(Argus, Sergio Meana, 29.Nov.2019) — Fuel retailers could invest Ps15bn ($750mn) in Mexico next year mostly in 175 greenfield stations — if they can overcome regulatory hurdles — as well as technology to keep up with new rules, industry association Onexpo estimates. Permitting backlogs and political uncertainty already stalled development […]
Category: Latin America and the Caribbean
Cuba Working To Boost Renewable Energy
(Xinhua, 29.Nov.2019) — Cuba hopes to generate a quarter of its energy needs from renewable sources over the next decade, an industry official said on Thursday. The government’s Renewable Energy Development Program aims to raise clean energy output from today’s 4 percent to 24 percent by 2030, said Tatiana Amaran, […]
Profile: Tullow In Guyana
(Tullow, 29.Nov.2019) — Guyana has become an industry hotspot following giant oil discoveries in the Starbroek block. Tullow has interests in two neighbouring licences offshore Guyana with a 60% operated interest in the Orinduik block and a 37.5% non-operated interest in the Kanuku block. Tullow’s position in Guyana dates back […]
Latin America Oil & Gas Summit: Uruguay
(IN-VR, 29.Nov.2019 ) — IN-VR invites international oil & gas companies to the Latin America Oil & Gas Summit in 5-6 December 2019, at Uruguay, Punta Del Este Resort & Spa. For the first time, NOCs and hydrocarbons agencies will be sharing onshore and offshore updates for the region’s huge […]
EP PetroEcuador, Glencore Ink Cutter Stock Deal
(Energy Analytics Institute, Piero Stewart, 28.Nov.2019) — Ecuador’s state oil and gas company EP Petroecuador awarded Glencore Ltd. a contract to import 1,050,000 barrels of Cutter Stock. Glencore won the contract by presenting a positive $1.77 per barrel differential, EP PetroEcuador announced Nov. 28 in an official statement. In accordance […]
Petrobras Shares Slip On Production Target
(Reuters, Roberto Samora , 28.Nov.2019 ) — Shares of Brazilian oil firm Petroleo Brasileiro SA slipped on Thursday after its oil and gas production outlook for next year disappointed analysts, despite ambitious long-term output forecasts in its new five-year strategic plan. Petrobras, as the state-run company is known, aims to […]
Petrobras Inks Deal To Divest Frade Field
(Petrobras, 28.Nov.2019) — Petrobras signed with PetroRio Jaguar PetrĂłleo Ltda., subsidiary of Petro Rio S.A., a contract on 28 Nov. for the sale of 30% stake in the Frade concession, located in the Campos Basin, north coast of the state of Rio de Janeiro for $100 million. Currently, PetroRio holds […]
Oil Brightens Guyana’s Prospects
(CaribNews, Mellany P., 28.Nov.2019) — President David Granger said Wednesday that the emerging petroleum industry provides an “exciting economic and enterprising development” for Guyana and will enhance economic growth by increasing investment, including upstream investment. Addressing the Guyana International Petroleum Exhibition (GIPEX) 2019, Granger insisted that the Caribbean Community (CARICOM) […]
Bolivia Seeks To Lower Regional Electric Tariffs
(Energy Analytics Institute, Ian Silverman, 28.Nov.2019) — Bolivia’s Energy Ministry ordered the Nuclear Electricity and Technology Authority (AETN) to reduce electrical rates in the domestic market in “some departments” where payments for services are high. The ministry referred to departments such as Beni and announced that steps to export energy […]
Venezuela Offers Suppliers Payment In Yuan
(Reuters, Mayela Armas, Corina Pons, 28.Nov.2019) — Venezuela’s government and its oil company PDVSA have offered to pay suppliers and contractors into accounts in China using the yuan currency, five people familiar with the matter said. The move made in recent months is the latest example of how Caracas has […]
Brazil, China, UAE Firms Eying Petrobras Refineries
(Reuters, Tatiana Bautzer and Carolina Mandl, 28.Nov.2019) — Brazil’s state-controlled oil company Petroleo Brasileiro SA has selected four groups for the second round of bidding for four refineries up for sale, including China’s Sinopec, Abu Dhabi’s state investor and two Brazilian firms, according to four people with knowledge of the […]
Ecopetrol Measures Ahead Of Shareholders’ Meeting
(Ecopetrol, 28.Nov.2019 ) — In accordance to Colombian Corporate Law and Securities Regulations concerning illegal, unauthorized and unsafe practices by the issuers of securities, the Board of Directors of Ecopetrol S.A. approved the following measures to guarantee the adequate representation of the shareholders at the Extraordinary General Shareholders’ Meeting to […]
Maduro Sent $900mn In Oil To Cuba, U.S. Official Said
(El Nuevo Herald, Nora Gámez Torres, 27.Nov.2019) — Embattled leader Nicolás Maduro sent about $900 million in oil to Cuba this year despite the humanitarian crisis in Venezuela, a U.S. top diplomat told reporters on Wednesday. The U.S. special envoy for Venezuela, Elliott Abrams, said that Maduro has the money […]
Venezuela-linked Sanctions Put Floor Under Oil Spreads
(S&P Global Platts, 27.Nov.2019) — The benchmark Dubai crude futures market structure moved higher in mid-morning trade in Asia Wednesday as new sanctions imposed on a Cuban company over its links to Venezuelan oil tradingput the focus back on the global supply shortage of medium and heavy high sulfur crudes. […]
Guaido Sacks Colombia Envoy, Oil Boss Freites Quits
(Argus, 27.Nov.2019) — Another prominent figure in Venezuela’s US-backed parallel administration has abruptly departed and an oil union leader has quit the main opposition political party in the latest signs of internal discord. In a 26 November letter, self-declared interim president Juan Guaido informed his Colombia envoy Humberto Calderon Berti […]
Apache To Explore Offshore Cuba
(Dominican Today, 27.Nov.2019) — The Ministry of Energy and Mines (MEM) awarded Apache Dominican Republic Corporation, a subsidiary of the US Apache Corporation, an offshore block in the San Pedro de MacorĂs basin for exploration and exploitation of oil and gas. The award was delivered at the country’s first auction […]
Rosneft Undermining US Plans In Venezuela?
