Category: Latin America and the Caribbean

ExxonMobil Announces New Oil Discoveries Offshore Guyana

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(Exxon Mobil, 12.Jan.2017) – Exxon Mobil Corporation announced positive results from its Payara-1 well offshore Guyana. Payara is ExxonMobil’s second oil discovery on the Stabroek Block and was drilled in a new reservoir. The Payara-1 well targeted similar aged reservoirs that were proven successful at the company’s Liza discovery. “This […]

Renaissance, Lukoil to Partner in AmatitlĂĄn Block

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(Renaissance Oil Corp., 11.Jan.2017) – Renaissance Oil Corp. announced that PJSC LUKOIL, one of the world’s largest oil producers, has chosen Renaissance as their partner for the Integrated Exploration and Production Contract for the 230 km2 (56,800 acres) AmatitlĂĄn block, near Poza Rica, Veracruz, Mexico. Highlights — Renaissance acquires 25% […]

Petrobras Announces Pricing of Global Notes

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(Petrobras, 10.Jan.2017) – Petrobras announces the pricing of global notes denominated in U.S. Dollars (the “Notes”) to be issued by its wholly-owned subsidiary Petrobras Global Finance B.V. (PGF). The Notes will be unsecured obligations of PGF and will be fully and unconditionally guaranteed by Petrobras. Closing is expected to occur […]

Moody’s Assigns Rating to Petrobras Notes

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(Moody’s Investors Service, 9.Jan.2017) – Moody’s Investors Service assigned a B2 rating to Petrobras Global Finance B.V.’s proposed global notes, which will be unconditionally guaranteed by Petroleo Brasileiro S.A. (B2 stable). The B2 rating on the proposed notes is based on the rating of Petrobras. The proposed notes are senior […]

Moody’s Assigns Rating to Pampa EnergĂ­a

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(Moody’s Investors Service, 6.Jan.2017) – Moody’s Investors Service assigned a B3 Corporate Family Rating (CFR) to Pampa EnergĂ­a S.A. At the same time, Moody’s assigned a B3 rating to the company’s proposed long term senior unsecured notes. Proceeds from the notes will be used to refinance debt and for capital […]

Venezuela Sales Gasoline in Colombian Pesos

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(Energy Analytics Institute, Piero Stewart, 4.Jan.2017) – Venezuela, the South American country with the region’s largest crude oil and natural gas reserves, initiated the sale of its gasoline in ParaguachĂłn, located in the La Guajira Department in Colombia. Cooperation between the governments of Colombia and Venezuela has allowed activities to […]

GeoPark Announces Drilling Success in Colombia

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(GeoPark Limited, 4.Jan.2017) – GeoPark Limited announced the successful drilling and testing of the Tigana Sur 4 development well in the Tigana oil field in the Llanos 34 Block (GeoPark operated with a 45% working interest) in Colombia, resulting in consolidated net exit production of approximately 24,400 boepd. GeoPark drilled […]

Venezuela Moving Towards Oil Industry Restructuring

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(Energy Analytics Institute, Aaron Simonsky, 4.Jan.2017) – “Venezuelan President Nicolas Maduro says ‘we’re going towards a restructuring of the (oil) industry’ and names Nelson MartĂ­nez, the actual president of Houston-based Citgo Petroleum Corporation, as Venezuela’s Petroleum Minister. MartĂ­nez replaces Eulogio Del Pino in this position. Del Pino retains his post […]

PetroMonagas Initiates Drilling at UBCP14

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(Energy Analytics Institute, Piero Stewart, 2.Jan.2017) – PDVSA PetroMonagas initiated directional drilling activities in RĂ­o Yabo — located in the Aceital del Yabo community in AnzoĂĄtegui state — and plans to install 800 meters of 30-inch tubing over 60 days. The tubing will have a transport capacity of 70,000 barrels […]

Petrobras Concludes Nansei Sekiyu Sale

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(Petrobras, 28.Dec.2016) – Petrobras concluded the sale of its 100% stake in Nansei Sekiyu (NSS) to the Taiyo Oil Company. The transaction was done by Taiyo paying $165 million, after complying with all previous conditions set forth in the agreement as signed on October 17, 2016. This amount is still […]

