(Reuters, 21.Oct.2019) — Italy’s biggest utility Enel said on Monday its business in Chile had not been impacted by the unrest which has hit the country and prompted the government to declare a state of emergency. “We are closely monitoring the evolution of the situation,” Enel said in an emailed […]
Category: Latin America and the Caribbean
Echo Announces Proposed Acquisition In Argentina
(Echo, 21.Oct.2019) — Echo Energy entered into a binding conditional sale and purchase agreement (the “SPA” or “Acquisition Agreement”) for the proposed acquisition by the company of a 70 per cent. initially non-operated working interest in the Santa Cruz Sur package of five mature producing blocks (the “Santa Cruz Sur […]
Ecopetrol Buys Into Gato do Mato Discovery
(Ecopetrol, 21.Oct.2019) — Ecopetrol S.A. reports that its subsidiary Ecopetrol Óleo e Gás do Brasil Ltda has entered into an agreement with Shell Brasil Petróleo Ltda. to acquire 30% of the interests, rights and obligations in two areas corresponding to the BM-S-54 Concession Agreement and the Sul de Gato do […]
BHP Switches to Green Power in Chile
(Reuters, Barbara Lewis, 20.Oct.2019) — BHP, the world’s biggest miner, said on Monday it had signed four renewable energy contracts to supply all of its Chilean copper operations beginning in 2021, cutting energy costs by 20%. Miners, which often use fossil fuels as the energy source in their operations, are […]
LatAmNRG Ecuador Briefs: Force Majeure Lifted
(Energy Analytics Institute, Piero Stewart, 20.Oct.2019) — Heard on the street and LatAmNRG briefs related to EP PetroEcuador lifting force majeure and the programmed stoppage at the Esmeraldas Refinery. PetroEcuador Lifts Force Majeure (Energy Analytics Institute, Piero Stewart, 20.Oct.2019) — EP PetroEcuador on Oct. 20 lifted force majeure, which had […]
Brazil Cleans Beaches Affected By Oil Spill
(BBC, 20.Oct.2019) — Thousands of people have taken part in a huge clean-up operation to remove oil and tar from beaches along Brazil’s north-eastern coast. Volunteers, as well as government workers, used wheelbarrows, spades and plastic gloves to remove the thick tar from the sand and water. The source of […]
Frontera’s 3Q:19 Results Date
(Frontera, 20.Oct.2019) — Frontera Energy Corporation will release its third quarter 2019 results after market on Thursday, November 7, 2019 followed by a conference call for investors and analysts on Friday, November 8, 2019 at 8:00 a.m. (MDT), 10:00 a.m. (EST/GMT-5). Participants will include Gabriel de Alba, Chairman of the […]
Ecuador Resumes Exports After Protests
(Reuters, 20.Oct.2019) — Ecuadorean state oil company Petroecuador said on Sunday it is resuming crude exports after protests this month against government austerity measures forced it to declare a force majeure. Ecuador on Oct 9 halted crude sales and shut a crucial state oil pipeline because at least 20 fields […]
Petrobras Informs About Provisioning
(Petrobras, 18.Oct.2019) — Petrobras informs that, within its ongoing process of contingencies assessment, it will provision R$ 3.2 billion as a result of: (i) litigation involving the company Sete Brasil, (ii) environmental process in the state of Paraná; and (iii) disputes on special participation and royalties involving the National Agency […]
Bolsonaro Says Oil Spill Could Be Sabotage
(Reuters, 18.Oct.2019) — Brazilian President Jair Bolsonaro questioned on Friday whether a far-reaching oil spill on the nation’s northeastern shore may have been a criminal act designed to harm a major oil auction scheduled for November. “Coincidence or not, we have the transfer-of-rights auction,” said Bolsonaro in a Facebook Live […]
OFAC Gives Nynas AB Time
(Sputnik, 18.Oct.2019) — The United States has extended a license that allows certain transactions with PDVSA’s joint venture Nynas AB despite US sanctions on the Venezuelan oil sector, the US Treasury Department’s Office of Foreign Assets Control said in a notice on its website on Wednesday. “All transactions and activities […]
Guaido Team Proposes Truce To PDVSA Bondholders
(Reuters, Marianna Parraga and Corina Pons, 18.Oct2019) — Venezuela’s opposition last week sent holders of state oil company PDVSA’s 2020 bond a proposal to suspend legal actions for 90 days, the latest maneuver to avoid losing U.S. refiner Citgo, three sources familiar with the talks said. The investors have not […]
Chevron To Receive Venezuelan Oil Cargo
(Reuters, Marianna Parraga, 18.Oct.2019) — U.S. oil major Chevron Corp is scheduled this month to receive at least one cargo of crude oil from sanctioned Venezuelan state oil company PDVSA, according to an internal PDVSA document. If the loading proceeds, it would be the first shipment assigned to Chevron since […]