(Atlantic Council, Matthew Bryza, 27.Nov.2019) — US President Donald Trump is conducting policies of “maximum pressure” on two countries, Venezuela and Iran. In Venezuela, Russia’s state-owned oil company, Rosneft, actively undercuts this US policy by helping Caracas circumvent Washington’s tough economic sanctions. Yet Washington has not applied broad sanctions against […]
Bolivia Repairing Carrasco-Cochabamba Gas Pipeline
(Energy Analytics Institute, Ian Silverman, 27.Nov.2019) — Bolivia commenced operations to repair a 200-meter section of the Carrasco-Cochabamba Gas pipeline damaged by an explosion that left the industrial sector of Cochabamba, La Paz and Oruro without power supply. Work has started and shortly normalization of gas flows are expected to […]
Petrobras Deal With Acron Group Flops
(Energy Analytics Institute, Aaron Simonsky, 26.Nov.2019) — Brazil’s state oil company Petrobras announced that ongoing negotiations with Acron Group closed without the companies coming to agreement regarding divestment of the Brazilian company’s 100% equity interest in Araucária Nitrogenados S.A. (ANSA) and Nitrogen Fertilizer Unit III (UFN-III). Rio de Janeiro-based Petrobras […]
Conoco Seeks Seizure Of Citgo Parent
(Reuters, 26.Nov.2019) — U.S. oil company ConocoPhillips on Tuesday filed a motion in a Delaware court seeking to seize shares in the parent of U.S. refiner Citgo Petroleum to collect on an arbitration award against Venezuelan state oil company PDVSA. Citgo, a PDVSA subsidiary and Venezuela’s crown jewel overseas asset, […]
Cos. Bid On 15 Colombian Blocks
(Reuters, 26.Nov.2019) — Oil companies placed bids for just 15 of 59 blocks in Colombia’s ongoing oil auction, the national hydrocarbons agency (ANH) said on Tuesday, below the ANH’s hoped-for number of offers. The ANH had said it wanted to sign 20 contracts as a result of the round, bringing […]
Equinor Says Brazil ‘Hotspot’ Of Int’l Efforts
(Reuters, 26.Nov.2019) — Norway’s Equinor plans to drill 30-40 oil and gas exploration wells globally in 2020, similar this year, with Brazil being a “hotspot” of its international efforts, the company’s exploration head said on Tuesday. The company will drill about 20-30 exploration wells on the Norwegian continental shelf, focusing […]
Unpaid Bills Add To Pemex Woes
(Bloomberg, Amy Stillman, Peter Millard and Justin Villamil, 26.Nov.2019) — Companies that help keep Mexico’s faltering oil wells operating are waiting months to get paid and the debts are building up, complicating efforts to revive an industry whose production has plunged by half since 2004. Pemex, facing pressure from the […]
JinkoSolar To Supply 950MW To X-ELIO
(JinkoSolar, 26.Nov.2019) — JinkoSolar Holding Co., Ltd., one of the largest and most innovative solar module manufacturers in the world, announced it has delivered to X-ELIO, a leading company dedicated to the development, construction and operation of photovoltaic plants, 950 MW of its ultra-high efficiency Cheetah 72 cells solar modules […]
Ecopetrol Targets Higher CAPEX In 2020
(Ecopetrol, 25.Nov.2019) — Ecopetrol S.A. reported that in 2020 the Ecopetrol Group (GE) plans to invest an expected US$4.5 to US$5.5 billion, 25% to 53% higher than the estimated 2019 figure for organic investment. The plan approved by the Board of Directors, which prioritizes opportunities under strict capital discipline, is […]
Valaris Announces New Contract Awards
(Valaris, 25.Nov.2019) — Valaris plc announced new contracts and contract extensions, with associated revenue backlog of approximately $285 million, awarded subsequent to a prior fleet status report dated October 25, 2019. — VALARIS DS-18 (Relentless) contract extended due to the exercise of a one-well priced option with EnVen in the […]
Pemex Cyberattack Has US Cos. Taking Precautions
(Chron.com, Sergio Chapa, 25.Nov.2019) — American oil companies operating south of the border are stepping up their cybersecurity measures after reports of a ransomware attack that allegedly knocked out computers at Mexico’s state-run oil company Petroleos Mexicanos, or Pemex. Mexican media outlets have been reporting over the past two weeks […]
