(S&P Global Platts, 12.Aug.2019) — Argentina’s leading opposition coalition, a left-wing populist alliance that ruled the country from 2003-15, swept the national primaries Sunday, putting it in the running to win the October 27 general election and damp investment in the oil and natural gas sector. Frente de Todos, led […]
Category: Latin America and the Caribbean
Tullow Says Jethro-1 Well Finds 55M Of Net Oil Pay Offshore Guyana
(Tullow, 12.Aug.2019) — Tullow Oil plc announces the results of its Jethro-1 exploration well, drilled on the Orinduik licence offshore Guyana by its wholly owned subsidiary Tullow Guyana B.V. The Jethro-1 was drilled by the Stena Forth drillship to a Total Depth of 4,400m metres in approximately 1,350 metres of […]
Jethro-1 Delivers The Goods For Tullow Offshore Guyana
(WoodMac, 12.Aug.2019) — The Jethro-1 well, drilled in the Orinduik block, offshore Guyana, has delivered for Tullow Oil, with chief executive Paul McDade saying the prospect could hold more than 100 million barrels of recoverable oil, subject to appraisal. Commenting on the discovery, Julie Wilson, director, global exploration, at Wood […]
How Trinidad Benefits From Venezuelan Crisis
(Oxford Business Group, 10.Aug.2019) — In June the UN estimated that 4m people had fled Venezuela as a result of the crisis. Of these, some 40,000 have arrived in T&T. Although this is far lower than the 1.3m who have gone to Colombia, migrants now make up 2.86 percent of […]
Petrobras Signs COMPERJ Licensing Agreement
(Petrobras, 9.Aug.2019) — Petrobras informs signed a Conduct Adjustment Agreement in the amount of R$ 814.5 million with the State of Rio de Janeiro, the Public Prosecution Office of Rio de Janeiro and the State Institute of Environment, to terminate a public civil action related to the environmental licensing of […]
Petrobras Inks Deal For Sale Of Potiguar Basin Fields
(Petrobras, 9.Aug.2019) — Petrobras reports that today it signed with SPE 3R Petroleum S.A., a wholly owned subsidiary of 3R Petroleum e Participações S.A., a contract for the sale of its entire working interest in a set of onshore and maritime producing fields in the Potiguar Basin, denominated Macau Cluster, […]
Petrobras Delists Shares From Argentine Exchange
(Petrobras, 9.Aug.2019) — Petrobras announces that its General Shareholders’ Meeting approved today the delisting of its common and preferred shares from Bolsas y Mercados Argentinos (BYMA) and the withdrawal from public trading in Argentina. The withdrawal from public trading still depends on the approval of the Argentine capital markets regulator. […]
Petrobras Inks Deal To Divest Interest In Belem Bioenergia Brasil
(Petrobras, 8.Aug.2019) — Petrobras reports that its subsidiary Petrobras Biocombustíveis S.A. (PBIO) signed today a contract to sell its 50% stake in Belem Bioenergia Brasil (BBB) to Galp Bioenergy B.V., which holds the other 50% stake in the company. BBB was established in 2011 by Petrobras and Galp for the […]
BHP To Invest $283mn In Trinidad Project
(Reuters, 7.Aug.2019) — Global miner BHP Group said it has approved an investment of $283 million to fund the development of an oil and gas project in Trinidad and Tobago. Total investment in the Ruby Project, in which BHP holds a 68.5% stake, is about $500 million, the miner said […]
BHP To Invest $283mn In Trinidad Project
(Reuters, 7.Aug.2019) — Global miner BHP Group said on Thursday it has approved an investment of $283 million to fund the development of an oil and gas project in Trinidad and Tobago. Total investment in the Ruby Project, in which BHP holds a 68.5% stake, is about $500 million, the […]
Brazil Market Reform Unlocks Investments
(WoodMac, 6.Aug.2019) — Brazil’s natural gas market reforms have taken a major step forward, with plans in place which are set to open up opportunities across the gas value chain, and boost investment in the country’s pre-salt. Last month, the National Council for Energy Policy (CNPE) unveiled its roadmap for […]
Codelco Sells 37% Stake In Natgas Plant For $193.5mn
(Reuters, 6.Aug.2019) — Chile’s Codelco, the world’s No. 1 copper producer, said on Tuesday it sold its stake in the GNL Mejillones natural gas plant in the northern part of the country for $193.5 million. State-controlled Codelco issued a statement saying it would transfer the 37% it held in the […]
U.S. Expands Sanctions Against Venezuela
(WSJ, Vivian Salama, 6.Aug.2019) — The Trump administration imposed a total economic embargo against the government of Venezuela, a significant escalation of pressure against the regime of President Nicolás Maduro and countries including Russia and China that continue to support him, a senior administration official said. President Trump late Monday […]
