Category: Latin America and the Caribbean
PDVSA’s Del Pino Backs Constituent
(Energy Analytics Institute, Ian Silverman, 23.May.2017) – PDVSA President Eulogio Del Pino announced that he fully backs Venezuelan President Nicolás Maduro in the Constituent Assembly process to defeat what he described as violence brought about by the right-wing political groups, reported PDVSA, citing the president of the state oil company. […]
Venezuelan Oil Workers March With Maduro
(Energy Analytics Institute, Ian Silverman, 23.May.2017) – Venezuelan petroleum sector workers accompanied Venezuelan President Nicolás Maduro during a march for peace to the headquarters of the National Electoral Council (CNE by its Spanish acronym) in Caracas where he revealed details related to the upcoming Constituent Assembly, a process to rewrite […]
PDVSA’s Deterioration on All Fronts
(Energy Analytics Institute, Pietro D. Pitts, 22.May.2017) – In recent weeks PDVSA has reported at least three accidents: Petrotrin oil spill in Sucre state and incidents at its Cardon and Curaçao refineries. The writing on the wall continues to point to a cash-strapped state oil company with an inability to […]
PDVSA, Shell Discuss Gas Exports
(Energy Analytics Institute, Piero Stewart, 21.May.2017) – PDVSA and Shell continue to conduct discussions related to the exportation of Venezuelan natural gas to the twin-nation island of Trinidad and Tobago, reported PDVSA in an official statement. “We are evaluating the base of resources for export,” announced PDVSA, citing PDVSA Gas […]
PDVSA Contingency Plan for T&T Oil Spill
(Energy Analytics Institute, Ian Silverman, 21.May.2017) – PDVSA reiterated in a twitter post that once the authorities from Trinidad and Tobago notified the company of the Petrotrin oil spill that it activated a local contingency plan. ***
PDVSA Says Curacao Refinery Fire Out
(Energy Analytics Institute, Ian Silverman, 21.May.2017) – PDVSA announced that it has completely controlled a fire that occurred at its Isla de Curacao refinery. The incident occurred at the distillation unit of the refinery, reported PDVSA in an official statement. PDVSA has assigned an investigation committee to determine the causes […]
PDVSA Says Oil Spill Clean-up Advances
(Energy Analytics Institute, Piero Stewart, 20.May.2017) – PDVSA announced that clean-up activities continue along the Venezuelan coast off Sucre state, related to the spill of crude oil at the Pointe-à-Pierre refinery in Trinidad and Tobago, reported the state oil co. in an official statement. After reviewing clean-up activities along the […]
Venezuela Faces Liquidity Crisis
(Piero Stewart, Energy Analytics Institute, 20.May.2017) – Petroleum production below historic average levels, economic distortions on all fronts, the problem with Venezuela, which is clear for the financial markets, is the liquidity crisis, according to an economist in Caracas. “The Venezuela debt is considered one of the most attractive for […]
Venezuela’s High Inflation, Hyperinflation
(Piero Stewart, Energy Analytics Institute, 20.May.2017) – “This government doesn’t want to reduce inflation because this government, generating inflation uses it to finance itself,” said opposition lawmaker and Economist José Guerra. “The inflation is a financing mechanism of the government and that is why they don’t want to stop it,” […]
PDVSA Guarantees Gasoline, Fuel Supply
(Energy Analytics Institute, Aaron Simonsky, 20.May.2017) – PDVSA continues to guarantee the supply of fuels across the country despite ongoing protests, reported PDVSA in an official statement, citing Commerce and Supply Vice President Ysmel Serrano. PDVSA guarantees it will deliver more than 50 million liters of fuel including 91 and […]
Venezuelan Ranchers Affected by Gasoline Shortages
(Energy Analytics Institute, Jared Yamin, 19.May.2017) – In recent weeks, a reported 66 companies in Venezuela dedicated to the collection of milk have closed their doors and stopped distribution activities due to problems receiving fuel, reported the daily newspaper El Nacional, citing Leonardo Figueroa, president of the Ranchers Association of […]
PDVSA Steps Up Fuel Security
