(Energy Analytics Institute, Piero Stewart, 8.Sep.2015) – A gas treatment plant in the Triguadare sector of Paraguana peninsula in Falcon state is operating normally after a fire was reported there last week, reported the daily newspaper El Universal, citing Venezuela’s Gas Vice Minister JosĂ© Gregorio Prieto. ***
Category: Latin America and the Caribbean
EMAS AMC Wins Contract for Angostura Project
(Ezra Holdings Ltd., 8.Sep.2015) – Singapore’s Ezra Holdings Limited (Ezra or the Group), a leading contractor and provider of integrated offshore solutions to the oil and gas industry, announced its subsea services division, EMAS AMC, finalized a contract with BHP Billiton for the Angostura phase 3 development offshore Trinidad and […]
Guyana Cabinet Briefed on Oil Sector Management
(Guyana Government Information Agency, 4.Sep.2015) – Minister of Governance, Raphael Trotman, has briefed Cabinet on the strategic, legislative, regulatory and institutional arrangements for the management of upstream activities in the Petroleum Sector. This disclosure was made by Minister of State, Joseph Harmon, who briefed the media on the deliberations of […]
Guyana To Assure No Fuel Shortages
(Guyana Government Information Agency, 4.Sep.2015) – The government of Guyana believes that its responsibility and obligation are to ensure that there will be no shortage of fuel in Guyana, and so must do everything possible to keep the wheels of industry turning. This is according to Minister of State, Joseph […]
H5 Settles with Chevron Over Ecuador Lawsuit
(Chevron Corporation, 3.Sep.2015) – Chevron Corporation reached a settlement agreement with H5, a California-based e-discovery and litigation services firm. In the settlement, H5 has withdrawn its support from the litigation against Chevron in Ecuador and has assigned its 1.25% interest in the $9.5 bln Ecuadorian judgment to Chevron. In 2014, […]
MEO Australia Signs Deal for Cuba Block 9
(MEO Australia Ltd., 3.Sep.2015) – MEO Australia Limited executed the Cuba Block 9 Production Sharing Contract (PSC) with the national oil company Cuba Petroleo Union (CUPET) in a ceremony in Havana, Cuba. The ceremony was attended by dignitaries including Juan Torres Naranjo, general director of CUPET and representatives of MEO, […]
Launching of Floatel for Pemex
(Pemex, 28.Aug.2015) – The vessel will have the capacity to accommodate 700 platform workers. The accommodation vessel (floatel, floating hotel) built to service Pemex’s platforms, was launched at Navantia’s shipyard in Ferrol, Galicia. It will be completed and delivered next year. The current progress of the construction of the floatel […]
GeoPark Finds Light Oil in Colombia
(GeoPark Limited, 27.Aug.2015) – GeoPark Limited announces a new oil field discovery following drilling of exploration well Chachalaca 1, located on the Llanos 34 Block in Colombia. GeoPark operates and has a 45% working interest in the Llanos 34 Block. GeoPark drilled and completed the Chachalaca 1 exploratory well to […]
Petrobras Output for July 2015
(Petrobras, 26.Aug.2015) – Petrobras sets new daily and monthly records for oil extraction in the pre-salt layer.    Petrobras’ average oil and natural gas production rose 1.8% in July 2015 compared to the previous month and reached 2.796 MMboe/d. The company produced 2.746 MMboe/d in Jun.2015. Production is up 3.6% on […]
Petrobras Debentures Public Offering
(Petrobras, 26.Aug.2015) – Petrobras has submitted to the Brazilian Financial and Capital Markets Association (ANBIMA) a request for the preliminary analysis of registration for the public offer of simple debentures, not convertible into shares, unsecured, in up to 3 series, to be held in accordance with the procedures of CVM […]
Pemex Responds to Moody’s Press Release
(Pemex, 25.Aug.2015) – Moody’s Investors Service placed Pemex’s global foreign currency and global local currency A3 ratings under review for a possible downgrade. In this regard, Pemex makes the following remarks: Pemex, along the entire oil and gas industry has been affected by the substantial decline in international oil prices […]
Petrobras Pays Fine in USA
(Petrobras, 20.Aug.2015) – Regarding media reports on the payment of a fine to U.S. authorities, Petrobras states there is nothing ongoing regarding any payment of a fine to close civil and criminal investigations into the violation of anticorruption legislation in the U.S. Nor has there been any decision by U.S. […]
Ecopetrol Oks Creation of New Subsidiary
(Ecopetrol S.A., 19.Aug.2015) – The Board of Directors of Ecopetrol S.A., in its meeting held on 14.Aug.2015, authorized the creation of a Colombian company indirectly wholly owned by Ecopetrol. The creation of the new subsidiary seeks to develop offshore activities in Colombia, which the company currently carries out as operator […]
Details Related to Petrobras Distribuidora IPO
(Petrobras, 18.Aug.2015) – Pursuant to CVM Instruction 480/09, Petrobras has published, in the Brazilian Securities and Exchange Commission (CVM) system, an acknowledgement relating to the meeting of the Board of Directors held on 6.Aug.2015, which resolved on the following issues related to the IPO of Petrobras Distribuidora (BR): (i) the […]
Pemex Looks to Improve Diesel Production
(Pemex, 14.Aug.2015) – The exchange of light crude between the U.S. and Mexico will improve the production of diesel and gasoline in the country. Pemex has been notified of the approval of the application submitted to the Bureau of Industry and Security, Department of Commerce of the United States, earlier […]
Pacific Rubiales Changes Name To Pacific E&P Corp.
