(Energy Analytics Institute, 27.Jun.2016, Clifford Fingers III) – EP PetroEcuador announced its Shareholder’s Equity rose to $5.659 billion in 2015 compared to $3.914 billion in 2014, reported the state company in an official statement. The company’s total assets rose to $9.662 billion in 2015 compared to $8.604 billion in 2014. […]
Category: Latin America and the Caribbean
Ecuador’s SOTE Pipeline Spans 503 Kms
(Energy Analytics Institute, 27.Jun.2016, Clifford Fingers III) – Ecuador’s SOTE pipeline spans 503 kilometers from the pumping station Lago Agrio No. 1 in the Amazon to the Balao Maritime Terminal in the province of Esmeraldas, announced EP PetroEcuador in an official statement on its website. ***
Ecuador’s SOTE Celebrates 44 Years of Operation
(Energy Analytics Institute, 27.Jun.2016, Clifford Fingers III) – The TranEcuadorian Oil Pipeline (SOTE by its Spanish acronym) was inaugurated on June 26, 1972 with a capacity to transport 250,000 barrels per day. During its active life, the pipeline has transported 4,750 million barrels of oil, EP PetroEcuador announced in an […]
PetroEcuador to Export No. 6 Fuel Oil in July
(Energy Analytics Institute, 27.Jun.2016, Clifford Fingers III) – Trafigura PTE LTD won a bid by EP PetroEcuador whereby the former will export 950,000 barrels of No. 6 Fuel Oil, announced EP PetroEcuador in an official statement on its website. The winning bid had a $1.49 per barrel discount. The shipments […]
EP PetroEcuador Lays Out Goals for 2016
(Energy Analytics Institute, 27.Jun.2016, Clifford Fingers III) – EP PetroEcuador revealed some of its goals for 2016, reported the state company in an official statement. The goals for 2016 include, but are not limited to the following: — Operation of product pipeline Pascuales Cuenca, — Company restructuring, — Construction of […]
President Obama Insists Venezuela Respect Democratic Process
(Energy Analytics Institute, Jared Yamin, 25.Jun.2016) – U.S. President Barack Obama insists the Venezuelan government respect the democratic process regarding calls for a recall referendum against Venezuelan President Nicolas Maduro, reported the daily El Universal. “Political prisoners should be freed,” said Obama during a speech in Ottawa, Canada. ***
PDVSA Says Drilling Rig Inventory at 311 Units
(Energy Analytics Institute, Piero Stewart, 25.Jun.2016) – PDVSA’s inventory of drilling rigs in Venezuela at the end of May 2016 reached 311 units, of which 156 were owned by the company, while 155 were owned by third parties, the state oil company announced in an official statement on its website. […]
Venezuela Sends Two Fuel Tankers to Singapore
(Energy Analytics Institute, Piero Stewart, 25.Jun.2016) – Venezuela sent two fuel tankers at full capacity to Singapore, reported Reuters. The tankers, New Dream, rented by PetroChina, Britanis, and Trafigura, are en route to Singapore with 270,000 tons of fuel, reported the news agency. ***
PDVSA President Del Pino Orders Co. Audit
(Energy Analytics Institute, Jared Yamin, 24.Jun.2016) – PDVSA President Eulogio Del Pino ordered the investigation into presumed acts of corruption and bribery within the state oil company, reported the daily newspaper El Universal. ***
PetroEcuador Helps Control Fuel Oil Spill
(Energy Analytics Institute, 24.Jun.2016, Clifford Fingers III) – EP PetroEcuador turned over formal activities related to the containment, cleaning and monitoring along the Daule river, kilometer 24 in the Merced sector of Guayaquil to the company Balsasud Balsera Sudamericana, reported the state oil company in an official statement on its […]
Ecopetrol Offers 20 Production Assets
