(Inter Press Service, Daniel Gutman, 22.Jun.2018) – As in other Latin American countries, in recent years China has been a strong investor in Argentina. The environmental impact and economic benefits of this phenomenon, however, are a subject of discussion among local stakeholders. One of the key areas is energy. A […]
Category: Latin America and the Caribbean
Argentina Resurrects Oil Intervention Panic
(Bloomberg, Jonathan Gilbert, 22. Jun.2018) – Javier Iguacel has left the road for the oilfield, and that may mean a complete about-face on Argentine energy policies. Iguacel, who’d led Argentina’s national road agency since January 2016, was sworn in Thursday as the nation’s energy minister at a time when his […]
Venezuela’s Quevedo Speaks of Oil War, OPEC
(Energy Analytics Institute, Piero Stewart, 22.Jun.2018) – Venezuela’s Oil Minister Manuel Quevedo spoke out in Europe against U.S. sanctions against Venezuela. “[These sanctions] represent a direct attack against the oil market stability, due to a non-conventional war undertaken by the largest world oil crude consumer,” reported PDVSA in an official […]
Colombia Boosts Exploration Drilling 77% During 2010-2017
(Energy Analytics Institute, Aaron Simonsky, 22.Jun.2018) – Colombia boosted the number of exploration wells drilled by 77% during the most recent seven years compared to the earlier seven. Colombia drilled 697 exploration wells during the seven-year period 2010-2017, representing 303 more wells when compared to the 394 exploration wells drilled […]
OPEC Planning to Boost Output by 1 MMb/d
(Energy Analytics Institute, Jared Yamin, 22.Jun.2018) – OPEC is looking to boost crude oil output by 1 million barrels per day (MMb/d). The production agreement goes into effect in July 2018, the Organization of Petroleum Exporting Countries (OPEC) announced today in Vienna, Austria. Ecuador’s Hydrocarbon Ministry later published the details […]
Kinder Considers More NatGas Takeaway to Mexico
(Natural Gas Intelligence, Carolyn Davis, 22.Jun.2018) – The Permian Basin’s growing natural gas volumes may provide the perfect aperitif to quench Mexico’s thirst, according to Kinder Morgan Inc. The Houston-based pipeline and midstream giant’s natural gas segment makes up about 90% of $900 million worth of projects that were added […]
Frontera Aims to Lower Costs in Colombia
(Energy Analytics Institute, Ian Silverman, 22.Jun.2018) – Frontera Energy Corporation aims to lower certain costs in Colombia. The Canadian company continues with efforts to reduce its transportation costs, including those associated to the Bicentenario pipeline, which has been continuously affected by attacks directed at the Caño Limon pipeline, the company […]
Venezuelan Minister: Can ‘Absolutely’ Grow Output
(CNBC, 22.Jun.2018) – Manuel Quevedo discusses the meeting of the world’s top oil producers in Vienna. Venezuela’s Oil Minister Quevedo, who also serves as the President of PDVSA, discusses the issue from Vienna. https://www.cnbc.com/video/2018/06/22/venezuelan-energy-minister-can-absolutely-grow-production.html
Colombia to Connect 1,360MW of Energy Capacity
(Energy Analytics Institute, Aaron Simonsky, 22.Jun.2018) – Wind capacity in Colombia will add 1,360 megawatts of generation capacity to its energy grid. The South American country’s Mines and Energy Ministry reported in a Twitter post that the energy source would be connected to the National Interconnected System through specialized connections, […]
ExxonMobil, Partners Spent $24 Mln in Guyana
(Energy Analytics Institute, Piero Stewart, 22.Jun.2018) – US-based ExxonMobil Corporation and partners continue to invest in small-to-medium sized enterprises in Guyana. Irving, Texas-based ExxonMobil and project partners spent $24 million with more than 300 local suppliers in 2017 and opened the Centre for Local Business Development in the capital city […]
Venezuela: U.S. Sanctions “An Attack On The Oil Market”
(OilPrice.com, Tsvetana Paraskova, 22.Jun.2018 – The U.S. sanctions against Venezuela are affecting consumers worldwide and are an attack on the oil market, Venezuelan Oil Minister Manuel Quevedo said on Thursday. The minister, speaking at an OPEC International Seminar today—a day before OPEC ministers meet to discuss how much production to […]
Argentina Inaugurates Energy, Production Ministers
(Xinhua, 22.Jun.2018) – Argentinian President Mauricio Macri oversaw the inaugurations of Energy Minister Javier Iguacel and Production Minister Dante Sica on Thursday during a ceremony at the government’s headquarters. Macri expressed his gratitude to the outgoing Energy Minister, Juan Aranguren and outgoing Production Minister, Francisco Cabrera, for the “important contributions” […]
