(San Diego Union Tribune, Rob Nikolewski, 9.Jul.2018) â Continuing its aggressive corporate strategy, IEnova â the Mexican subsidiary of San Diego-based Sempra Energy â added another asset to its energy portfolio Monday by announcing it will spend $150 million to build and operate a liquid fuels marine terminal in the […]
Category: Latin America and the Caribbean
No Oil, No Army: Costa Rica First Nation To Eliminate Fossil Fuels
(Sputnik News, 8.July.2018) â Costa Rica will become the first nation in the world to completely eliminate fossil fuels. In May, the country’s new president, 38-year-old former journalist Carlos Alvarado announced the plan to ban fossil fuels during his inauguration speech. âDecarbonization is the great task of our generation and […]
ExxonMobil says Not Funding Political Party in Guyana
(Stabroek News, Marcelle Thomas, 8.Jul.2018) â Facing questions from a parliamentary committee, ExxonMobil yesterday denied that it was funding any political party or political initiatives in Guyana. A meeting between the Parliamentary Sectoral Committee on Natural Resources and the US oil giant became testy when allegations of possible funding of […]
Quevedo Prays for Higher Venezuelan Output
(Energy Analytics Institute, Piero Stewart, 8.Jul.2018) â Venezuelaâs Oil Minister General Manuel Quevedo prayed to God in search of divine assistance to boost Venezuelaâs oil production. The prayer was made by Quevedo during his participation in a special mass held at the headquarters of PDVSA and Venezuelaâs Oil Ministry in […]
Could Guyanaâs Oil Fortunes Curse Country?
(Energy Analytics Institute, Pietro D. Pitts, 8.Jul.2018) â Recent success in Guyanaâs oil sector could be a wolf in sheepâs clothing. Guyana doesnât yet produce oil but in coming years its oil output is expected to surpass that of Peru and Trinidad and Tobago and could approach that of Ecuador, […]
Ecopetrol to Operate Dina Gas Plant
(Energy Analytics Institute, Piero Stewart, 8.Jul.2018) â The gas plant has treatment capacity of 10 million cubic feet per day (MMcf/d) of natural gas. Ecopetrol initiated direct operation of Dina gas treatment plant (PTGD by its Spanish acronym), located in Huila, which since April 2010 has been operated by Masa […]
Chile to Export Gas to Argentina
(Energy Analytics Institute, Ian Silverman, 8.Jul.2018) â Chile signed an agreement to export natural gas to Argentina over the next three years. The agreement allows Chile to export a maximum 3 million cubic meters per day (MMcm/d) of natural gas to Argentina during the austral winter, state oil company ENAP […]
Melbana Says UK Investors Eyeing Cuba
(Melbana Energy Limited, 2.Jul.2018) â Melbana Energy Limited announced a potential dual listing on the UKâs Alternative Investment Market (AIM) is being actively considered, as it is clear there is strong UK investor interest in Cuba as an investment destination. The company is considering any number of corporate business development […]
ET Energy Launches 31.6 MWp Projects in Chile
(Energy Analytics Institute, Ian Silverman, 7.Jul.2018) â ET Energy commenced construction of two solar projects in Chile. âFor us, the development and construction of these two projects demonstrate again our ability to develop and deliver high quality, investment grade solar assets in Latin America. With our global expertise in project […]
Echo Announces Mobilization of Well Testing
(Echo Energy plc, 6.Jul.2018) â Echo Energy plc announces mobilisation of the Quintana 01 testing / completion rig to the FracciĂłn C, FracciĂłn D and LLC assets (onshore Argentina and operated by CompanÌia General de Combustibles S.A. (CGC) in joint venture with Echo) is scheduled to commence during the week […]
Pemex Divests Participation in PMV
(Pemex, 6.Jul.2018) â PetrĂłleos Mexicanos divested its participation in PetroquĂmica Mexicana de Vinilo through an agreement with Mexichem. As part of Pemexâs strategy of maximizing value by focusing its resources on strategic assets, the company announced divestment of its participation in PetroquĂmica Mexicana de Vinilo S.A. de C.V. (PMV, Mexican […]
Ecopetrol to Prepay Loan of COP$ 1.4 Tln
(Energy Analytics Institute, Piero Stewart, 6.Jul.2018) â Colombiaâs state oil company Ecopetrol will prepay the entire syndicated loan it entered into in 2013 with local banks. The loan was scheduled to be amortized up to 2025, announced Ecopetrol in an official statement. As stipulated in the loan agreement, Ecopetrol can […]
Guyana Pre-2020 Investment Boom
