(Energy Analytics Institute, Piero Stewart, 12.Jun.2018) – Venezuela will continue to forgo substantial oil revenues this year due to its collapsing production. In the last four years of the administration of Venezuelan President Nicolas Maduro, the country’s oil production has fallen between 1.361 million barrels per day (MMb/d) according to […]
Category: Latin America and the Caribbean
Jamaican Gas Prices Down by $0.21 per Litre
(Jamaica Gleaner, 13.Jun.2018) – Gas prices are to go down by $0.21 effective Thursday, June 14. The state-owned oil refinery, Petrojam, says E-10 87 will sell for $132.12 per litre and a litre of E-10 90 will sell for $143.95. Automotive diesel oil will down by $0.16 per litre to […]
Pemex on High Alert over Hurricane Bud
(Pemex, 12.Jun.2018) – Pemex reports that, due to the arrival of Hurricane Bud to the shores of the Mexican Pacific, it is continuously monitoring the situation and preparing to activate the company’s Hurricane Emergency Response Plan (initials in Spanish: PREH). As part of the PREH safety protocols, the company is […]
PDVAL: PDVSA’s Non-Strategic Affiliate? [EAItv]
(Energy Analytics Institute, Piero Stewart, 1.Jun.2018) – A brief look at PDVSA’s PDVAL.
ExxonMobil Reconfirms March 2020 for First Guyana Oil
(Denis Chabrol, DemeraraWaves, 12.Jun.2018) – ExxonMobil on Tuesday reconfirmed that Guyana will pump up its first barrel of oil in March 2020, even as the Guyana government continued to fend off criticisms of the 2016 production sharing agreement. Vice President of ExxonMobil Development Company, Lisa Walters said work was well […]
Data Confirms Cuban Oil Prospects
(UPI, Daniel J. Graeber, 12.Jun.2018) — New data taken from an oil reservoir on the northern coast of Cuba confirm the assessment of a highly prospective site, Australia’s Melbana Energy announced. Melbana, which changed its name from MEO Australia to reflect a Caribbean flair, said a new study of the […]
Frontera Plows Forward in Colombia
(Energy Analytics Institute, Ian Silverman, 12.Jun.2018) – Canada’s Frontera Energy Corporation continues its active drilling program in Colombia. The company had six (6) drilling rigs operating continuously in the first two months of the second quarter of 2018, of which three (3) were active in the Quifa heavy oil area, […]
Frontera Loan to Puerto Bahia
(Energy Analytics Institute, Ian Silverman, 12.Jun.2018) – Frontera Energy Corporation entered into an unsecured loan agreement with Puerto Bahia. The agreement is pursuant to which Frontera has agreed to loan an aggregate amount of $30.46 million to Puerto Bahia, subject to certain terms and conditions. The loan bears an annual […]
Pemex Reports Rise in Illegal Pipeline Connections
(Energy Analytics Institute, Aaron Simonsky, 12.Jun.2018) – Illegal pipeline connections detected by state oil company PetrĂłleos Mexicanos (Pemex) continue their upward trend.  In April of 2018, the illegal connections rose to 1485, the most reported this year, which represent a 94% increase over the same month in 2017, reported the […]
Venezuela Upgraders Halting Ops Amid Export Crisis
(Reuters, Deisy Buitrago, Marianna Parraga, 12.Jun.2018) – Venezuela’s state-run PDVSA [PDVSA.UL] and partners have halted operations at two upgraders that convert extra-heavy oil into exportable crude and plan to stop work at two others, according to six sources close to the projects, a move aimed at easing the strains from […]
Venezuela Won’t Have Enough Oil To Export By 2019
(OilPrice.com, Robert Rapier, 12.Jun.2018) – On May 21st President Donald Trump signed a new executive order prohibiting certain oil-related transactions with Venezuela. GlobalData, a leading data and analytics company, argues that the new sanctions are symbolic in comparison to the more targeted sanctions previously considered that would limit exports of […]
ExxonMobil Advances Offshore Guyana Liza Development
(ExxonMobil, 12.Jun.2018) – The Liza Phase 1 development continues to rapidly progress, with the commencement of development drilling offshore Guyana, ExxonMobil said. Development drilling began in May for the first of 17 wells planned for Phase 1, laying the foundation for production startup in 2020. The company and its co-venturers […]
Mexico Addresses Social Impact of Energy Reform
(Velda Addision, Senior Editor, Digital News Group Hart Energy, 12.Jun.2018) — Working at energy sites in some parts of Mexico could mean coming face-to-face with locals wanting to see the economic benefits of projects in their communities sooner rather than later. Companies could face land challenges from indigenous groups, farmers […]
Frontera Announces Details Of Share Split
