(Petrobras, 13.May.2016) â Petrobras, further to the notice published on February 26, 2016 regarding the sale of Nova Transportadora do Sudeste (NTS), announced the company’s Executive Board has approved exclusive negotiations with the company Brookfield for 60 days, which may be extended for another 30 days. This transaction is subject […]
Category: Latin America and the Caribbean
Ecuador to Investigate Officials for Possible Fraud
(Energy Analytics Institute, 11.May.2016, Clifford Fingers III) â A number of public officials are under investigation for irregularities related to declaration of goods and links with companies created in tax havens. The officials being investigated include: PetroEcuador’s former General Manager Ălex Bravo Panchano, current PetroEcuador General Manager Pedro Merizalde and […]
La Libertad Refinery Fire Controlled With No Injuries
(Energy Analytics Institute, 11.May.2016, Clifford Fingers III) â A fire at the Parson plant of the La Libertad refinery, located in the Santa Elena province, was controlled within five minutes. The fire was caused by a leak at a cargo pump which caught fire when it contacted a hot surface, […]
La Libertad Refinery Starts Preventative Maintenance
(Energy Analytics Institute, 11.May.2016, Clifford Fingers III) â The La Libertad Refinery started preventative maintenance on May 15, 2016, reported EP PetroEcuador in an official statement on its website. ***
Colombia Needs to Reinforce Existing Regulation
(Energy Analytics Institute, Jared Yamin, 11.May.2016) â Colombia needs to reinforce existing regulations to stimulate public and private sector investments in sustainable energy projects and improve its energy efficiency, announced CAF during the Seventh Energy Efficiency Seminar held on April 21, 2016 in Bogota, Colombia. Colombia has potential to invest […]
Argentina Interested in Buying Excess Gas from Punta De Sayago
(Energy Analytics Institute, Aaron Simonsky, 11.May.2016) â The government of Uruguay continues to move forward with agreements to secure markets for natural gas to come from its proposed regasification plant in Punta de Sayago. Uruguay’s President TabarĂ© VĂĄzquez and Industry, Energy and Mining Minister Carolina Cosse, signed a decree that […]
Pemex To Boost Crude Exports to Japan
(Energy Analytics Institute, Fidencio Casillas, 11.May.2016) â Pemex plans to boost its shipments of crude oil to Japan after reaching agreements with clients including Cosmo Oil, JX Holdings and TonenGenera, reported Reuters citing an anonymous company contact and commercial data. Pemex normally sends close to 1 million barrels per month […]
Moody’s Confirms Ecopetrol Investment Rating
(Ecopetrol S.A. 10.May.206) â Ecopetrol S.A. announced that Moody’s Investors Service has maintained Ecopetrol’s credit rating at Baa3. This confirmation means that the company will retain its investment grade rating, which had been assigned to it by Moody’s on January 18, 2016, and concludes the ratings review initiated on January […]
EIG Proposes $250 Mln Injection in Pacific
(Energy Analytics Institute, Jared Yamin, 10.May.2016) â EIG Global Energy Partners has proposed a $250 million capital injection in ailing oil producers Pacific Exploration & Production Corp. as part of its restructuring, reported Reuters. ***
Ecuador Starts Exploitation Activities at Tiputini
(Energy Analytics Institute, 9.May.2016, Clifford Fingers III) â Ecuador starting exploitation activities at the Tiputin field, part of the YasunĂ ITT block in July 2016, reported the news agency AFP, citing a statement from the country’s Hydrocarbon Ministry. The Tiputini 04 well in Block 43 has estimated potential to produce […]
Ecuador Output Averaged 542 Mb/d in 1Q:16
(Energy Analytics Institute, 9.May.2016, Clifford Fingers III) â Ecuador, the smallest country within the Organization of Petroleum Exporting Countries or OPEC, exported an average 542,000 barrels per day in the first quarter of 2016, down slightly from 543,000 barrels per day produced in the first quarter of 2015, reported the […]
YPF to Participate In Two Areas in Bolivia
(Energy Analytics Institute, Jared Yamin, 9.May.2016) â YPF has plans to participate in the Boyuibe and Ibibobo areas in Bolivia, reported the daily newspaper La RazĂłn, citing Bolivia’s Hydrocarbon Minister Luis Alberto SĂĄnchez. The company is close to closing deals related to these activities. ***
Repsol Visits Bolivia to Discuss Investments
(Energy Analytics Institute, Jared Yamin, 9.May.2016) â Repsol President Antonio Brufau visited Bolivia to discuss overall investments in the small landlocked country with officials from YPFB and investments in three areas with similar potential as that in the Margarita field. The three areas include Boyuy, Ipaguazu and Boycobo and contain […]
