(Reuters, 8.Oct.2019) — Citgo Petroleum Corp this week named a former BP lawyer to take on the company’s top legal job as it faces creditors seeking to seize shares in the U.S.-based refiner over parent PDVSA’s debts. Jack Lynch, who spent 18 years working for BP in Houston, London and […]
Category: Latin America and the Caribbean
Petrobras Finalizes Sale Of Three Fields
(Petrobras, 8.Oct.2019) — Petrobras, following up on the release of 11/28/2018, reports that today it completed the sale of its interests in Pargo, Carapeba and Vermelho fields, located in shallow waters off the coast of the State of Rio de Janeiro, to Perenco PetrĂłleo e Gás do Brasil Ltda. After […]
Energy Cos Caught In Spat Over Venezuela Sanctions
(Chron, Sergio Chapa, 7.Oct.2019) — Frequent power outages, theft of equipment, a political tug-of-war and billions of dollars in losses would seem to signal to businesses that it’s time to get out of Venezuela. But energy companies with headquarters or major operations in Houston — including the oil major Chevron […]
Ecuador’s Moreno Decries ‘Coup Attempt’ Amid Protests
(Reuters, Alexandra Valencia and Daniel Tapia, 7.Oct.2019) — Thousands of indigenous protesters marched into capital Quito on Monday in a fifth day of action against austerity measures that have sparked the worst unrest in years, prompting President Lenin Moreno to accuse opponents of attempting a coup. The protests erupted in […]
PdV-CNPC JV Managers Arrested
(Argus, 7.Oct.2019) — Senior managers of Venezuelan state-owned PdV’s heavy crude-blending joint venture with Chinese state-owned CNPC were arrested late last week, days after the blending plant halted operations. PetroSinovensa had stood out as the most resilient of PdV’s crude joint ventures at the Jose industrial complex, maintaining partial operations […]
Exxon Mobil Bars Use Of Oil Tankers Linked To Venezuela
(Reuters, Jonathan Saul and Collin Eaton, 4.Oct.2019) — Exxon Mobil Corp this week banned the use of vessels linked to oil flows from Venezuela in the last year, according to four people familiar with the matter, putting new pressure on the U.S. sanctioned country and on global crude freight rates. […]
Petrobras Pays Interest On Capital
(Petrobras, 4.Oct.2019) — Petrobras informs that in connection to the press released of August 1st, 2019 is paying today Interest on Capital (IOC), as defined in art. 9, sole paragraph of its Bylaws. The gross value to be distributed, totaling R$ 2,608,840,252.20, corresponds to a gross amount of R$0.20 per […]
Petrobras Kicks Off Non-binding Phase Of REGAP
(Petrobras, 4.Oct.2019) — Petrobras, following up on the release dated 09/13/2019, informs the beginning of the non-binding phase related to the sale of the Gabriel Passos Refinery (REGAP) in Minas Gerais state, with its associated logistics assets. Potential buyers qualified for this phase will receive a descriptive memorandum with more […]
Petrobras Reveals 3Q:19 Release Date
(Petrobras, 4.Oct.2019) — Petrobras reports that on October 17, after market closes, the company will release its quarterly production and sales report for 3Q19 and on October 24, also after market closes, it will disclose the financial statements report. On October 25 it will be held two conference calls/webcasts to […]
Petrobras Delists Shares From Argentine Exchange
(Petrobras, 4.Oct.2019) — Petrobras informs, in addition to the press release issued on August 9, 2019, that the ComisiĂłn Nacional de Valores (CNV), the Argentine capital market regulator, has authorized the withdrawal of its shares from the public offering regime, exempting the company from promoting a public offering for the […]
PdV Floods Cuba With Stranded Oil
(Argus, 3.Oct.2019) — At least three Venezuelan fuel tankers are heading towards Cuba today, part of a flotilla meant to free up domestic storage space while defying a US campaign to cut off Venezuela’s oil supply to its political ally. Up to 3mn bl of refined products and heavy crude […]
Ecuador Frees Up Fuel Prices, Unrest Erupts
(Argus, 3.Oct.2019) — Unrest has broken out in Ecuador ahead of the lifting of motor fuel subsidies tomorrow. The government declared a state of emergency today to try to quell the unrest. In a national address late yesterday, President Lenin Moreno announced a decree to remove the subsidies from diesel […]
Suriname’s 14 Active PSCs With IOCs And NOCs
(Energy Analytics Institute, 3.Oct.2019) — Suriname has 14 active production-sharing contracts (PSCs) with companies from Apache and Total to Petronas and ExxonMobil. The PSCs grant contractors the authority to operate in the respective block on behalf of Suriname’s state oil and gas company Staatsolie. An overview of the active PSCs, […]