Venezuela Ships Petcoke Cargo To Cuba
(Energy Analytics Institute, Piero Stewart, 25.Nov.2019) — OPEC member country Venezuela reportedly shipped a cargo of petroleum coke to Cuba valued at an estimated $1.7 million, according to sources in Punto Fijo, Venezuela. A cargo of 26,000 metric tons of petcoke was loading onto the Lagonda tanker on 24 Nov. […]
Ex-Petrobras Trader Tells Judge Vitol Bribed Him
(Bloomberg, Sabrina Valle and Andy Hoffman, 25.Nov.2019) — A former Petroleo Brasileiro SA oil trader who went by the code name “Phil Collins” told a Brazilian judge he received bribes from Vitol Group to favor the firm in contracts with the crude producer, court documents show. Carlos Roberto Martins Barbosa […]
YPFB Dispatches Fuel, LPG From Senkata Plant
(Energy Analytics Institute, Ian Silverman, 23.Nov.2019) — Bolivia’s state oil company Yacimientos PetrolĂferos Fiscales Bolivianos announced the dispatch of 1.8 million liters of gasoline and diesel and 10,119 bottles (cylinders) of liquefied petroleum gas (LPG) to the cities of La Paz and El Alto after suspension of a blockade at […]
ENAP Maritime Terminal Certified By Navy
(Energy Analytics Institute, Aaron Simonsky, 22.Nov.2019) — The marine terminal related to ENAP’s BĂo BĂo Refinery, located in the port of San Vicente in the community of Talcahuano, received its operational certificate. The certificate – delivered by the Chilean Navy – guarantees that the company meets the requirements demanded by […]
Bolivia Gov’t Charges Morales With Terrorism
(Reuters, Daniel Ramos, 22.Nov.2019) — Bolivia’s interim government filed a criminal complaint on Friday against former President Evo Morales for alleged sedition and terrorism, the interior minister said, as authorities began probes of his allies that they accuse of corruption and fomenting unrest. Interim President Jeanine Anez, a former senator […]
Ecuador’s New Minister Eyes $6.9bn In Investments
(Energy Analytics Institute, Piero Stewart, 22.Nov.2019) — Ecuador’s new oil minister JosĂ© Agusto announced the South American country continues with plans for another bid round, while he added the country has also attracted investor interest in a new refinery. Ecuador, which recently experienced weeks of protests related to a failed […]
Petrobras Starts Refinery Binding Phase
(Petrobras, 22.Nov.2019) — Petrobras, following up on the release dated August 30, 2019, informs the beginning of the binding phase regarding the first stage of the sale of refining and associated logistics assets in the country, which includes the refineries Abreu e Lima (RNEST) in Pernambuco, Landulpho Alves (RLAM) in […]
Ecuador Inaugurates Galapagos Photovoltaic Plant
(Energy Analytics Institute, Piero Stewart, 21.Nov.2019) — An energy storage system comprised of batteries of 2.2 megawatt hours was inaugurated on 21 Nov. 2019 on the island of San Cristobal, province of Galapagos. Construction of the new 1-megawatt photovoltaic power plant will cost an estimated $5.8 million, Ecuador’s Ministry of […]
Höegh LNG Updates On Colombia, Other Ops
(Höegh LNG, 21.Nov.2019) — Höegh LNG Partners LP provided its quarterly outlook for the LNG market with details on its operations in Cartagena, Colombia. A subsidiary of the Partnership, as the owner of the Höegh Gallant, has a lease and maintenance agreement with EgyptCo until April 2020. To date, the […]
Third Circuit Rejects Citgo Rehearing
(Argus, Elliott Blackburn, 21.Nov.2019) — Federal appeals court judges have denied Venezuela’s request to rehear a July decision upholding the pursuit of the country’s US refining subsidiary Citgo to satisfy billions of dollars of debts. The US Third Circuit Court of Appeals denied a request to hear arguments on the […]
Maduro Pledges 30 MMbbls To Back Cryptocurrency
(Oilprice.com, Irina Slav, 21.Nov.2019) — Venezuela will use some 30 million barrels of oil it has in storage as backing for its national cryptocurrency, the petro, Reuters reports, citing a speech by President Nicolas Maduro. “I will deliver these 30 million of barrels as a liquid, physical, material backing for […]
US Court Denies Citgo Rehearing
