(FT.com, Michael Stott and Henry Foy, 24.Sep.2019) — Threats of military invasion, sweeping economic sanctions, people power, recognition of a rival government, even an attempted uprising — the US has tried almost everything to topple Nicolás Maduro. But Venezuela’s revolutionary socialist president is still clinging to power after six years, […]
Category: Latin America and the Caribbean
Four Colombia fracking Projects Could Attract $5bn In Yearly Investments
(Reuters, 24.Sep.2019) — Four fracking pilot projects in Colombia could bring in $5 billion annually in investment once they are in the production phase, industry leaders said on Tuesday, as the country awaits regulation that will allow the projects to begin. The potential use of fracking in the Andean country […]
Cuba Won’t negotiate On Venezuela, But Russia Might
(Miami Herald, Nora Gámez Torres and Michael Wilner, 24.Sep.2019) — Moscow has maintained communication with members of the Venezuelan opposition even as the Cuban government plans on “going down with the ship” alongside Nicolás Maduro, a senior Trump administration official said on Tuesday. In an interview with the Miami Herald […]
Petrobras Stockpiles LSFO In Malaysia, Singapore
(Argus, 24.Sep.2019) — Petrobras has begun stockpiling low-sulphur fuel oil in Malaysia and Singapore as the 1 January start date approaches for new global marine fuel sulphur regulations. Petrobras is not a registered bunker supplier in Singapore, the biggest bunkering port in the world, but its trading office in Singapore […]
Maduro Plots Assembly Grab, Oil-For-Food Floated
(Argus, 24.Sep.2019) — Venezuelan opposition leader Juan Guaido’s constitutional claim to the Opec country’s interim presidency could be undermined by today’s tumultuous return of the governing United Socialist Party (PSUV) to the National Assembly. Over 50 elected PSUV deputies entered the legislative chamber this morning for the first time since […]
GeoPark Finds Oil In Colombia’s Llanos 34 Block
(GeoPark, 23.Sep.2019) — GeoPark Limited announced the discovery of the new Guaco oil field in the Llanos 34 block (GeoPark operated, 45% WI) in Colombia. GeoPark drilled and completed the Guaco 1 exploration well located along the third and most western major fault trend in the Llanos 34 block. This […]
OWTU To Buy Petrotrin Refinery
(Argus, 23.Sep.2019) — Trinidad and Tobago’s government agreed to sell its mothballed 160,000 b/d Pointe-a-Pierre refinery to a company partly owned by the oil workers’ union. Finance minister Colm Imbert confirmed the $700mn sale to Pet, a firm created by the labor group OWTU in December 2018 as a special […]
Unit Serving Petrobras Halted Due To Regulatory Issues
(Reuters, 23.Sep.2019) — An oil production unit supporting the operations of Brazilian state-controlled oil firm Petroleo Brasileiro SA has been paralyzed since Sept. 19 due to regulatory issues, the operator, Modec, told Reuters on Monday. The nature of the previously unreported irregularities was not immediately clear. However, Modec said the […]
Pemex Says Debt Reduced By $5.0058bn
(Pemex, 23.Sep.2019) — Today, PetrĂłleos Mexicanos (Pemex) successfully finalized an early debt payment operation. This operation was announced on September 12, and consisted on using the capital received from the Federal Government to issue an offer to repurchase bonds with maturity in the next few years for an amount of […]
Petrobras Reports Mooring Incident At P-50
(Petrobras, 23.Sep.2019) — Petrobras reports that platform P-50, located in the Campos Basin, in the Albacora Leste field, had its production preemptively halted on Sunday night, due to the disruption of the mooring of the anchor system. Anchored by another 15 moorings, the platform is stable and safe, offering no […]
PDVSA’s Amuay Refinery Knocked Offline
(Argus, 20.Sep.2019) — A fire overnight disrupted limited operations at the 635,000 b/d Amuay oil refinery, the only one of Venezuelan state-owned PdV’s domestic crude-processing plants that has been functioning in recent months. The fire broke out shortly after lightning strikes that were blamed for causing a blackout on the […]
Petrobras Reports Advance Of Eletrobras Receivables
(Petrobras, 20.Sep.2019) — Petrobras entered into a Cession Agreement of Credit Rights, allowing the advance of about R$ 8.4 billion of receivables from Eletrobras, recognized in the Debt Assumption Agreements (IADs) referring to the totality of the debts confessed in 2014 by the Eletrobras Group, with original maturity until January […]
Diplomats Say Guyana Gov’t In Breach Of Constitution