Trump Imposes New Curbs In Bid To Pressure Maduro
(Bloomberg, 6.Aug.2019) — President Donald Trump imposed further sanctions on Venezuela, freezing the government’s assets in the U.S. and adding immigration restrictions in a move aimed at stepping up pressure on the regime of Nicolas Maduro. Property belonging to the Venezuelan government “may not be transferred, paid, exported, withdrawn, or […]
US Escalates Venezuela Sanctions
(Platts, 6.Aug.2019) — The US escalated sanctions against Venezuela late Monday and may use the executive order to target crude flows to China and India, analysts said Tuesday. Highlights Analysts see latest order acting as secondary oil sanctions Platts Analytics forecasts Venezuela output falling to 750,000 b/d President Donald Trump […]
Pre-salt E&P May See Spending Boost
(WoodMac, 6.Aug.2019) — Brazil’s natural gas market reforms have taken a major step forward, with plans in place which are set to open up opportunities across the gas value chain, and boost investment in the country’s pre-salt. Last month, the National Council for Energy Policy (CNPE) unveiled its roadmap for […]
Canadian Solar Energizes Solar Plant In Argentina
(Canadian Solar, 5.Aug.2019) — Canadian Solar Inc. announced its 100.1 MWp Cafayate solar power project in Argentina started commercial operation on July 19, 2019. It is now the largest operational solar power plant in the country. Located in the Province of Salta, the solar project is powered by over 289,000 […]
IEnova Suspends CFE Deal Related To El Oro Pipeline
(IEnova, 5.Aug.2019) — Infraestructura Energética Nova, S.A.B. de C.V., (IEnova), reports that, within the framework of the Negotiation Rounds convened by the Federal Government related to the Natural Gas Pipeline Transportation Services Agreements entered into by the Federal Electricity Commission (“CFE”) and some private companies, it executed a Term Suspension […]
Petrobras Starts Phase To Sale Espírito Santo Assets
(Petrobras, 5.Aug.2019) — Petrobras, following up on the release dated 07/05/2019, informs the beginning of the binding phase related to the sale of all its stakes in the Peroá and Cangoá production fields and in the concession BM-ES-21 (Malombe discovery appraisal plan), located in the Espírito Santo Basin. Qualified parties […]
Qatar Petroleum In Guyana Exploration Deal
(Trade Arabia, 5.Aug.2019) — Qatar Petroleum has entered into an agreement with French oil major Total for a share of exploration and production rights in two blocks offshore Guyana in Latin America. Under the agreement, Qatar Petroleum will hold 40 per cent of Total’s existing 25 per cent participating interest […]
Brazil To Reduce Natgas Imports From Bolivia
(Merco Press, 5.Aug.2019) — The Brazilian oil company Petrobras has announced that in the coming months it will reduce its imports of Bolivian natural gas, which it still considers to be essential nonetheless. “We are negotiating a new contract with Bolivia to reduce imports,” said Petrobras CEO Roberto Castello Branco, […]
The ‘Citgo 6’ Remain Imprisoned In Venezuela
(Oilprice.com, Tsvetana Paraskova, 5.Aug.2019) — Six U.S. executives at Citgo, the U.S. subsidiary of Venezuela’s state-held oil firm PDVSA, were detained by Nicolas Maduro’s regime in Venezuela in November 2017 and the ‘Citgo 6’—as the men have become known—are still in jail nearly two years after their detention, while their […]
Petrobras Approves Revision Of LPG Pricing Policy
(Petrobras, 5.Aug.2019) — Petrobras reports that its Executive Board has approved revision of its LPG pricing policy for residential use, sold for bottling in cylinders of up to 13 kg, including smaller capacity cylinders, such as 5 kg and 8 kg, which meet the demand for lower volumes. Prices charged […]
Trump Freezes All Venezuelan Govt Assets
(Reuters, Matt Spetalnick and Roberta Rampton, 5.Aug.2019) — U.S. President Donald Trump imposed a freeze on all Venezuelan government assets in the United States on Monday, sharply escalating an economic and diplomatic pressure campaign aimed at removing socialist President Nicolas Maduro from power. The executive order signed by Trump goes […]
Guaido Govt Authorized To Pick Citgo BODs, Court Says
(Energy Analytics Institute, Piero Stewart, 5.Aug.2019) — Court says National Assembly leader Juan Guaido authorized to appoint the directors of Houston-based refiner Citgo Petroleum, company spokesperson says. “Today’s decision is an important victory for Citgo. The Court’s affirmation of the Guaido Government’s authority to appoint the directors of Citgo, through […]
Brazil Sees Oil Output Shrink Over Three Months
