(GINA, 9.Jul.2015) – Guyana’s President David Granger reiterated that diplomacy will remain as his country’s first option as it stands resolute against all forms of aggression. “We have never, as an independent state, provoked or used aggression against any other nation, we have never used our political clout to veto […]
Category: Latin America and the Caribbean
Geopark Announces Potential of LatAm Portfolio
(GeoPark Limited, 6.Jul.2015) – GeoPark Limited announced the results of an independent audit of the company’s exploration resources as of 31.Dec.2014, prepared by Gaffney, Cline & Associates (GCA). GeoPark has interests in 31 blocks, covering over six million acres, in 12 proven hydrocarbon basins, in five Latin American countries, with […]
Douglas-Westood: Brazil in Deep Trouble
(Douglas-Westwood, 7.Jul.2015) – Douglas-Westwood commented on “Brazil – In Deep Trouble” in its latest edition of DW Monday. Petrobras has long been a pioneer in the adoption and deployment of deepwater technology. This has enabled them to build huge reserves of some 16 billion barrels of oil. Converting these reserves […]
FPSO Cidade de Itaguai Arrive at Iracema
(Petroleo Brasileiro S.A., 6.Jul.2015) – Petroleo Brasileiro S.A. (Petrobras) reported that the floating production, storage and offloading unit (FPSO) Cidade de Itaguai is now anchored in the Iracema Norte area of Lula field, in the Pre-Salt layer of Santos Basin, off the coast of Rio de Janeiro, Brazil. The platform-ship […]
Court’s Prelim Ruling on Parque das Baleias
(Petrobras, 6.Jul.2015) – On 2.Jul.2015, the Arbitration Court granted a provisional remedy in an action filed by Petrobras relating to a resolution of the National Agency of Petroleum, Natural Gas and Biofuels (ANP) to treat the assets of Baleia AnĂŁ, Baleia Azul, Baleia Franca, Cachalote, CaxarĂ©u, Jubarte and Pirambu as […]
Petrobras Reports Sale of Bijupirá, Salema fields
(Petrobras, 2.Jul.2015) – Petrobras signed with PetroRio S.A. contracts for the sale of 20% of its stake in the concessions of Bijupirá and Salema fields, currently operated by Shell. The transaction amounts to $ 25 million and is subject to adjustments that are common to this type of operation. These […]
Petrobras to Study Petrobras Distribuidora Offering
(Petrobras, 1.Jul.2015) – Petrobras’ Executive Board, at a meeting held on 30.Jun.2015, authorized studies to be prepared analyzing strategic alternatives for its wholly-owned subsidiary Petrobras Distribuidora S.A. (BR). Among the possibilities to be explored, is attracting a strategic partner and a public offering, making this subsidiary a listed company in […]
S&P Maintains Ecopetrol Credit Rating
(Ecopetrol S.A., 1.Jul.2015) – Ecopetrol S.A. reported that the credit rating agency Standard & Poor’s has maintained Ecopetrol’s long term corporate credit rating at BBB with a stable outlook. S&P’s mentioned that the new strategy presented by the company is in line with the current oil market conditions and prioritizes […]
Pemex Cogeneration And Services BODs Installed
(Pemex, 30.Jun.2015) – The organic statute containing the organization and functions of the new productive state¬-owned subsidiary Pemex Cogeneration and Services was approved during the installation session of the Board of Directors. The statute will become effective after its publication in the Official Gazette of the Federation. This is one […]
Petrobras to Spend $130.5 Bln Between 2015-2019
(Petrobras, 29.Jun.2015) – On 26.Jun.2015, the Board of Directors of Petrobras approved the 2015–2019 Business and Management Plan. The plan earmarks investments of $130.3 billion for 2015-2019. The investment portfolio prioritizes oil exploration and production (E&P) in Brazil, especially in the pre-salt. Of the total amount, 83% ($108.6 billion) will […]