(Reuters, 19.Sep.2019) — U.S. and European diplomats on Thursday declared Guyana’s government in breach of the country’s constitution until new elections are held and called on Guyanese President David Granger to “set an elections date immediately” or possibly face a cutoff of development funding. Guyana’s independent electoral body on Thursday […]
Pemex Personnel Takes Part In National Quake Drill
(Pemex, 19.Sep.2019) — For the commemoration of the National Civil Protection Day, management and operating personnel at various PetrĂłleos Mexicanos (Pemex) facilities in the country participated in the 2019 National Quake Drill, which worked with a hypothetic earthquake of 8.6 degrees Richter in magnitude, with an epicenter in the coastline […]
Argentina’s Vaca Muerta Comparable to Permian Basin
(Energy Analytics Institute, 4.Sep.2019) — “The massive Vaca Muerta formation is geologically comparable to the best US oil basins, particularly the Permian Basin in West Texas and southeastern New Mexico, and has the potential to join the ranks of the best oil plays in the world,” Exterran Vice President Federico […]
IFC And FRV Secure Financing For Potrero Solar
(IFC, 18.Sep.2019) — The International Finance Corporation (IFC), member of the World Bank Group, and Fotowatio Renewable Ventures (FRV), part of Abdul Latif Jameel Energy and a leading global developer of renewable utility-scale projects, has announced the financial close for Potrero Solar (296 MW dc), the company’s second solar farm […]
Petrobras Updates On 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 […]
Sur de Texas Marine Pipeline Achieves Commercial Operation
(IMG, 17.Sep.2019) — Infraestructura Marina del Golfo (IMG), a joint venture between TC Energy Corporation (TC EnergĂa) and Infraestructura EnergĂ©tica Nova (IEnova), announced commencement of the commercial operation of the Sur de Texas-Tuxpan (Sur de Texas) marine natural gas pipeline. With a transportation capacity of 2.6 billion cubic feet per […]
Eco Atlantic Reports 2nd Oil Discovery Offshore Guyana
(Eco, 16.Sep.2019) — Eco (Atlantic) Oil & Gas Ltd. announces a second oil discovery on the Orinduik Block, offshore Guyana. The Joe-1 exploration well was drilled by the Stena Forth drillship to a final depth of 7,176 feet (2,175 meters) in approximately 2,546 feet (780 meters) of water. Evaluation of […]
Argentina Reinforces Security Of Vaca Muerta
(Reuters, 16.Sep.2019) — The Argentine government will step up security in the Vaca Muerta oil fields by placing the shale formation under the jurisdiction of the military police, the Ministry of Security said on Monday. Vaca Muerta is viewed as a key source of foreign exchange for Argentina´s struggling economy […]
ExxonMobil Reports Tripeltail Find Offshore Guyana
(Exxon, 16.Sep.2019) — ExxonMobil made an oil discovery on the Stabroek Block offshore Guyana at the Tripletail-1 well in the Turbot area. The discovery adds to the previously announced estimated recoverable resource of more than 6 billion oil-equivalent barrels on the Stabroek Block. Tripletail-1 encountered approximately 108 feet (33 meters) […]
Petrobras Maintains Prices
(Reuters, Gram Slattery and Marta Nogueira, 16.Sep.2019) — – Brazilian President Jair Bolsonaro and Petrobras said on Monday the oil firm was not planning to immediately raise fuel prices in response to the attack in Saudi Arabia, showing the state-run firm may be open to overlooking market pricing norms for […]
Petrobras’ P-68 Departs For BerbigĂŁo And Sururu fields
(Petrobras, 16.Sep.2019) — Petrobras reports that the P-68 platform left today the Jurong Aracruz Shipyard, heading to the BerbigĂŁo and Sururu fields, in the Santos Basin pre-salt. Production of these fields is expected to begin in the fourth quarter of 2019. In line with its 2019-2023 Business and Management Plan, […]
Petrobras’ Private Exchange Offer Results
(Petrobras, 16.Sep.2019) — Petrobras announced the expiration and expiration date results of the previously announced offers to exchange (the “Exchange Offers”), by its wholly-owned subsidiary Petrobras Global Finance B.V. (“PGF”), relating to seven series of its outstanding notes set forth in the tables below (the “Old Notes”). The Exchange Offers […]
Petrobras Offers Clarification Of News
(Petrobras, 16.Sep.2019) — Petrobras reports that it received the Official Letter No. 830/2019-SLS, which requests the following clarification: Official Letter no. 830/2019-SLS “Dear Gentlemen, In a news report published by the newspaper Valor EconĂ´mico, on 09/13/2019, under the title “Petrobras is studying to combine pre-salt gas pipelines and go public”, […]
Tullow Announces Joe-1 Oil Find Offshore Guyana