(S&P Global Platts, 21.Nov.2019) — A US appeals court Thursday denied Venezuela’s request for it to reconsider its ruling allowing a PDVSA creditor to go after US refiner Citgo, its most valuable foreign asset. The ruling by 13 judges on the US 3rd Circuit Court of Appeals in Philadelphia upholds […]
Petrobras And Proquigel Ink Fertilizer Lease Deal
(Petrobras, 21.Nov.2019) — Petrobras signed with Proquigel QuĂmica S.A., a company of Unigel Group, lease agreements of its fertilizer plants in Bahia (Fafen-BA) and Sergipe (Fafen-SE), for the total amount of R$ 177 million for a period of 10 years, renewable for the same term. Leases will become effective upon […]
Moody’s Ecopetrol Review
(Moody’s, 21.Nov.2019) — Moody’s Investors Service (“Moody’s”) has completed a periodic review of the ratings of Ecopetrol S.A. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody’s reassessed the appropriateness of the ratings in the context of […]
Trinidad’s Gas Reserve Rise Slightly In 2018
(Energy Analytics Institute, Piero Stewart, 20.Nov.2019) — Trinidad and Tobago’s proved natural gas reserves rose just 0.1% to 10,526 billion cubic feet (Bcf) in 2018 compared to 10,515 Bcf in 2017, according to details in a reserve report prepared by Ryder Scott Company Petroleum Consultants. The country’s probable gas reserves […]
Why ExxonMobil’s Guyana Success May Have Hurt Petrobras
(The Motley Fool, John Bromels, 20.Nov.2019) — Oil is a big business with even bigger money attached. That’s why governments that control oil assets are eager to auction them off to the highest bidder in the hopes of getting a major payout. But Brazil’s recent oil block auction didn’t go […]
Producers Delay Boosting Vaca Muerta Output
(S&P Global Platts, 20.Nov.2019) — Three leading oil companies in Argentina, buoyed by the quality of the shale resources, are ready to ramp up oil and natural gas production in Vaca Muerta, but they are holding back until the economic and energy policies of the incoming government are more clear, […]
Exxon, Shell To Delay Vaca Muerta Production
(Seeking Alpha, Carl Surran, 20.Nov.2019) — Exxon Mobil and Royal Dutch Shell say they want to ramp up oil and natural gas production in Argentina’s Vaca Muerta shale play but are holding back awaiting clarity on the incoming government’s economic and energy policies. “The resource has great quality… the same […]
Some 140 Bolivian Industries Lacking Gas
(Energy Analytics Institute, Ian Silverman, 19.Nov.2019) — At least 140 industries – including large and medium sized ones in the Bolivian departments of La Paz, Cochabamba and Oruro – have been affected by a lack of natural gas supply resulting from damage to the Carrasco-Cochabamba (GCC by its Spanish acronym) […]
LatAmNRG Bolivia Briefs: Fuel Prices, New YPFB Head
(Energy Analytics Institute, Ian Silverman, 19.Nov.2019) — Heard on the street and LatAmNRG briefs related to Bolivia’s National Hydrocarbon Agency (ANH) establishing maximum fuel prices and appointment by Bolivia’s Interim President Jeanine Añez of JosĂ© Luis Rivero as the new president of the country’s state oil and gas company Yacimientos […]
Petrobras Inks Deal To Divest Of Liquigás
(Petrobras, 19.Nov.2019) — Petrobras, following up on the press release of November 7, 2019, reports that it has signed today with Copagaz and Nacional Gás Butano a contract for sale of all its stake in Liquigás Distribuidora S.A. The sale price is R$ 3.7 billion, to be adjusted according to […]
Ecuador Names New Energy Minister
(Reuters, 19.Nov.2019) — Ecuadorean President Lenin Moreno on Tuesday named a close ally as the new energy minister as the Andean nation seeks to boost oil production and expand its mining sector. Civil engineer Jose Agusto replaces Carlos Perez, who resigned last week for personal reasons. Agusto has previously worked […]
Bolivia Names New YPFB President
(Argus, Patricia Garip, 19.Nov.2019) — Bolivia’s fragile interim government appointed Jose Luis Rivero Sandoval the new president of state-owned oil and gas company YPFB. Rivero, who replaces Oscar Barriga, is a former YPFB geologist who previously worked in Mexico, Venezuela and the US. His first task is to “recover gas […]