(Petrobras, 5.Jul.2019) — Petrobras started the opportunity disclosure stage (teaser), related to the sale of its entire working interest in Peroá and Cangoá production fields and in the concession BM-ES-21 (Malombe discovery appraisal plan), located in the Espírito anto Basin, including the shared outflow and production offshore facilities and the […]
Category: Latin America and the Caribbean
Petrobras Informs Of Capital Interest Payment
(Petrobras, 5.Jul.2019) — Petrobras informs that in connection to the press released of May 7th, 2019 that it 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$ 1,304,420,126.10, corresponds to a gross amount of […]
Trafigura Pte. To Export 340,000 Barrels Of VGO
(Energy Analytics Institute, Piero Stewart, 4.Jul.2019) — Trafigura Pte. Ltd. was awarded a deal by EP Petroecuador for the export of 340,000 barrels ± 3% of Vacuum Gas Oil (VGO). The deal will be completed with two shipments comprised of 170,000 bbls ± each, EP PetroEcuador announced 4 July in […]
The National Gas Company Key To Gas Value Chain
(T&T Newsday, Clint Chan Tack, 4.Jul.2019) — The National Gas Company (NGC) needs to remain a key part of this country’s natural gas value chain, but it may have to be more flexible in terms of how it deals with its customers – and the Government will also have to […]
Dozens Arrested For Murder, Extortion Of Petrobras Contractors
(Reuters, Gram Slattery and Rodrigo Viga Gaier, 4.Jul.2019) — Police in Rio de Janeiro arrested more than 40 people on Thursday for their alleged roles in a murderous gang that extorted companies working for state-run oil company Petrobras and established a secret cemetery to dispose of rivals. The arrests highlight […]
Guyana To Boost Royalties On Future Oil Licenses
(Reuters, 3.Jul.2019) — Guyana is preparing to raise the take of the government in future oil licences, the director of the South American country’s Department of Energy said on Wednesday. U.S. energy giant Exxon, French group Total and Britain’s Tullow Oil are drilling wells offshore Guyana, where Exxon has discovered […]
Frontera Announces 2Q:19 Peru And Colombia Update
(Frontera, 3.Jul.2019) — Frontera Energy announces a second quarter 2019 operational update. All values in this news release and the Company’s financial disclosures are in United States dollars, unless otherwise noted. Second Quarter Production and Average Oil Prices Frontera delivered estimated second quarter 2019 production of 74,285 boe/d, representing quarterly […]
Constellation Announces Updates Regarding RJ Plan
(Constellation, 2.Jul.2019) — Constellation Oil Services Holding S.A., filed an amended plan (the “Plan”) in its recuperação judicial (“RJ”) proceeding in Brazil on July 1, 2019. The Plan was approved by approximately 90% of its creditors in amount at the general meeting of creditors (the Assembleia Geral de Credores or […]
EPM Commences Tender Offer 8.375% Notes Due 2021
(EPM, 2.Jul.2019) — Empresas Públicas de Medellín E.S.P. (EPM) its offer to purchase for cash any and all of its outstanding 8.375% Notes due 2021 (CUSIP No.: 29246B AB4 (144A) / P9379R AB3 (Reg S) / ISIN No.: US29246BAB45 (144A) / USP9379RAB35 (Reg S)) (the “Notes”), from beneficial owners thereof […]
Shale Helps Argentina Hit Oil, Natgas Output Record
(Reuters, 2.Jul.2019) — Argentine oil and natural gas output hit a record high in May thanks to increased production from the country’s sprawling Vaca Muerta shale formation, the government said on Wednesday. National gas production increased 7.6% in May compared with the same month last year, while oil production grew […]
Total Eclipse Wipes Out Half Of Chile’s Solar Power
(Bloomberg, Laura Millan Lombrana, 2.Jul.2019) — The total eclipse that plunged South America into darkness for a short while on Tuesday also knocked out about half of Chile’s solar power. Chilean solar farms, which can altogether produce about 2 gigawatts of electricity, saw their output slide by 1.2 gigawatts, according […]
Eni Starts Production Offshore Mexico At Area 1
(Eni, 2.Jul.2019) — Eni has started the early production phase from the Miztón field in Area 1, located in the Campeche Bay offshore Mexico. This is the first step in the development of Area 1, estimated to hold 2.1 billion of oil equivalent in place (90% oil) in the Amoca, […]
Venezuela To Blend Oil To Keep Exports Afloat: OilMin
(Reuters, 2.Jul.2019) — Venezuela will stick to its plan of blending domestic and foreign crude to maintain and even increase oil production and exports in the face of sanctions prohibiting U.S. companies from buying the country’s oil, oil minister Manuel Quevedo said on Tuesday. State-run oil company PDVSA in June […]
Chevron Seeks Relief From Trump’s Venezuela Oil Sanctions