(Energy Analytics Institute, Piero Stewart, 6.Jul.2018) â Oil production will begin in 2020, and the boom in investment beforehand will continue to drive activity, writes Caribbean Economist Marla Dukharan in her âCaribbean Monthly Economic Report.â Guyana, located in the northeastern region of South America, is readying for an oil boom […]
Mexichem to Buy Petroquimica Mexicana de Vinilo Stake
(Reuters, 6.Jul.2018) â Mexican chemicals and plastic pipe maker Mexichem agreed to buy state oil firm Pemex’s stake in chemical manufacturer Petroquimica Mexicana de Vinilo. Mexichem said it would pay roughly $178.7 million for Pemex’s 44.09 percent stake in the company, while Pemex separately said that the sale would help […]
Ecopetrol Finds New Oil in Cundinamarca
(Energy Analytics Institute, Piero Stewart, 5.Jul.2018) â A find at the BĂșfalo-1 well confirmed the presence of oil in the Valle Medio del Magdalena, located near the town of Guaduas, Department of Cundinamarca. The well is the first discovery in the VMM32 Exploration Contract and is located very close to […]
China Gives New Life to Venezuela Despite US’ Ire
(Sputnik News, 5.Jul.2018) â China is lending its helping hand to Venezuela to stabilize the country’s oil sector, analysts told Sputnik, adding that Beijing’s economic activities in Latin America are apparently getting on Washington’s nerves. China is about to breathe new life into Venezuela’s collapsing oil sector regardless of Washington’s […]
PetroAmazonas EP Producing Close to 405 Mb/d
(Energy Analytics Institute, Ian Silverman, 5.Jul.2018) â Ecuadorâs PetroAmazonas EP actual production is close to 405,000 barrels per day (b/d). The companyâs average cost was $17.08 per barrel in May 2018, reported the entity in an official statement on its website. ***
PetroVictoria Producing 10,000 b/d
(Energy Analytics Institute, Ian Silverman, 5.Jul.2018) â The heavy oil project is currently producing 10,000 barrels per day, according to PDVSA. PetroVictoria, is a joint venture comprised of Venezuelaâs PDVSA and Russiaâs Rosneft to develop heavy oil reserves in Venezuela as part of the Carabobo-2/4 project. In May 2013, Rosneft […]
PDVSA Installs Two Heavy Oil Desalters
(Energy Analytics Institute, Ian Silverman, 5.Jul.2018) â The land transfer of two from BolĂvar to AnzoĂĄtegui states, for oil crude desalination has successfully been completed. The main function of both desalination plants is the subtraction of water and salt contained in heavy oil crude. The two mega-structures were constructed with […]
First T&T Jack Up Delivers Gas
(Trinidad and Tobago Newsday, Sasha Harrinanan, 4.Jul.2018) â Well Services Rig 110, owned by local drilling contractor Well Services Petroleum Co Ltd (Well Services), is the first local jack up rig to be used for a natural gas campaign in TT waters. Well Services announced yesterday it had drilled and […]
Atlas to Invest $114.4 Mln in Uruguay
(Energy Analytics Institute, Ian Silverman, 4.Jul.2018) â U.S. company Atlas Renewable Energy plans investments of $114.4 million in Uruguay. Atlas announced closing of long-term financing for its two solar plants: Del Litoral and El Naranjal, both located in Salto, reported the daily newspaper El Pais. The two projects have 238,720 […]
Ecuador Cos Invest $400 Mln in Certificates
(Energy Analytics Institute, Jared Yamin, 4.Jul.2018) â The two electric companies from the South American country will invest a total of $400 million in Treasury Certificates. The companies, the Electricity Corporation of Ecuador (Celec by its Spanish acronym) and the National Electricity Corporation (Cnel by its Spanish acronym), will invest […]
Ecuador Looks to Avoid Issuing More Debt
(Energy Analytics Institute, Jared Yamin, 4.Jul.2018) â The South America country will explore other financial options to cover its deficit of some $9.5 billion. âWe donât believe itâs the best time for Ecuador to issue bonds,â reported the daily newspaper El Universo, citing announcements made by Ecuadorâs Finance Minister Richard […]
Boliviaâs Hydroelectric Potential 38,000 MW, CAF Says
(Energy Analytics Institute, Jared Yamin, 4.Jul.2018) â This figure is according to the most recent study results, and excludes protected areas. The figure climbs to a bit over 60,000 megawatts if protected areas are included, reported the daily newspaper La RazĂłn, citing Antonio Pinheiro, CAF Development Bank Corporate Vice President […]
ENDE to Investigate High Electricity Rates
(Energy Analytics Institute, Jared Yamin, 4.Jul.2018) â Citizens in the city of Trinidad, located in department of Beni, continue to protests elevated electricity rates. As a result, the Beni Electricity Distributor (ENDE DELBENI S.A.M.), a subsidiary of the National Electricity Company (ENDE), plans to investigate complaints circulating of customers being […]