Colombia To Award LT Power Purchase Agreements
(Shearman & Sterling, 2.Oct.2019) — The Colombian Government is expected to award long-term renewable power purchase agreements (PPAs) by October 22, 2019. The Mining and Energy Planning Unit (UPME) announced that a total of 26 traders and 27 generators with 56 generation projects submitted their interest to participate in the […]
IMF Provides Update On Ecuador
(IMF, 2.Oct.2019) — The reforms announced yesterday by President Lenin Moreno aim to improve the resilience and sustainability of Ecuador’s economy and foster strong, and inclusive growth. The announcement included important measures to protect the poor and most vulnerable, as well as to generate jobs in a more competitive economy. […]
Brazil’s ANP Eyes Two Bid Rounds In 2020
(Energy Analytics Institute, Aaron Simonsky, 2.Oct.2019) — Brazil’s National Petroleum Agency (ANP) plans to conduct two bid rounds in 2020 to offer areas containing billions of barrels of oil and create opportunities for all types of exploration and production companies. Since 1999, the ANP has hosted 15 bidding rounds for […]
Petrobras On Collective Bargaining Agreement
(Petrobras, 1.Oct.2019) — Petrobras informs that since May 2019 has been negotiating with unions to reach an understanding on the 2019-2020 Collective Bargaining Agreement (“ACT”). After more than 20 meetings between representatives of Petrobras and the union, with the submission by the company of three proposals that were not accepted, […]
Ecuador Producing 548 Mb/d
(Energy Analytics Institute, Piero Stewart, 30.Oct.2019) — South America’s Ecuador was producing 548,458 barrels per day of oil on 30 Oct. 2019, the country’s Ministry of Energy and Non-Renewable Natural Resources (MERNNR) reported in its official production report for that day. *** © Energy Analytics Institute (EAI)
Noble Mobilizes Tom Croft Drillship In Suriname
(Energy Analytics Institute, Ian Silverman, 30.Sep.2019) — Noble Corporation announced it has mobilized its Noble Tom Croft drillship in Suriname. Noble said the drillship started a contract in late September 2019 for operator Apache. The contract is set to expire in early December 2019, Noble announced in its fleet status […]
Tango FLNG In Second Week Of Ops In Argentina
(EXMAR, 30.Sep.2019) — The Tango FLNG has been receiving feed gas from YPF since 9 September 2019 and has been producing LNG to its full capacity since then. In the first two weeks of operations, the Tango FLNG has transferred 25,000 cubic meters of LNG to a storage vessel chartered […]
Petrobras Inks Deal Onshore Fields In The Potiguar Basin
(Petrobras, 30.Sep.2019) — Petrobras signed with the company Central Resources do Brasil Produção de PetrĂłleo Ltda. contracts for the sale of all its stake in the onshore fields of Ponta do Mel and Redonda, located in the state of Rio Grande do Norte. The sale amount is US$ 7.2 million, […]
EDPR Secures New PPA For 100MW In Mexico
(EDP Renováveis, 30.Sep.2019) — EDP Renováveis, S.A. (EDPR) secured a Power Purchase Agreement (PPA) to sell the energy produced by a wind farm project of 100 MW. The contract is set in USD and for a 15-year minimum period. The wind farm project, which is expected to begin operations in […]
BP Comes Up Empty Offshore Exploration Hotspot
(Bloomberg, Peter Millard and Kelly Gilblom, 30.Sep.2019) — It was supposed to be BP’s big Brazilian breakthrough after years of setbacks in one of the world’s top destinations for offshore oil. The potential bonanza is still out of reach, two years after the London-based major teamed up with Brazil’s national […]
Brazil Approves 14 Firms For November Oil Tender
(Reuters, 30.Sep.2019) — Fourteen companies have been officially approved by Brazilian authorities to participate in an oil bidding round in November, in which total signing bonuses are expected to be the biggest so far, exceeding $25 billion, national oil regulator ANP said on Monday. As widely expected, the companies participating include […]
Petrobras Says Revap Refinery Fire Occurred During Scheduled Stoppage
(Reuters, 30.Sep.2019) — A major refinery owned by Brazilian state-run oil firm Petrobras was already undergoing a scheduled stoppage when a fire broke out over the weekend, the company told Reuters on Monday, likely limiting the effects on production. Petroleo Brasileiro SA, as the firm is formally known, did not […]
Bolivia LatAmNRG Briefs: Electric Vehicle Plant In Cochabamba