(Energy Analytics Institute, Ian Silverman, 18.May.2017) – PDVSA has reinforced effects to protect is fuel supply amid ongoing protests across Venezuela. Several protests have led to incidents affecting gasoline distribution tankers and oil sector workers, reported PDVSA in an official statement. “We have reacted rationally and continue to transport more […]
Argentina Imports Natural Gas From Chile Under Two Contracts
(Energy Analytics Institute, Jared Yamin, 17.May.2017) – Argentina started importing natural gas from Chile, and will continue over an estimated three month period in order to cover increased demand during the winter period. On May 11, 2016 Argentina initiated import of an estimated 5 million cubic meters per day of […]
PDVSA Halts Cardon Catalytic Unit
(Energy Analytics Institute, Ian Silverman, 16.May.2017) – PDVSA halted the catalytic cracking unit at the 310,000 barrel-per-day Cardón refinery in Punto Fijo, reported Reuters, citing a worker at the plant and a union official. It is unclear when the unit will be back online. ***
PDVSA, Camimpeg-SPS Ink Maracaibo Deal
(Energy Analytics Institute, Aaron Simonsky, 16.May.2017) – PDVSA in alliance with Camimpeg (Compañía Anónima Militar de Industrias Mineras, Petrolíferas y Gas) and Southern Procurement Services (SPS) plan to boost production in Lake Maracaibo by more than 30,000 b/d with an investment of $400 mln, reported PDVSA in an official statement. […]
IndoVenezolana Opens Injection Plant
(Energy Analytics Institute, Aaron Simonsky, 15.May.2017) – Petrolera Indovenezolana opened a Saltwater Injection Plant in Zuata North field, Anzoátegui state to boost production and prevent reservoir declination. The field, located in Hugo Chávez Orinoco Oil Belt’s Junín Division, utilized Venezuelan technology during the early phase of the project, reported PDVSA […]
Sidor Warns of Theft of Copper, Minerals
(Energy Analytics Institute, Aaron Simonsky, 15.May.2017) – The president of Siderúrgica del Orinoco (Sidor), Justo Noguera Pietri, announced the mineral sector in Guayana was under threat from persons stealing the materials, principally copper, to later sell them in the black market, reported the daily newspaper El Universal. ***
Trinidad Oil Spill Reaches Venezuelan Beaches
(Energy Analytics Institute, Aaron Simonsky, 13.May.2017) – PDVSA has intensified contingency measures to counter the ill effects of an oil spill that occurred last week in neighboring Trinidad and Tobago. Oil from the spill has reached the Venezuelan eastern coast including the Bay of Morro de Puerto Santo and Cipara […]
PDVSA’s Barinas Plant Ready in June 2017
(Energy Analytics Institute, Aaron Simonsky, 13.May.2017) – PDVSA announced construction of a 100-MW electric generation plant located in Barinas state had reached the 98% mark in terms of completion. Work on the plant is estimate for completion this June 2017, PDVSA announced in an official statement. New infrastructure at the […]
PDVSA Participates in OTC 2017 in Houston
(Energy Analytics Institute, Aaron Simonsky, 13.May.2017) – PDVSA participated in the Offshore Technology Conference held in Houston, Texas from 1-4.May.2017. PDVSA Gas Vice President César Triana headed a sizable contingent, and presented the company’s Business Plan 2016-2026 to conference participants. ***
Venezuela Eyes 2018 Presidential Elections
(Energy Analytics Institute, Aaron Simonsky, 13.May.2017) – Venezuelan President Nicolas Maduro said during a speech televised on national TV that “rain, thunder or lightning, in Venezuela there would be presidential elections in 2018 because the revolution governed.” ***
YPF And Schlumberger Ink Bandurria Sur JV Deal
(Schlumberger, 12.Apr.2017) — Schlumberger President of Operations, Patrick Schorn, and YPF Chairman, Miguel Ángel Gutiérrez, signed an agreement to start a shale oil pilot project in Bandurria Sur Block in Vaca Muerta, Neuquén. The agreement, signed in YPF´s offices in Buenos Aires involves a USD 390 million phased investment by […]
SAExploration Signs Three Year Agreement With Hocol In Colombia
(SAExploration, 12.Apr.2017) — SAExploration Holdings, Inc. (SAE) announced the signing of a three year agreement with Hocol S.A. to be its provider of seismic acquisition services in Colombia. Founded in 1956, Hocol S.A. is a subsidiary of Ecopetrol S.A., the national oil company in Colombia, and is focused on exploration […]