Petrobras, CNPC to Finish Rio Refinery
(Efe, 4.Jul.2018) â Brazilian state oil company Petrobras and China’s state-owned China National Petroleum Corporation signed a letter of intent to conclude construction of a refinery in Rio de Janeiro, the South American company said. Work on the refinery, known as the Rio de Janeiro Petrochemical Complex (Comperj), has been […]
China to Invest $250 mln to Boost Venezuelaâs Oil Sector
(Bloomberg, 4.Jul.2018) â Venezuelaâs distressed oil sector may get some much needed financing from China, Finance Minister Simon Zerpa said after meetings with officials from China Development Bank and China National Petroleum Corporation. China Development Bank will invest more than US$250 million to boost Venezuela oil production in the Orinoco […]
Venezuela’s Declining Crude Exports Squeeze India’s Refiners
(Reuters, Marianna Parraga, 3.Jul.2018) â Venezuelaâs crude shipments to India, its third largest export market, fell 21 percent in the first half of the year, according to internal documents from state-run PDVSA, adding to supply troubles for Indian refiners as they are increasingly pressed to diversify oil imports. Venezuelaâs production […]
Oil Price Weighs on Barbados’ Inflation
(Trinidad Express, Aleem Khan, 4.Jul.2019) â High oil prices on their own appear to be good neither for Trinidad and Tobago nor Barbados, according to statements by an International Monetary Fund (IMF) senior economist, and Petroleum Company of Trinidad and Tobago Limited (Petrotrin) Chairman Wilfred Espinet, over the last week. […]
T&Tâs Energy Issues
(Trinidad Express, David Renwick, 3.Jul.2018) â You donât have to look very far to determine the issues facing the Trinidad and Tobago energy industry at the moment. Top of the list would be restoring crude oil production, which languishes at around 72,000 barrels a day (b/d) at the moment. That […]
Methanol, Ammonia Prices to Remain Flat
(Trinidad Guardian, 4.Jul.2018) â The Ministry of Energy and Energy Industries is predicting that over the next five years methanol prices will average US$375 per metric tonne, while ammonia prices will be closer to US$310 per metric tonne. Subscription required by Trinidad Guardian to read complete article. ***
China Throws Venezuelaâs Oil Industry $5B Lifeline
(OilPrice.com, Irina Slav) â Chinaâs Development Bank has approved a US$5-billion loan for Venezuelaâs oil industry, Bloomberg reports, quoting the troubled South American countryâs Finance Minister Simon Zerpa. âWeâve received the authorization for a direct investment of more than $250 million from China Development Bank to increase PDVSA production, and […]
PetroTal Reports First Oil from Bretana
(PetroTal Corp., 3.Jul.2018) â PetroTal Corp. achieved first oil production from the Bretana Norte discovery well at the Bretana field in Block 95 in Peru. The company also provided further operations updates for both Bretana and Block 107. All figures referred to in this press release are denominated in U.S. […]
Venezuela to Get $250 mln from China
(Reuters, 3.Jul.2018) â Venezuela will receive $250 million from the China Development Bank to boost the OPEC nationâs oil production, the South American countryâs Finance Ministry said in a statement on Tuesday. ***
National Oil Co for Guyana Would Be Disaster
(Stabroek News, 3.Jun.2018) â The creation of a National Oil Company (NOC) will be âa disasterâ for this country warns former Government Advisor on Petroleum, Dr. Jan Mangal who says that Guyana should learn from the experiences of sister Caribbean countries, Trinidad and Tobago and Jamaica. However, the government says […]
US$1.4B Deal to Restart St Croix Refinery
(Stabroek News, 3.Jun.2018) â U.S. Virgin Islands Governor Kenneth E. Mapp announced yesterday an agreement which would reopen one of the worldâs largest refineries, create hundreds of jobs in the territory and buttress the solvency of the Government Employees Retirement System (GERS). According to a release from his office, Mapp […]
Petrozamora Incorporates Steam Generators in Zulia
(Energy Analytics Institute, Piero Stewart, 3.Jul.2018) â PDVSA Petrozamora, a joint venture comprised of PDVSA and Russiaâs Gazprom, completed recovery and incorporation of two steam generators. The generators, SimĂłn BolĂvar 24 (SB-24) and SimĂłn BolĂvar 40 (SB-40), are located in located in the state Zulia at the Lagunillas Field in […]
PetroPiar Ends Preventative Maintenance
