pemex Head Visits Xikin, Xanab And Tlacame
(Energy Analytics Institute, Jared Yamin, 19.Jan.2020) — Officials with Mexico’s state oil company Petroleos Mexicanos (Pemex) visited three wells: Xikin, Xanab and Tlacame 3. The latter was drilled using the Kukulkán platform, owned by Pemex and operated 100% by Pemex employees. © Energy Analytics Institute (EAI). All Rights Reserved. ***
How Important Is The Suriname Oil Discovery?
(Oilprice.com, 18.Jan.2020) — The discovery of the Maka field in offshore Suriname will become one of the main upstream stories of 2020, bringing Suriname onto the international oil map, potentially spawning a new race for the Dutch-speaking country’s still unallotted license blocks and concurrently boosting the investment potential of Guyana […]
YPFB, Ministry To Move VPACF to Villa Montes
(Energy Analytics Institute, Ian Silverman, 17.Jan.2020) — Dialogue between authorities from Bolivia’s Hydrocarbon Ministry, state oil company Yacimientos PetrolĂferos Fiscales Bolivianos (YPFB) and local representatives from the autonomous Gran Chaco regions of Yacuiba, Carapari and Villa Montes, concluded with creation of a technical commission to address the administrative, budgetary and […]
Chevron Gets 4th Reprieve From Venezuela Sanctions
(Argus, 17.Jan.2020) — Washington will allow Chevron and four US oil field service providers to continue operating in Venezuela until 22 April by granting a fourth waiver late yesterday from US sanctions imposed almost a year ago on the Opec country. The US Treasury Department sanctions enforcement arm, the Office […]
Petrobras Starts Non-binding Phase For TAG Sale
(Petrobras, 17.Jan.2020) — Petrobras, following up on the press release disclosed on 12/11/2019, announces the beginning of the non-binding phase related to the sale of its remaining stake (10%) in Transportadora Associada de Gás S.A. (TAG). Potential buyers qualified for this phase will receive a descriptive memorandum with more detailed […]
Regulator Green Lights Star Phoenix Asset Sale
(Alliance News, 17.Jan.2020) — Star Phoenix Group Ltd said Friday the Trinidad & Tobago state oil and gas firm has approved the sale of Range Resources Trinidad Ltd to LandOcean Energy Services Co Ltd. Shares in the oilfield services firm, formally known as Range Resources, were down 17% in London […]
Venezuela Oil Exports Accelerate
(Argus, 16.Jan.2020) — Venezuela kicked off the new year with at least 730,000 b/d of crude exports, led by several India-bound cargoes, according to local and international shipping data obtained by Argus. In the first half of January, a half dozen tankers loaded at state-owned PdV’s Jose terminal, most recently […]
GeoPark Closes Amerisur Acquisition
(GeoPark, 16.Jan.2020) — GeoPark Limited closed the previously announced acquisition of Amerisur Resources Plc. GeoPark acquired the entire issued share capital of Amerisur for a total cash consideration of approximately $314 million (approximately ÂŁ242 million at an offer price of 19.21 pence per share). The Company is funding the transaction […]
Colombia Boosts Monitoring To Curb Deforestation
(Reuters, 16.Jan.2020) — Colombia’s environment minister said on Thursday the Andean country will increase monitoring of its jungles and forests to fight deforestation and protect the species that call these areas home. Colombia, home to glacial mountain peaks, the northern part of the Amazon jungle and other ecosystems, is one […]
Soesdyke Youth First To Test Guyana’s Oil
(Stabroek News, 16.Jan.2020) — A Guyanese offshore laboratory technician will go down in history as the person to test the first sample of Guyanese crude oil as it came through the Liza Destiny Floating, Production, Storage and Offload-ing (FPSO) vessel. According to an ExxonMobil release yesterday, Shivnarine Outar, a laboratory […]
Payment Demands In Crypto Pauses Some Oil Purchases
(Bloomberg, 16.Jan.2020) — Some buyers of Venezuelan crude oil have halted purchases after the country started demanding payment of port fees in its failed cryptocurrency. Exports of at least 1 million barrels of oil were put on hold after the government announced this week that certain maritime fees, currently paid […]
Petrobras Downplays Sale Of BR Distribuidora
(Petrobras, 16.Jan.2020) — Petrobras, with regards to news published in the media, referring to the sale of its stake in BR Distribuidora S.A. (BR), clarifies that the information that a possible subsequent offer of shares will take place in February and that the banks that will coordinate the operation have […]
China Scaling Back Economic Support For Maduro: Envoy
