(Energy Analytics Institute, Piero Stewart, 17.Feb.2017) – Citgo Petroleum Corporation has yet to the report on a possible replacement to head the company after its CEO and President Nelson Martinez was appointed as Venezuela’s Oil Minister by the country’s President Nicolas Maduro. The appointment leaves Citgo, the Houston-based refining arm […]
Category: Latin America and the Caribbean
Ecopetrol Reserves Fall to 1,598 MMboe in 2016
(Ecopetrol S.A., 17.Feb.2017) – This valuation was made at a regulatory price of $44.5/barrel, lower prices negatively impacted 202 million barrels … Ecopetrol S.A. announced its proven reserves (1P, according to the international designation) of crude oil, condensate and natural gas owned by the company, including its interest in affiliates […]
Andes Energía, YPF to Develop Vaca Muerta
(Energy Analytics Institute (EAI), Clifford Fingers III, 16.Feb.2017) – Andes Energía and YPF plan joint investments to boost hydrocarbon production in the Vaca Muerta in Argentina. “We have projects to drill hundreds of wells,” reported the daily Clarín, citing Andes General Manager Alejandro Jotayan. “The great potential is in shale […]
Ecopetrol Auction Related to EEB Declared Void
(Ecopetrol S.A., 15.Feb.2017) – Ecopetrol S.A. reported results of the fourth auction corresponding to Stage Two of the Program to Transfer and Award its 28,465,035 shares of Empresa de Energía de Bogotá S.A. E.S.P. The bidding session was declared void. ***
Petrobras Reports Production in January
(Petrobras, 15.Feb.2017) – Petrobras’ total oil and natural gas production in January was 2.86 million barrels of oil equivalent per day (boed), of which 2.74 million boed were produced in Brazil and 0.12 million boed abroad. The average oil production in the country was 2.23 million barrels per day (bpd), […]
Venezuela Advances with PLC Conversion Project
(PDVSA, 14.Feb.2017) – Members of the China-Venezuela High Level Joint Commission toured the facilities of the Puerto La Cruz Refinery in Anzoátegui state, to review the progress of the Deep Conversion Project, a big scale project of PDVSA for the processing of heavy and extra heavy crude from the Hugo […]
Venezuela, China Hold High Level Commission
(PDVSA, 13.Feb.2017) – The 15th China-Venezuela High Level Joint Commission took place at the José Félix Ribas Hall of Teresa Carreño Theater in Caracas, with the aim of discussing the progress of the Economic Agenda for Binational Cooperation and continue strengthening relations between the two nations throughout the year. The […]
Venezuela Signs Eight Agreements with China
(PDVSA, 13.Feb.2017) – PDVSA ratified its cooperation with the People’s Republic of China with the signing of eight agreements at the 15th China-Venezuela High Level Joint Commission, which was held at the José Félix Ribas Hall of the Teresa Carreño Theater in Caracas. The event was headed by Venezuela’s President […]
Venezuela, Algeria Officials Discuss Bilateral Coop
(PDVSA, 13.Feb.2017) – Venezuela’s Foreign Minister Delcy Rodríguez and Oil Minister Nelson Martínez visited the People’s Democratic Republic of Algeria to continue working visits to member a and non-member countries of the OPEC. The officials discussed bilateral cooperation issues during their meeting with Algerian Foreign Minister Ramtane Lamamra, and Energy […]
Petrobras Reaches Production Target
(Petrobras, 12.Feb.2017) – Petrobras reported average oil production in Brazil reached an annual historical record in 2016, at 2.144.256 barrels per day (bpd), 0.75% above the results for the prior year and in line with the 2,145 thousand bpd target forecast for the period. For the second year in a […]
Standard & Poor’s Improves Petrobras’ Rating
(Petrobras, 11.Feb.2017) – Petrobras announced that the credit rating agency Standard & Poor’s raised its rating for the company’s corporate debt to ‘BB-‘ from ‘B+’ and changed its outlook to stable from negative. The agency stated that the improvement in Petrobras’ rating reflects the evolution of its liquidity and a […]
Venezuela’s Martínez meets Omani Counterpart
(PDVSA, 10.Feb.2017) – Venezuela’s Foreign Minister Delcy Rodríguez and the country’s Oil Minister Nelson Martínez traveled to the Sultanate of Oman to meet with Omani Oil Minister Mohammed bin Hamad Al Rumhy, as part of a tour of member and non-member countries of OPEC. Oman, together with Venezuela, Algeria, Kuwait […]
FSRU Höegh Grace Receiving Cargo In Colombia [Video]
(LNG World, 10.Feb.2017) — Norway-based Höegh LNG’s FSRU Höegh Grace began commercial operations in Cartagena, Colombia at the end of last year. The Höegh Grace, used as Colombia’s first LNG import terminal, started operating under the 20-year contract Höegh LNG has with Sociedad Portuaria El Cayao (SPEC), after completing the regasification trials. […]
Petrobras Announces Final Tender Results
(Petrobras, 9.Feb.2017) – Petróleo Brasileiro S.A. – Petrobras (PBR) announced that holders of $4,899,100,000 and €631,753,000 principal amount of the outstanding notes of the series set forth in the table below (all such notes, collectively, the Old Notes and each a “series” of Old Notes), issued by its wholly-owned subsidiary […]
Why is Venezuela’s Oil Sector So Shattered?