(Energy Analytics Institute, Ian Silverman, 12.Jun.2018) – The offer will consist of a two-for-one share split of the company’s issued and outstanding common shares. The record date of the Share Split will be June 21, 2018 at the close of business, announced Frontera Energy Corporation in an official statement. The […]
PDVSA Completes First Ship-to-Ship Transfer
(Kallanish Energy, 11.Jun.2018) — Venezuela’s PDVSA has reportedly completed its first ship-to-ship (STS) transfer last week, in a move to tackle the severe bottleneck of tankers around its main crude ports. Reuters reported the inaugural operation was with the Suezmax tanker Sonagol Kalandula for a Thai company’s refinery in Kemaman, […]
Pemex Lets Contract for Tula Refinery
(Oil and Gas Journal, Robert Brelsford, 11.Jun.2018) – Mexico’s Petroleos Mexicanos (Pemex), through its processing subsidiary Pemex Transformacion Industrial (formerly Pemex Refinacion), has let a contract to a partnership of Saipem SPA and Mexican subsidiary Saimexicana SA de CV for works to be carried out on the heavy oil (H-Oil) […]
Chile to Receive 1st Iranian Oil Cargo in 16 Years
(Kallanish Energy, 11.Jun.2018) — As refineries and traders await clarity on whether they will be able to make reductions in their crude purchases from Iran or be forced to stop buying from the OPEC producer, Chile has imported its first Iranian oil cargo in at least 16 years. Shipping data last […]
Observing Controls In Mexico’s Energy Sector
(Control Risk, Armando Ortega, 11.Jun.2018) — For decades, the most relevant compliance legislation for international companies operating in Mexico was the US Foreign Corrupt Practices Act. Now, as a result of major national economic and legal reforms enacted during President Peña Nieto’s administration from 2012-2018, Mexico’s compliance environment has undergone […]
What is in store for Mexican oil under a new leader?
(Financial Times, Nick Butler, 10.Jun.2018) Among this year’s many elections — from Iraq to Malaysia to Russia — none is more important for the international energy business than the presidential race in Mexico, which will be held on July 1. Unless the polls are all badly awry, the candidate of […]
Petrojam Responds to Corruption Claims
(The Jamaica Observer, 9.Jun.2018) – Government sources told the Jamaica Observer they are awaiting a response from Venezuela on its offer to repurchase their 49 per cent share in the local oil refinery, Petrojam. It is understood that during a visit to Jamaica in May, a team from the State-owned […]
Chevron Brazil Chief to Lead Venezuela Ops After Arrests
(Reuters, 9.Jun.2018) — US oil producer Chevron Corp permanently assigned its Brazil country chief to run its Venezuelan operations, three sources said this week, after the months-long detention of two executives escalated tensions between the Opec-member nation and foreign oil firms. Javier La Rosa, who had been president of Chevron […]
Howard Injects Natgas into Texas-Mexico Pipeline
(Reuters, 9.Jun.2018) — Howard Energy Partners told U.S. energy regulators that it began injecting natural gas into the Impulsora natural gas pipeline project from Texas to Mexico on May 30, according to a filing made available this week. The Impulsora pipeline is part of the 190-mile (305-km)Nuevo Era system that […]
Critchlow Labour College Working with T&T Cos
(Stabroek News, 8.Jun.2018) – Having long established itself as a significant contributor to tertiary education in Guyana, the Critchlow Labour College is seeking to embrace the demand for training in the various disciplines associated with the country’s emerging oil and gas industry to rebuild its reputation as a major contributor […]
Colombia’s ANH Denies Fracking Plans in Boyacá
(Energy Analytics Institute, Jared Yamin, 8.Jun.2018) – Colombia’s National Hydrocarbon Agency (ANH by its Spanish acronym) says it has no plans to carry out fracking activities in Boyacá department. The ANH, which is studying the subsoil in the area, plans to utilize very low impact geophysical acquisition tools, such as […]
Brazil Raises $830 Mln in Pre-Salt Auction
(Efe, 7.Jun.2018) – Brazil raised 3.15 billion reais (around $830 million) in fixed signing bonuses on Thursday in its fourth auction of oil blocks in a deepwater region of the Atlantic Ocean known as the pre-salt. The winner of the largest and most coveted block – known as Uirapuru – […]
Regional Deepwater Industry in Southern Caribbean
(Energy Analytics Institute, Aaron Simonsky, 7.Jun.2018) – Kevin Ramnarine discusses the regional deep-water industry in the southern Caribbean during a technical speech in Trinidad on the emerging regional deep-water province of Suriname, Trinidad and Tobago and Guyana, which was hosted by the Geological Society of Trinidad and Tobago and streamed live.