Swire Secures Contract with Weatherford Brazil
(Swire Oilfield Services, 29.Jun.2015) – Swire Oilfield Services secured an exclusive five year contract with Weatherford International plc in Brazil. “This is a great reward for the team’s efforts in growing the business in Brazil and we are proud to support Weatherford’s activities,” said Marcelo Nacif, Swire General Manager in […]
Petrobras Updates on NY Lawsuit
(Petrobras, 25.Jun.2015) – Petrobras announced that on 25.Jun.2015, a hearing was held before the federal court in New York regarding the motion to dismiss presented by Petrobras in the class action lawsuit in which the company is a defendant. The purpose of the motion to dismiss is for the federal […]
Moody’s Maintains Ecopetrol Rating at Baa2
(Ecopetrol S.A., 25.Jun.2015) – Ecopetrol S.A. reported that the credit rating agency Moody’s Investors Service has maintained Ecopetrol’s long term international rating at Baa2 with a stable outlook. Moody’s mentioned that “the rating affirmation was based on Ecopetrol’s solid business strategy, now focused on expanding exploration activities to increase reserves […]
Ecopetrol Presents Details of Distribution Proposal
(Ecopetrol S.A., 24.Jun.2015) – Ecopetrol S.A. at the direction of the Finance Superintendence, hereby publishes the earnings distribution proposal that was approved by the Shareholders Assembly of 26.Mar.2015. Accordingly, regarding the capitalization of the occasional reserve by means of an increase in the nominal value of each of our shares […]
Gran Tierra Announces CAPEX, Colombia Focus
(Gran Tierra Energy Inc., 24.Jun.2015) – Gran Tierra Energy Inc. announced an increased 2015 capital program. The increased capital is intended to provide accelerated development drilling at the company’s core producing assets in the Putumayo Basin in Colombia, specifically the Moqueta and Costayaco fields on the Chaza Block. In addition, […]
Moody’s Affirms Ecopetrol Rating
(Moody’s, 23.Jun.2015) – Moody’s affirmed Ecopetrol S.A.’s Baa2 ratings and assigned a Baa2 rating to the company’s up to $1.5 billion in proposed notes due 2026. The proposed securities are senior unsecured and pari passu with Ecopetrol’s other senior foreign currency debt, which is also rated Baa2. Proceeds from the […]
Moody’s Changes PBF Rating Outlook
(Moody’s, 22.Jun.2015) – Moody’s Investors Service changed PBF Holding Company LLC’s rating outlook to positive from stable. Moody’s also affirmed PBF’s Ba3 Corporate Family Rating (CFR), Ba3-PD Probability of Default Rating, and Ba3 senior secured notes ratings following its announced acquisition of the Chalmette refinery. “PBF’s positive rating outlook reflects […]
Fitch Affirms Ecopetrol Ratings
(Ecopetrol S.A., 22.Jun.2015) – Fitch Ratings affirmed Ecopetrol S.A.’s foreign and local currency Issuer Default Ratings at ‘BBB’ and ‘BBB+’, respectively. Concurrently, Fitch has affirmed the company’s national scale short and long-term ratings of ‘F1+(col) and ‘AAA(col). The Rating Outlook for all ratings is Stable. According to Fitch, “Ecopetrol’s ratings […]
Pemex Attends Contingency at Akal-H Platform
(Pemex, 22.Jun.2015) – Specialized Pemex staff is taking care of the oil and gas leakage incident that occurred in the satellite platform Akal-H in the Campeche Sound. Fortunately, there are no injuries to report. The three workers carrying out a routine inspection were evacuated in a timely and secure manner […]
Harvest Announces $32.2 Mln Funding
(Harvest Natural Resources, Inc., 19.Jun.2015) – Harvest Natural Resources, Inc. announced that CT Energy Holding SRL, a Venezuelan-Italian consortium, has agreed to purchase from Harvest senior secured notes, convertible notes and warrants. “CT Energy Holding’s funding addresses our liquidity requirements for the near and medium term and will enable us […]