(Igor Hernández, IESA Professor, 8.Feb.2017) – For oil-dependent Venezuela, the drop in oil prices since 2014 has been hard. Combined with the collapse in production, it has created an unprecedented economic crisis. Output decreased by 337,000 barrels per day (bpd) between December 2015 and December 2016 to 2.27 million bpd, […]
Ecopetrol Notice for Empresa de Energía de Bogota
(Ecopetrol S.A., 8.Feb.2017) – Ecopetrol S.A. announced on February 8, 2017, as established in the Offering Notice of Second Stage, the company published the offering notice regarding the fourth auction for the second stage of Ecopetrol’s equity divestment plan for its shares in Empresa de Energía de Bogota S.A. E.S.P. […]
ICSID Orders Ecuador Pay ConocoPhillips $380 Mln
(ConocoPhillips, 8.Feb.2017) – ConocoPhillips’ wholly owned subsidiary, Burlington Resources Inc., received an arbitration award of $380 million from an international arbitration tribunal, constituted under the International Centre for the Settlement of Investment Disputes (ICSID), for Ecuador’s unlawful expropriation of Burlington’s significant investment in breach of the U.S.-Ecuador bilateral investment treaty. […]
Paris Court Favors with Gold Reserve
(Gold Reserve Inc., 7.Feb.2017) – Gold Reserve Inc. announced that on February 7, 2017, the Paris Court of Appeal rejected all of Venezuela’s arguments and issued a judgment dismissing the annulment applications filed by Venezuela pending before the French courts in relation to the arbitral award dated September 22, 2014 […]
GeoPark Says 2P Reserves Valued at $1.9 Bln
(GeoPark Limited, 6.Feb.2017) – GeoPark Limited announced its independent oil and gas reserves assessment, certified by DeGolyer and MacNaughton (D&M), under PRMS methodology, as of December 31, 2016. Year-End 2016 D&M Certified Reserves and Company Highlights: — Per Share Value: Net debt adjusted 2P NPV10 increased by 19% to $23.6 […]
Baron Provides Update On Block Z-34 Peru
(Baron Oil plc, 6.Feb.2017) — The Board of Baron Oil plc provided an update on activities in Peru on Block Z-34 Following preparation and presentation of a detailed drilling plan in Lima, the company is pleased to announce that Cuy-Z34-13-1X has now been accepted by PeruPetro, the responsible government agency, […]
P-66 Leaves Shipyard for Lula Field
(Petrobras, 6.Feb.2017) – The floating platform will operate in the Santos Basin pre-salt and it will be the seventh unit deployed in Lula field. On February 4, 2017 the floating production, storage and offloading vessel (FPSO) P-66 left the Brasfels shipyard in Angra dos Reis, Rio de Janeiro. It is […]
Gran Tierra to Divest Brazil Business
(Gran Tierra Energy Inc., 6.Feb.2017) – Gran Tierra Energy Inc. announced a purchase and sale agreement was executed pursuant to which Maha Energy AB agreed to purchase Gran Tierra’s Brazil business unit through the acquisition of all of the equity interests in one of Gran Tierra’s indirect subsidiaries, and the […]
PDVSA Exploration VP Tours Faja Ops
(PDVSA, 4.Feb.2017) – PDVSA Vice President of Exploration and Production Nelson Ferrer, led a tour of the facilities of the Orinoco Drill Operators Cooperative Association, which absorbed former Petrex Sudamérica workers, in the Hugo Chávez Orinoco Oil Belt. He was able to see the progress of the new labor scheme […]
Venezuela Says El Tablazo Targeted
(Energy Analytics Institute, Piero Stewart, 2.Feb.2017) – Venezuela’s Electric Energy Minister Luis Motta Domínguez announced three persons planned actions to sabotage the sub-station El Tablazo 400 in Zulia state. One of the persons unfortunately was electrocuted during the process, reported the daily Panorama, while the other two are currently in […]
New PDVSA Board Preparing for Changes
(Energy Analytics Institute, Piero Stewart, 2.Feb.2017) – A newly appointed Board of Directors at PDVSA will be charged with taking actions to prepare the company for the eventually turn around in the crude oil export market. Venezuela’s President Nicolas Maduro said during his weekly broadcast that the new board would […]
PDVSA Says Costs Down More Than 30%
(Energy Analytics Institute, Piero Stewart, 2.Feb.2017) – PDVSA reduced operating costs by more than 30 percent, announced the entity in an official statement, citing company President Eulogio Del Pino. No further details were revealed by the company. ***