(Bloomberg, Fabiola Zerpa, Peter Millard and Kevin Crowley, 2.Jul.2019) — Chevron Corp. is lobbying the U.S. for sanctions relief so it can continue doing business in oil-rich Venezuela where President Donald Trump has been pushing for regime change. Chevron executives have been telling local staff that the company expects waivers […]
Former Petrobras CEO Appointed Nubank Member
(Reuters, 1.Jul.2019) — Brazilian financial startup Nubank has appointed former Petroleo Brasileiro SA’s Chief Executive Ivan Monteiro as a member of its risk committee and finance consultant, it said on Monday in a statement. Monteiro’s hiring comes at a time that Nubank is broadening its product offering beyond credit cards […]
Petrobras To Divest Refinery Assets To Trim Leverage
(Zacks, 1.Jul.2019) — In a bid to forge ahead with divestment goals, Petrobras has commenced the process of offloading four refineries namely Rnest, Rian, Repar and Refap. The move is part of a broader plan of the Brazilian oil giant to jettison eight of its refineries that constitute 50% of […]
Moody’s Assigns B2 Rating To Pampa Energia’s Notes
(Moody’s, 1.Jul.2019) — Moody’s Investors Service assigned a B2 rating to Pampa Energía S.A.’s proposed senior unsecured notes. The outlook is stable. Net proceeds from the proposed issuance will be used for liability management, capital spending, working capital and/or make capital contributions to certain subsidiaries or affiliates. The rating of […]
Building LNG-powered Ships Along U.S./Mexico Border
(Chron.com, Sergio Chapa, 1.Jul.2019) — Keppel AmFELS has built offshore drilling rigs and platforms here for decades. But the last few years have not been particulary kind to the offshore energy companies, which in the face of low oil prices and competition from shale, has delayed, canceled and scaled back […]
Bolivian Economy Stable But Storm Clouds Loom
(AP, Carlos Valdez, 1.Jul.2019) — Abraham Rodríguez’s small shoe store grew into a factory that employed more than a dozen workers during an economic boom in Bolivia when prices for the gas and minerals it produces soared. Today, he can only employ one worker. He says the tax-free import of […]
Petrobras Commences Cash Tender Offers
(Petrobras, 1.Jul.2019) — Petrobras announces that its wholly-owned subsidiary, Petrobras Global Finance B.V. (“PGF”), has commenced cash tender offers to repurchase certain of its outstanding U.S.Dollar-, Euro-and Pound Sterling-denominated notes (the “Tender Offers”). Tender Offers PGF has commenced offers to purchase for cash: (1) any and all of its outstanding […]
LatAm Briefs Bolivia: Govt Income, Mangnetoteluric Study
(Energy Analytics Institute, Ian Silverman, 1.Jul.2019) — LatAmNRG briefs related to Bolivia and government receiving 67.4% of all hydrocarbon revenues during 2006-2018, the country eying natural gas reserves reaching 15 trillion cubic feet by 2025, and state oil and gas entity YPFB commencing a mangnetoteluric study in Cochabamba. Bolivia Received […]
Pemex To Invest Combined $283 Million In Uchbal Field
(Energy Analytics Institute, Jared Yamin, 29.Jun.2019) — Mexico’s state oil company Petróleos Mexicanos (Pemex) plans to invest $266 million in development activities related at the Uchbal field, corresponding to its allocation AE-0006-5M-Amoca Yaxché-04, and according to the exploration and production plan approved by Mexico’s National Hydrocarbons Commission (CNH by its […]
Pemex Refinances $8 Billion In Debt
(Energy Analytics Institute, Jared Yamin, 28.Jun.2019) — Mexico’s state oil and gas entity Pemex announced refinancing of $8 billion in debt with support of 23 national and international banking institutions, the company announced in an official statement. The agreement allows Pemex to refinance up to $2.5 billion in debt and […]
Pemex BODs Approves Merger Of PEP-PPS And TRI-Pemex Etileno
(Energy Analytics Institute, Jared Yamin, 28.Jun.2019) — The Board of Directors of Petróleos Mexicanos (Pemex) unanimously approved, at the proposal of the General Director, Octavio Romero Oropeza, the merger of subsidiary production companies: Pemex Exploration and Production (PEP) with PPS and Pemex Industrial Transformation (TRI) with Pemex Etileno. In Extraordinary […]
Petrobras’ Teasers For Downstream Assets In Brazil
(Petrobras, 28.Jun.2019) — Petrobras, following up on the release issued on April 26, 2019, announces the beginning of the opportunity disclosure stage (teaser) related to the sale of refining and associated logistics assets in Brazil. The divestments account for about 50% of the national refining capacity, with a total of […]
Venezuela Reshifts Oil Output
(Reuters, Marianna Parraga and Luc Cohen, 28.Jun.2019) — Venezuelan state oil firm PDVSA is revamping one of its major processing operations geared to supplying U.S. buyers to produce instead a crude grade favored by Asian refiners, according to internal documents seen by Reuters. Sweeping U.S. sanctions on the government of […]