(Reuters, 15.Jan.2020) — The Trump administration’s envoy on Venezuela said China appears to be scaling back economic support for President Nicolas Maduro, and Beijing acknowledged a diminishing role largely due to U.S. sanctions against the OPEC nation. As China’s economic activities have declined, Maduro and his socialist government are becoming […]
Tullow Announces Update And Guidance
(Tullow, 15.Jan.2020) — Tullow Oil plc issued this update and guidance in advance of the Group’s 2019 Full Year Results. “Tullow has ended 2019 with average production of 86,700 bopd and free cash flow generation of c.$350 million. Since our December announcement, Tullow’s senior team has been working hard on […]
Petrobras Starts EspĂrito Santo Basin Teaser
(Petrobras, 15.Jan.2020) — Petrobras started the opportunity disclosure stage (teaser), referring to the sale of its entire stake in two sets of deep-water post-salt offshore concessions, namely Golfinho Cluster and Camarupim Cluster, located in the EspĂrito Santo Basin. The teaser, which includes key information about the opportunity, as well as […]
Abrams Sees China Scaling Back Support For Maduro
(Reuters, 15.Jan.2020) — The Trump administration’s envoy on Venezuela said China appears to be scaling back economic support for President Nicolas Maduro, and Beijing acknowledged a diminishing role largely due to U.S. sanctions against the OPEC nation. As China’s economic activities have declined, Maduro and his socialist government are becoming […]
Global Companies Want More Certainty In Mexico
(Energy Analytics Institute, Jared Yamin, 15.Jan.2020) — Executives from foreign companies are having a hard time convincing their parent companies to continue dedicating investments to activities in Mexico, according to the Executive Council of Global Companies (CEEG), which added that the executives said what is needed and wanted is more […]
Maduro Authorizes Sale Of 4.5 MMbbls In Petros
(Energy Analytics Institute, Piero Stewart, 14.Jan.2020) — Venezuela’s President Nicolás Maduro signed a decree for the mandatory and immediate fulfillment of the sale of 4.5 million barrels of crude oil in Petros from the certified physical reserve stock of 30 million barrels currently held by state oil company PetrĂłleos de […]
YPFB Guarantees Fuel Supplies Across Bolivia
(Energy Analytics Institute, Ian Silverman, 14.Jan.2020) — Bolivia’s state oil company Yacimientos PetrolĂferos Fiscales Bolivianos (YPFB) guaranteed residents in La Paz and interior portions of the land-locked country that there was sufficient supplies of special gasoline and diesel oil to fulfill demand. YPFB made the announcement 14 January 2020 in […]
Petrobras OKs Mothballing Of Fertilizer Plant
(Petrobras, 14.Jan.2020) — Petrobras approved the mothballing of the fertilizer plant of its wholly owned subsidiary Araucária Nitrogenados S.A. (ANSA), located in the state of Paraná. ANSA has been posting recurring losses since it was acquired in 2013. From January to September 2019, the company posted a loss of about […]
Petrobras Finalizes PO&GBV Divestment
(Petrobras, 14.Jan.2020) — Petrobras, following up on the release dated 10/31/2018, reports today that it completed the sale – to Petrovida Holding B.V. (Petrovida) – of the 50% equity interest held by Petrobras International Braspetro B.V. (PIBBV) in Petrobras Oil & Gas B.V. (PO&GBV). The transaction involved a total amount […]
Argentina President Sees Potential In Conventionals
(S&P Global Platts, 13.Jan.2020) — Argentinian President Alberto Fernandez said he plans to encourage the development of conventional oil and natural gas reserves, not just the shale resources in the huge Vaca Muerta play. “There is little exploration to find new deposits, and there is very little secondary and tertiary […]
Citgo Drops Aruba Refinery Project, Island Balks
(Argus, 13.Jan.2020 — Citgo, the US refiner that Venezuela’s political opposition nominally wrested from the Opec country’s national oil company PdV in 2019, is abandoning a refinery project in Aruba, sparking fury on the Dutch-controlled island. In a 27 December letter obtained by Argus, Citgo Aruba Refining (CAR) told workers […]
PDVSA’s Partners As Oil Traders Amid Sanctions
(Reuters, 13.Jan.2020) — Venezuela, its oil exports decimated by U.S. sanctions, is testing a new method of getting its crude to market: allocating cargoes to joint-venture partners including Chevron Corp, which in turn market the oil to customers in Asia and Africa. This would not violate sanctions as long as […]
CNOOC Reveals 2020 Business Strategy, Plan