(Energy Analytics Institute, Ian Silverman, 28.Sep.2019) — LatAmNRG briefs related to Bolivia’s President Evo Morales’ visit to Quantum Motors’ electric vehicle plant in Cochabamba and Bolivia signing a contract to market its natural gas to Mato Grosso in Brazil. Morales Visits Quantum Motors’ Electric Vehicle Plant in Cochabamba (Energy Analytics […]
Venezuela Oil Sector May Take 8 Years To Recover
(Yahoo Finance, Akiko Fujita, Anchor/Reporter, 27.Sep.2019) — A top aide to Venezuelan opposition leader Juan Guaido said on Friday it could take up to eight years to restore oil production in the country back to full capacity. Following years of corruption and mismanagement, the strife-torn Andean nation has seen oil […]
PMI Comercio Internacional BODs Appoints New Members
(Pemex, 27.Sep.2019) — During its 122nd ordinary session, following a proposal placed by its Chairman, the Board of Directors of PMI Comercio Internacional appointed Ulises Hernández Romano as its new CEO, from October 1st, 2019. Ulises Hernández Romano has worked for the State-Owned productive company for 20 years, acting as […]
Brazil Reports Oil Spill Along Northeast Beaches
(Reuters, Marta Nogueira and Roberto Samora, 26.Sep.2019) — Brazil’s environmental agency Ibama said on Thursday that an analysis of a vast oil spill along the country’s northeastern beaches showed the spilled crude did not originate in the country. Ibama said in a statement that it had been investigating the spill […]
Colombia Eyes Oil Round
(Reuters, Julia Symmes Cobb and Luis Jaime Acosta, 26.Sep.2019) — Colombia hopes to sign 20 contracts for oil exploration and production rights in its coming auction, the head of the national hydrocarbons agency said on Thursday, as it looks to possible offshore success over the next 18 months. The country […]
Guaido IDB Envoy Hausmann Resigns Post
(Argus, 26.Sep.2019) — Venezuela’s parallel administration headed by opposition leader Juan Guaido has lost its most prominent figure, former planning minister and Harvard professor Ricardo Hausmann. Hausmann, who recently hinted at repudiating some of Venezuela’s debt, had been serving as Guaido’s representative at the Inter-American Development Bank (IDB), a Washington-based […]
IEnova Inks Solar Deal With Liverpool And Circle K
(Sempra, 26.Sep.2019) — Sempra Energy announced that its Mexican subsidiary, Infraestructura EnergĂ©tica Nova, S.A.B. de C.V. (IEnova) (BMV: IENOVA), has signed two 15-year clean energy contracts with subsidiaries of Comercializadora CĂrculo CCK, S.A. de C.V. (Circle K18) and El Puerto de Liverpool, S.A.B. de C.V. (Liverpool). These corporate contracts will […]
Guyana Elections And First Oil
(Argus, 26.Sep.2019) — Guyana will hold parliamentary elections on 2 March 2020, around the time that ExxonMobil plans to launch offshore oil production that promises to transform the economy of the tiny South American country. The ruling People’s National Congress (PNC) party that has overseen the advent of oil development […]
Pemex Announces Early Participation Results
(Pemex, 26.Sep.2019) — PetrĂłleos Mexicanos (PEMEX) announced the early participation results of (a) its offers to exchange any and all of its outstanding series of securities set forth in the table below under the heading “Any and All Offers” (collectively, the “Any and All Securities”, and such offers, the “Any […]
Petrobras’ Strategic Revision
(Petrobras, 26.Sep.2019) — Petrobras reports that its Board of Directors approved, at a meeting held yesterday, the update of the Vision, Purpose and Strategies for the new 2020-2024 plan, which is currently being prepared. Petrobras’ new vision is to be the best energy company in generating value for the shareholder, […]
Guyana Must Learn To Use Its Riches
(Upstream, Gareth Chetwynd, 26.Sep.2019) — As development on Guyana’s Stabroek block continues apace, it is worth considering that the Liza development took form in an era when low oil prices demanded that offshore projects attain new levels of efficiency. ExxonMobil adopted a strategy of achieving the most aggressive ramp-up ever […]
Eco (Atlantic) Reports Director Dealing
(Eco Atlantic, 26.Sep.2019) — Eco (Atlantic) Oil & Gas Ltd. notified that Gil Holzman, Chief Executive Officer and a Director of the Company, acquired 33,865 common shares in the company at a price of 148p per share. Following the Share Purchase, Gil Holzman is beneficially interested in, in aggregate, 8,281,259 […]
Low Coal Prices To Impact Colombia’s Wallet
(Reuters, Julia Symmes Cobb, Nelson Bocanegra, 26.Sep.2019) — Colombia, the world’s fourth-largest exporter of coal, faces a potential spending crunch in 2020 as royalties from the fuel decline amid a supply glut and slowing economic growth in China. The fuel provides some 80% of the Andean country’s mining royalties, totaling […]