Harvest Enters Relationship with CT Energy
(Harvest Natural Resources, Inc., 19.Jun.2015) – On 19.Jun.2015, Harvest Natural Resources, Inc. entered into a strategic relationship with CT Energy and CT Energia Holding, Ltd., an international energy trading firm, designed to maximize the long-term success and value of Harvest’s Venezuelan operations and its 20.4% investment in Petrodelta. Under the […]
Venezuela Eyes Gas Exports, LNG
(Energy Analytics Institute, 18.Jun.2015) – Petroleos de Venezuela SA (PDVSA) plans to boost investments in the Venezuelan natural gas sector over the next five years in order to almost double production to meet increasing domestic demand, reduce its reliance on fuel imports and eventually export excess gas volumes to generate […]
ExxonMobil Sells Share of Chalmette Refinery in Louisiana
(Exxon Mobil Corporation, 18.Jun.2015) – ExxonMobil reached an agreement with PBF Energy Inc. for the sale and purchase of its 50% interest in Chalmette Refining, LLC in Chalmette, Louisiana. “This decision is the result of a strategic assessment of the site and how it fits with our large US Gulf […]
Pemex, STPRM Review Collective Labor Deal
(Pemex, 16.Jun.2015) – PetrĂłleos Mexicanos (Pemex) and the Petroleum Workers’ Union (STPRM, Sindicato de Trabajadores Petroleros de la RepĂşblica Mexicana, for its acronym in Spanish) started negotiations for the revision of the Collective Bargaining Agreement 2015-2017, which will come into force on 1.Aug.2015. Emilio Lozoya, CEO of Pemex, stated that […]
Introduction to IBAMA
(The Brazil Business, Renata Garcia, 16.Jun.2015) — IBAMA is an institute that was created to ensure the preservation and maintenance of the environment. It acts in the protection of Brazilian natural resources. In this article we will understand what IBAMA is and its functions. The Brazilian Institute of Environment and […]
Environmental Protection Key Pemex Element
(Pemex, 14.Jun.2015) – Maintaining or improving competitiveness in the oil industry will increasingly require a better environmental performance. Therefore, environmental protection is currently one of the key elements in the company’s business strategy along the value chain, Emilio Lozoya, CEO of PetrĂłleos Mexicanos (Pemex), stated at the “Pemex-2015 5th Environmental […]
Petrobras Comments on FPSO Cidade de SĂŁo Mateus
(Petrobras, 12.Jun.2015) – Petrobras completes analysis of factors that contributed to accident on 11.Feb.2015, on board FPSO Cidade de SĂŁo Mateus, in EspĂrito Santo. The report is aimed at documenting the analysis of the occurrence, in order to further improve the industry’s safety standards and prevent similar accidents in future. […]
Petrobras Set Record Pre-Salt Production
(Petrobras, 12.Jun.2015) – Petrobras’ pre-salt production in May set two new monthly output records. Production handled by the company, including both Petrobras and partner production, reached a new high of 726,000 b/d, up 1.6% on the Apr.2015 figure (715,000 b/d). This includes Petrobras’ own record output of 519,000 b/d, 3.2% […]
Pemex Finds New Oil Deposits in GOM
(Pemex, 10.Jun.2015) – Emilio Lozoya, CEO of PetrĂłleos Mexicanos, announced the first hydrocarbon discoveries made took advantage of the new tools provided by the Energy Reform. This is the first tangible result in exploration activities, after the approval of the reform in Aug.2014. Taking into account the short period for […]
Mexican Petroleum Congress Opens
(Pemex, 10.Jun.2015) – The Ministry of Energy (SENER), Pedro JoaquĂn Coldwell, opened the 10th Mexican Petroleum Congress at the Guadalajara Expo, which brought together 270 national and international companies with more than eight thousand participants from 12 countries. The event was attended by the CEO of Pemex, Emilio Lozoya, and […]