Total to Boost Output in Bolivia by 6.7 MMcm/d
(Energy Analytics Institute, Jared Yamin, 9.May.2016) â France’s Total plans to boost natural gas production by 6.7 million cubic meters per day at Aquio Incahuasi. The French company also plans to take part in the second phase of activities at the field whereby it plans to boost output there by […]
Bolivia’s Margarita Field Producing 20 MMcm/d
(Energy Analytics Institute, Jared Yamin, 9.May.2016) â Bolivia’s Margarita field is producing 20 million cubic meters per day of gas, reported the daily newspaper La RazĂłn, citing Bolivia’s Hydrocarbon Minister Luis Alberto SĂĄnchez. ***
Ende, Siemens Sign $397.5 Mln Contract in Bolivia
(Energy Analytics Institute, Jared Yamin, 9.May.2016) â Bolivia’s National Electricity Company signed a contract with Siemens AG for $397.5 million to boost energy production in TermoelĂ©ctrica del Sur to 480 megawatts from 160 megawatts. The project includes purchase of four gas turbines and four steam turbines with the addition of […]
Clarification on Estimated Returns on Petrobras Projects
(Petrobras, 9.May.2016) â Petrobras said it periodically analyzes the economic performance of its projects. The results are consolidated in a corporate document entitled Post-EVTE Study (Post Economic and Technical Feasibility Study), which details the integrated economic impact of the companyâs projects, using well-defined assumptions and methodological guidelines. This process aims […]
Petrobras Signs Credit with China Exim Bank
(Petrobras, 9.May.2016) â Petrobras signed a term sheet with China Exim Bank (Export-Import Bank of China) containing the main terms and conditions for a $1 billion loan. The final loan agreement is already being negotiated, anticipating the funding planned for 2017. The agreement is related to supply contracts for equipment […]
Petrobras Reports April Production Levels
(Petrobras, 9.May.2016) â Petrobras’ total oil and natural gas production in April amounted to 2.69 MMboe/d, of which 2.50 MMboe/d were produced in Brazil and 190,000 boe/d abroad. The average oil production in April was 2.12 MMb/d, up 5 percent compared to the previous month, which was 2.02 MMb/d. In […]
Petrobras Reports on Negotiations for Sale of Petrobras Argentina
(Petrobras, 8.May.2016) â Petrobras, regarding the sale of its stake in Petrobras Argentina, as disclosed in the Material Fact on February 3, 2016, would like to announce that negotiations with Pampa Energia are ongoing, extending the period of exclusivity for another 30 days to complete negotiations. Petrobras reiterates that this […]
YPF Announces Plans for 20 Areas in RĂo Negro, Chubut
(Energy Analytics Institute, Jared Yamin, 7.May.2016) â YPF plans to divest of as many as 20 areas in Argentina where the company has a partial interest or where the areas do not offer important earnings. YPF has put up on the market 6 areas in RĂo Negro, including some with […]
Argentina to Pay Galuccio $72 Mln Pesos to Leave YPF
(Energy Analytics Institute, Jared Yamin, 5.May.2016) â The government of President Mauricio Macri will pay 72 million Argentine pesos to Miguel Galuccio as part of an offer to the executive to depart the company. Board of Director members with YPF, controlled 51 percent by the government, came to agreement at […]
Moody’s Affirms Ocensa’s Baa3 Ratings
(Moody’s, 4.May.2016) â Moody’s affirmed Oleoducto Central, S.A.’s (Ocensa) Baa3 senior unsecured ratings. The rating outlook was changed to negative from positive. Ratings Rationale “The equalization of Ocensa’s ratings and outlook to those of Ecopetrol, S.A. (Ecopetrol, Baa3 negative) reflects Moody’s view that Ocensa is not insulated from the credit […]
Bolivia to Invest $2.4 Bln in 86 Projects
(Energy Analytics Institute, Jared Yamin, 4.May.2016) â YPFB is planning activities in 86 exploration projects in 63 areas which will require an estimated investment of $2.4 billion, reported the daily newspaper La RazĂłn, citing Bolivia’s Hydrocarbon Minister Luis Alberto SĂĄnchez. ***
YPFB Corp. Reports 72% Drop in Profits
(Energy Analytics Institute, Jared Yamin, 4.May.2016) â YPFB Corporation reported profits of $364.1 million in 2015, down 72 percent compared to $1,299.5 million in 2014, reported the daily newspaper La RazĂłn, citing YPFB data. Table 1: YPFB Corp. Profits 2016-2020 ($ Mlns) Year —- Profits 2006 —- $214.8 2007 —- […]
Bolivia Hydrocarbon Sector Investments 2016-2020