BHP Ends Drilling Offshore Trinidad And Tobago
(Offshore, 17.Oct.2019) — BHP has had mixed results from the final two wells of its latest exploration campaign on its northern licenses offshore Trinidad and Tobago. The Boom-1 well spud in late-August encountered hydrocarbons and evaluation continues. However, the subsequent Carnival-1 was a dry hole. The Transocean drillship Deepwater Invictus […]
OTC Brasil Holds Its 5th Conference Next Week
(OTC Brasil, 17.Oct.2019) — Organized by the Brazilian Petroleum, Gas and Biofuels Institute (IBP) and the Offshore Technology Conference (OTC), the 5th edition of OTC Brasil takes place 29–31 October at SulAmérica Convention Center. As one sign of improved activity in the Brazilian oil and gas sector, the event expects […]
Chevron Venezuela’s Exit To Aid Putin’s Russia
(S&P Global Platts, Brian Scheid and Rosemary Griffin, 17.Oct.2019) — Chevron is pushing back against the Trump administration’s plans to let the company’s Venezuela sanctions waiver expire, arguing such a move could ultimately drive oil production up, bolstering both the Maduro regime and Russia’s standing in the global market. “It’d […]
Maduro Rivals Seek Break With Citgo
(Argus, 17.Oct.2019) — Venezuela’s main political opposition is pressing for a deal with foreign bondholders to suspend a looming $914mn obligation that is tethered to coveted US refining assets. The high-stakes standoff over the PdV 2020 bond is closely watched by a myriad of other creditors, including Russia and China […]
BHP Ends Offshore Trinidad Drilling
(Offshore, 17.Oct.2019) — BHP has had mixed results from the final two wells of its latest exploration campaign on its northern licenses offshore Trinidad and Tobago. The Boom-1 well spud in late-August encountered hydrocarbons and evaluation continues. However, the subsequent Carnival-1 was a dry hole. The Transocean drillship Deepwater Invictus […]
Powerful Boss Of Mexico’s Oil Workers Union Resigns
(NYT, Elisabeth Malkin, 16.Oct.2019) — The longtime leader of Mexico’s oil workers union, a powerful figure who had become emblematic of graft in the state-owned oil company and yet seemed untouchable, resigned on Wednesday in a symbolic victory for Mexico’s president in his fight against corruption. The resignation of Carlos […]
Venezuela Readies Handover Of PDVSA To Rosneft
(Tass, 16.Oct.2019) — The government of Venezuela is ready to hand over full control over its state-run oil company PDVSA (Petroleos de Venezuela) to Russia’s Rosneft, El Nacional newspaper said citing own sources in the industry. According to the paper, the initiative was put forward with an aim to secure […]
Frontera’s Renewal Of Normal Course Issuer Bid
(Frontera, 16.Oct.2019) — Frontera Energy Corporation accepted its notice to renew its normal course issuer bid (the NCIB) for its common shares. Pursuant to the NCIB, Frontera may purchase up to 6,532,400 Common Shares during the twelve-month period commencing October 18, 2019 and ending October 17, 2020, representing approximately 10% […]
Guaido Camp Declares PDVSA 2020 Bond Void
(venezuelanalysis.com, 16.Oct.2019) — Venezuela’s CITGO could be seized by creditors. Venezuela’s opposition-held National Assembly (AN) passed a resolution Tuesday branding the country’s 2020 PDVSA bond “invalid.” The move comes on the eve of a hefty US $913 million payment to creditors due October 28. Non-payment could mean the loss of […]
How Brazil’s $26bn TOR Auction Works
(Reuters, Gram Slattery and Marta Nogueira, 16.Oct.2019) — Brazil’s Senate passed the main text of a bill defining the distribution of proceeds from a blockbuster auction of oil prospecting rights, a key milestone for the enormous offshore region known as TOR – the ‘transfer-of-rights’ area. The bidders who win exploration […]
Venezuela’s Prize Oil Asset May Soon Be Up For Grabs
(Oilprice.com, Tsvetana Paraskova, 16.Oct.2019) — Venezuela’s opposition is getting ready to file within days a lawsuit in the United States seeking to prevent bond holders of Venezuelan state oil firm PDVSA from going after shares in its U.S. subsidiary Citgo over an expected PDVSA bond default this month, Reuters reports, […]
Brazil’s Senate Committee Paves Way For Offshore Oil Rights Sale
(Reuters, 15.Oct.2019) — A Brazilian Senate committee cleared the way for what may be a record-setting offshore oil rights auction on Tuesday, approving a government deal with state-run oil company Petroleo Brasileiro SA to settle a years-old dispute. The full Senate is also expected to vote later on Tuesday on […]
Drivers Pass Nearly A Week To Buy Fuel In Venezuela
