(Petrobras, 21.Mar.2017) – Petrobras and its partners are committed to implementing the production sharing agreement (PSA) for the Libra area, executed in 2013 and for which Libra Pilot, the first definitive production system, scheduled for late 2020, is an important milestone. Petrobras and its partners have, since 2015, carried out […]
Category: Latin America and the Caribbean
Peña Nieto Presides Over Commemoration Ceremony
(Pemex, 18.Mar.2017) – Mexican President Enrique Peña Nieto presided over the commemoration ceremony on March 18, 2017 at the maritime terminal of Ciudad del Carmen, Campeche. He assured that Petróleos Mexicanos is the most representative company of Mexico and an important part of the country’s national identity. “We are,” he […]
Pemex Director Visits Families of Salamanca Accident
(Pemex, 17.Mar.2017) – José Antonio González Anaya, General Director of Petróleos Mexicanos, met with the family members of the workers who were injured in the explosion of the Dispatch Terminal in Salamanca. He visited the family of the worker who is being cared for at the Hospital in Picacho in […]
Moody’s Takes Action on Cosan’s Ratings
(Moody’s Investors Service, 17.Mar.2017) – Moody’s Investors Service affirmed the ratings of the notes issued by Cosan Overseas Limited and Cosan Luxembourg S.A. and guaranteed by Cosan at Ba3. At the same time, Moody’s América Latina affirmed Cosan S.A. Indústria e Comércio’s corporate family ratings at Ba2 (global scale) and […]
Colombia to Benefit from Internationalizing Currency
(Energy Analytics Institute, Ian Silverman, 15.Mar.2017) – The Oxford Business Group said that Colombia only stands to benefit from further internationalizing its currency as it attempts to diversify its sources of foreign exchange, reported the Trinidad Guardian newspaper, citing a report last month launched at Lloyds of London during a […]
President Energy Updates on Argentine Reserves
(President Energy Plc, 15.Mar.2017) – President Energy Reports Audited Argentine Reserves Upgrade President Energy Group 2P Hydrocarbon Reserves now in excess of 20 MMBoe. Highlights: — Argentine 1P Oil Reserves increase by 9% to 12 MMBoe of which 11.5 MMBbls is oil — Argentine 2P Reserves increase by 10% to […]
Petrobras Says Court Authorizes Divestment Program
(Petrobras, 15.Mar.2017) – Petrobras, in continuation to the material facts disclosed on 12/8/2016 and 12/20/2016, reports that the decision by the Federal Accounting Court (TCU) issued, repealed the preventive order preventing the company from initiating new divestment projects and concluding those in progress and, as for the merit, ordered Petrobras […]
Mexico’s First Open Season Auction
(Pemex, 15.Mar.2017) – Last December 20th, the application period for those interested in participating in the first Open Season auction, was opened. From March 10, they submitted their financial proposals for the capacity reserve for storage and transport by duct. According to the Schedule, the winners of this auction for […]
Venezuela Not Selling Gasoline in Pesos
(Energy Analytics Institute, Aaron Simonsky, 15.May.2017) – Venezuela expects to receive between $120,000 and $150,000 per day from the sale of its gasoline along the Colombian border, reported the daily El Nacional citing Economist Aldo Contreras. However, since initiating the process on January 2, 2017 to commercialize its gasoline along […]
Petrobras’ Unaffected by Brazil’s Outlook
(Moody’s, 15.Mar.2017) – On 15 March 2017 Moody’s changed the outlook on the Government of Brazil’s Ba2 rating to stable from negative, reflecting Moody’s expectation that the downside risks are abating and macroeconomic conditions stabilizing. As stated in our previous reports, the change in Brazil´s outlook does not directly affect […]
Petrobras Reports Oil, Gas Output in February
(Petrobras, 14.Mar.2017) – Petrobras’ oil and natural gas production in February totaled 2.82 million barrels of oil equivalent per day (boed), with 2.703 million boed produced in Brazil and 113,000 boed abroad. Average domestic oil output stood at 2.20 million barrels per day (bpd), 1% down on the January figure. […]
President Energy Provides Update on Argentine Ops
(President Energy Plc, 12.Mar.2017) – President Energy announced that the first workover of a previously producing well, DP12 at the Dos Puntitas field, has been completed on time and on budget. The workover of DP12 went to plan with minimal non-productive time and the well, which had previously had a […]
Mexico’s Fuel Consumption in January 2017