Maduro Ask Citizens to Reduce Consumption
(Energy Analytics Institute, Piero Stewart, 2.Feb.2017) – Venezuela’s President Nicolas Maduro called on the Venezuelan citizens to reduce their consumption of fuels so that they could be used for exports to international markets. ***
Maduro Names New Central Bank Head
(Energy Analytics Institute, Piero Stewart, 2.Feb.2017) – Venezuela’s President Nicolas Maduro named Ricardo Sanguino as the new President of the Venezuelan Central Bank (BCV). Sanguino replaces Nelson Merentes, who resigned the post. ***
GeoPark Announces Development Successes in Colombia
(GeoPark Limited, 2.Feb.2017) – GeoPark Limited announced new drilling successes in the Llanos 34 Block (GeoPark operated with a 45% working interest), in Colombia, consisting of: Discovery of the new Chiricoca oil field, following the successful drilling and testing of the Chiricoca 1 exploration well, and Further expansion of the […]
Mariscal Sucre Has 600 MMcf/d Production Potential
(Piero Stewart, Energy Analytics Institute, 1.Feb.2017) – Venezuela’s Mariscal Sucre natural gas project offshore has a production potential of 600 million cubic feet per day. The company plans to use this gas production to supply export markets in Colombia, Ecuador, Central America and the Caribbean, PDVSA announced in an official […]
Gran Tierra Reports 4Q:16 and YE:16 Results
(Gran Tierra Energy Inc., 30.Jan.2017) – Gran Tierra Energy Inc. announced its financial and operating results for the fourth quarter and year ended December 31, 2016. Unless otherwise expressly stated, all reserves and resources values have been calculated in compliance with Canadian National Instrument 51-101 – Standards of Disclosure for […]
Venezuelan Executives Discuss Oil Agenda
(Energy Analytics Institute, Piero Stewart, 29.Jan.2017) – Members of the Hydrocarbon Motor of the Bolivariana Economic Agenda met in Caracas to discuss advances under the plan. The meeting, held January 26, 2017 at the headquarters of PDVSA, in La Campiña in Caracas was attended by representatives from the Bolivariana Energy […]
Maduro Announces Shakeup to PDVSA Board
(Energy Analytics Institute, Pietro D. Pitts, 29.Jan.2017) – Venezuela’s President Nicolas Maduro announced changes to the Board of Directors at PDVSA and said the members would be expected to assume the homework of deepening the transformation of the entity into a Socialist Corporation. PDVSA’s President Eulogio Del Pino was restated […]
Bariven to be Heard in Restitution Process
(PDVSA, 28.Jan.2017) – Bariven, S.A., a PDVSA subsidiary, has taken legal action to obtain compensation for damages suffered due to fraudulent actions by former contractors and suppliers who in collusion with former workers of Bariven and some of its subsidiaries, obtained procurement contracts through acts of corruption, causing property and […]
AES Terminal to Supply Caribbean, Central America
(AES Dominicana, 28.Jan.2017) – The AES Dominicana Liquefied Natural Gas reception terminal, located in the AES Andres energy complex, has completed the modifications to allow for re-loading and re-exportation of LNG to neighboring Caribbean islands and Central American countries, which can now benefit from the environmental and economic advantages of […]
Trump Nationalism Scares LAC Exporters
(Energy Analytics Institute, Pietro D. Pitts, 27.Jan.2017) – Taiwan’s president got the call, Mexico’s president will get a wall. At least, that’s what U.S. President Donald Trump is proclaiming. From all accounts, Mexico’s President Enrique Peña Nieto has not been shown the same courtesy as Taiwan’s President Tsai Ing-wen. Witnessing […]
Venezuela Eyes Boosting Hydrocarbons Economic Driver
(PDVSA, 26.Jan.2017) – Members of the Hydrocarbons Economic Driver of the Bolivarian Economic Agenda, met at La Campiña headquarters of PDVSA in Caracas, for the presentation of the first annual report. The first session of 2017 was attended by more than 30 representatives from the Bolivarian Federation of Energy and […]
Guyana’s Ministry Continues Engagement with Stakeholders
(Guyana Ministry of Natural Resources, 26.Jan.2017) – As part of the Ministry of Natural Resources’ continuous engagement of stakeholders on preparations of Guyana’s developing oil and gas industry, the Ministry hosted a number of meetings. Members of the National Assembly including, members of the Parliamentary Sectoral Committee on Natural Resources, […]
