(Reuters, 28.May.2018) — India said on Monday it had no plans to use Venezuela’s local cryptocurrency ‘petro’ in oil trade with the Latin American nation, which is facing sanctions from the United States. Responding to a question at a news conference, Foreign Minister Sushma Swaraj cited an order by the […]
Category: Latin America and the Caribbean
Venezuelaâs Energy Sectors Remain Attractive, Unattractive
(Energy Analytics Institute, 28.May.2018) — Venezuelaâs upstream, downstream and midstream sectors remain attractive, yet unattractive to investors. Why the contradiction? The three sectors remain highly attractive due to the fact that Venezuela — the country with the worldâs largest crude oil reserve base and the eighth largest natural gas reserve […]
Ecopetrol to Invest COL$94.5 Bln on Infrastructure
(Energy Analytics Institute, Jared Yamin, 28.May.2018) â- Ecopetrol plans to invest a total of COL$94.5 billion Colombian pesos on infrastructure and education. The funds for the seven projects will come from taxes, and will be destined for six Colombian departments, announced the state oil company in a Twitter post. Department […]
Venezuela’s Ex-Oil Czar Sees Economic Collapse Accelerating
(AP, 27.May.2018) â Venezuela’s former oil czar said crude production in the OPEC nation will continue to plummet in the aftermath of President Nicolas Maduro’s re-election, as the embattled socialist leader takes the country down an increasingly authoritarian path that scares off private investment and leads to more international sanctions […]
Ecopetrol Says TibĂș Field Affected by Continued Sabotage
(Energy Analytics Institute, Jared Yamin, 27.May.2018) â- Thefts of elements from producing wells coupled with infrastructure sabotage at the TibĂș field in the municipality by the same name in Northern Santander continue to harm the environment and neighboring communities. To date in 2018, Colombiaâs state oil company Ecopetrol has registered […]
Canacol Announces Timing of 2018 Shareholders Meeting
(Energy Analytics Institute, Ian Silverman, 26.May.2018) â Canacol Energy Ltd., the exploration and production company with operations focused in Colombia, announced its Annual General Meeting of Shareholders will be held on July 3, 2018, in Calgary, Canada. Canacol’s common stock trades on the Toronto Stock Exchange, the OTCQX in the […]
PDVSA owes Cardon IV partners Eni and Repsol $1bn
(Energy Analytics Institute, Piero Stewart, 25.May.2018) â- Venezuelaâs state oil company PetrĂłleos de Venezuela owes an estimated $1bn to its partners in the CardĂłn IV natural gas project offshore. Gas Energy Latin America partner Antero Alvarado told PetroguĂa in interview that Caracas-based PDVSA is accumulating estimated monthly expenses of $60mn […]
IMF Approves New $11.5 Bln Colombia Credit
(Energy Analytics Institute, Jared Yamin, 25.May.2018)Â Â â The International Monetary Fund (IMF) approved a new two-year flexible credit line with Colombia for nearly $11.4 billion. The new credit replaces the former one, which was approved in 2016, reported the daily newspaper El Espectador. ***
Pampa EnergĂa Inaugurates 1st Wind Farm
(Pampa EnergĂa S.A., 24.May.2018) â Pampa EnergĂa S.A. inaugurated its first Wind Farm named Engineer Mario Cebreiro (âPEMCâ), which given the technology and size, it is also the first project to reach such milestone under Renovar 1 program. The opening counted on the presence of President of Argentina Mauricio Macri, […]
Jamaica Encouraged by 3D Oil, Gas Surveys
(Amsterdam News, Bert Wilkinson, 24.May.2018) â Jamaica is fancying its chances of becoming the latest Caribbean Community nation after Guyana to find commercial quantities of oil and gas in the wake of encouraging indications from the most recent round of offshore surveys. Jamaican authorities said on the weekend that they […]