(Energy Analytics Institute, Fidencio Casillas, 12.Mar.2017) – Mexico consumed 193 million liters of fuel in January 2017, state oil company Petróleos Mexicanos (Pemex) Gasolinera wrote in a twitter post. Of the total consumption, approximately 130 million liters or equivalent to 817,000 barrels per day (67 percent of total consumption) corresponded […]
Venezuela Holds World’s 8th Largest Gas Reserves
(Energy Analytics Institute, Piero Stewart, 11.Mar.2017) – Venezuela, the country with the world’s largest crude oil reserves, also continues to hold the world’s eighth largest accumulation of natural gas reserves (see table below), according to BP’s Statistical Review of World Energy. Top Ten Holders of Natural Gas Reserves Worldwide Rank […]
Jusepin Plant to Assist PDVSA Gas Reduce Flaring
(Energy Analytics Institute, Piero Stewart, 11.Mar.2017) – PDVSA said that the start of the Jusepin 200 gas processing plant will allow its affiliate PDVSA Gas to reduce gas flaring by 100 million cubic feet per day (MMcf/d), announced Venezuela’s oil ministry in a twitter post. The compression plant, located in […]
Guri Dam Water Level Above 2016 Levels
(Energy Analytics Institute, Piero Stewart, 11.Mar.2017) – The water level at Venezuela’s Guri Dam was at 261 meters above sea level as of March 1, 2017, and up 12 meters over the same period in 2016 when the water level was at 249 meters above sea level, reported the daily […]
Bolivia Says El Alto to Have Gas in 2018
(Energy Analytics Institute, Jared Yamin, 10.Mar.2017) – The entire population of the city El Alto will have access to domestic gas service in 2018. Bolivia’s state oil company Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) has invested an estimated $195 million in El Alto since 2006 and to-date has achieved an 80 […]
Shushufindi Plant Has 20 Mb/d LPG Capacity
(Energy Analytics Institute, Clifford Fingers III, 10.Mar.2017) – Ecuador’s Shushufindi refinery has the capacity to bottle or fill 20,000 cylinders per day of liquefied petroleum gas or LPG, Ecuador’s Hydrocarbon Ministry wrote in a twitter post, citing Oil Minister Jose Icaza Romero during a visit to the plant. ***
Petrobras Clarification on Alliance News
(Petrobras, 10.Mar.2017) – Petrobras understands that the content disclosed to the market on the Strategic Alliance with Total on 10/24/2016, 12/21/2016 and 3/1/2017, includes the relevant information about this partnership, informing the values that refer to the purchase and sale contracts that were signed between the two companies and to […]
Petrobras Updates on Nova Transportadora Sale
(Petrobras, 10.Mar.2017) – Petrobras informed that it was suspended today by the President of the Federal Regional Court for the 5th Region, the injunction that determined the interruption of the sale of 90% of Petrobras stake in Nova Transportadora do Sudeste (NTS). With the favorable decision by said Court, the […]
Colombia’s TermoCandelaria Fined 35.4 Bln Pesos
(Energy Analytics Institute, Jared Yamin, 10.Mar.2017) – Colombian energy generator TermoCandelaria was fined 35,410 million pesos, equivalent to 48,000 minimum salaries, by the country’s Public Services Superintendent. The entity justified its fine by saying the company had put the entire electrical system at risk in an ‘unjust manner’ during a […]
Pemex Director Meets Oil Sector Leaders
(Pemex, 8.Mar.2017) – The General Director of Petróleos Mexicanos, José Antonio González Anaya, had an intense activity during CERA week, the most important event of the oil industry globally, which is held annually in the city of Houston. Throughout three days, he met with directors of various oil companies and […]
Moody’s Changes Outlook on Argentine Cos
(Moody’s Investors Service, 7.Mar.2017) – Moody’s Investors Service revised to positive from stable the outlook for several companies operating in Argentina, while all ratings were affirmed. The companies’ outlook change follows the revision of the Argentine government’s B3 rating outlook to positive from stable on March 6, 2017. ISSUERS AND […]
Strategic Alliance Between Petrobras, Total
(Petrobras, 7.Mar.2017) – Petrobras clarified that the R$ 500 million amount mentioned in the article published by the newspaper O Estado de S. Paulo and mentioned by President Pedro Parente in an internal communication to the company’s work force, represents a preliminary estimate of potential gains that may result from […]
Harvest Natural Announces 4Q:16 Results
(Harvest Natural Resources, Inc., 6.Mar.2017) – Harvest Natural Resources, Inc. announced 2016 fourth quarter and year-end earnings. Harvest posted a fourth quarter 2016 net income of $100.6 million, or $9.00 per basic and diluted share, compared with a net loss of $73.2 million, or $5.70 per basic and diluted share, […]