(Pacific Rubiales, 14.Aug.2015) — Pacific Rubiales Energy Corp. changed its corporate name to Pacific Exploration and Production Corporation. The name change reflects the company’s broader focus in Latin America as the company’s production base continues to be diversified away from the Rubiales Field. The new name emphasizes the company’s strategy […]
Life in a Venezuelan Oil Camp: TĂo Conejo Meets Uncle Sam
(Harvard Review of Latin America, Miguel Tinker Salas, 14.Aug.2015) – I grew up in a Venezuelan oil camp. Ever since I can remember, I have heard both Spanish and English spoken all around me or conveyed through music or films. With my family, I ate traditional Venezuelan arepas, cachapas, carne […]
Ecopetrol Extraordinary Shareholder’s Meeting
(Ecopetrol S.A., 14.Aug.2015) – Due to the resignation of Mr. Gonzalo Restrepo Lopez and the election of his replacement, the CEO of Ecopetrol S.A. hereby calls on Shareholders to attend the extraordinary shareholders’ meeting to be held on 4.Sep.2015, starting at 7:30 a.m. at Ecopetrol’s auditorium located in Cra.13 No. […]
Moody’s Affirms Petrobras Argentina Notes
(Moody’s Investor Service, 14.Aug.2015) – Moody’s Latin America Agente de CalificaciĂłn de Riesgo affirmed the Ba2/Aaa.ar global scale rating and national scale rating on Petrobras Argentina S.A.’s $300 million in guaranteed Series S notes (CUSIP 71646JAB5). The rating action reflects Moody’s Investors Service’s rating action on August 11, 2015 of […]
Petrobras Updates on Inclusion of Tax Debts
(Petrobras, 14.Aug.2015) – Petrobras has decided to include tax debts in the Special Installment Program – REFIS, introduced under Law 12996/2014 and regulated by the Joint Ordinance PGFN/RFB 1064/15 and the Regulatory Instruction RFB 1576/15, published on 3.Aug.2015. Since the above-mentioned regulatory instruments were published, Petrobras has been reassessing its […]
Fitch Affirms Corpoelec IDRs
(Fitch, 13.Aug.2015) – Fitch Ratings has affirmed Corporacion Electrica Nacional S.A.’s (CORPOELEC) local and foreign currency Issuer Default Ratings (IDRs) at ‘CCC’. ***
PDVSA’s Planned Shutdown of Cardon FCC Unit
(Energy Analytics Institute, Pietro D. Pitts, 11.Aug.2015) – The Paraguana Refining Center (CRP) will initiate a preventive shutdown of the Cardon Refinery’s Fluidized Catalytic Cracking Unit on August 13, 2015, according to a statement posted to PDVSA’s website. Mechanical work will be performed on the equipment that is part of […]
Pemex, STPRM to Review Collective Agreement
(Pemex, 11.Aug.2015) – Pemex and the Petroleum Workers Union of the Mexican Republic (STPRM, Sindicato de Trabajadores Petroleros de la RepĂşblica Mexicana) agreed to a 1-month extension for the review of the Collective Bargaining Agreement (CCT, Contrato Colectivo de Trabajo) that will regulate the employment relationships in the biennium 20152017; […]
Pemex Reports on Pipeline Fire
(Pemex, 11.Aug.2015) – The fire registered today in the Escobedo-Santa Catarina pipeline, in the municipality of GarcĂa in Nuevo LeĂłn, was caused by a blow from machinery that belonged to a private company at a construction site outside Pemex. Unfortunately, the death of 5 employees of the contractor has been […]
BODs Of Pemex Drilling And Services Installed
(Pemex, 11.Aug.2015) – At the installation session of the Board of Directors of the new Productive State-owned Subsidiary (PSS) Pemex Drilling and Services (Pemex PerforaciĂłn y Servicios), the organic statute containing its organization and functions was approved, and it will come into force once it is published in the Official […]
Court Grants Appeal to Pemex
(Pemex, 10.Aug.2015) – The Second Joint Civil Court of the Third Circuit, based in the city of Guadalajara, granted the appeal filed by Pemex thus declaring the absence of damages claimed by the company Bardahl de MĂ©xico SA de C.V. The above sentence is of utmost importance in the context […]
PetroDelta Generates $173.3 Mln in Revenue
(Harvest Natural Resources, Inc., 7.Aug.2015) – Harvest Natural Resources, Inc. announced second quarter 2015 earnings and provided an operational update. Harvest reported a 2Q:15 net loss of approximately $25.4 mln, or $0.60/share diluted, compared with a net loss of $1.7 mln, or $0.04/share diluted for the 2Q:14. The 2Q:15 results […]