(Ecopetrol S.A., 24.Jun.2016) – Ecopetrol S.A. announced that it launched ‘Ronda Campos 2016,’ a public and competitive bidding process, the objective of which is to offer to oil and gas companies Ecopetrol’s stake and interests in 20 production assets located in the regions of Catatumbo, the Magdalena Middle and Upper […]
PDVSA Raises Recovery Factor in South JunĂn District
(Energy Analytics Institute, Jared Yamin, 21.Jun.2016) – PDVSA has increased the recovery factor to 35 percent from 20 percent in the South JunĂn district of the Orinoco Heavy Oil Belt or the Faja using various technologies. Said technologies could establish a base or floor recovery factor in the Faja of […]
Ecuador Permits Alcoholic Beverages at Service Stations
(Energy Analytics Institute, 21.Jun.2016, Clifford Fingers III) – Ecuador has decided it will allow its service stations to again distribute alcoholic beverages. The distribution of alcoholic beverages at the stations will have some restrictions, reported the daily El Universo, citing Ecuador’s Interior Vice-Minister Diego Fuentes. The beverages cannot be consumed […]
Ecuador Oil Output 556 Mb/d in May 2016
(Energy Analytics Institute, 21.Jun.2016, Clifford Fingers III) – Ecuador’s oil output reached 556,000 barrels per day in May of 2016, up sequentially from 555,000 barrels per day in April of 2016, reported the Organization of Petroleum Exporting Countries (OPEC) in its June 2016 Monthly Oil Market Report (MOMR), citing data […]
PDVSA Completes Directional Work on 70th Well in Maracaibo
(Energy Analytics Institute, Jared Yamin, 20.Jun.2016) – PDVSA’s Western Petroleum Services division has performed services on a total of 70 drilling wells with the recent completion of work on a directional drilling well located in Lake Maracaibo. Work at the LB-2963-ST well where the PDV-142 rig is located, was completed […]
YPFB, Gazprom to Evaluate Potential of 3 Areas
(Energy Analytics Institute, Jared Yamin, 17.Jun.2016) – YPFB and Gazprom signed an agreement for the evaluation of the hydrocarbon potential of three areas reserved for YPFB. The agreement was signed by YPFB President Guillermo Acha and GP Exploration and Production S.L. legal representative Andrey Stepanovich Fick for the Vitiacua, La […]
ExxonMobil Sells Share of Chalmette Refining, LLC in Louisiana
(Exxon Mobil, 18.Jun.2016) – Exxon Mobil Corporation has reached an agreement with PBF Energy Inc. for the sale and purchase of its 50 percent interest in Chalmette Refining, LLC in Chalmette, Louisiana. PBF Energy will purchase 100 percent of Chalmette Refining, LLC, which is a joint venture between affiliates of […]
Venezuela Needs to Learn to Live with $40-$45/Bbl Oil
(Energy Analytics Institute, Jared Yamin, 16.Jun.2016) – Venezuela has to learn to live with oil prices between $40 per barrel and $45 per barrel in order to stop its oil rentier model, announced Venezuela’s President Nicolas Maduro during a broadcast on national television from Miraflores Presidential Palace in Caracas. Venezuela […]
Three Companies Interested in Esmeraldas Overhaul
(Energy Analytics Institute, 16.Jun.2016, Clifford Fingers III) – Three companies, Adelca, Novacero and Practipower, presented their bids to buy an estimated 6,500 tons of salvage left over from the Esmeraldas Refinery overhaul. A total of 29 companies from Ecuador were qualified to present bids for salvage from the Esmeraldas Refinery […]
Venezuela Seeks to Boost Gas Supply by Reducing Flaring
(Energy Analytics Institute, Piero Stewart, 15.Jun.2016) – Latin American oil producer Venezuela plans to increase the supply of natural gas in its domestic market by reducing flaring and using the once wasted resource as a raw material to supply its ailing petrochemical sector. Venezuela plans to increase domestic gas supply […]
PDVSA, Inpex Invest $350 Mln to Boost Gas Output