Moody’s Projects T&T Energy Sector Rebound
(LoopTT, 24.May.2018) â Moody’s Investors Service is projecting an Energy Sector-led rebound in growth to support the fiscal trajectory. On Wednesday, Moody’s upgraded Trinidad and Tobago’s Trinidad Drilling Ltd.’s (Trinidad) Corporate Family Rating (CFR) to B2 from B3. The country’s rating outlook remains stable at this time. Moody’s also noted a narrowing fiscal […]
Ecopetrol to Initiate Drilling of 19 Wells in AkacĂas
(Energy Analytics Institute, Ian Silverman, 24.May.2018) â Ecopetrol and Talisman Colombia Oil & Gas (TCOG), a company of Repsol group, plan to initiate drilling of new production wells in late May 2018 at the AkacĂas field, located in the AcacĂas municipality in Meta. Activities slated for the AkacĂas field development […]
Canacol Mobilizes Rig to Drill Borojo 1 Well in Colombia
(Energy Analytics Institute, Aaron Simonsky, 24.May.2018) â Canacol Energy Ltd. announced it has mobilized a rig to drill the Borojo 1 exploration well. Located on the 100% operated Esperanza E&E contract, the Borojo 1 well will target gas-bearing reservoirs located in the Cienaga de Oro sandstones, announced Canacol in a […]
Ecopetrol Plans Social Investments of 1.3 Bln Pesos in Meta
(Energy Analytics Institute, Ian Silverman, 24.May.2018) â Colombiaâs state oil company Ecopetrol announced plans to make social investments of 1.3 billion Colombian pesos in Meta department, where the company and its partner Talisman Colombia Oil & Gas (TCOG) operate in the AcacĂas municipality. Investments will be directed to the immediate […]
Energy, Education, and Learning Through NRG ED
(Energy Analytics Institute, Aaron Simonsky, 24.May.2018) â Energy Analytics Institute, formerly LatinPetroleum Inc., continues to promote its âEnergy Education Initiativeâ in the Americas, also known as âNRG ED.â NRG ED is structured to work with K-12 schools, community colleges, four-year colleges and universities, workforce training programs, communities and businesses, and […]
The insignificance of Venezuelaâs 342-year R/P ratio
(Energy Analytics Institute, Pietro D. Pitts, 24.May.2018) â Venezuelaâs reserves-to-production or R/P ratio was a remarkable 342 times in 2016 based on reserves of 300.9 billion barrels and production of 2.41 million barrels per day (MMb/d), according to BPâs Statistical Review of World Energy. Today, in a best-case scenario, Venezuelaâs […]
Canacol Reports 3rd Colombian Gas Discovery at Breva 1
(Energy Analytics Institute, Jared Yamin, 24.May.2018) â Canacol Energy Ltd. announced results of the Breva 1 natural gas exploration well located on its 100% operated VIM 21 block in the Lower Magdalena Valley Basin of Colombia. The Breva 1 exploration well is located approximately 1.5 kilometers north of the Toronja […]
Petrobras Pricing Pressure Spooks Potential Refinery Buyers
(Reuters, Tatiana Bautzer & Carolina Mandl, 24.May.2018) â A surprise decision by Brazil’s state-controlled oil company Petroleo Brasileiro SA to cut diesel prices in response to truckers’ protests is worrying some potential buyers of Petrobras’ refineries, three people with knowledge of the matter said on Thursday. Petrobras’ planned sale of […]
Argus Awarded for Mexico Energy Coverage
(Argus Media, 23.May.2018) â Global commodity price reporting and news agency Argus has been awarded first place for its coverage of Mexican energy markets, in an annual competition arranged by prestigious business-to-business publishing association the American Society of Business Publication Editors (ASBPE). The editorial team responsible for the Argus Mexico […]
Peru President Cancels Tullow’s Offshore Oil Contracts
(Reuters, Marco Aquino & Mitra Taj, 23.May.2018) — The government of Peruvian President Martin Vizcarra canceled his predecessor’s decision to award five offshore oil contracts to London-based Tullow Oil PLC shortly before resigning, citing insufficient consultations with coastal residents. The reversal, which was published in the official gazette on Wednesday, […]