EcoStim Secures $17 Million in New Funding
(Eco-Stim Energy Solutions, Inc., 6.Mar.2017) – Eco-Stim Energy Solutions, Inc. announced that an affiliate of Fir Tree Partners (FTP) entered into a transaction with an affiliate of Albright Capital Management LLC (ACM) pursuant to which FTP has purchased from ACM $22 million aggregate principal amount of the company’s outstanding 14% […]
Pemex, BHP Billiton to Develop Trion Block
(Pemex, 3.Mar.2017) – Petróleos Mexicanos and the Australian company BHP Billiton signed an agreement to develop the deep-water Trion Block during an event hosted by the President of Mexico, Enrique Peña Nieto. This is the first farm out agreement that Pemex has undertaken to explore and produce and is the […]
Mariscal Sucre to Produce 300 MMcf/d
(Energy Analytics Institute, Piero Stewart, 2.Mar.2017) – The Mariscal Sucre offshore project is expected to be producing 300 million cubic feet per day (MMcf/d) in the fourth quarter of 2017, PDVSA announced in an official statement. The Mariscal Sucre project is comprised of four fields: Dragón, Patao, Mejillones and Río […]
Gran Tierra to Make Normal Course Issuer Bid
(Gran Tierra Energy Inc., 1.Mar.2017) – Gran Tierra Energy Inc. intends to implement a normal course issuer bid through the facilities of the Toronto Stock Exchange (TSX) and the NYSE MKT. Pursuant to the Bid and subject to regulatory approval, Gran Tierra would be able to purchase for cancellation up […]
GeoPark Announces Expansion of Tigana/Jacana
(GeoPark Limited, 2.Mar.2017) – GeoPark Limited announced the successful drilling and testing of the Jacana 11 appraisal well in the Jacana oil field in the Llanos 34 Block (GeoPark operated with a 45% working interest) in Colombia. GeoPark drilled and completed the Jacana 11 appraisal well to a total depth […]
Guyana’s Initial Oil Output to Surpass Trinidad
(Energy Analytics Institute, Pietro D. Pitts, 2.Mar.2017) – Sleepy Guyana is gearing up to surpass twin-island nation Trinidad and Tobago in terms of oil production. Production plans by Irving, Texas-based Exxon Mobil Corporation at the promising Stabroek Block offshore Guyana will assist the small country to initially produce more oil […]
Gran Tierra Energy Provides Operational Update
(Gran Tierra Energy Inc., 1.Mar.2017) – Gary Guidry, President and Chief Executive Officer of Gran Tierra, commented “2017 is off to an exciting start for Gran Tierra. We are pleased to report that the Acordionero field in the Middle Magdalena Basin continues to exceed our expectations and are encouraged by […]
Petrobras, Total Finalize Strategic Alliance
(Petrobras, 1.Mar.2017) – Petrobras and Total signed the sales contracts for the assets in the Strategic Alliance, as set out in the Master Agreement signed on the 21st of December, 2016. The contracts signed yesterday form a Strategic Alliance between both companies creating new partnerships in the Upstream and Downstream […]
Ecopetrol’s Annual General Shareholders’ Meeting
(Ecopetrol, 27.Feb.2017) – The Chief Executive Officer of Ecopetrol S.A. announced details of the Annual General Shareholders’ Meeting held on March 31, 2017 at the International Center of Business and Exhibitions (Centro Internacional de Negocios y Exposiciones, Corferias), Bogotá, Colombia. The agenda for the meeting included: — Safety guidelines — […]
PDVSA Steps up Legal Actions Against PetroSaudi
(PDVSA, 24.Feb.2017) – PDVSA, through its subsidiary PDVSA Servicios SA, has been involved in a legal battle against PetroSaudi Oil Services Ltd. Among other claims, PDVSA seeks to obtain compensation for damages incurred due to the poor performance of the offshore drilling unit contracted to carry out drilling and well […]
Petrobras Approves Settlements with Investors
(Petrobras, 24.Feb.2017) – Petrobras announces its Board of Directors has approved settlements to end four individual lawsuits filed before the Federal Court of New York, USA, by New York City Employees Retirement System (and others), Transamerica Income Shares, Inc. (and others), Internationale Kapitalanlagegesellschaft mbH, Lord Abbett Investment Trust – Lord […]
PDVSA, Rosneft Hold Conference on EHCO
(PDVSA, 23.Feb.2017) – PDVSA and the Russian company Rosneft held a technical conference on strategy, innovation and technology for a sustainable future, February 22-23, 2017 at PDVSA Intevep’s headquarters in Los Teques, Miranda state. The event brought together 150 PDVSA and Rosneft specialists from various fields to strengthen cooperation, exchange […]
Nova Fronteira Merges into São Martinho S.A.