Petrobras Updates on Settlement of Tax Liability
(Petrobras, 7.Aug.2015) – Following the publication of Joint Regulation RFB/PGFN #1064 and Regulatory Instruction 1576 in the Official Gazette on 3.Aug.2015, by the Brazilian Internal Revenue and the Office of the General Council to the National Treasury, Petrobras has decided to include, under these regulations, the processes relating to the […]
Filing of IPO by Petrobras Distribuidora
(Petrobras, 7.Aug.2015) – Petrobras announces that, in continuation of the studies for the initial public offering of shares by Petrobras Distribuidora (BR), disclosed in the Material Fact of 1.Jul.2015, its Board of Directors has authorized the filing of a formal request for registration of an initial public offering and for […]
Petrobras Post Net 1H:15 Earnings
(Petrobras, 7.Aug.2015) – Petrobras made net earnings of R$5.9 bln in the 1H:15, down 43% from the 1H:14. This result mainly reflects an increase in net financial expenses and recognition of a Financial Operations Tax (IOF) expense involving loans between different Petrobras group companies. Operating earnings were R$22.8 bln, up […]
Pemex Dismantles Group With Conflict
(Pemex, 6.Aug.2015) – Pemex dismantles group composed of companies and public officials that had a conflict of interest in million-dollar contract. An investigation carried out by the Unit of Responsibilities of Pemex’ Internal Control Unit, led to the identification and acknowledgement of the participation in unlawful acts of Pemex Exploration […]
Ecopetrol Announces 2Q:15, 1H:15 Results
(Ecopetrol S.A., 5.Aug.2015) – Ecopetrol announced Ecopetrol Corporate Group’s financial results for the 2Q:15 and the 1H:15, prepared and filed in Colombian pesos (COP$) and on the basis of International Financial Reporting Standards (IFRS). According to Article 3 of Decree 2784 of 28.Dec.2012 , the application date of the new […]
FPSO Starts Ops in Santos Basin Pre-Salt
(Petrobras, 1.Aug.2015) – On July 31, 2015, the Cidade de ItaguaĂ started up production to commence the operational phase of the Iracema Norte project. This area is located in the Lula oilfield off the coast of Rio de Janeiro, in the Santos Basin pre-salt. The floating, production, storage and offloading […]
Petrobras Tightens Controls in Hiring Suppliers
(Petrobras, 31.Jul.2015) – The Federal Public Prosecution Ministry returned R$139 mln misappropriated by former employees to Petrobras. Petrobras has made its supplier management process stricter. Its suppliers must now provide detailed information about their structure, finances and mechanisms for compliance and combating fraud and corruption, among other items, which are […]
Pemex, Union Agree to Review Collective Deal
(Pemex, 30.Jul.2015) – Pemex and the Petroleum Workers Union of the Mexican Republic (STPRM) agreed to an extension in reviewing the Collective Bargaining Agreement (CBA) that will regulate the employment relationships in the biennium 2015-2017. All topics of the CBA stated by both parties have been reviewed and agreed upon, […]
PBF to Close Chalmette Deal by YE:15
(PBF Energy, 30.Jul.2015) – On 18.Jun.2015, PBF announced that its subsidiary signed a definitive agreement to purchase Chalmette Refining, LLC, consisting of the 189 Mb/d Chalmette Refinery and related logistics assets, from ExxonMobil and PDV Chalmette, LLC. The purchase price for the assets is $322 mln, plus working capital including […]
Pemex Signs With Santander for Banking Services
(Pemex, 28.Jul.2015) – Pemex and Banco Santander signed a collaboration agreement to provide credit and banking services to gas stations comprising the network of service stations nationwide. The agreement will provide Pemex franchisees access to banking services as Point of Sale (POS) systems, referenced deposits, electronic banking, payroll, transfer and […]
SBM Completes $1.55 Bln Financing of FPSO
(SBM Offshore N.V., 28.Jul.2015) – SBM Offshore N.V. announced that on 27.Jul.2015 it completed the project financing of FPSO Cidade de Saquarema — which will be deployed to the Lula field offshore Brazil upon completion — for a total of $1.55 billion, which is the largest project financing in the […]