Glencore To Import 1,890,000 Barrels Of Cutter Stock
(Energy Analytics Institute, Piero Stewart, 27.Jun.2019) — EP Petroecuador awarded Glencore Ltda. a deal to import 1,890,000 barrels ± 2% of cutter stock, a diluent used in the preparation of fuel oil. Glencore offered the cutter stock diluent with a $3.32 per barrel differential, EP PetroEcuador announced 27 June in […]
Colombia’s Iván Duque On Climate Change, Venezuela
(NBC, Claire Atkinson, 27.Jun.2019) — Advertising can help combat climate change, says Colombia’s president, Iván Duque, who recently spoke at the Cannes Lions International Festival of Creativity about the significance of the orange economy — as the cultural and creative industries are known. In a brief conversation with NBCNews.com, Duque […]
Enel Américas Launches Preemptive Rights Offerings
(Enel, 27.Jun.2019) — ENEL AMÉRICAS S.A. announced the launch of the preemptive rights offering in connection with the capital increase approved by the company’s shareholders on April 30, 2019. Pursuant to the capital increase, the company is authorized to issue 18,729,788,686 new shares, which are subject to the preemptive rights […]
GeoPark Expands In the Llanos Basin In Colombia
(GeoPark, 27.Jun.2019) — GeoPark Limited announced the expansion of its portfolio in Colombia following the successful Agencia Nacional de Hidrocarburos (ANH) bid round in June 2019. GeoPark was awarded the Llanos 86, Llanos 87 and Llanos 104 blocks in partnership with Hocol (a 100% subsidiary of Ecopetrol) and a right […]
Techint To Build Headquarters In Neuquén
(Energy Analytics Institute, Aaron Simonsky, 27.Jun.2019) — Techint Group’s Argentine affiliate Tecpetrol plans to inaugurate a new office in Neuquén by April 2020. “We hope to inaugurate the building next year, and probably sometime during the first four months of the year,” reported online media Río Negro, citing Tecpetrol CEO […]
Premier Makes Significant Resource Upgrade At Zama
(Premier, 27.Jun.2019) — Premier has significantly increased its resource estimate of the Zama field offshore Mexico, following its evaluation of the data acquired from the highly successful Talos Energy-operated Block 7 Zama appraisal campaign. The campaign comprised two appraisal wells (Zama-2 and Zama-3) and a vertical side-track (Zama-ST1) which was […]
Brazil Bets Storing Oil Will Boost China Sales
(Bloomberg, 27.Jun.2019) — Brazil is making it easier for China’s teapots to buy Lula crude as it seeks to win more market share in the world’s biggest oil importer. State-controlled Petroleo Brasileiro SA has rented offshore tanks in Qingdao in the eastern province of Shandong and delivered the first oil […]
NASA To Livestream South America Total Solar Eclipse
(NASA, 27.Jun.2019) — NASA has partnered with the Exploratorium in San Francisco to bring live views to people across the world of a total solar eclipse, occurring Tuesday, July 2, over South America. The eclipse will only be visible directly to observers within the path of totality, which stretches across […]
Talos Energy Completes Zama Appraisal Program
(Talos, 26.Jun.2019) — Talos Energy Inc. provided an update on the Zama appraisal program in Block 7, located in the offshore portion of Mexico’s prolific Sureste Basin. Talos is the operator of Block 7 in a consortium (the “Consortium”) with its partners Sierra Oil & Gas, a Wintershall DEA company, […]
Court To Decide Fight For Control Of US Refiner Citgo
(Reuters, 26.Jun.2019) — A U.S. court will decide whether a board of directors appointed by Venezuelan President Nicolas Maduro or one backed by his rival, opposition leader Juan Guaido, runs the eighth-largest U.S. refiner, Citgo Petroleum Corp. A lawsuit filed by Maduro’s representatives on Tuesday in Delaware Chancery Court seeks […]
ANH Colombia Says 10 Oil Blocks Have Been Allocated
(ANH Colombia, 26.Jun.2019) — At the end of the Counteroffer Hearing of the first auction of the PPAA, held today, the National Hydrocarbons Agency (ANH) confirmed the allocation of 10 blocks, out of the 11 that were in dispute, and received a counteroffer from Frontera Energy Colombia Ltd. for the […]
Petrobras Prices 2nd Caixa Econômica Federal Offering
(Petrobras, 26.Jun.2019) — Petrobras announced that on June 25, 2019, it priced the global offering by Caixa Econômica Federal (the “Selling Shareholder”)of 241,340,371 common shares, without par value,of Petrobras (“Common Shares”), including 69,302,000Common Shares in the form of American Depositary Shares (“Common ADSs”). The global offering consists of (i) and […]
Petrobras Starts Non-Binding Phase For Sale Of Breitener Energética S.A.