Petrobras Sells Sugar, Ethanol, PetroChem Assets

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(Petrobras, 28.Dec.2016) – These transactions are part of the company’s partnerships and divestments program. The target for the period 2017-2018 is $21 billion 
 On December 28, 2016, Petrobras closed two asset sales for the total sum of $587 million. The subsidiary Petrobras BiocombustĂ­vel (PBio) sold to Tereos Participations – […]

Venezuela Implements Oil Cut Agreement

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(PDVSA, 27.Dec.2016) – PDVSA announced implementation of an agreement to reduce production reached by member and non member countries of the Organization of the Petroleum Exporting Countries (OPEC). Under the agreement, Venezuela must implement a production cut of 95,000 barrels per day. As of January 1, 2017 PDVSA and /or […]

Venezuela Oil Output to Near 2 MMb/d

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(Energy Analytics Institute, Piero Stewart, 27.Dec.2016) – OPEC member nation Venezuela, which produced 2.097 million barrels per day (MMb/d) in November, according to the December 2016 Monthly Oil Market Report published by the Organization of Petroleum Exporting Countries (OPEC), which cited secondary sources, could see its crude oil production reach […]

Six Dead in PDVSA Truck Accident

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(Energy Analytics Institute, Piero Stewart, 27.Dec.2016) – An accident between a fuel transport truck owned by PDVSA and a vehicle carrying six persons from Venezuela’s armed forces unfortunately claimed resulted in the death of all the military personnel. The accident occurred in Tachira state and is under investigation by personnel […]

PDVSA Incorporates New Grads into Workforce

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(Energy Analytics Institute, Ian Silverman, 26.Dec.2016) – Three officials from PDVSA participated in a graduation ceremony in San TomĂ©, south of AnzoĂĄtegui state, whereby 124 graduates received diplomas and were immediately incorporated into the payroll of state oil company PDVSA. The officials included PDVSA Exploration and Production Vice President Orlando […]

PDVSA Says It Maintains Full Ownership of Citgo

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(Energy Analytics Institute, Ian Silverman, 25.Dec.2016) – PDVSA maintains full ownership and control over its Houston-based subsidiary Citgo Petroleum Corporation. PDVSA, in an official statement, also downplayed media versions and comments emitted by persons it claims are only interested in generating political instability in Venezuela based on speculation, rumors and […]

Looting Concerns in Venezuela Oil Areas

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(Energy Analytics Institute, Piero Stewart, 23.Dec.2016) – Looting in Bolivar state will not yet affect Venezuela’s crude oil production or export capacity. However, fears of similar looting spreading to oil producing regions raises concerns about the potential impact they could have on Venezuela’s main export revenue source during a time […]

Maduro Seeks Price Strategy Closure

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(Energy Analytics Institute, Piero Stewart, 23.Dec.2016) – Venezuela’s relentless search for a fair oil price continues as President Nicolas Maduro prepares to travel to various oil producing countries to finalize a strategy reached last month to stabilize oil prices, announced the official during his weekly radio and television program En […]

Petrobras, Total Move Forward with Alliance

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(Petrobras, 21.Dec.2016) – Petrobras signed a Master Agreement with the French company Total, in connection with the Strategic Alliance established in the Memorandum of Understanding signed on 10/24/2016, as previously announced to the market. Entering into strategic partnerships is an important part of Petrobras’ 2017-2021 Business and Management Plan, as […]

ExxonMobil Awards Key Contracts for Liza in Guyana

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(Exxon Mobil, 20.Dec.2016) – Exxon Mobil Corporation subsidiary, Esso Exploration and Production Guyana Limited (EEPGL), announced that it has awarded contracts to SBM Offshore for a floating production, storage and offloading (FPSO) vessel, a key step in moving the Liza field toward first production. Under the contracts, SBM Offshore will […]

PDVSA To Industrialize Faja Oil

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(PDVSA, 15.Dec.2016) – As of 2019, PDVSA, through Puerto La Cruz Refinery’s Deep Conversion Project, will industrialize crude oil from the Orinoco Oil Belt using HDHPLUSÂź, a Venezuelan technology, announced the People’s Power Minister of Foreign Trade and International Investment Jesus FarĂ­a. Minister FarĂ­a and the Ambassador of South Korea […]