Ecopetrol Announces Caribbean Deepwater Find
(Ecopetrol S.A., 28.Jul.2015) – Ecopetrol informs that at a depth of 3720 meters, the Kronos-1 well verified the presence of hydrocarbons in ultra-deepwater of Colombian south Caribbean area. This discovery proves the geological model proposed for an unexplored area with high hydrocarbon potential. Kronos-1 is located in block Fuerte Sur, […]
Pemex to Supply Isthmus Crude to Japan
(Pemex, 24Jul.2015) – Pemex, through P.M.I. Comercio Internacional (PMI), and the largest refining company in Japan, JX Nippon Oil & Energy Corporation, agreed to ship 6 MMbbls of Isthmus crude oil through 6 cargoes beginning in Aug.2015 and until Jan.2016, from the Salina Cruz maritime terminal located in the state […]
Pemex, Sedatu Sign Cooperation Agreement
(Pemex, 22.Jul.2015) – Pemex and the Ministry of Agrarian, Land and Urban Development (SEDATU), through the Agrarian Attorney’s Office (PA), signed a Cooperation Agreement to establish mechanisms for information, advice and training so that the hydrocarbon exploration, extraction and transportation projects are carried out according to the legal framework and […]
Petrobras Clarifies Contract with Braskem
(Petrobras, 22.Jul.2015) – In regard to the news published by the press on the Braskem contract, Petrobras would like to make it clear that the naphtha supply contract between Petrobras and Braskem was examined by an Internal Investigative Committee set up after the company had access to the state’s evidence […]
Petrobras Clarifies IPO News
(Petrobras, 21.Jul.2015) – Regarding reports in the press about an Initial Public Offering (IPO) for BR Distribuidora S.A., Petrobras clarifies that, as announced on 1.Jul.2015, the Executive Board authorized a study to be prepared analyzing strategic alternatives for its wholly-owned subsidiary Petrobras Distribuidora. Among the possibilities to be explored, is […]
Pemex, OECD Promote Best Procurement Practices
(Pemex, 20.Jul.2015) – Pemex, through its Corporate Office of Procurement and Supply, signed an agreement with the Organization for Economic Cooperation and Development (OECD) that will enable Pemex to adopt the best international practices in procurement, and promote the efficient and transparent management in its processes. This agreement comprises a […]
Ecopetrol Updates on BODs Decision
(Ecopetrol S.A., 19.Jul.2015) – Ecopetrol reports that, at the Board of Directors’ meeting on July 17, 2015, the Board of Directors decided as follows: — To accept the resignation of Mr. Gonzalo Restrepo Lopez as member and chairman of the Board of Directors. The Board of Directors gave special recognition […]
Petrobras Updates on Tax Contingency
(Petrobras, 17.Jul.2015) – Due to the unfavorable final ruling by the Tax Appeals Board (CARF), Petrobras paid R$1.6 bln to cover the Tax Deficiency Notice issued by the Brazilian Federal Revenue Service, R$1.2 bln in cash and R$0.4 bln in tax losses. The Tax Deficiency Notice relates to Financial Operations […]
Petrobras Decision on Parque das Baleias Arbitration
(Petrobras, 17.Jul.2015) – Further to the Parque das Baleias Arbitration released on July 6, 2015, the Arbitration Tribunal issued a new ruling (16.Jul.2015) to suspend deposits of disputed special participation tax amounts, estimated at R$ 350 mln/quarter. This ruling is provisional and is valid until the final judgement of the […]
Elevated Corporate Risks in Argentina
(Moody’s Investor Service, 16.Jul.2015) – Economic stagnation, a difficult political environment and heightened volatility in financial markets with the approach of presidential elections will be elevating pressures on non-financial companies in Argentina through mid-2016, says Moody’s Investors Service. Most of the 20 companies that Moody’s rates in Argentina, however, will […]
FPSO Cidade de Marica Arrives in Brazil
(SBM Offshore B.V., 10.Jul.2015) – SBM Offshore announced the arrival of FPSO Cidade de Marica at BRASA, Brazil. The SBM Offshore vessel berthed safely at the Niteroi-Rio based yard 9.Jul.2015. She had arrived in Brazilian waters midJune, following her 10,625 nautical miles (Nm) or 19,678 kilometers voyage from China. FPSO […]