Mexico’s Vista Oil & Gas Signs Onshore JV With Jaguar
(Reuters, 23.May.2018) – Mexican energy investment firm Vista Oil & Gas will tie up with Jaguar Exploracion y Produccion on three onshore projects, the company said on Tuesday, acquiring 50 percent stakes with an initial payment of nearly $27.5 million. Vista will pay Monterrey-based Jaguar a further $10 million to […]
Building Momentum â Oil and Gas in Latin America
(By Rodolfo Guzman, Paola Perez, Paola Carvajal, Roberto Imperatore, Arthur D. Little, 22.May 2018) â Unconventional oil production has grown these past few years despite low oil prices since 2014. Although production in the US decreased in 2015, stabilization of prices and improvements in several operational areas allowed unconventionals to […]
BP Projects Higher Future Cash from T&T
(By Trinidad Express, Aleem Khan, 22.May.2018) — BPTTâs standardized measure of discounted future net cash flows for 2017 was updated to US$3.3 billion in the companyâs annual report released earlier this month. Up from US$909 million in 2016, and US$1.8 billion in 2015, BP cautioned: âFuture net cash flows have […]
Mexican Drillers Sign 1st Deal Without State Oil Giant
(Bloomberg, Amy Stillman, 22.May.â2018â) â Two upstart Mexican drillers have signed the first farm-out deal in Mexicoâs oil sector that doesnât include state company Petroleos Mexicanos. Jaguar Exploracion y Produccion agreed to sell a 50 percent stake of three onshore areas in Tabasco and Veracruz to Vista Oil & Gas […]
Fire at Barrancabermeja HDT Plant Controlled
(Energy Analytics Institute, Aaron Simonsky, 21.May.2018) â Colombiaâs state oil company Ecopetrol announced that it has controlled a fire at the HDT plant of the Barrancabermeja refinery. No injuries were reported and the refinery is operating normally, according to Ecopetrol. Ecopetrol workers brought the fire — which occurred at the […]
Gas Supply Problems Turning Cos. Away from Trinidad
(InterFax, 18.May.2018) â Jerome Dookie, the chief executive of Trinidadian ammonia producer Caribbean Nitrogen Co. (CNC), said on Wednesday that gas supply disruptions have made Trinidad and Tobago a less attractive location for new petrochemical projects. âIn terms of new projects being built, Trinidad and Tobago is no longer an […]
Venezuela Election, US Sanctions, Rising Prices, Falling Output
(Platts, 18.May.2018) — Ahead of Sunday’s presidential election in Venezuela, Risa Grais-Targow, director-Latin America, at the Eurasia Group, spoke to S&P Global Platts about the expected US response, the impact of rising oil prices on sanctions and the ongoing collapse of the country’s oil sector. The interview has been edited […]
Venezuela Oil Output Down to 1949 Levels
(Energy Analytics Institute, Aaron Simonsky, 18.May.2018) â Venezuelaâs oil production continues to fall, and further declines are anticipated due to a number of problems at state oil company PDVSA, according to a report by Caracas Capital Markets. âVenezuela’s oil production has now fallen from 3.5 million barrels per day when […]
Shellâs T&T boss: Diversify Quickly
(By Trinidad Express, Aleem Khan, 18.May.2018) — Royal Dutch Shellâs Derek Hudson, local country chair of the worldâs second largest oil and gas company, said Trinidad and Tobago has âonly scratched the surfaceâ with regard to its offshore oil and gas exploration and production. However, speaking at the Institute of […]
President Energy Looks for Production When Chasing Deals
(Energy Analytics Institute, Ian Silverman, 17.May.2018) â The Finance Director of London-based President Energy plc, Rob Shepherd, made the comments during a televised interview with Proactive Investors about the companyâs activities in Argentina and Paraguay. âWe donât need acquisitions to grow, thereâs enough organic opportunities in what weâve got to […]