(Tullow, 16.Sep.2019) — Tullow Oil plc announces the Joe-1 exploration well has successfully opened a new Upper Tertiary oil play in the Guyana basin. The Joe-1 exploration well was drilled by the Stena Forth drillship to a Total Depth of 2,175 metres in water depth of 780 metres. Evaluation of […]
Petrobras Informs On Petrol Prices Due To Saudi Arabia Attacks
(Petrobras, 16.Sep.2019) — Petrobras informs that, due to the latest events in Saudi Arabia, 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. Recognizing that the oil market is volatile […]
Petrobras’ Teasers For REGAP, REMAN, LUBNOR And SIX Refineries
(Petrobras, 13.Sep.2019) — Petrobras, following up on the releases disclosed on April 26, 2019 and June 28, 2019, reports the beginning of the opportunity disclosure stage (teasers) regarding the second phase of sale processes of downstream assets and associated logistics in Brazil, which includes: Gabriel Passos Refinery (REGAP) in Minas […]
LatAmNRG Bolivia Briefs: Morales Inaugurates 480MW Plant In Cochabamba
(Energy Analytics Institute, Ian Silverman, 12.Sep.2019) — LatAmNRG briefs related to Bolivia’s President Evo Morales inaugurating a 480 megawatt plant in Cochabamba and Morales saying Bolivia to produce 3,370 megawatts of energy in 2019. Morales Inaugurates 480MW Plant In Cochabamba (Energy Analytics Institute, Ian Silverman, 12.Sep.2019) — Bolivia’s President Evo […]
Petrobras’ Teaser For Amazonas Fields
(Petrobras, 13.Sep.2019) — Petrobras reports that it has started the opportunity disclosure stage (Teaser), regarding the sale of its interests in two onshore concessions, including outflow facilities, denominated CupiĂşba and CarapanaĂşba Cluster, located in the state of Amazonas. The Teaser, which contains key asset information and eligibility criteria for selection […]
Petrobras Reveals Staff Plan For Employees
(Petrobras, 13.Sep.2019) — Petrobras informs that it has approved a staff plan for employees allocated to assets/units in divestment process, which provides for three tools: Internal Recruitment, Termination by Mutual Agreement Procedure (PDA) and a Specific Voluntary Severance Program (PDV). The staff plan will be presented to the employees at […]
Petrobras Discloses Teaser For Onshore Fields
(Petrobras, 13.Sep.2019) — Petrobras reports that it has started the opportunity disclosure stage (Teaser), regarding the sale of its interests in two onshore concessions, including outflow facilities, denominated CupiĂşba and CarapanaĂşba Cluster, located in the state of Amazonas. The Teaser, which contains key asset information and eligibility criteria for selection […]
GeoPark Adds Four Brazilian Exploration Blocks
(GeoPark, 12.Sep.2019) — GeoPark Limited announced the expansion of its portfolio with four new exploration blocks in the Reconcavo and Potiguar basins in Brazil. GeoPark was preliminarily awarded the REC-T-58, REC-T-67, REC-T-77 and POT-T-834 blocks in the first cycle of the Permanent Offer held by Brazil’s National Agency of Petroleum, […]
Pemex To Refinance Debt
(Pemex, 11.Sep.2019) — Pemex announced a series of measures intended to improve its financial condition. This operation considers a capital contribution from the Federal Government equivalent to 5 billion US dollars to be used for the prepayment of debt. In line with the strategy of strengthening the company’s finances under […]
Talos Energy Receives Extension For Block 7
(Talos, 11.Sep.2019) — Talos Energy Inc. announced that it has received a two-year contract term extension as well as regulatory approvals for additional exploration activities on Block 7, located in the offshore portion of Mexico’s prolific Sureste Basin. Talos is the operator of Block 7 in a consortium with its […]
Pemex Reveals Measures To Improve Financial Condition
(Pemex, 11.Sep.2019) — PetrĂłleos Mexicanos (Pemex) announced a series of measures intended to improve its financial condition. First, Pemex announced that it expects to receive a capital contribution (the “Capital Contribution”) in an amount in Mexican pesos equivalent to U.S. $5.0 billion from the Government of Mexico as part of the Government’s […]
CNPC Skips Venezuelan oil Loading For Second Month
(Reuters, Chen Aizhu, 10.Sep.2019) — China National Petroleum Corp (CNPC), a leading buyer of Venezuelan oil, will skip cargo loadings for a second month in September as the state oil giant looks to avoid breaching U.S. sanctions, two sources with knowledge of the matter said. CNPC made a surprise halt […]
Exec Suite: Chile’s Energy Minister Juan Carlos Jobet