(CNOOC, 13.Jan.2020) — CNOOC Limited announced its business strategy and development plan for the year 2020. The company’s targeted net production for 2020 is 520 million to 530 million barrels of oil equivalent (BOE), of which, production from China and overseas accounts for approximately 64% and 36%, respectively. The company’s […]
After $1bn Venezuela Deal, US Oilfield Firm Shuts Doors
(Reuters, 12.Jan.2020) — An Oklahoma oilfield company that played a central role in Venezuela’s high profile attempt to convince the world it could halt production declines at its dilapidated oilfields has shut its doors, according to three people familiar with the matter. In 2016, Horizontal Well Drillers, a closely held […]
Ecopetrol Reports Spill In Cerro Madera
(Energy Analytics Institute, Piero Stewart, 11.Jan.2020) — Illegal valves were again detected stealing crude oil from the Caño LimĂłn-Coveñas oil pipeline and subsequently produced an oil spill in Caño Veinte in the Village of Cerro Madera in rural TibĂş. Barriers have already been installed to maintain the spill, Colombia’s state […]
GEB Acquires 0.01% Of EDSAA Shares
(Energy Analytics Institute, Piero Stewart, 10.Jan.2020) — Bogotá Energy Group (GEB) was awarded 0.01% of the shares of Electro Dunas S.A.A. (EDSAA) by the Lima Stock Exchange in Peru as a result of a Public Procurement Offer (OPA by its Spanish acronym) made 9 December 2019. EDSAA is an affiliate […]
YPFB To Use Gasbol Pipeline Independently
(Reuters, 10.Jan.2020) — The Brazilian government authorized Bolivian oil and gas company YPFB to use the Gasbol pipeline to sell gas to other companies in Brazil beyond state-run oil firm Petrobras, according to a publication on Friday in the official gazette. Brazil’s Energy Ministry gave the green light to a […]
Citgo Announces Small Grants Program Winners
(Citgo, 24.Jan.2020) — The SimĂłn BolĂvar Foundation Inc. (SBF), a non-profit, private foundation of CITGO Petroleum Corporation, awarded seven grants totaling $100,000 to nonprofits that expand access to medicine, health care services, and health education to vulnerable individuals in and from Venezuela. The grant winners were recognized at an SBF […]
CELEC To Invest In Highway Near Hydroelectric Plants
(Energy Analytics Institute, Piero Stewart, 9.Jan.2020) — Ecuador’s Electric Corporation (CELEC EP) and the Sub-secretariat Zonal 6 of the Ministry of Transportation and Public Works (MTOP) signed an agreement for the maintenance of the Sevilla de Oro – Guarumales highway – MĂ©ndez, located in the area of influence of the […]
TT Faces Soft Energy Prices Despite Iran/US Tensions
(Newsday, 9.Jan.2020) — The price of crude oil, natural gas, ammonia and methanol are critical to the health of the TT economy. These are the main earners of our much-needed US dollars. In the last year the prices of all four have been soft, and that trend seems set to […]
Maduro Seeks Oil Contract Changes: Lawmakers
(Reuters, 8.Jan.2020) — Venezuela’s ruling Socialist Party hopes legislators it recently declared to be in charge of congress will approve changes to ownership of some crucial state oil assets, five opposition lawmakers said on Wednesday. Pro-government legislators on Sunday declared little-known politician Luis Parra as the head of congress after […]
Asia Eyes LatAm For Heavy Crude Amid Supply Risk
(S&P Global Platts, 8.Jan.2020) — Some Asian importers of Iraqi crude oil may scout for more heavy sour crude from Central and South America in the first quarter, as ongoing missile strikes in Iraq has put regular flow of Basrah crude to the Far East at some risk. Asian refiners […]
Politics Driving Shale Fluctuations In Argentina
(Argus, 8.Jan.2020) — Argentina’s shale fracturing hit a record in 2019 despite a deceleration sparked by political and economic uncertainty at the end of the year. A total of 6,425 hydraulic fractures were carried out last year in the Vaca Muerta formation, a 33pc increase from 4,825 in 2018, according […]
Politics Drives Shale Fluctuations In Argentina
(Argus, 8.Jan.2020) — Argentina’s shale fracturing hit a record in 2019 despite a deceleration sparked by political and economic uncertainty at the end of the year. A total of 6,425 hydraulic fractures were carried out last year in the Vaca Muerta formation, a 33pc increase from 4,825 in 2018, according […]
Mitsubishi, Patria, And Shell Report On Azul Power Plant
(MHPS, 7.Jan.2020) — Mitsubishi Hitachi Power Systems Americas (MHPS), Patria Investments, and Shell announced the signing of a contract with Brazil’s State-owned development bank (BNDES) to finance the gas-powered Marlim Azul Energia power plant, in MacaĂ© (Rio de Janeiro State). The loan approved by the bank for the construction of […]