(Petrobras, 23.Feb.2017) – Petrobras announced that, further to the statement on 12/15/2016, its wholly owned subsidiary Petrobras Biocombustível S.A. (PBIO) finalized the merger of Nova Fronteira into São Martinho S.A. The transaction was concluded on PBIO’s receipt of 24 million new ordinary shares issued by São Martinho, representing 6.593% of […]
Petrobras Proceeds with Sale of PetroquímicaSuape
(Petrobras, 23.Feb.2017) – Further to the relevant fact disclosed on January 31, 2017, Petrobras announced that the Federal Regional Court of the 5th Region granted the stay of proceedings sought by Petrobras concerning the sale of the shares in Companhia Petroquímica de Pernambuco (PetroquímicaSuape) and Companhia Integrada Têxtil de Pernambuco […]
PDVSA Strengthens Cuba-Venezuela Agreement
(PDVSA, 22.Feb.2017) – The vice president of trade and supply of PDVSA Ysmel Serrano, concluded a work trip to Cuba in order to strengthen energy cooperation ties as part of the Cuba-Venezuela Agreement. Key issues for the development of integration policies with the peoples of the Caribbean were discussed in […]
PDVSA and Schlumberger Discuss Business Relations
(PDVSA, 22.Feb.2017) – On February 21, 2017, Schlumberger CEO Paal Kibsgaard, visited the headquarters of Petróleos de Venezuela S.A. (PDVSA) to hold a meeting with PDVSA President Eulogio Del Pino. The agenda focused on Venezuela opportunities as the low oil price cycle is coming to an end. They exchanged views […]
PDVSA Pays Interest to Bond Holders
(PDVSA, 20.Feb.2017) – PDVSA informed all holders of PDVSA Bonds maturing in 2022, that payment of interest was made on February 17, 2017 corresponding to the semester ending February 2017, according to preset conditions on paper issued February 2011. ***
PDVSA Actions in Rincón, Shiera Cases
(PDVSA, 20.Feb.2017) – As has been informed, PDVSA subsidiary Bariven, S.A., has been the victim of a fraud perpetrated by former contractors and suppliers of the company led by Roberto Enrique Rincón Fernández and Abraham José Shiera Bastidas, who in complicity with former employees of a foreign PDVSA subsidiary obtained […]
Juniper’s Trinidad Journey: From Construction To Installation
(BP, 20.Feb.2017) — With a platform weighing nearly 10,000 tons in the Caribbean Sea, BP’s Juniper is no small feat. The $2 billion subsea project in Trinidad and Tobago will bring up to 590 million cubic feet of natural gas per day to the country’s Petrochemicals and Liquefied Natural Gas […]
ExxonMobil: About Guyana
(Exxon, 20.Feb.2017) — Located on the northern mainland of South America, Guyana is bordered by the Atlantic Ocean to the north, Brazil to the south, Suriname to the east and Venezuela to the west. With 215,000 square kilometres (83,000 square miles), Guyana is the fourth-smallest and only English-speaking country on mainland […]
PDVSA to Investigate Barinas Pipeline Fire
(Energy Analytics Institute, Piero Stewart, 17.Feb.2017) – PDVSA announced a fire along a section of an oil pipeline located in Barinas state was controlled with the assistance of the state fire department, state police and civil protection personnel. The fire occurred along the San Silvestre–El Real section of the 20-inch […]
Venezuela, China Sign 8 Oil Deals
(Energy Analytics Institute, Piero Stewart, 17.Feb.2017) – Venezuela signed 22 agreements with China, including eight (8) related to heavy and extra heavy oil ventures in the OPEC-member country, with an estimated value of $2.7 billion, announced Venezuelan President Nicolas Maduro during a signing ceremony in Caracas. ***
PLC Refinery Conversion to Conclude in 2018
(Energy Analytics Institute, Piero Stewart, 17.Feb.2017) – PDVSA estimates that the deep conversion project at its 100 percent owned Puerto La Cruz refinery, which will require foreign investments of $10.5 billion and allow the refinery to process 210,000 barrels per day, will conclude in late 2018. ***
Lawsuits Push Venezuela to Brink of Default
(Energy Analytics Institute, Piero Stewart, 17.Feb.2017) – A Paris Court of Appeal’s rejection of an annulment from Venezuela will force the cash-strapped South American country to pay $730 million to Canada’s Gold Reserve Inc. This lawsuit and others pending in international courts, should they be rendered with final decision against […]