Guyana Key Elections To Come Ahead Of First Oil
(Argus, 26.Sep.2019) ) — Guyana will hold parliamentary elections on 2 March 2020, around the time that ExxonMobil plans to launch offshore oil production that promises to transform the economy of the tiny South American country. The ruling People’s National Congress (PNC) party that has overseen the advent of oil […]
Petrobras’ Offers Voluntary Severance Program
(Petrobras, 26.Sep.2019) — Petrobras reports that it has approved a new Voluntary Severance Program (“PDV”) exclusively for employees working in the company’s corporate segment. The initiative is part of the ongoing effort to make the company more sustainable with an efficient staff management. This is the third PDV offered this […]
Petrobras BODs Names Innovation Executive Officer
(Petrobras, 26.Sep.2019) — Petrobras reports that the Board of Directors, in a meeting held yesterday, elected, effective 10/01/2019, Mr. Nicolás Simone for the role of Digital Transformation and Innovation Executive Officer, a new area of the Company that will be deployed after the General Shareholders Meeting to be held on […]
Petrobras Complete Bookbuilding Procedure
(Petrobras, 25.Sep.2019) — Petrobras, following the press release issued on July 23, 2019, reports that the bookbuilding procedure of the 7th issuance of simple, non-convertible, unsecured debentures, in up to 3 (three) series, for placement under best efforts, pursuant to CVM Instruction no. 400 of December 29, 2003, as currently […]
LatAm Pledges 70% Renewable Energy
(Reuters, Valerie Volcovici, 25.Sep.2019) — Latin American countries have set a collective target of 70% renewable energy use by 2030, more than double what the European Union is planning, Colombia’s energy minister said, ahead of her country’s October renewables tender. Colombia presented the target at the United Nations Climate Action […]
Colombia Fracking Pilots Could Start In Late 2020: Ecopetrol CEO
(Reuters, Jessica Resnick-Ault, 25.Sep.2019) — Colombia’s state-run oil company Ecopetrol will be ready to start fracking pilot projects in the second half of 2020, chief executive Felipe Bayon said on Wednesday, as oil companies await federal regulatory guidelines for the projects. The pilots are part of the Andean country’s efforts […]
US Press Secretary Statement On Venezuela
(White House Press Secretary, 25.Sep.2019) — Today, President Donald J. Trump and other United States officials hosted leaders from Western Hemisphere countries to discuss the need for a democratic transition in Venezuela to resolve the prolonged political, economic, and humanitarian crisis caused by Nicolas Maduro and his regime. The United […]
Venezuela Oil Exports To Cuba Rising: Sources
(Reuters, Mircely Guanipa and Marianna Parraga, 25.Sep.2019) — Venezuelan state oil company PDVSA ordered an increase in exports to ally Cuba to ease fuel shortages on the island this month, challenging U.S. sanctions on shipping firms involved in the trade, according to three industry sources and Refinitiv Eikon data. The […]
Pemex Says “Workers Are Its Greatest Asset”
(Pemex, 24.Sep.2019) — PetrĂłleos Mexicanos (Pemex) reports that the recent demonstrations demanding changes to the working conditions of its trusted employee base are imprecise and aimed at discrediting the responsible, rational and efficient use of the financial resources that characterizes the current management of the company. Various actions have been […]
US Targets Entities, Vessels Moving Venezuelan Oil To Cuba
(US Treasury, 24.Sep.2019) — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated four entities that operate in the oil sector of the Venezuelan economy pursuant to Executive Order (E.O.) 13850. Additionally, OFAC identified four vessels that transport oil and other petroleum products from Venezuela […]
US Actions Against Entities Assisting Venezuela
(US Treasury, 24.Sep.2019) — On September 24, the United States designated four companies that operate in Venezuela’s oil sector as sanctioned, and identified as blocked property four vessels associated with this activity. This action further targets Venezuela’s oil sector and the mechanisms used to transport oil to Nicolás Maduro’s Cuban […]
SiderĂşrgica MutĂşn To Have A 105MW Power Station
(Energy Analytics Institute, Ian Silverman, 24.Sep.2019) — Bolivia’s SiderĂşrgica del MutĂşn steel plant, located in the municipality of Puerto Suárez in the province of Germán Busch in Santa Cruz, will have a 105 megawatt (MW) power capacity. The project, awarded to China’s Sinosteel Equipment & Engineering, will require an investment […]