Echo Energy Reports 2nd Price Extension
(Energy Analytics Institute, Ian Silverman, 21.Jun.2018) – A second and final Price Monitoring Extension has been activated in this security. The auction call period is extended in this security for a further 5 minutes, announced Echo Energy in an official statement. “Following the first price monitoring extension this security would […]
Pentanova Announces Farmout Agreement in Colombia
(PentaNova Energy Corp., 21.Jun.2018) – PentaNova Energy Corp. announced signing of the SN-9 Farm Out Agreement with Panacol Oil & Gas, a wholly owned subsidiary of LATAM Oil & Gas. “The SN-9 block has all the hallmarks of being an exceptional core asset for PentaNova being adjacent to the prolific […]
EIA Publishes Updated Venezuela Country Report
(EIA, 21.Jun.2018) – Venezuela holds the largest oil reserves in the world, in large part because of the heavy oil reserves in the Orinoco Oil Basin. In addition to oil reserves, Venezuela has sizeable natural gas reserves, although the development of natural gas lags significantly behind that of oil, reported […]
India to Provide $51 Mln Development Aid to Suriname
(PTI, 21.Jun.2018) – India will also extend a Line of Credit of USD 27.5 million to support a power transmission project in PikinSaronarea and another Line of Credit of USD 3.5 million for maintenance of Chetak helicopters. Paramaribo: India will extend a Line of Credit of USD 31 million and […]
Uncertainty Looms Large Over LatAm Oil
(Oilprice.com, Tsvetana Paraskova, 20.Jun.2018) – While oil industry analysts and market participants are watching Venezuela closely for clues about how low its oil production will go, several other countries in Latin America are holding key elections this year, elections that will no doubt shape the countries’ short and medium-term oil […]
ENAP to Invest $131 Mln in Iso Plant
(Energy Analytics Institute, Ian Silverman, 20.Jun.2018) – The investment entails construction of a new isomerization plant and associated pond for the storage of gasoline. The project is part of a larger investment portfolio of more than $ 1.1 billion for the ENAP Bío Bío Refinery. The new investments aim to […]
Why Mexico’s Energy Reform Needs AMLO
(The Council on Foreign Relations, Amy Myers Jaffe, 20.Jun.2018) – Mexico’s energy reform has taken important first steps but to come to full fruition, several additional critical reforms remain to be designed and implemented, including another constitutional reform. The task of adopting and implementing new reforms is all the more […]
ExxonMobil Announces 8th Find Offshore Guyana
(Energy Analytics Institute, Piero Stewart, 20.Jun.2018) – Irving, Texas-based Exxon Mobil Corporation’s good luck continues in Guyana. The oil giant announced it has made its eighth oil discovery offshore Guyana at the Longtail-1 well, creating the potential for additional resource development in the southeast area of the Stabroek Block, Exxon […]
Ecopetrol to Prepay $156 Mln in Loans
(Energy Analytics Institute, Ian Silverman, 20.Jun.2018) – Colombia’s state oil company Ecopetrol S.A. announced it will prepay all loans entered into in 2013 with international banks and guaranteed by the US Export-Import Bank, which had been subject to a payment schedule to 2023. The loan agreements allow Ecopetrol to prepay […]
Venezuelan Oil Output Charting New Lows
(UPI, Daniel J. Graeber, 19.Jun.2018) – Ahead of what could be pivotal talks among OPEC members, production from founding member Venezuela could hit new lows soon, an industry report found. State-backed oil company Petróleos de Venezuela, known commonly as PDVSA, notified 11 of its international customers earlier this month that […]
OPEC’s Vienna Meeting: The Challenge of Failing NOCs
(The Council on Foreign Relations, Amy Myers Jaffe, 19.Jun.2018) – As energy ministers from major oil producing countries gather in Vienna this week to discuss the stability of global oil markets, the variables that will dictate outcomes have rapidly shifted. Pre-meeting narratives that previously focused on the appropriate level of […]
Oil Prices Expected to Rise
(FinancialBuzz.com, 19.Jun.2018) – Despite the recent downturn in oil prices, Goldman Sachs remains optimistic. According to Reuters, Goldman Sachs forecast a tighter oil market for a longer duration due to strong demand growth and the probability that rising supply disruptions could counter any increase in OPEC production. “Our updated global […]
Argentina to Replace Energy and Production Ministers
(Reuters, Maximilian Heath, 17.Jun.2018) – Argentina´s government said on Saturday that it would replace its energy and production ministers, just two days after the resignation of former Central Bank President Federico Sturzenegger. The shake-up follows several tumultuous weeks for the government of the center-right President Mauricio Macri, with extreme currency […]