(Energy Analytics Institute, Jared Yamin, 4.May.2016) â With oil prices below $50 per barrel, YPFB plans investments of $12.681 billion during 2016-2020 under its Economic and Social Development Plan (PDES by its Spanish acronym) with assistance from private operators. The majority of the investments, $7.2 billion or 57 percent of […]
Petrobras Updates on Sale of Distribution Assets in Chile
(Petrobras, 4.May.2016) â Petrobras has completed negotiations with the Southern Cross Group on the main terms and conditions for the sale of 100 percent of Petrobras Chile DistribuciĂłn Ltda. (PCD), owned through Petrobras Caribe Ltd. Southern Cross Group is a private equity fund, founded in 1988, with $2.9 billion of […]
Ecopetrol Announces Results for 1Q:16
(By Ecopetrol S.A. 3.May.2016) â Ecopetrol S.A. announced Ecopetrol Group’s financial results for the first quarter of 2016, prepared and filed in Colombian pesos (COP$) and under International Financial Reporting Standards (IFRS) applicable in Colombia. — Amid the lowest Brent price of the last 12 years, in the first quarter […]
TĂĄchira Petrol Stations Sell 91 Grade Gasoline for Bs. 200/Liter
(Energy Analytics Institute, Jared Yamin, 1.May.2016) â Ten gasoline stations â which form part of Venezuelaâs Exclusive and Special Service stations â are selling PDVSAâs 91 grade gasoline for 200 Venezuelan bolivars per liter and diesel for 170 Venezuelan bolivars per liter, reported the daily newspaper El Carabobeño. The service […]
PDVSA Pays Interest to 2022 Bondholders
(PDVSA, 29.Apr.2016) â PDVSA announced that payment of interest was made on April 28, 2016 to all holders of PDVSA Bonds maturing 2022 with an interest rate of 6 percent, according to the preset conditions on paper issued October 2014. ***
Harvest Receives Continued Notice Listing From NYSE
(Harvest Natural Resources, Inc., 29.Apr.2016) â Harvest Natural Resources, Inc. announced that, on April 25, 2016, the New York Stock Exchange (NYSE) notified the company that it had fallen below the NYSE’s continued listing standards, which provide that an NYSE-listed company is not in compliance if its average global market […]
PEPCâs Restructuring Not Likely to Impact Brazil Program
(Karoon Gas Australia Ltd., 28.Apr.2016) â Karoon Gas Australia Ltd. provided an update on recent events relating to its 65 percent owned Santos Basin Blocks S-M-1037, 1101, 1102, 1165 & 1166 offshore Brazil. Karoonâs 35 percent joint venture partner, Pacific Exploration and Production Corp. (Pacific) announced April 27, 2016 that […]
PDVSA advances with plants at Sinovensa, Petrocarabobo projects in Venezuela
(Energy Analytics Institute, Piero Stewart, 28.Apr.2016, Words: 285) â PDVSA has started work on the heavy oil treatment plants at the joint-venture companies Petrolera Sinovensa and Petrocarabobo, located in the south of Monagas and AnzoĂĄtegui states, respectively. Investments in the Petrolera Sinovensa plant are expected to total $40 million plus […]
Ecopetrol Adjusts its 2016 Investment Plan
(Ecopetrol S.A., 27.Apr.2016) â Ecopetrol S.A. announced that in light of the current low crude oil price environment, and with the aim of protecting the company’s cash flow and financial sustainability, its Board of Directors approved an adjustment to the 2016 Investment Plan, from $4.8 billion, as approved on December […]
Petrobras Comments on Divestment of Gaspetro Shares
(Petrobras, 26.Apr.2016) â Petrobras declared that the new injunction granted by the Rio Federal Court has not suspended the sale of 49 percent of its interest in Gaspetro, but determined that the buyer may not dispose of the shares acquired. Petrobras is analyzing the appropriate legal measures in regard to […]
Moody’s Upgrades Argentine Corporate Issuers
(Moody’s, 21.Apr.2016) â Moody’s Investors Service upgraded ratings of several companies with operations in Argentina, with the outlook changed to stable from positive. The rating actions on the companies’ global scale ratings follow Moody’s upgrade on April 15, 2016 of Argentina’s government bond rating to B3 from Caa1, with the […]
IFC, China-Mexico to Invest $200 Mln in Citla
(IFC, 21.Apr.2016) â International Finance Corp. (IFC), a member of the World Bank Group, and the ChinaMexico Fund (CMF), a $1.2 billion private equity fund managed by the IFC Asset Management Company (AMC), will invest $200 million in Citla Energy, SAPI de CV (Citla or Citla Energy), a Mexican independent […]
Pemex and Mexichem Inform the Loss of 13 Workers
(Pemex, 21.Apr.2016) â Pemexâs CEO, JosĂ© Antonio GonzĂĄlez Anaya; Civil Protection National Coordinator from the Ministry of the Interior, Luis Felipe Puente, and Mexichemâs CEO, Antonio Carrillo, covered the Clorados 3 Plant of PetroquĂmica Mexicana de Vinilo (PMV) located in Coatzacoalcos, which is operated by Mexichem and co-owned by Pemex. […]