PDVSA Looks to Recuperate Lake Vessels in Bachaquero
(Energy Analytics Institute, Aaron Simonsky, 17.May.2018) — PDVSA officials Executive Vice President Ysmel Serrano and External Directors Ricardo LeĂłn and Yurbis GĂłmez visited with workers from the Petrozamora mixed company, while touring the Libertador II dock located in Bachaquero along the Eastern Coast of Lake Maracaibo, to discuss plans to […]
T&T No Longer Attractive for New Gas Projects
(By Trinidad Express, 17.May.2018) — The CEO of ammonia producer Caribbean Nitrogen Company (CNC), Jerome Dookie, said yesterday that problems with natural gas supplies have made T&T a less attractive location for new petrochemical projects, given issues of gas curtailment and the current price of natural gas. âCapital will always […]
Canacol Looks to Divest Non-Core Assets in Colombia
(Canacol Energy Ltd., 16.May.2018) â Canacol Energy Ltd. announced plans to divest of non-core Colombian conventional oil assets, among other management objectives for 2018. These objectives include: 1) sell an average of 114 to 129 MMscfpd of gas and 1,700 bopd (âbarrels of oil per dayâ), 2) execute the necessary […]
Canacol Energy Ltd. Reports 24% Increase in 1Q:18 Revenues
(Canacol Energy Ltd., 15.May.2018) â Canacol Energy Ltd. reported its financial and operating results for the three months ended March 31, 2018. âThe first quarter of 2018 was an important milestone for Canacol, as it represents the first full quarter where the Corporation had access to the newly completed Sabanas […]
Factbox: Venezuelaâs Ayacucho Block 1
(Energy Analytics Institute, Jared Yamin, 14.May.2018) â Venezuelaâs Ayacucho Block is one of four that comprise the Hugo Chavez Orinoco Heavy Oil Belt, also known as the Faja. Collectively, the four blocks, comprised of BoyacĂĄ, JunĂn, Ayacucho and Carabobo, contain the largest accumulation of heavy and extra-heavy crude oil (ECHO) […]
PDVSA Ex-President Luis Giusti Says Co. Bankrupt
(Energy Analytics Institute, Jared Yamin, 14.May.2018) â Venezuelaâs state oil company PetrĂłleos de Venezuela, S.A. (PDVSA) is bankrupt, at least that what its former president Luis Giusti thinks. âIf you look at the signs ⊠they all point to a company that is bankrupt,â said Giusti during a televised interview […]
PDVSA Inaugurates Valdez Thermoelectric Plant in GĂŒiria
(Energy Analytics Institute, Jared Yamin, 14.May.2018) â PDVSA inaugurated the 175 megawatt TG1 turbo-generating unit of the Juan Manuel Valdez Thermoelectric Plant located within the CIGMA industrial complex in GĂŒiria, Venezuela. The thermoelectric plant will have a total capacity to generate 350 megawatts of energy. Located in Sucre state, the […]
Colombiaâs Gas Reserve Life up to 11.7 Years in 2017
(Energy Analytics Institute, Aaron Simonsky, 14.May.2018) â Colombia’s natural gas reserve life ratio rose 13.6% year-over-year. Colombiaâs Mines Ministry said the South American country had boosted its natural gas reserve life ratio to 11.7 times or 11.7 years in 2017 due to rising reserves and reduced consumption. The details, provided […]
Conoco Authorized to Seize $636 Mln in PDVSA Assets
(Reuters, 13.May.2018) â A Curacao court has authorized ConocoPhillips to seize about $636 million in assets belonging to Venezuela’s state oil company PDVSA due to the 2007 nationalization of the U.S. oil major’s projects in Venezuela. The legal action was the latest in the Caribbean to enforce a $2 billion […]
Solar Power Lights Up Rural Bolivia
(World Bank, 11.May.2018) â How do you turn on a light at night when youâve left the power grid far, far behind? In Bolivia, the solution is solar power. This is one of several case studies in the upcoming State of Energy Access Report, supported by the World Bankâs Energy […]