(The Rio Times, Richard Mann, 3.Aug.2019) — Oil production in the country dropped 6.4 percent from May to June after rising in the first months of the current year. According to data from the National Oil, Natural Gas, and Biofuels Agency (ANP), 2.557 million barrels of oil were produced in […]
Citgo Petroleum Hails Legal Victory
(Citgo, 2.Aug.2019) — A Delaware court affirmed the authority of the Guaido Government to make appointments to the Citgo Petroleum Corporation Board of Directors (in Jiménez et al. v. Palacios et al.). Citgo responded that this decision is an important victory. The Court’s affirmation of the Guaido government’s authority to appoint […]
Petrobras Gets R$1.275bn Advance From Eletrobras
(Petrobras, 2.Aug.2019) — Petrobras informs that today Centrais Elétricas Brasileiras S.A. – Eletrobras settled in advance R$ 1.275 billion of the outstanding balance of the Debt Assumption Agreement signed on December 3, 2018. With this payment, the remaining outstanding balance of all Debt Assumption Agreements that Petrobras holds against Eletrobras […]
Frontera Reports Approval For Guyana Resequencing
(Frontera, 2.Aug.2019) — Frontera Energy Corporation said a resequencing of CGX Energy Inc.’s work programme in the Corentyne block, offshore Guyana, held by its wholly owned subsidiary, CGX Resources Inc., has been approved by means of an addendum to its Corentyne Petroleum Agreement by the Government of the Cooperative Republic […]
LatAmNRG Briefs and Heard On the Street: Guyana, Venezuela, Chile, Peru
(Energy Analytics Institute, Jared Yamin and Piero Stewart, 2.Aug.2019) — LatAmNRG briefs and heard on the street related to Sempra Energy’s divestments in South America, Tullow Oil plc’s three well exploration campaign in Guyana, and workers continue to quit work at PDVSA in Punto Fijo due to low salaries and […]
Petrobras Reports Production Boost
(Reuters, Gram Slattery and Marta Nogueira, 2.Aug.2019) — Brazilian state-run oil company Petroleo Brasileiro SA, or Petrobras, posted a long-awaited production boost in July after a disappointing June, as it ramped up production in the promising offshore “pre-salt” region. In a presentation to discuss quarterly results, Petrobras said it produced […]
Mexican Lawsuit Risks Permian Route To Market
(Petroleum Economist, Charles Waine, 2.Aug.2019) — Mexico’s Comisión Federal de Electridad (CFE), the state-owned electricity utility, has started legal proceedings against seven natural gas pipelines. The move intensifies fears about both the anti-business agenda of the country’s president Andres López Obrador and further delays to a much-needed release valve for […]
Citgo Holding, Inc. Refinances $1.87bn Debt
(Citgo, 1.Aug.2019) — CITGO Holding, Inc., parent company of CITGO Petroleum Corporation (CPC), confirmed it has completed its previously announced refinancing transactions to redeem and pay-off $1.870 billion of its senior secured notes due in 2020. The transactions include a private offering of $1.370 billion aggregate principal amount of senior […]
Frontera Energy Announces Strong 2Q:19 Results
(Frontera, 1.Aug.2019) — Frontera Energy Corporation announces release of its Interim Condensed Consolidated Financial Statements for the second quarter of 2019, together with its Management, Discussion and Analysis (“MD&A”). These documents will be posted on the Company’s website at www.fronteraenergy.ca and SEDAR at www.sedar.com. All values in this news release […]
Frontera Announces 2Q:19 Conference Call Details
(Frontera, 1.Aug.2019) — Frontera Energy Corporation announces a conference call for investors and analysts will be held on Friday, August 2, 2019 at 8:00 a.m. (MDT), 9:00 a.m. (GMT-5) and 10:00 a.m. (EDT). Participants will include Gabriel de Alba, Chairman of the Board of Directors, Richard Herbert, Chief Executive Officer, […]
Venezuela Oil Exports Slid 17.5% In July-Data
(Reuters, Marianna Parraga, 1.Aug.2019) — Venezuela’s oil exports fell 17.5% in July to their second-lowest level since Washington imposed sanctions on the nation as state-run PDVSA finds fewer customers to take its oil, according to internal data from the company and Refinitiv Eikon. PDVSA and its partners exported a total […]
Petrobras Approves Pmt Of Shareholder Remuneration
(Petrobras, 1.Aug.2019) — Petrobras informs that its Board of Directors, at a meeting held today, approved the distribution of anticipated remuneration to shareholders as interest on equity, in the total gross amount of R$ 2,608,840,252.20, corresponding to R$ 0.20 per outstanding common and preferred share. The payment will be made […]
Russian Fuel Flowing Miles To Venezuela
(Bloomberg, 1.Aug.2019) — Russian oil products are making their way to sanction-stained Venezuela, affording a reprieve for the Latin American nation as it battles persistent fuel shortages. Venezuela received at least 616,000 barrels of gasoline and 500,000 of vacuum gas oil, a feedstock used to produce gasoline, in June and […]