Venezuelan Oil Ministry, PDVSA Plan to Boost Output
(Energy Analytics Institute, Piero Stewart, 17.Jun.2018) – Venezuela’s Oil Ministry and PDVSA reiterated joint plans to boost crude oil output by 1 million barrels per day. To this end, officials from the OPEC nation’s oil ministry and state oil company meet in Caracas to discuss to jointly review heavy oil […]
Venezuela Oil Exports to China Slump
(Reuters, 17.Jun.2018) – Reuters) – China’s imports of Venezuelan crude oil could sink to their lowest in nearly eight years in July as the OPEC producer struggles with shrinking output and mounting logistics issues, according to people familiar with the matter and shipping data. State-controlled PetroChina expects June loadings from […]
Rick Perry Wants Argentina be More Like Texas
(Bloomberg, 17.Jun.2018) – The U.S. government is getting in on a shale boom 5,000 mi (8,000 km) from home. Energy Secretary Rick Perry will help Argentina connect with U.S. companies that have shale oil and gas expertise as President Mauricio Macri — facing a natural gas trade deficit — hurries […]
Gazprom Reiterates Interest in Bolivia
(Energy Analytics Institute, Jared Yamin, 16.Jun.2018) – Russian oil giant Gazprom remains attracted to the hydrocarbon opportunity set in Bolivia in South America. A working meeting between Gazprom Management Committee Chairman Alexey Miller and Bolivia’s President Evo Morales was held at Gazprom’s office in Moscow where various agreements were signed […]
Venezuela Oil Output May Sink To 1 MMb/d
(OilPrice.com, Tsvetana Paraskova, 15.Jun.2018) – Venezuela’s plummeting oil production is nearing the psychological threshold of just 1 million bpd as early as this year, analysts and industry experts tell Platts. Venezuela’s production plummeted again in May, by 42,500 bpd from April to below 1.4 million bpd—1.392 million bpd, according to […]
Lake Maracaibo: Descent into Chaos [EAItv]
(Energy Analytics Institute, Piero Stewart, 15.Jun.2018) – A brief look at Lake Maracaibo’s descent into chaos. The Maracaibo basin has produced over 43 billion barrels of petroleum, and close to 19 billion barrels of proven reserves still remain.
ENAP to Invest $354 Mln in Project in Argentina
(Energy Analytics Institute, Aaron Simonsky, 15.Jun.2018) – Chile’s ENAP plans investments of $354 million in a project located in the eastern mouth of the Strait of Magellan, on the Argentine side. The company plans the investments in its Magallanes Area Incremental Project (PIAM) project, which has potential to substantially increase […]
PetroAmazonas Production Costs Below $20/bbl
(Energy Analytics Institute, Aaron Simonsky, 15.Jun.2018) – Production costs at the state entity remain below the $20 per barrel mark. PetroAmazonas EP’s production costs rose slightly to $17.01/bbl in May 2018, up sequentially from $16.46/bbl in April 2018. For the first five months of 2018, the company’s production costs have […]
PetroEcuador Activities Normal After Earthquake
(Energy Analytics Institute, Aaron Simonsky, 15.Jun.2018) – Ecuador’s EP PetroEcuador announced all its activities continue under normal conditions after a magnitude 5 earthquake was reported this morning in Ecuador. The epicenter was identified as Nobol (Guayas), the state entity reported in a Twitter posts. ***
Colombia Produced 865,987 B/D in May 2018
(Finance Colombia, Jared Wade, 14.Jun.2018) –Colombia produced an average of 865,987 barrels of oil per day in May, an uptick of 1.6% over May 2017 according to government figures. This level also represents a 0.1% increase from April, and the slight increase marks the third straight month of rising production, […]
G20 Energy Ministers Official Communiqué
(G20.org, 15.Jun.2018) — We, the G20 Energy Ministers, met in San Carlos de Bariloche (Argentina) , on 15 June , 2018, to promote the role of energy in promoting fair and sustainable development, building upon the in valuable outcomes of the previous Presidencies and Ministerial Meetings. We recognise the crucial […]
Ecuador Oil Output at 519 Mb/d in May 2018
(Energy Analytics Institute, Jared Yamin, 15.Jun.2018) – Ecuador’s production of crude oil reached 519 thousand barrels per day (Mb/d) in May 2018, up compared to 518 Mb/d in April 2018, the Organization of Petroleum Exporting Countries (OPEC) reported in its monthly oil report. Ecuador, one of only two OPEC member […]
Colombia’s ANH Approves New Contract Model
(Energy Analytics Institute, Jared Yamin, 15.Jun.2018) – Colombia’s National Hydrocarbon Agency (ANH by its Spanish acronym) approved the new oil and gas exploration and exploitation contract model for offshore areas. The contract aims to entice large petroleum companies to make favorable investments in Colombia — especially those made in the […]