ANP Notice on Participation in Lula Field
(Petrobras, 1.Apr.2017) – Petrobras announced that, on March 30, 2017, Consortium BM-S-11 received a notice of violation issued by the National Petroleum, Natural Gas and Biofuels Agency (ANP), relating to the Lula Field in the Santos Basin pre-salt, for the amount of R$2.6 billion. This notice is due to the […]
ExxonMobil Announces New Oil Discovery Offshore Guyana
(Exxon Mobil, 30.Mar.2017) – Exxon Mobil Corporation announced positive results on the Snoek well offshore Guyana, confirming a new discovery on the Stabroek Block. Drilling targeted similar aged reservoirs as encountered in previous discoveries at Liza and Payara. “The latest discovery at Snoek demonstrates the continued success we have achieved […]
Petrobras Says P-69 Arrives in Brazil
(Petrobras, 30.Mar.2017) – Platform is now at Brasfels shipyard in Angra dos Reis On March 28, the hull of floating production, storage and offloading vessel (FPSO) P-69 arrived at the Brasfels shipyard in Angra dos Reis, in the state of Rio de Janeiro. This shipyard will do the platform’s integration […]
Petrobras Updates on Baúna, Tartaruga Verde
(Petrobras, 30.Mar.2017) – Petrobras, in continuation to the material facts of 10/6/2016, 12/20/2016, and 3/15/2017 and to the press release of 11/21/2016, clarifies that it has notified the Federal Supreme Court of the impossibility to proceed with the divestment process for the transfer of rights relating to the fields of […]
Petrobras Requests for Replacement of Substitute Candidate
(Petrobras, 27.Mar.2017) – Petrobras, as stated in Circular Letter CVM/SEP/01/2017, reported that it has received a request for the replacement of the substitute candidate to the Fiscal Council (FC) nominated by preferred shareholders Leblon Previdência Fundo de Investimento Multimercado and Ataulfo LLC, whose elections will take place at the Annual […]
Petrobras Updates on Shareholders Meeting
(Petrobras, 27.Mar.2017) – Petrobras informed that the Extraordinary General Shareholders Meeting, held in the Auditorium of the company’s headquarters on Avenida Republic of Chile nº 65-1st floor, in the city of Rio de Janeiro (RJ), decided, by the majority, and has adopted the following: Election of Mr. Adriano Pereira de […]
Reelection of Petrobras CEO
(Petrobras, 27.Mar.2017) – Petrobras reports that in the meeting held yesterday Petrobras’ Board of Directors approved the reelection of CEO Pedro Pullen Parente for a two-year term in the company’s Executive Office. Mr. Pedro Parente had been elected CEO as of May 31, 2016, following the term in office of […]
Petrobras’ Sale of PetroquímicaSuape and Citepe
(Petrobras, 27.Mar.2017) – Petrobras, in continuation to the material fact disclosed on December 28, 2016, informed that, the Shareholders’ Extraordinary General Meeting approved the sale of 100% of the shares held by Petrobras in PetroquímicaSuape and Citepe to Grupo Petrotemex S.A. de C.V. and Dak Americas Exterior, S.L, subsidiaries of […]
Venezuela to End Oil Rentier Model
(Energy Analytics Institute, Piero Stewart, 26.Mar.2017) – Venezuela’s President Nicolas Maduro announced that this year the South American country would change its oil rentier model for an economic model whereby the private sector would work with his revolutionary government. ***
Citgo Says No to Heating Oil Program
(Energy Analytics Institute, 26.Mar.2017) – Houston-based Citgo Petroleum Corporation, the U.S.-based refinery arm of PDVSA, had to skip out on sending heating oil to citizens in the U.S. northeast under a program dubbed “Joe-4-Oil” amid a continued economic crisis in the oil-rich nation, reported the news agency AP. ***
Venezuela Output To Fall 100-150 Mb/d in 2017
(Energy Analytics Institute, Piero Stewart, 26.Mar.2017) – An inability to boost foreign and domestic investments in Venezuela’s oil sector in 2017 will result in further declines in the Caribbean nation’s production of crude oil, according to IESA Professor Richard Obuchi. Producing petroleum requires investments, and if they do not materialize, […]
Tofco Completes Fabrication Of Historic Juniper Topsides