Fitch Reaffirms Ecopetrol Investment Grade

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(Ecopetrol, 12.Dec.2016) – Ecopetrol S.A. reported the risk rating agency Fitch Ratings kept the company at investment grade, with an international rating of BBB. Fitch notes the important link between the company and the Republic of Colombia’s rating, and the Ecopetrol business group’s strategic relevance to the country. The agency […]

Ecopetrol Notice Regarding ISA Divestment Plan

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(Ecopetrol, 10.Dec.2016) – Ecopetrol S.A. announced that on December 10, 2016, 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 InterconexiĂłn ElĂ©ctrica S.A. E.S.P (ISA) in a […]

PDVSA Signs Agreements with Shell

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(PDVSA, 5.Dec.2016) – PDVSA and Shell Venezuela signed two agreements at Miraflores Palace. Both companies have stakes in the joint venture Petroregional del Lago, S.A. and plans to boost its production to 344 million barrels from 2017 to 2035, the first agreement provides for an investment of $2.8 billion ($400 […]

Trinidad and Venezuela Reach Deals

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(Energy Analytics Institute, Piero Stewart, 5.Dec.2016) – Together with President Nicolas Maduro and Prime Minister of Trinidad Keith Rowley we reached historic energy agreements, wrote PDVSA President Eulogio Del Pino in a series of twitter posts. “Together with Shell Venezuela we agreed to start negotiations to obtain financing for Petroregional […]

Venezuela to Export Gas to Trinidad

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(PDVSA, 5.Dec.2016) – During a meeting in Miraflores Palace, the People’s Power Minister of Petroleum and President of PDVSA Eulogio Del Pino and the Prime Minister of Trinidad and Tobago Keith Rowley, signed an agreement to implement the Natural Gas Supply Project from Venezuela to Trinidad and Tobago through a […]

Eco-Stim Energy Secures $2 Mln Loan

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(Eco-Stim Energy Solutions, Inc., 1.Dec.2016) – Eco-Stim Energy Solutions, Inc. finalized a $2 million secured loan from existing shareholders. The loan will have a one-year term with the proceeds used to prepay a $1 million note scheduled to mature on December 15, 2016, related to previous equipment purchases, as well […]

GeoPark’s Morona Block Approval in Peru

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(GeoPark Limited, 1.Dec.2016) – GeoPark Limited obtained final regulatory approval for its acquisition of the Morona Block in Peru. In its first project returning to the upstream business, the Peruvian state-owned company PetrĂłleos del PerĂș S.A. (Petroperu) awarded a 75% working interest (“WI”) in and operatorship of the Morona Block […]

Gran Tierra Common Stock Offering

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(Gran Tierra Energy Inc., 29.Nov.2016) – Gran Tierra Energy Inc. closed the previously announced underwritten public offering of shares of its common stock. The company sold 43,335,000 shares of its common stock at a public offering price of US$3 per share, for aggregate gross proceeds to the company of approximately […]

Gran Tierra Announces Successful Putumayo Bid

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(Gran Tierra Energy Inc., 28.Nov.2016) – Gran Tierra Energy Inc. announced that it submitted winning bids totaling a combined $30.4 million for two blocks which Ecopetrol S.A., Colombia’s national oil company, offered as part of the Ronda Campos Ecopetrol 2016 (Bid Round) in an electronic live auction held on November […]

Next Hot Spot for Shale Drilling? Argentina

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(CNN Money, 28.Jul.2016) – Argentina has exceptional hydrocarbon reserves, but politics has greatly affected its development. The economy in Argentina is best described as a “pendulum”, going from loose economic policies in the ’80s to Washington-consensus liberalisation in the ’90s and back again under the Kirchner regime. Since the current […]

Venezuela Cancels Premier LAPS Oil Event

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(Energy Analytics Institute, Pietro D. Pitts, 4.Jul.2016) – Venezuela will not hold its annual Latin American Petroleum Show (LAPS). The decision to cancel the event this year is due to financial constraints that render PDVSA unable to provide major hosting support as well as payment issues with international service providers […]

Maduro Holds Meeting with Citizens’ Joseph Kennedy

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(Energy Analytics Institute, Piero Stewart, 2.Jul.2016) – Venezuela’s President Nicolas Maduro held a meeting with Citizens Energy Corporation founder Joseph Kennedy in Caracas to discuss matters related to the U.S.-based non-profit organization, reported Venezuela’s new agency AVN. Citizens Energy is a non-profit company that receives and distributes Venezuela heating oil […]