Pemex, Blackrock Sign MOU to Develop Infrastructure
(Pemex, 6.Jun.2015) – PetrĂłleos Mexicanos and BlackRock signed a Memorandum of Understanding (MOU), in order to accelerate the development and financing of energy infrastructure projects that are considered a strategic priority for Pemex. The agreement was signed by Pemex’s CFO, Mario Beauregard, and the Global Manager of BlackRock Infrastructure, Jim […]
Petrobras Aims to Gas Reduce Faring by 60%
(Petrobras, 5.Jun.2015) – Brazil is now among the countries that best use their natural gas output. By significantly reducing gas flaring on its platforms, in Feb.2015 Petrobras achieved a record 96.5% gas usage rate in its exploration and production activities, considering total production in the fields operated by the company. […]
Moody’s Assigns Ba2 Rating to Petrobras Notes
(Moody’s, 3.Jun.2015) – Moody’s Investors Service assigned a Ba2 rating to Petrobras Global Finance B.V.’s proposed global notes, which will be unconditionally guaranteed by Petrobras. The Ba2 rating on the proposed notes is based on the rating of Petrobras (Ba2 stable). The proposed notes are senior unsecured and pari passu […]
Petrobras Prices Bonds in Int’l Market
(Petrobras, 2.Jun.2015) – Petrobras announced the pricing of its corporate bonds in U.S. dollars with a 100-year term, issued through its wholly owned subsidiary Petrobras Global Finance B.V. and unconditionally guaranteed by Petrobras. The transaction’s completion is planned for 5.Jun.2015 and the terms of issue are as follows: — Issue: […]
T&T Energy Ministry Supports Expansion into Guyana
(Piero Stewart, Special for Energy Now, 1.Jun.2015) – Trinidad and Tobago will seek to capitalise on energy projects in the region as part of broader push outside of the country’s borders, and especially into Guyana, which has recently announced a significant offshore oil discovery. Oil field service companies from Trinidad […]
Pemex Presents Safety, Health Strategy for 2015-2025
(Pemex, 28.May.2015) – Petroleos Mexicanos presented its Safety, Health and Environmental Protection Strategy 2015-2025 (SSPA, for its acronym in Spanish) which outlines actions to strengthen safety and reliability culture of operations in a safe and efficient manner enabling greater productivity. After pointing out that Pemex is on the verge of […]
Colombia’s Ecopetrol Reinvents Itself
(Ecopetrol, 26.May.2015) – Ecopetrol S.A.’s Board of Directors approved a new corporate strategy aimed at guaranteeing the company’s long-term sustainability, in which value generation based on efficient barrels and shareholder return become a priority. Within a complex international price environment, the new strategy defines that Ecopetrol will be focused on […]
Pemex’s Successful Petroleum Coke Auction
(PEMEX, 22.May.2015) – PetrĂłleos Mexicanos carried out, for the third time, an online auction of partial lots of petroleum coke from the “Gral. Lázaro Cárdenas”, refinery located in Minatitlán, Veracruz. Pemex Refining carried out the auction along with the support of Regional Market Makers de MĂ©xico, S. de R.L. de […]
Petrobras Signs $5 Bln Deal with CDB
(Petrobras, 20.May.2015) – On 19.May.2015, Petrobras signed a cooperation agreement with the China Development Bank (CDB) for the years 2015-2016. The deal encompasses funding of $3.5 billion already disbursed, as announced on 1.Apr.2015, and an additional disbursement of $1.5 billion, adding up to $5 billion in 2015. The agreement was […]
Moody’s Covenant on YPF Bond Offering
(Moody’s, 20.May.2015) – Moody’s Investors Service assigned an overall covenant quality score of 3.37 to YPF Sociedad AnĂłnima’s $1,500 million 8.500% Senior Notes due 2025. ***
Petrobras Impairment of Trade Receivables