(Reuters, Mariela Nava and Anggy Polanco, 15.Oct.2019) — Venezuelans in border areas are waiting up to six days to fill their cars and some report paying bribes to jump ahead in lines, signaling a return of crippling fuel shortages that have dogged the struggling OPEC nation for much of the […]
Nayara Supplies Fuel To Rosneft For Venezuelan Oil
(Reuters, Nidhi Verma and Marianna Parraga, 15.Oct.2019) — India’s Nayara Energy has been using Russian giant Rosneft as an intermediary to acquire Venezuelan oil, paying it in fuel rather than cash to avoid violating U.S. sanctions, three sources with knowledge of the transactions said. The United States in January prohibited […]
Petrobras Signs Charter Deals For Marlim
(Petrobras, 15.Oct.2019) — Petrobras signed letters of intent (LoI) with the Japanese company Modec (Marlim Unit 1) and the Malaysian company Yinson (Marlim Unit 2), for the chartering of two FPSO platforms. The units will be used in the production development project of the Marlim and Voador fields revitalization – […]
Venezuela’s Opposition Snubs PDVSA Bondholders
(Argus, 15.Oct.2019) — Venezuela’s opposition-controlled National Assembly signaled to bondholders today that it will not honor a $914mn principal and interest obligation because it says the debt issuance is unconstitutional. The controversial PdV 2020 bond issued by Venezuela’s national oil company PdV is collateralized by the firm’s US refining unit […]
Bolivia Crippled As Leftist Leader Faces Vote
(Bloomberg, Peter Millard, 14.Oct.2019) — For two years, Bolivia pushed to boost natural gas production, a longtime key to its prosperity, by drilling for new discoveries on its southeastern lowlands. The result: An 8 kilometer (5 mile) deep dry hole. There’s arguably no more apt symbol for the situation facing […]
Sempra Divests Of Chilquinta Energía In Chile
(Sempra, 14.Oct.2019) — Sempra Energy entered into an agreement to sell its equity interests in its Chilean businesses, including its 100% stake in Chilquinta Energía S.A. (Chilquinta Energía), to State Grid International Development Limited (SGID). Sempra Energy’s interests will be sold for $2.23 billion in cash, subject to adjustments for […]
Venezuelan Oil Output Could Be Halved Without Chevron Waiver
(S&P Global Platts, Brian Scheid, 14.Oct.2019) — Venezuelan oil production, already averaging a historic low near 600,000 b/d, could quickly plummet below 300,000 b/d if the Trump administration allows a waiver for Chevron and four US oil services companies to expire next week, analysts told S&P Global Platts. “I think […]
Fuel Supplies Restart In Ecuador’s Carchi Province
(Energy Analytics Institute, Piero Stewart, 12.Oct.2019) — The fuel supply in the province of Carchi has restarted with the arrival of 12 petrol tankers with extra and premium diesel produced at the Esmeraldas Refinery. Additionally, Ecuador’s ARCH verified the normal commercialization of liquefied petroleum gas (LPG) throughout the province, with […]
Petrobras Inks Deal To Sale Lagoa Parda Cluster
(Petrobras, 11.Oct.2019) — Petrobras signed with Imetame Energia Lagoa Parda Ltda, wholly owned subsidiary of Imetame Energia Ltda, a contract for the sale of its entire working interest in the onshore fields of the Lagoa Parda Cluster, located in Espírito Santo state, near the city of Linhares. The sale price […]
ANP Sets Dates For TOR And 6th Production Round
(ANP, 11.Oct.2019) — Brazil’s Brazil’s National Agency of Petroleum, Natural Gas, and Biofuels (ANP) announced the dates for the next two bid rounds. The ANP’s bid round calendar includes two more auctions for 2019: the Transfer of Rights Surplus Bidding Round (November 6) and the 6th Production Sharing Round, with […]
Qatar Petroleum Wins Three Blocks Offshore Brazil
(QP, 10.Oct.2019) — Qatar Petroleum has won exploration rights in three offshore blocks in Brazil, as part of two bidding consortia. The winning bids were announced by Brazil’s National Agency of Petroleum, Natural Gas, and Biofuels (ANP) at a public bidding session held in Rio de Janeiro. Competing bids were […]
Repsol’s Brufau Says Gas The Only Transitional Energy
(Energy Analytics Institute, Ian Silverman, 10.Oct.2019) — Repsol’s President Antonio Brufau said during a visit to Bolivia that natural gas is the only transitional energy. “All the countries that are lucky enough to have natural gas resources such as those available in Bolivia have a guaranteed part of the future,” […]
Frontera’s 3Q:19 Update
(Frontera, 10.Oct.2019) — Frontera Energy Corporation announces a third quarter 2019 operational update and notice of financial results and conference call. All values in this news release and the Company’s financial disclosures are in United States dollars, unless otherwise noted. Third Quarter Production and Average Oil Prices Frontera delivered estimated […]