Trinidad and Tobago Clean Energy Conference 2018
(Energy Chamber of Trinidad and Tobago, 7.Jun.2018) — The Energy Chamber of Trinidad and Tobago invites you to our Clean Energy Conference 2018, now in its 2nd year and themed “Towards Implementation”. This is the only conference in Trinidad and Tobago dedicated to renewable energy and energy efficiency. In 2017, […]
Cuba’s Fuel Supply and Exports Pressure Currency
(Energy Analytics Institute, Piero Stewart, 7.Jun.2018) – Cuba’s foreign currency will be under pressure this year. “Difficulties with fuel supply and a drop in exports have continued to put pressure on the availability of foreign currency,” wrote Caribbean Economist Marla Dukharan in a recent Caribbean Economic Report, which is available […]
Deepwater Projects Breakeven at $42/bbl, Ramnarine Says
(Energy Analytics Institute, Aaron Simonsky, 7.Jun.2018) –That’s according to comments by former Trinidad and Tobago Energy Minister Kevin Ramnarine. “On average, deep-water projects need an oil price of US$42 per barrel to break even at an NPV10. Assuming a 15% internal rate of return hurdle (NPV15), 5 billion barrels of […]
ExxonMobil Wins More Acreage in Brazil Bid Round
(ExxonMobil, 7.Jun.2018) – ExxonMobil has increased its holdings in Brazil’s pre-salt basins after winning the Uirapuru exploration block with co-venturers Equinor and Petrogal Brasil during Brazil’s 4th pre-salt bid round. The block awarded adds about 88,900 net acres to the ExxonMobil portfolio, expanding the company’s total position in the country […]
Brazil Will Strengthen Energy Supply during Soccer World Cup
(Efe, 6.Jun.2018) – Brazil’s Electricity Sector Monitoring Committee (CMSE) announced special operational measures to ensure that the country will not have problems with its energy supply during the 2018 World Cup in Russia, which will begin on June 14, official sources said on Wednesday. One of the measures announced by […]
Maduro Says U.S. Infiltrated Venezuela’s Oil Industry
(Tsvetana Paraskova, OilPrice.com, 6.Jun.2018) — Venezuela’s President Nicolas Maduro has accused the United States of infiltrating senior positions at the Venezuelan oil industry. “There was a process of penetration and infiltration in key positions of the petroleum industry, to control strategic information,” Maduro was quoted as saying at a meeting […]
Venezuela’s Oil Meltdown Defies Belief
(Nick Cunningham, OilPrice.com, 6.Jun.2018) — Venezuela might have to declare force majeure on its oil exports as production plunges and its ports are unable to ship enough crude. The ongoing meltdown in Venezuela’s oil sector could tighten the oil market more than expected. Reuters reported Tuesday that Venezuela is considering […]
Q&A: Greening Colombia’s Energy Mix
(Inter Press Service, Constanza Vieira, 6.Jun.2018) – Colombia is a global power in biodiversity and water resources, but at the same time it depends on exports of fossil fuels, coal and oil, to the world. But don’t panic: in the green economy there are also incomes and jobs – says […]
Venezuelan Decree Aims to Boost PDVSA Oil Capacity
(Energy Analytics Institute, Piero Stewart, 5.Jun.2018) – Decree No. 3368, dated April 12, 2018, and published in Gazette No. 41376, establishes a special transitional regime aimed at boosting Venezuela’s oil production capacity. Additionally, resolutions No. 051 and 052, published in Gazette No. 41394, dated May 10, 2018, establish measures aimed […]
Pemex, Hidalgo Govt to Partner to Boost Development
(Pemex, 5.Jun.2018) – The CEO of PetrĂłleos Mexicanos, Carlos Treviño Medina, and the Governor of the State of Hidalgo, Omar Fayad Meneses, signed a memorandum of understanding, to promote and boost economic development in the region and strengthen the activities of the oil industry in the State. During a meeting […]
Petrobras BODs Appoints New CEO
(Energy Analytics Institute, Ian Silverman, 5.Jun.2018) – Ivan de Souza Monteiro is the new president of Petrobras. Brazil’s state oil company Petrobras announced controlling shareholder informed the company of the appointment of engineer Ivan de Souza Monteiro, current interim CEO, to join Petrobras’ Board of Directors and assume the position […]
Venezuela Says 23,319 Wells Have 1.4 MMb/d Recovery Potential