Pemex: PMV Plant in Coatzacoalcos Under Control
(Pemex, 20.Apr.2016) â The current situation in the Clorados 3 Plant of PetroquĂmica Mexicana de Viniloâs (PMV) in Coatzacoalcos, is under control and presents no risk to the population. This was pointed out during a press conference by Pemex CEO JosĂ© Antonio GonzĂĄlez Anaya; the Governor of Veracruz, Javier Duarte; […]
PetroEcuador Highlights Benefits of Esmeraldas Workover
(Energy Analytics Institute, 19.Apr.2016, Clifford Fingers III) â EP PetroEcuador stands to gain the most from the recent workover to the Esmeraldas Refinery, reported the state company in an official statement. The primary benefit includes recuperating the 110,000 barrel-per-day capacity as well as increasing processing capacity, efficiency, and continuity while […]
Finance Ministry, Pemex Meet With Investors
(Pemex, 19.Apr.2016) â The Minister of Finance and Public Credit, Luis Videgaray, and the Pemex CEO JosĂ© Antonio GonzĂĄlez Anaya, met in New York with investors, analysts, and executives of financial institutions to emphasize the economic prospects of the company and investment opportunities that resulted from the implementation of the […]
PDVSA Workers Banned From Company for Corruption
(Energy Analytics Institute, Jared Yamin, 14.Apr.2016) â A number of PDVSA workers have been banned from the company for corruption and more are under investigation for the same, announced the country’s comptroller-general Manuel Galindo during an interview with television station Globovision. âSince 2002 a total of 2,000 cases have been […]
Finance Ministry, Public Credit Support Pemex
(Pemex, 13.Apr.2016) â Given the difficult situation of global low oil prices, Pemex faced a liquidity problem, while not a solvency one. In this context, Pemex continues to focus on two main courses: the adjustment of its cost structure and the implementation of a business strategy based on the Energy […]
Petrobras Says Production Reached 2.55 MMBoe/d in March
(Petrobras, 10.Apr.2016) â Petrobras’ oil and natural gas output in March reached 2.55 MMboe/d, including 2.36 MMboe/d produced in Brazil and 183,000 boe/d abroad. Average oil production in March was 2.02 MMb/d, down 3 percent compared to 2.09 MMb/d in the previous month. Domestic average output stood at 1.94 MMb/d, […]
BrasFELS Signs $141 Mln FPSO Contract
(Keppel Corporation Ltd. 7.Apr.2016) â Singapore’s Keppel Corp. Ltd. announced that its unit Keppel Offshore & Marine Ltd. (Keppel O&M), through its subsidiary, Keppel FELS Brasil SA’s BrasFELS shipyard has been awarded a Floating Production Storage and Offloading (FPSO) module fabrication and integration project by its repeat customer MODEC Offshore […]
Searcher Working on South Campeche 3D Seismic
(Searcher Seismic, 7.Apr.2016) â Searcher Seismic announced the South Campeche Ultracube 3D seismic reprocessing project offshore Mexico. The seismic project, totaling approximately 6,834 square miles (17,700 square kilometers), is a merge of three existing surveys. The Holok Alvardo 3D (2003), the Cequi 3D (2010) and the Boloi Norte-Balche-Xulum 3D (2003). […]
Gran Tierra Announces Peso Hedging Program
(Gran Tierra Energy Inc., 6.Apr.2016) â Gran Tierra Energy Inc. announced, through one of its wholly owned subsidiaries, recently transacted Colombian peso (COP) hedges with two banks, providing additional stability to forecasted cash outflows for approximately 110 billion COP or $36 million from June 2016 to May 2017. To complement […]
Gran Tierra Closes $100 Mln Notes Offering
(Gran Tierra Energy Inc., 6.Apr.2016) â Gran Tierra Energy Inc. announced that it has completed its previously announced offering of $100 million aggregate principal amount of 5.0% Convertible Senior Notes due 2021 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, […]
FACT SHEET: PetroEcuador refineries have 175 Mb/d capacity
HOUSTON, TEXAS (Clifford Fingers III, Energy Analytics Institute, 5.Apr.2016, Clifford Fingers III, Words: 88) â EP PetroEcuador’s 3 refineries — Esmeraldas, La Libertad and Shushufindi — had a combined processing capacity of 175,000 barrels per day (b/d) at year end 2015, reported the state company in an official statement. The […]
PascualesCuena Product Pipeline Online in May 2016
(Energy Analytics Institute, 5.Apr.2016, Clifford Fingers III) â Construction of the Pascuales-Cuenca product pipeline will allow EP PetroEcuador to develop a LPG transport and distribution system to supply the southern region of the country, reported the state company in an official statement. Construction of the pipeline will also allow the […]