Petrobras Grabs One Block In 16th ANP Bidding Round
(Petrobras, 10.Oct.2019) — Petrobras acquired one offshore block in the 16th ANP Bidding Round under the Concession Regime, held by the National Agency of Petroleum, Natural Gas and Biofuels (ANP). Petrobras is advancing its partnership strategy and will be the operator. The total amount of the signature bonus to be […]
Chevron Grabs 5 Blocks In ANP’s 16th Bid Round
(Chevron, 10.Oct.2019) — Chevron Brasil welcomes the results of Brazil’s 16th Bid Round. We are pleased to be part of the following five successful consortia, including two as the operator: — Block S-M-766: Chevron holds an operating 40% interest in this block located in the Santos Basin, along with partners […]
ANP 16th Round Attracts Record R$8.9bn Signings
(ANP, 10.Oct.2019) — The 16th Bidding Round collected R$ 8.9 billions in signature bonuses, a record value among the concession rounds already held in Brazil. The round will generate investments of at least R$ 1.58 billion in the first phase of the concession contracts alone (exploration phase). Twelve of the […]
Red Tape Frozes $700mn In Colombia Oil Investment
(Reuters, 9.Oct.2019) — Some $700 million in investment spending by oil companies operating in Colombia is frozen because of contract delays caused by community protests and consultations, slow environmental licensing and court orders, the Colombia Petroleum Association (ACP), an industry group, said on Wednesday. The figure is part of the […]
Trinidad Refinery Restarts By 3Q:20: Ministry
(Argus, 9.Oct.2019) — A new start-up company will acquire Trinidad and Tobago’s 160,000 b/d refinery for $700mn and resume operations by third quarter 2020, the energy ministry tells Argus. Patriotic Energies and Technologies (Pet) is partly owned by Trinidad’s oil labor union OWTU, which has not commented directly on the […]
Reliance To Resume Venezuela Oil Loadings
(Reuters, Marianna Parraga, 9.Oct.2019) — Indian refiner Reliance Industries Ltd is scheduled to resume loading Venezuelan crude in October after a four-month pause, according to sources and internal documents from PDVSA seen by Reuters, a move that could help Venezuela’s state-run company drain its large oil inventories. The United States in January […]
Ecuador Halts SOTE Over Protests, Eyes Force Majeure
(Reuters, 9.Oct.2019) — Petroecuador halted operations of its Trans-Ecuadorean Pipeline System (SOTE) on Wednesday after anti-austerity protests choked off production from some oil fields it uses for stock, the energy ministry said on Wednesday. The state-run company’s pipeline, which normally transports 360,000 barrels per day to the Pacific Coast, was […]
Venezuelan Oil Likely Spilled In Brazil: Report
(The Wall Street Journal, Luciana Magalhaes and Jeffrey T. Lewis, 9.Oct.2019) — Long stretches of Brazil’s northeastern coast have been stained by oil slicks since early September, and at least some of the crude probably came from Venezuelan fields, a report by Brazilian oil company Petróleo Brasileiro SA said, according […]
Ecuador’s SOTE Halted On Low Oil Deliveries
(Energy Analytics Institute, Piero Stewart, 9.Oct.2019) — Ecuador’s Trans-Ecuadorian Pipeline System (SOTE) halted operations at 1pm on Oct. 9. The stoppage was due to the low delivery of crude oil resulting from suspension of operations at oil fields operated by state oil company Petroamazonas EP after being overrun by outside […]
Aruba Ends Citgo Deal
(Reuters, 9.Oct.2019) — Aruba on Wednesday reached an agreement with U.S. based Citgo Petroleum Corp to end its contract to refurbish and operate the island’s refinery, a statement from the island’s prime minister said. The Caribbean nation plans to pursue outside candidates to take over the 209,000 barrel per day […]
SBM Closes Brazil Legacy Case
(SBM, 9.Oct.2019) — SBM Offshore received notification that the Federal Court has formally closed the Improbity Lawsuit filed by the Brazilian Federal Prosecutors Office (Ministério Público Federal, MPF) in 2017. This approval makes the Leniency Agreement between the MPF and SBM Offshore effective, which comprises a final settlement of BRL200 […]
Petrobras And Equinor Ink NatGas Value Chain MOU
(Petrobras, 9.Oct.2019) — Petrobras, following up to the Strategic Partnership signed on 12/18/2017, celebrated a Memorandum of Understanding (MOU) with Equinor ASA – Equinor, a company based in Oslo (Norway), focused on the joint development of businesses related to the value chain of natural gas produced from the partnership projects. […]