(Energy Analytics Institute, Piero Stewart, 15.Jun.2016) – PDVSA and Japan’s Inpex invested $350 million to improve gas compression operations at the Copa Macoya plant in Guarico state, and boost output by an additional 48 million cubic feet per day of natural gas. The investment also included construction of a mechanical […]
Fuel Demand in Colombia Increases with Closing of Venezuelan Border
(Energy Analytics Institute, Jared Yamin, 15.Jun.2016) – Demand for fuels in Colombia increased 11 percent due to the closing of the border with Venezuela, wrote Colombia’s Energy Vice Minister in a twitter post. The public policy is the assurance of the continuous supply of liquids, and even better when there […]
Petrobras Class Action in the United States
(Petrobras, 15.Jun.2016) – Petrobras informed the United States Court of Appeals for the Second Circuit issued an order granting Petrobras’s petition to permit an appeal from the order of the District Court in which the District Court certified classes in the securities litigation. The District Court’s order was disclosed in […]
Petrobras Starts Competitive Process to Sell Liquigás
(Petrobras, 15.Jun.2016) – Petrobras started the competitive process to sell Liquigás Distribuidora S.A., a wholly-owned, privately-held subsidiary operating in the bottling, distribution and selling of liquefied petroleum gas (LPG). Liquigás has a presence in almost all Brazilian states, with 23 operating centers, 19 deposits, 1 storage and road-rail loading base, […]
New Libra Well Confirms Extension of Petrobras Oil Find
(Petrobras, 15.Jun.2016) – The Libra Consortium has concluded the drilling and evaluation of the seventh well in the block, located in the pre-salt of the Santos Basin. The well found the thickest oil net pay column ever encountered in Libra, reaching 410 meters. This column overcomes the last found (301 […]
Venezuela in Talks with China About Grace Period
(Energy Analytics Institute, Jared Yamin, 14.Jun.2016) – Venezuela continues to discuss matters with China regarding a grace period for the South American country to pay back loans to the Asian country, reported Reuters, citing three sources familiar with the discussions. During the period Venezuela would pay back only the interest […]
Venezuela Aims to Boost Oil Output Over Next Six Months
(Energy Analytics Institute, Jared Yamin, 14.Jun.2016) – Venezuela’s President Nicolas Maduro said his country needs to boost its crude oil output over the next six months in accordance with the quotas assigned by OPEC and reduce production costs to optimize investments. Maduro’s comments came during a rally staged by hydrocarbon […]
PDVSA Still Seeks Friendly Settlement with PetroPar
(Energy Analytics Institute, Jared Yamin, 12.Jun.2016) – PDVSA continues to seek a friendly settlement with PetroPar in regards amounts it is owed by its Paraguayan counterpart, announced PDVSA in an official statement posted on Twitter. PDVSA is requesting PetroPar pay its debt to Venezuela without additional delays. Additionally, PDVSA says […]
YPFB, PetroPar and LPG Distributors Discuss Contracts
(Energy Analytics Institute, Jared Yamin, 11.Jun.2016) – Officials from YPFB and its Paraguayan counterpart PetroPar meet with LPG distributors in Paraguay to evaluate the expansion of sales and purchase agreements. “Actually, YPFB has contracts with Paraguayan LPG distributors that expire in August,” reported the daily newspaper La RazĂłn, citing YPFB […]
Schlumberger Rigs to Operate Under Different Scheme
(Energy Analytics Institute, Jared Yamin, 11.Jun.2016) — Schlumberger’s fourteen drilling rigs in Venezuela will soon commence to operate under a different financial scheme, reported PDVSA in an official statement on its website. “There are fourteen Schlumberger rigs that will soon operate under different financing schemes,” reported PDVSA, citing its president […]