(Energy Analytics Institute, Piero Stewart, 3.Jul.2018) â Work on the upgrader concluded four days ahead of schedule, according to Caracas-based PDVSA. Operational activities at the upgrader included substitutions in the naphtha and light vacuum gas oil (LVGO) lines, maintenance of interchangers, internal drum replacements (Demister), and replacements related to the […]
PentaNova, YPF Discuss Llancanelo Issues
(PentaNova Energy Corp., 3.Jul.2018) â PentaNova has been attempting to negotiate a payment plan for cash call balances with YPF without success to date. As part of the various Argentina acquisitions completed by PentaNova in August and October 2017 relating to the Llancanelo heavy oil asset, the company, through its […]
Japan Commits $17.8 Mln to Guyanaâs Renewable Energy
(NewEnergyEvents, 3.Jul.2018) â The Government of Guyana has secured a deal with Japan for US$17.8M dedicated to renewable energy development and system efficiency improvements. This grant will also provide US$1.3M for energy saving LED lights, which are expected to fund 10,930 units of LED streetlights. This investment will be used […]
World Bank Sees $65/bbl Oil for 2019
(Energy Analytics Institute, Ian Silverman, 3.July.2018) â The price of crude oil is forecast to approach around $65/barrel in 2019 by the organization. However, the oil price levels next year are expected to be lower that levels in 2018, reported the daily newspaper El Diario, citing World Bank Economist Shantayanan […]
Cabinet Removes Energy Portfolio Over Petrojam
(Jamaica Gleaner, 2.Jul.2018) â Dr Andrew Wheatley has been stripped of the energy portfolio as the government implements a raft of changes at the controversy-plagued oil refinery Petrojam. A statement a short while ago from the Cabinet indicates that the portfolio has been shifted to the Office of the Prime […]
Free Oil Market to Reign in Argentina
(Bloomberg, 2.Jul.2018) â Argentinaâs move to a free market for energy prices remains on track. A recent decision to cap crude oil prices and limit fuel price gains in order to stem inflation was an outlier, according to Javier Iguacel, the nationâs new energy minister. Restricting crude price increases only […]
Melbana to Spud Cuba Well in December
(Melbana Energy Limited, 2.Jul.2018) â Australiaâs Melbana Energy Limited announced preparatory work is continuing in Cuba in readiness for the planned drilling program in Block 9. From a permitting perspective, intermediate approvals are continuing to be obtained for both the Alameda and Zapato exploration wells as progress is made towards […]
Argentina to Free Retail Fuel Prices
(Reuters, Luc Cohen, 1.Jul.2018) â Argentina will allow fuel retailers to freely set pump prices starting in August, according to an Energy Ministry official familiar with the plan, a move that could encourage badly needed investment in the nationâs oil patch but risks worsening sky-high inflation and angering consumers. Separately, […]
Pipeline Releases 125 Bbls into Magdalena River
(Energy Analytics Institute, Ian Silverman, 30.Jun.2018) â Ecopetrol announced an oil spill of 125 barrels into the Magdalena River. The spill occurred while repair activities were being conducted to an underwater pipeline that transports crude from the auxiliary station of the municipality of Cantagallo (BolĂvar) to the Isla 6 station […]
ISA CTEEP Awarded $1.7 Bln Projects in Brazil
(Energy Analytics Institute, Ian Silverman, 30.Jun.2018) â The company was awarded two areas that total 2,560 kilometers of transmission lines, and substations with transformation capacity of 12,230 mega-volt amperes. The announcement came as part of an auction of 20 energy transmission projects carried out by the National Agency of Electric […]
Frontera to Spud Delfin Sur-1 Offshore Peru
(Energy Analytics Institute, Ian Silverman, 30.Jun.2018) â Canadaâs Frontera Energy Corporation announced commencement of mobilization of the Petrex-10 drilling offshore Peru. Drilling of the Delfin Sur-1 exploration well is expected to begin in July 2018, the company announced in an official statement. ***
Brazil: Whatâs Next for Upstream, Refining
(Energy Analytics Institute, Aaron Simonsky, 29.Jun.2018) â Watch the Inter-American Dialogue debate, Energy Policy in Brazil: Whatâs Next for Upstream, Refining and LNG. ***
Brazil Output to Reach 5.5 MMb/d: Oddone
(Energy Analytics Institute, Aaron Simonsky, 29.Jun.2018) â “Brazil’s oil production could reach 5.5 million barrels per day by 2027,” ANP General Director DĂ©cio Oddone, said during a debate hosted by Washington, DC-based Inter-American Dialogue. ***