(Petrobras, 26.Jun.2019) — Petrobras, following up on the release disclosed on 06/11/2019, announces the beginning of the non-binding phase for the sale of 93.7% of its interest in Breitener Energética S.A., located in the state of Amazonas. The potential investors qualified for this phase will receive instructions on the divestment […]
Mexico Moves To Ramp Up Oil Production
(Oilprice.com, Haley Zaremba, 26.Jun.2019) — It’s been a rough couple of years–make that decades–for Mexico’s state-owned oil company Petroleos Mexicanos. The country’s oil production rates have been in freefall for the last 15 years, and the struggling organization has subsequently become one of the most indebted oil companies in the […]
Colombia Grants Contracts For 10 Blocks, One Pending
(Reuters, 26.Jun.2019) — Colombia accepted bids from six companies for 10 oil contracts on Wednesday, after just one block received a counter-offer during a bidding process meant to revitalize its long-stagnant oil sector. Hocol SA, Parex Resources Inc, Ecopetrol SA , Gran Tierra Energy Inc, Frontera Energy Corp and a […]
Tullow Eyes Two Guyana Exploration Wells In 2H:19
(Tullow, 26.Jun.2019) — In Guyana, Tullow plans to drill two consecutive exploration wells in the second half of 2019 on the Orinduik licence with the Stena Forth drillship which is currently in transit from Ghana. The first well will target the Lower Tertiary Jethro prospect and drilling is expected to […]
ENRE Fines Edesur $278.2mn Related To Electrical Safety
(Energy Analytics Institute, Aaron Simonsky, 25.Jun.2019) — Argentina’s regulator of electric services or ENRE fined Edesur $278.2 million for “anomalies” related to electrical safety along public highways. ENRE ordered the sanction for reported defaults that were verified between July and September of 2017, reported online media Clarín. During that period, […]
Panama May Soon Lose MGO price Advantage
(Argus, 24.Jun.2019) — The global marine fuel regulation could diminish the price advantage for marine gasoil (MGO) that Panama enjoys over other Latin American countries. That is because the International Maritime Organization’s (IMO) 2020 rules will drive up demand for 0.1pc sulphur maximum diesel Panama now gets from the US. […]
TPHL Announces Expiration And Final Results
(TPHL, 25.Jun.2019) — Trinidad Petroleum Holdings Limited (TPHL) today announced the expiration and final results of its previously announced offers to exchange any and all of its outstanding notes, originally issued by Petroleum Company of Trinidad and Tobago Limited (“Petrotrin”), for newly issued debt securities of TPHL (the “Exchange Offers”), […]
Pemex To Supply 240 MMcf/d To Yucatan Peninsula
(Energy Analytics Institute, Jared Yamin, 25.Jun.2019) — Mexico’s state oil and gas entity Pemex will supply the Yucatan Peninsula with 240 million cubic feet (MMcf/d) of natural gas starting 15 July, according to a statement by Mexico’s Energy Secretariat and the National Center for Natural Gas Control, reported online media […]
Petrobras’ Divestment Of Enchova And Pampo Clusters
(Petrobras, 25.Jun.2019) — Petrobras, following up on the release dated June 13, 2019, informs that it will hold a new round of final offers for the sale of Enchova and Pampo clusters, a set of producing fields located in the Campos Basin. This new round aims to clarify some rules […]
Mexico’s CNH Approves BP’s Offshore Drilling Plan
(Reuters, Rebekah Ward, 25.Jun.2019) — Mexico’s oil regulator on Tuesday approved a $97 million plan for drilling in an offshore area operated by British supermajor BP in the southern Gulf of Mexico. The four-year exploration plan approved by the national hydrocarbons commission (CNH) covers a 700,000 square kilometer shallow water […]
Mexico Open Season: GMEC’s Monroy And Baker Institute’s Duhalt Weigh In
(Energy Analytics Institute, Aaron Simonsky and Jared Yamin, 25.Jun.2019) — As part of Energy Analytics Institute’s ongoing coverage of the Latin America and Caribbean energy sectors from conventionals and unconventionals to renewables, two oil and gas experts covering Mexico – GMEC’s Director Gonzalo Monroy and Baker Institute’s Fellow Adrian Duhalt […]
U.S. Judge Sets Audience For 11 July 2019
(Energy Analytics Institute, Aaron Simonsky, 25.Jun.2019) — Lawyers defending Argentina and Burford Capital faced off in the court of Judge Loretta Preska in the first official trail appointment related to the nationalization of YPF since the Supreme Court declined Argentina’s request seeking to annul the suit in the U.S. Supreme […]