(Petrobras, 20.May.2015) – Petrobras has provisioned, in its 2014 Financial Statements, an allowance for impairment of trade receivables to cover uncollateralized receivables. In the 1Q:15 financial statements, as disclosed in the note 7.4, the company reported the reversion of part of these allowances in the amount of approximately R$1.3 billion. […]
Harvest Sets CAPEX at $265 Million
(Harvest Natural Resources, Inc., 19.May.2015) – Harvest Natural Resources said that during the first quarter of 2015, Petrodelta drilled and completed four development wells and sold approximately 3.63 million barrels (MMbbls) for an average of approximately 40,377 barrels of oil per day (bo/d), a decrease of 6% over the first […]
Harvest Reports 1Q:15 Results
(Harvest Natural Resources, Inc., 19.May.2015) – Harvest Natural Resources, Inc. (HNR) reported a 1Q:15 net loss of approximately $5.6 million, or $0.13/share diluted, compared with a net loss of $8.0 million, or $0.19/share diluted, for the same period last year. The 1Q:15 results included exploration charges of $1.9 million, or […]
Petrobras Reports Output for April 2015
(Petrobras, 19.May.2015) – Petrobras’ foreign oil and natural gas production in April 2015 was 2.785 (Mmboe/d), in Brazil and abroad, up 0.8% on March 2015, which was 2.764 Mmboe/d. Among this total, 2.596 Mmboe/d were produced in Brazil and 189 Mboe/d abroad. The production of 2.785 Mmboe/d is up 8.8% […]
Petrobras’ New Pre-Salt Record
(Petrobras, 13.May.2015) – Petrobras announces that on April 11, 2015, oil production in the fields it operates in the pre-salt province of the Santos and Campos basins reached the milestone of 800,000 b/d, constituting a new daily production record. Of this volume, around 74% (590,000 b/d) corresponds to Petrobras’ share […]
Ecopetrol Announces 1Q:15 Results
(Ecopetrol, 12.May.2015) – Ecopetrol S.A. reports the Group’s financial results for the 1Q:15, prepared and filed in Colombian pesos (COP$) and on the basis of International Financial Reporting Standards (IFRS). According with the article 3 of the Decree 2784 of 28.Dec.2012, the application date of the new technical framework is […]
Gran Tierra Announces New Executive Appointments
(Gran Tierra Energy Inc., 11.May.2015) – Gran Tierra Energy Inc. announced several new executive appointments effective immediately: Ryan Ellson, Chief Financial Officer; Alan Johnson, Vice President, Asset Management; Lawrence West, Vice President, Exploration; and Jim Evans, Vice President, Corporate Services. “I am delighted to have four key members from the […]
Petrobras Seeks Compensation Against Contractors
(Petrobras, 8.May.2015) – Petrobras has filed joint lawsuits with the Federal Public Prosecutors’ Office for improper conduct against the contractors and executives identified as responsible for irregularities within the scope of the Federal Police’s “Lava Jato” anti-corruption investigation. The lawsuits are on top of a series of measures the company […]
Petrobras Reports New Composition of Committee
(Petrobras, 8.May.2015) – Petrobras’ Board of Directors has unanimously approved the new composition of its Audit Committee, by appointing Directors Luiz Nelson Guedes, Luiz Augusto Fraga Navarro de Britto Filho and Roberto da Cunha Castello Branco as the new members of this Committee. The Board of Directors has also unanimously […]
Gran Tierra Announces Full 1Q:15 Results
(Gran Tierra Energy Inc., 6.May.2015) – Gran Tierra Energy Inc. announced its financial and operating results for the quarter ended 31.Mar.2015. All dollar amounts are in U.S.A. dollars unless otherwise indicated. Earlier this year, Gran Tierra announced significant changes to the company’s leadership, strategic direction and cost structure. Gran Tierra’s […]