Uruguay to Adopt Process for Offshore Oil Blocks
(Reuters, Luc Cohen, 15.Jun.2018) – Uruguay will move toward a permanent offer process for offshore oil blocks as other Latin American countries have done, after an April auction failed to attract bids, Industry, Energy and Mining Minister Carolina Cosse said in an interview this week. The tiny South American country […]
G20 Energy Heads Gather in Argentina
(Xinhua, 14.Jun.2018) – Energy ministers from G20 countries met here on Thursday to discuss transitioning to renewable energy and other alternative green energy. The gathering in Argentina’s southwestern city of Bariloche is part of the fourth ministerial meeting of the G20 group of developed and emerging economies, which Argentina currently […]
Argentina to Export Natural Gas to Chile by YE:18
(Reuters, Luc Cohen, 14.Jun.2018) – Argentina will begin exporting natural gas to neighboring Chile before the end of the year, the energy ministers of both countries said on Thursday, as output from the Vaca Muerta shale field rises. The two South American countries had previously signed deals allowing for the […]
Mexico Energy Sector Faces Uncertainty
(Natural Gas Intelligence, Carolyn Davis, 14.Jun.2018) – Mexico’s historic energy reform launched four years ago may hit a few bumps if, as expected, left-wing presidential candidate Andres Manuel Lopez Obrador is elected on July 1, but there’s no turning back now, experts said last week. At the 4th Mexico Gas […]
Jamaica Saves $230m Under Energy Efficiency
(JIS, 14.Jun.2018) – The Government has saved $230 million, to date, and reduced environmental emissions from the implementation of major programmes in energy efficiency, conservation and management. The Petroleum Corporation of Jamaica (PCJ)-implemented initiatives are the Deployment of Renewable Energy and Energy Efficiency in the Public Sector Project, launched in […]
Acciona Starts Commissioning 183MW Mexican Wind Farm
(Renewables Now, 14.Jun.2018) – Acciona SA started commissioning its 183-MW El Cortijo wind farm in Mexico, the Spanish infrastructure group said on Wednesday. This is the first wind farm of those being developed as a result of Mexico’s energy reform to enter service, the company added. The El Cortijo project […]
Venezuela Oil Output Slides to 1.4 MMb/d in May 2018
(Energy Analytics Institute, Piero Stewart, 14.Jun.2018) – Venezuela’s oil production continues its downward slope. Venezuela’s crude oil production fell to 1.392 million barrels per day (MMb/d) in May 2018, according to a recent report by the Organization of Petroleum Exporting Countries (OPEC), citing data from secondary sources. This compares to […]
PDVSA Announces Start-Up of Cardon Refinery AV3 Plant
(Energy Analytics Institute, Ian Silverman, 14.Jun.2018) – PDVSA announced its subsidiary PDV Mantenimiento oversaw the successful start up of the High Vacuum 3 (AV3) Plant at the Cardón Refinery located in the Paraguaná Peninsula in Western Venezuela. Savings to PDVSA from the activation of the AV3 will amount to an […]
A Visit to Weatherford Laboratories, Trinidad
(Energy Analytics Institute, Ian Silverman, 14.Jun.2018) – Have you ever wanted to visit Weatherford’s facilities in Trinidad? The AAPG Young Professionals of Trinidad and Tobago (AAPGYPTT) have announced an open invite for a tour of Weatherford on the island. Details follow: Date: Thursday June 14, 2018 Time: 8am- 2pm Venue: […]
Bolivia, Russia Consolidate Energy Partnership
(Efe, 13.Jun.2018) – Bolivia’s President Evo Morales met with his Russian counterpart, Vladimir Putin, as part of a two-day visit to Moscow aimed at consolidating the countries’ bilateral energy partnership. While receiving Morales at the Kremlin, Putin expressed Moscow’s willingness to expand its cooperation with the South American country in […]
G20 Holds Energy Conference in Argentina
(Efe, 13.Jun.2018) – Energy sector representatives from the G20 countries are attending on Wednesday this year’s second meeting in Argentina to address the energy transition. Access to electricity in Latin America and the Caribbean, access to information about the energy sector and the use of subsidies to promote new energy […]
Enbridge Begins U.S.-Mexico Portion of Valley Pipeline
(Reuters, 13.Jun.2018) – Canadian energy company Enbridge Inc. said it started construction of the offshore border crossing section of its US$1.6-billion Valley Crossing natural gas pipeline between Texas and Mexico, according to a federal filing made available on Wednesday. The company said in an e-mail the pipeline remains on track […]