CITGO, Aruba Gov’t Finalize San Nicolas Refinery Deal
(Energy Analytics Institute, Pietro D. Pitts, 11.Jun.2016) – Authorities from the governments of Aruba, the Bolivarian Republic of Venezuela, and officials from Venezuela’s state oil company PetrĂłleos de Venezuela, S.A. (PDVSA) and CITGO Aruba, gathered in Caracas, Venezuela to take part in the execution of a commercial agreement between CITGO […]
Ecopetrol Prices $500mn Debt Offering
(Ecopetrol, 10.Jun.2016) — Ecopetrol S.A. reports that, on 8 June 2016, based on the authorization granted by the Ministry of Finance and Public Credit (Resolution 1657 of 7 June 2016) to subscribe, issue and place External Public Debt Bonds in the international capital markets, it reopened its 2023 Bond for […]
Ecopetrol Successfully Prices Int’l Bond for $500 Mln
(Ecopetrol S.A. 10.Jun.2016) – Ecopetrol S.A. reports that, on June 8, 2016, based on the authorization granted by the Ministry of Finance and Public Credit (Resolution 1657 of June 7, 2016) to subscribe, issue and place External Public Debt Bonds in the international capital markets, it reopened its 2023 Bond […]
PDVSA, Schlumberger Maintain Relationship in Venezuela
(Energy Analytics Institute, Jared Yamin, 10.Jun.2016) — PDVSA and oil field services giant Schlumberger continue to maintain their operational relationship, reported PDVSA in an official statement, citing a Schlumberger legal representative. Schlumberger and PDVSA are working to maintain and increase joint business activities, said Schlumberger Venezuela Operations Vice President Roy […]
Wood Group, Grupo Diavaz Form Engineering JV
(Wood Group, 9.Jun.2016) – Wood Group Mustang and Grupo Diavaz, a Mexican oil & gas operator and services company, created a joint venture engineering business to capitalize on Mexico’s energy reform. MUSTANG DIAVAZ is based in Mexico City and will provide engineering, procurement and construction management services to onshore and […]
Esmeraldas Overhaul to Reduce Imports by Nearly $355 Mln
(Energy Analytics Institute, 8.Jun.2016, Clifford Fingers III) – Ecuador will benefit financial from the recently completed overhaul of the Esmeraldas refinery. The country will save more than an estimated $1 million per day due to the decrease in fuel and derivative imports which will translate into an annual savings of […]
GeoPark Initiates Drilling Campaign in Colombia
(GeoPark Limited, 8.Jun.2016) – GeoPark Limited announced the start-up of its drilling program in the Llanos 34 Block (GeoPark operated with a 45 percent working interest) in Colombia. GeoPark’s 2016 drilling program in the Llanos 34 Block commenced the second week of June with the spudding of the Jacana 3 […]
Gran Tierra Announces Chaza Arbitration Resolution
(Gran Tierra Energy Inc., 8.Jun.2016) – Gran Tierra Energy Inc. announced the receipt of a positive decision from the Chamber of Commerce of Bogotá Center for Arbitration and Conciliation tribunal relating to its dispute with the Agencia Nacional de Hidrocarburos (National Hydrocarbons Agency) of Colombia (ANH) with respect to whether […]
Fitch Rates Reopening of Ecopetrol Notes
(Fitch Ratings, 8.Jun.2018) – Fitch Ratings rates the $500 million reopening of Ecopetrol S.A.’s 5.875% notes due in 2023 ‘BBB’. The company expects to use the proceeds from the proposed reopening for general corporate purposes, including capital expenditures. Fitch’s Foreign and Local Currency Issuer Default Ratings (IDRs) for Ecopetrol are […]
Shell Announces Return to Bolivia
(Energy Analytics Institute, Jared Yamin, 8.Jun.2016) – Royal Dutch Shell, which ceased to operate in Bolivia in June of 2008, has laid out exploration and exploitation plans for the small land-locked South American country. Shell, via BG Bolivia, announced plans to invest millions to focus on exploration activities at the […]