(Energy Analytics Institute, Piero Stewart, 5.Jun.2018) – Venezuela’s Oil Minister Manuel Quevedo says the state oil company has identified 23,319 wells which have potential to recover Venezuela’s oil production by 1.426 million barrels per day (MMb/d). Quevedo, who also serves as the president of PDVSA, made the announcement in La […]
Pampa Reaches 35-Year Extension in El Mangrullo Block
(Pampa EnergĂa S.A., 5.Jun.2018) – Pampa EnergĂa S.A. was granted a 35-year period extension to the operation of the El Mangrullo block for the development of unconventional gas (shale and tight), within the new exploitation license that NeuquĂ©n province granted to the Cutral CĂł and Plaza Huincul Inter-city Autonomous Body […]
PDVSA mulling force majeure on oil exports -Argus
(Reuters, 5.Jun.2018) — Venezuela’s state-owned PDVSA is considering a declaration of force majeure on some of its oil supply contracts in June unless its clients agree to accept volume reductions of up to 50 percent, Argus reported on Tuesday, citing PDVSA officials. PDVSA “in the best case only has about […]
North America’s Energy Future on Trial in Mexico
(Brookings, Carlos Pascual, David G. Victor, and Rafael Fernandez de Castro, 5.Jun.2018) – On July 1, Mexicans head to the polls to select their next president. While it has become fashionable to wall Mexican matters away from American politics, in reality the Mexican election could transform the North American community. […]
Why Melbana Choose Cuba?
(Energy Analytics Institute, Piero Stewart, Jared Yamin) – Melbana Energy Limited Chief Geologist Errol Johnstone explains why the company choose Cuba. ***
Force Majeure Affects NorPeruano Pipeline
(Energy Analytics Institute, Ian Silverman, 3.Jun.2018) – Canada’s Frontera Energy Corporation announced it was notified by Petroperu S.A. of a force majeure event affecting a portion of the NorPeruano pipeline following the identification of oil traces in the Pastaza River, an area outside Block 192. Force majeure will begin on […]
Petrobras Boss Resigns Amid Truckers’ Strike
(Al Jazeera, Daniel Schweimler, 2.Jun.2018) – Pedro Parente’s resignation was one of the demands of striking workers due to worries that he was going to privatise Brazil’s share of the Latin American oil company. https://www.aljazeera.com/news/2018/06/brazil-oil-company-petrobras-boss-resigns-truckers-strike-180602120210810.html The boss of the biggest oil company in Brazil has resigned, driving down the share […]
Petrobras CEO Parente Resigns Post
(Energy Analytics Institute, Ian Silverman, 1.Jun.2018) – Pedro Parente resigned as CEO of Petrobras. In an official statement, Brazil’s state oil company Petrobras confirmed Mr. Parente had resigned his position as CEO of the company. Petrobras said nomination of an interim CEO will be analyzed by the Board of Directors […]
China Looks to Invest $10 Billion in Peru Over 3 Years
(Energy Analytics Institute, Piero Stewart, 1.Jun.2018) — China plans investments of $10 billion across various sectors in Peru over the next three years. The Asian giant is planning to focus investments on sectors including energy, mines, telecommunications, construction and finance, reported the daily newspaper El Comercio, citing China’s Ambassador to […]
Fact Sheet: Peru LNG
(Shell, 1.Jun.2018) — Peru LNG is the first natural gas liquefaction plant in South America and began operations in 2010 with a 4.45 mtpa capacity. It receives dry gas through a 408km pipeline that stretches from the highlands in the Peruvian Andes to the coast. Shell acquired 20% equity in […]
Pemex Says JV Wins Bid to Rehabilitate H-Oil Plant at Tula Refinery
(Energy Analytics Institute, Ian Silverman, 31.May.2018) – The partnership Saipem S.P.A / Saimexicana S.A. de C.V won the bid to rehabilitate the H-Oil Plant at the Miguel Hidalgo refinery. Mexico’s state oil company PetrĂłleos Mexicanos announced in an official statement results of the bidding process for rehabilitation and commissioning works […]
Ramnarine Talks About Southern Caribbean Deepwater Industry
(Energy Analytics Institute, Ian Silverman, 31.May.2018) – Former Trinidad and Tobago Energy Minister Kevin Ramnarine will speak in Port of Spain about the regional deepwater industry in the Southern Caribbean. An abstract from his technical talk about the regional deepwater industry in the Southern Caribbean, and the case of Guyana, […]