VTTI Announces Acquisition in Panama
(VTTI B.V., 25.Jan.2017) – VTTI B.V., an independent provider of energy storage, announced an acquisition of a 230,000 m3 facility in Panama, resulting in a joint venture between VTTI and Global SLI. This deal sees VTTI take a 75% interest in PetroAmerica Terminal, S.A. (PATSA), a terminal strategically located on […]
Gran Tierra Reports 91% Rise in 2P Reserves
(Gran Tierra Energy Inc., 23.Jan.2017) – Gran Tierra Energy Inc. announced its 2016 year-end estimated reserves as evaluated by independent qualified reserve evaluator McDaniel & Associates Consultants Ltd. in a report with an effective date of December 31, 2016. Gran Tierra has also updated its corporate presentation, which is available […]
PDVSA Financial Debt Down by $2.7 Bln in 2016
(Energy Analytics Institute, Aaron Simonsky, 20.Jan.2017) – Cash-strapped PDVSA went out on a limb again last year to reduce its long-term financial debt. PDVSA, as the Caracas-based company is known, may not have invested heavily in exploration and production activities to boost falling crude oil production or in its six […]
Maduro Names Citgo President as Venezuela’s Oil Minister
(Energy Analytics Institute, Aaron Simonsky, 20.Jan.2017) – Venezuela President Nicolas Maduro announced the appointment of Nelson Martínez, the actual president of Citgo Petroleum Corporation, as the country’s new petroleum minister. Martínez replaces outgoing Petroleum Minister Eulogio Del Pino. “Our friend Eulogio Del Pino remains in front of PDVSA,” reported state […]
Guyana Ministry Clarifies Huffington Article
(Guyana Ministry of Natural Resources, 19.Jan.2017) – The Ministry of Natural Resources would like to clarify for the benefit of the public an article by online media outlet The Huffington Post published on January 17, 2017. The article, headlined ‘Conflict: Tillerson would Write the Rules for Exxon’s Major Oil Find […]
Maduro Fires Pequiven President
(Energy Analytics Institute, Piero Stewart, 16.Jan.2017) – Venezuela’s newly appointed Vice President Tareck Aissami announced that the country’s President Nicolas Maduro had ordered the dismissal of Pequien President Juancarlo Depablos Contreras due to issues related to shortfalls in production and supply of raw materials. “Serious acts of corruption have been […]
ExxonMobil Success in Guyana Continues
(Energy Analytics Institute, Piero Stewart, 16.Jan.2017) – ExxonMobil’s successful drilling streak continues in Guyana as the Irving, Texas-based company announced positive results from its second offshore well Payara-1, also located on the Stabroek Block. The well, located just 16 kilometers from the earlier game-changing Liza discovery, encountered over 29 meters […]
Mexico’s Gasoline Price Lowest in LAC Region
(Energy Analytics Institute, Fidencio Casillas, 16.Jan.2017) – The average gasoline price in Mexico, the largest Spanish speaking country in the Americas, is still the lowest amongst select countries in the Latin American and Caribbean (LAC) region. Mexico’s average gasoline price of 15.9 Mexican pesos per liter remains the lowest among […]
PDVSA’s Domestic Refining Utilization Falls
(Energy Analytics Institute, Aaron Simonsky, 16.Jan.2017) – Refining utilization rates at PDVSA’s six domestic refineries averaged 30.7 percent in 2016 owing to permanent and temporary plant shut downs, and continued problems procuring replacement parts all due to finance issues. PDVSA’s domestic refineries – Amuay, Cardón, Bajo Grande, Puerto la Cruz, […]
Ecuador Announces $1 Billion Bond Placement
(Energy Analytics Institute, Ian Silverman, 16.Jan.2017) – Ecuador, the only other Latin American country to belong to the Organization of Petroleum Exporting Countries (OPEC), successfully completed a $1 billion bond placement, announced President Rafael Correa in an official Twitter post. The bonds, placed on January 10, 2017, have an annual […]
LatinFinance Says Petrobras Has Best Debt Management
(Petrobras, 16.Jan.2017) – Voted the company with the best debt management performance in the international capital markets in 2016, Petrobras was presented by LatinFinance magazine with the Corporate Liability Management of the Year award, at a ceremony held in New York on January 12, 2017. The award took into consideration […]