(Chile’s Energy Ministry, 10.Sep.2019) — Jobet holds a degree in Commercial Engineering from the Universidad CatĂłlica and a master’s degree in Business Administration and another in Public Administration from Harvard University. Between 2000 and 2010, he began his career in the corporate financial advising firm Asset Chile. In 2010, he […]
Colombia Court Maintains Fracking Moratorium
(Reuters, 10.Sep.2019) — Colombia’s top administrative court maintained a temporary moratorium on the use of fracking on Tuesday, stymieing potential pilot projects amid ongoing arguments in a wider case regarding the use of the technique to extract oil and gas. The decision by three magistrates from the Council of State, […]
Protest In Peru Halt Frontera’s Output
(Reuters, 10.Sep.2019) — Indigenous communities took control of a small airport and an oil pumping station in Peru to demand the government clean up pollution, halting production at an oil block operated by Frontera Energy Corp’s, a tribal chief said on Tuesday. Protesters in the Amazonian region of Loreto want […]
Petrobras Finishes Maromba Field Divestment
(Petrobras, 10.Sep.2019) — Petrobras, following up on the release dated 03/08/2019, concluded the sale of its 70% interest in the Maromba field, located in shallow waters in the Campos Basin, to BW Offshore Production do Brasil Ltda. (“BWO”). The transaction was completed with the payment of the first installment of […]
Rosneft Issues Statement On Venezuela
(Rosneft, 10.Sep.2019) — In connection with statements by US special envoy Elliott Abrams, Rosneft reaffirms its position regarding the Company’s operations in Venezuela. Rosneft is an investor in the oil and gas sector of Venezuela and has been such long before the introduction of US sanctions against Venezuela. Accordingly, any […]
Alpek Starts Ops At CogeneraciĂłn de Altamira
(Alpek, 10.Sep.2019) — Alpek, S.A.B. de C.V. says it has met all the legal dispositions required by the ComisiĂłn Federal de Electricidad (CFE) and Centro Nacional de Control de EnergĂa (CENACE), to begin commercial operations at CogeneraciĂłn de Altamira S.A. de C.V., its 350MW electric power cogeneration plant in Altamira, […]
Bolton Exit Shifts Oil Market Outlook
(Bloomberg, Lucia Kassai and David Wethe, 10.Sep.2019) — The firing of U.S. National Security Advisor John Bolton gave oil markets some near-term supply comfort, while analysts were divided on whether the move will lead to a longer term softening in U.S. foreign policy toward Iran and Venezuela. Brent crude oil […]
Live At State With Elliott Abrams
(US Treasury, 10.Sep.2019) — U.S. Special Representative for Venezuela Elliott Abrams discussed issues related to Venezuela during a Live At State from Washington, D.C. MODERATOR: Hello. I’m Vanessa Acker, the Deputy Director of the Brussels Media Hub, and I would like to welcome participants to today’s interactive online press briefing, […]
Moody’s: PEMEX Ratings Close To Boundary
(Moody’s, 9.Sep.2019) — The credit ratings of a substantial number of energy companies in the Americas are currently near the “crossover zone,” or the boundary between investment grade and speculative grade, Moody’s Investors Service says in a new report. Only seven, however, are in the zone, with potential “rising stars” […]
Mexico Boosts Spending In 2020 Budget
(Aljazeera, 9 Sept 2019) — Mexico‘s government cautiously freed up funds for spending in its 2020 budget proposal on Sunday, slightly loosening a primary surplus target as it aimed to balance big welfare promises with the reality of a stagnant economy. President Andres Manuel Lopez Obrador‘s second budget since winning […]
Mexico Budget Assumes 1982 Output Surge
(Bloomberg, Amy Stillman, Nacha Cattan and Eric Martin, 9.Sep.2019) — Mexico’s balanced budget for next year depends in part on its oil company boosting production by about 17%, something that the country hasn’t achieved in almost four decades. Pemex, as the Mexican national oil producer is known, is expected to […]
Building Guyana’s Destiny
(Exxon, 9.Sep.2019) — Finding the next big discovery is only a small part of the story when it comes to energy. Delivering that new energy source to those who need it around the world takes the same amount of engineering innovation as discovering it in the first place. That is […]
Petrobras Starts Binding Phase For RecĂ´ncavo Cluster
(Petrobras, 6.Sep.2019) — Petrobras, following up on the release dated 07/03/2019, reports the beginning of the binding phase to sell all of its stakes in 14 onshore exploration and production concessions, located in the state of BahĂa, jointly called RecĂ´ncavo Cluster. Qualified parties for this phase will receive a process […]