(Chet Morrison, 25.Mar.2017) — TOFCO recently completed work for the Juniper offshore gas platform topsides at its facility in La Brea, Trinidad. The project marks a milestone for Trinidad and Tobago as it is the largest offshore structure ever fabricated in the country. Juniper is a Normally Unmanned Installation (NUI) […]
Petrobras Offers Clarification: CARF Ruling
(Petrobras, 24.Mar.2017) – Petrobras informed that the Administrative Board of Tax Appeals (CARF) issued on 3/22/17 a decision in favor of the Company, in the administrative proceeding that addresses the deductibility of expenses incurred by Petrobras in the development of oil and gas production, for the purposes of calculating the […]
Petrobras Reports 2016 Results
(Petrobras, 23.Mar.2017) – Petrobras’ results in 2016 were marked by a significant improvement in its operational performance over the course of the year, reflected in a reversal from the loss posted in 3Q16 to a net profit of R$2.51 billion in 4Q16, and a reduction in indebtedness. Despite lower oil […]
Tecpetrol to Invest $2.3 Bln in Vaca Muerta
(Reuters, Eliana Raszewski, 23.Mar.2017) — Argentina’s Tecpetrol, part of the Techint Group, said on Thursday it would invest $2.3 billion in the Vaca Muerta shale fields through 2019, the largest announcement in the formation in years. Tecpetrol said in a statement the investment was made possibly due to measures from […]
Petrobras Announces Resignation of Council Member
(Petrobras, 23.Mar.2017) – Petrobras informed that Mr. Paulo José dos Reis Souza, member of the Fiscal Council, submitted his resignation to the post, effective on March 27, 2017. The election of the new member of the Fiscal Council appointed by the controlling shareholder will be in the Extraordinary General Meeting, […]
Petrobras Offers Clarifications on Libra Pilot Project
(Petrobras, 21.Mar.2017) – Petrobras and its partners are committed to implementing the production sharing agreement (PSA) for the Libra area, executed in 2013 and for which Libra Pilot, the first definitive production system, scheduled for late 2020, is an important milestone. Petrobras and its partners have, since 2015, carried out […]
Peña Nieto Presides Over Commemoration Ceremony
(Pemex, 18.Mar.2017) – Mexican President Enrique Peña Nieto presided over the commemoration ceremony on March 18, 2017 at the maritime terminal of Ciudad del Carmen, Campeche. He assured that Petróleos Mexicanos is the most representative company of Mexico and an important part of the country’s national identity. “We are,” he […]
Pemex Director Visits Families of Salamanca Accident
(Pemex, 17.Mar.2017) – José Antonio González Anaya, General Director of Petróleos Mexicanos, met with the family members of the workers who were injured in the explosion of the Dispatch Terminal in Salamanca. He visited the family of the worker who is being cared for at the Hospital in Picacho in […]
Moody’s Takes Action on Cosan’s Ratings
(Moody’s Investors Service, 17.Mar.2017) – Moody’s Investors Service affirmed the ratings of the notes issued by Cosan Overseas Limited and Cosan Luxembourg S.A. and guaranteed by Cosan at Ba3. At the same time, Moody’s América Latina affirmed Cosan S.A. Indústria e Comércio’s corporate family ratings at Ba2 (global scale) and […]
Colombia to Benefit from Internationalizing Currency
(Energy Analytics Institute, Ian Silverman, 15.Mar.2017) – The Oxford Business Group said that Colombia only stands to benefit from further internationalizing its currency as it attempts to diversify its sources of foreign exchange, reported the Trinidad Guardian newspaper, citing a report last month launched at Lloyds of London during a […]
President Energy Updates on Argentine Reserves
(President Energy Plc, 15.Mar.2017) – President Energy Reports Audited Argentine Reserves Upgrade President Energy Group 2P Hydrocarbon Reserves now in excess of 20 MMBoe. Highlights: — Argentine 1P Oil Reserves increase by 9% to 12 MMBoe of which 11.5 MMBbls is oil — Argentine 2P Reserves increase by 10% to […]
Petrobras Says Court Authorizes Divestment Program
(Petrobras, 15.Mar.2017) – Petrobras, in continuation to the material facts disclosed on 12/8/2016 and 12/20/2016, reports that the decision by the Federal Accounting Court (TCU) issued, repealed the preventive order preventing the company from initiating new divestment projects and concluding those in progress and, as for the merit, ordered Petrobras […]