Paraguay to Pay Back $287 Mln PDVSA Debt in 2023
(Energy Analytics Institute, Aaron Simonsky, 8.Jun.2016) – Paraguay plans to pay back its $287 million debt with PDVSA in 2023, reported the daily newspaper Noticias24, citing Paraguayan Industry and Commerce Minister Gustavo Leite. The agreements between Paraguay and Venezuela were initially signed in 2008 and established that debts accumulated by […]
Paraguay Says No Need To Issue Bonds To Pay PDVSA Debt
(Energy Analytics Institute, Aaron Simonsky, 8.Jun.2016) – Paraguay does not need to issue bonds to pay off an outstanding debt with Venezuela’s state oil company PDVSA, according Paraguay’s Finance Minister Santiago Peña. “We have tried to come closer regarding payment of the debt,” reported the daily newspaper UltimaHora, citing Peña. […]
Petrobras Says Production Up 5% in May
(Petrobras, 8.Jun.2016) – Petrobras’ total oil and natural gas production in May reached 2.83 million barrels of oil equivalent per day (MMboe/d), up 5 percent compared to April (2.69 MMboe/d) and up 2 percent compared to May 2015, of which 2.64 MMboe/d were produced in Brazil and 190,000 boe/d were […]
Argentina Establishes Ceiling for Subsidized Gas
(Energy Analytics Institute, Jared Yamin, 7.Jun.2016) – Argentina established a ceiling for subsidized gas invoices at 400 percent for private entities, and 500 percent for business entities. The prices will be in effect for the remainder of 2016, reported Efe, citing a resolution published in an official bulletin. ***
Ecopetrol Continues Hedge Accounting Policy
(Ecopetrol S.A., 7.Jun.2016) – Ecopetrol S.A. announced that its Board of Directors, in a session held on June 6, 2016, approved the implementation of “Hedge of a net investment in a foreign operation” accounting as established under the International Accounting Standard IAS 39 (paragraph 102) and Decrees 2420 and 2496 […]
Bolivia to Invest $21.4 Bln in Hydro-Electric Projects
(Energy Analytics Institute, Jared Yamin, 7.Jun.2016) – Bolivia plans investments of $21.350 billion on hydroelectric projects that have potential to generate an estimated 8,575 megawatts (MW) of energy. Bolivia is living an “energy revolution,” reported the daily newspaper La RazĂłn, citing the country’s Hydrocarbons and Energy Minister Luis Sánchez. The […]
Central Bank Approves Funding Plant in Yacuiba
(Energy Analytics Institute, Jared Yamin, 7.Jun.2016) – Bolivia’s Central Bank approved a credit for YPFB for 12,858.26 million Bolivian bolivianos to finance construction of a propylene and polypropylene plant in Yacuiba in Tarija department, reported the daily newspaper La RazĂłn. ***
YPFB to Sign Contracts with YPF and Petrobras
(Energy Analytics Institute, Jared Yamin, 7.Jun.2016) – YPFB plans to sign exploration contracts with its Argentine and Brazilian counterparts in July. YPFB will sign exploration agreements with its Argentine counterpart YPF for the Charagua, AbapĂł and Yuchan areas and agreements with its Brazilian counterpart Petrobras for the San Telmo and […]
Executive Profile: YPF New CEO Ricardo Darré
(Energy Analytics Institute, Jared Yamin, 6.Jun.2016) – Ricardo DarrĂ© will assume the position of CEO at YPF on July 1, 2016, taking over the helm from the interim CEO. DarrĂ© graduated from the Buenos Aires Technology Institute (ITBA by its Spanish acronym) with a specialization in mechanical and industrial engineering, […]
YPFB Has Capacity to Produce 61 MMcm/d
(Energy Analytics Institute, Jared Yamin, 6.Jun.2016) – Bolivia has the capacity to produce 61 million cubic meters per day of natural gas to cover demand in the internal market and for export. Natural gas supply to cover demand in Bolivia as well as agreements with Brazil and Argentina totals 56 […]