TTâs Energy Landscape
(Trinidad and Tobagoâs Newsday, Richardson Dhalai, 10.May.2018) â Trinidad and Tobago has been involved in the petroleum sector for over 100 years and is the largest oil and natural gas producer in the Caribbean. However, by the early 1990s its hydrocarbon sector moved from being primarily an oil-based economy to […]
PDVSAâs Quevedo Meets with Service Providers in Maturin
(Energy Analytics Institute, Aaron Simonsky, 8.May.2018) â Venezuelaâs Oil Minister and PDVSA President Manuel Quevedo traveled to MaturĂn to meet with representatives from companies that provide services to PDVSAâs Eastern Production division. Everything that we are proposing at this stage of the industry would not be possible without the workers, […]
PDVSA Audit and Venezuela Oil Sector Opening Needed
(Energy Analytics Institute, Piero Stewart, 7.May.2018) â Venezuelaâs opposition presidential candidate Henri Falcon said changes need to be made at state oil company PetrĂłleos de Venezuela, S.A.. He also said an petroleum sector opening was needed to attract investments and boost declining oil production in the OPEC nation. The transformation […]
Venezuela Ratifies PDVSA President Quevedo, Names Board
(Energy Analytics Institute, Aaron Simonsky, 6.May.2018) â Venezuela published its Official Gazette No. 41,389 on 3 May 3 2018 which detailed Decree No. 3398 and the naming of the Board of Directors of state oil company PetrĂłleos de Venezuela, S.A. (PDVSA). Most importantly, the decree ratified Manuel Quevedo as president […]
Bolivia Looks to Build Gas Liquefaction Plant in Ilo
(Energy Analytics Institute, Jared Yamin, 5.May.2018) â Bolivia plans to construct a gas liquefaction plant in the Peruvian port of Ilo in order to consolidate LNG exports. The decision, announced by Boliviaâs Hydrocarbon Minister Luis Alberto SĂĄnchez, was made without taking into account certified natural gas reserves or decline rates […]
Venezuela’s oil minister promotes partnerships in the Faja
(PDVSA, 5.May.2018) â People’s Minister of Petroleum and President of Petroleos de Venezuela SA (PDVSA), Manuel Quevedo, held a strategic meeting with oil business leaders in the Ayacucho Division of the Hugo ChĂĄvez Orinoco Oil Belt, as part of the Oil Production Recovery Plan. Vice President of Exploration and Production, […]
Bolivia Shifts Gas Investment Plans Amid Protests
(Efe, 4.May.2018) â Bolivia announced on Friday it was halting plans to spend $683 million on natural gas exploration work in an area of the southern province of Tarija due to environmental protests, saying that money would instead be invested elsewhere in the Andean nation. La Paz said the two […]
Vizcarra Says Peru to Review Contracts, Including Tullowâs
(Energy Analytics Institute, Jared Yamin, 4.May.2018) â Peruâs President Martin Vizcarra announced his government plans to review all petroleum exploration contracts awarded in the country. His comments come as artisan fishermen in northern Peru continue to protest decrees that authorized Perupetro to award five petroleum lots, also known as âlotesâ […]
Ecopetrol Profit Rises Nearly 200% in First Quarter
(Reuters, 4.May.2018) â Ecopetrol, Colombia’s state-run oil company, said on Thursday that its first quarter net profit rose to 2.6 trillion pesos ($923.3 million), up 195 percent from the same period in 2017, thanks to improved efficiencies and higher crude prices. The results were the best first quarter showing in […]
Colombia Oil Reserves up 7% in 2017- Energy Ministry
(Reuters, 3.May.2018) â Colombia said on Wednesday its oil reserves were up 7 percent to 1.78 billion barrels at the end of last year, as exploration, production and investment recovered after the global fall in crude prices. At 2017 production levels the reserves are equivalent to 5.7 years of output, […]