From Energy To Movies, TT Bids To expand Investment
(T&T Newsday, Clint Chan Tack, 1.Aug.2019) — Space may be the final frontier. But for TT, Africa is “the new frontier,” as this country seeks to diversify its economy and find new trade opportunities. Public Utilities Minister Robert Le Hunte, should know, since before his appointment two years ago to […]
Frontera Announces Regular And Special Dividends
(Frontera, 1.Aug.2019) — Frontera Energy Corporation announces that its board of directors has declared a regular dividend of C$0.205 per common share and a special dividend of C$0.535. The special dividend will be paid on or about August 23, 2019 to shareholders of record at the close of business on […]
The U.S.’ Plan To Rebuild Venezuela After Maduro
(WSJ, Paulo Trevisani, 1.Aug.2019) — U.S. Commerce Secretary Wilbur Ross laid out a plan including credit and investment to help rebuild Venezuela’s economy under democratic rule, as Washington continues to push for new leadership in the struggling nation. The American plan is contingent on the removal of Venezuela’s authoritarian leader, […]
Arroyo And Natixis Close PMGD Financing Of Solar PV Projects In Chile
(Arco, 31.Jul.2019) — ARCO 3 SpA and Natixis have successfully closed senior facilities totaling US$69.1 million for the up-to-70MW portfolio of solar PV plants in Chile (the “ARCO Solar PMGD Portfolio”). ARCO is wholly-owned by affiliates of Arroyo Energy Investors, an investor in energy projects throughout the Americas. This marks […]
Ecopetrol Call To Discuss Oxy Midland Basin Deal
(Ecopetrol, 31.Jul.2019) — Ecopetrol S.A. announces that on August 1st, Ecopetrol’s senior management will host two conference calls to review the joint venture with Occidental Petroleum Corporation to develop Occidental’s Midland Basin properties in the Permian Basin. Please find below the timing, dial-in and links to access the conferences: Spanish […]
Ecopetrol and Occidental Form Strategic Midland JV
(Ecopetrol, 31.Jul.2019) — Ecopetrol S.A. announced formation of a joint venture with Occidental Petroleum Corporation to develop 97,000 net acres of Occidental’s Midland Basin properties in the Permian Basin. The JV enables Ecopetrol to book ~160 MMboe of proved undeveloped reserves at transaction closing and provides access to one of […]
Enel Signs With Angloamerican In Chile
(Enel, 30.Jul.2019) — Enel, through its Chilean subsidiary Enel Generación Chile, and global mining company AngloAmerican signed an agreement whereby Enel’s Chilean subsidiary will supply up to 3 TWh of renewable energy per year to AngloAmerican over a 10-year period, meeting the needs of the mining company’s operations in the […]
Venezuelan Exiles Honing Day-After Action Plan
(Argus, 30.Jul.2019) — Venezuela´s fledgling opposition government is putting the final touches on a strategic package of economic measures designed to allow time for a future administration to adopt sweeping structural reforms. The emergency measures, contained in an omnibus legislative bill now before the exile government´s special attorney general and […]
Moody’s Confirms Ecopetrol Investment Grade Rating
(Ecopetrol, 30.Jul.2019) — Ecopetrol S.A. announces that the rating agency Moody’s has kept the Company’s long-term international rating at Baa3, with stable outlook. In its report, Moody’s highlighted the Company’s strength as a leading firm in Colombia, its operating performance and capital efficiency, as well as the stable cash generation […]
Guyana Find Progresses Amid Political Tensions
(Forbes, David Blackmon, 29.Jul.2019) — Nothing is ever easy or simple in the world of international offshore oil and gas development. That axiom is proving to be true for the most prolific offshore oil discovery in recent years off the coast of the tiny South American nation of Guyana. Political […]
Qatar Petroleum Enters Blocks In Guyana
(Qatar Petroleum, 29.Jul.2019) — Qatar Petroleum has entered into an agreement with Total for a share of exploration and production rights in two blocks offshore Guyana in Latin America. Under the agreement, which is subject to customary regulatory approvals by the government of Guyana, Qatar Petroleum will hold 40% of […]
Argentina Gas Output At Highest Point In 11 years
(Energy Analytics Institute, Aaron Simonsky, 29.Jul.2019) — Production of crude oil and natural gas in Argentina continues to rise, aided by growth in unconventional volumes from the Vaca Muerta formation. Highlights: — Gas production in June 2019 rose 5.8% compared to June 2018; reaches highest point since September 2008 — […]