(GeoPark Limited, 4.Jan.2017) – GeoPark Limited announced the successful drilling and testing of the Tigana Sur 4 development well in the Tigana oil field in the Llanos 34 Block (GeoPark operated with a 45% working interest) in Colombia, resulting in consolidated net exit production of approximately 24,400 boepd. GeoPark drilled […]
Category: Latin America and the Caribbean
LGO Approved for Mayaro Infill Wells in Trinidad
(LGO Energy plc, 4.Jan.2017) – LGO Energy plc provided a further update on its plans to recommence production drilling at the Goudron Field in Trinidad following its announcement of December 21, 2016. The company’s local operating subsidiary, Goudron E&P Limited (GEPL), received approval from the Petroleum Company of Trinidad and […]
Venezuela Moving Towards Oil Industry Restructuring
(Energy Analytics Institute, Aaron Simonsky, 4.Jan.2017) – “Venezuelan President Nicolas Maduro says ‘we’re going towards a restructuring of the (oil) industry’ and names Nelson Martínez, the actual president of Houston-based Citgo Petroleum Corporation, as Venezuela’s Petroleum Minister. Martínez replaces Eulogio Del Pino in this position. Del Pino retains his post […]
GeoPark Appoints Dingman to Its Board of Directors
(GeoPark Limited, 4.Jan.2017) – GeoPark Limited announced appointment of Mr. Michael D. Dingman as a new member of the Board of Directors of the company, effective January 1, 2017. Dingman is a respected and successful international investor, businessman and philanthropist, with more than 50 years of investment experience and an […]
PetroMonagas Initiates Drilling at UBCP14
(Energy Analytics Institute, Piero Stewart, 2.Jan.2017) – PDVSA PetroMonagas initiated directional drilling activities in Río Yabo — located in the Aceital del Yabo community in Anzoátegui state — and plans to install 800 meters of 30-inch tubing over 60 days. The tubing will have a transport capacity of 70,000 barrels […]
Fitch Improves Ecopetrol’s Rating Outlook
(Fitch, 1.Jan.2017) – Ecopetrol S.A. reported that on March 14, 2017, rating agency Fitch Ratings improved the outlook for the company’s rating from a negative to a stable outlook. At the same time it maintained the local and foreign currency long-term risk rating at BBB. According to Fitch, the improved […]
Enap Celebrates 71 Years Since First Oil Discovery
(By Energy Analytics Institute, Jared Yamin, 30.Dec.2016) – On 29 December 2016, Chile’s state oil company Empresa Nacional de Petróleo (Enap) celebrated 71 years since the first oil well discovery in Chile’s Springhill sector in Magallanes, the company reported in an official twitter post. ***
Petrobras Concludes Nansei Sekiyu Sale
(Petrobras, 28.Dec.2016) – Petrobras concluded the sale of its 100% stake in Nansei Sekiyu (NSS) to the Taiyo Oil Company. The transaction was done by Taiyo paying $165 million, after complying with all previous conditions set forth in the agreement as signed on October 17, 2016. This amount is still […]
Petrobras Sells Sugar, Ethanol, PetroChem Assets
(Petrobras, 28.Dec.2016) – These transactions are part of the company’s partnerships and divestments program. The target for the period 2017-2018 is $21 billion … On December 28, 2016, Petrobras closed two asset sales for the total sum of $587 million. The subsidiary Petrobras Biocombustível (PBio) sold to Tereos Participations – […]
Venezuela Implements Oil Cut Agreement
(PDVSA, 27.Dec.2016) – PDVSA announced implementation of an agreement to reduce production reached by member and non member countries of the Organization of the Petroleum Exporting Countries (OPEC). Under the agreement, Venezuela must implement a production cut of 95,000 barrels per day. As of January 1, 2017 PDVSA and /or […]
Venezuela Oil Output to Near 2 MMb/d
(Energy Analytics Institute, Piero Stewart, 27.Dec.2016) – OPEC member nation Venezuela, which produced 2.097 million barrels per day (MMb/d) in November, according to the December 2016 Monthly Oil Market Report published by the Organization of Petroleum Exporting Countries (OPEC), which cited secondary sources, could see its crude oil production reach […]
Six Dead in PDVSA Truck Accident
(Energy Analytics Institute, Piero Stewart, 27.Dec.2016) – An accident between a fuel transport truck owned by PDVSA and a vehicle carrying six persons from Venezuela’s armed forces unfortunately claimed resulted in the death of all the military personnel. The accident occurred in Tachira state and is under investigation by personnel […]
PDVSA Incorporates New Grads into Workforce
(Energy Analytics Institute, Ian Silverman, 26.Dec.2016) – Three officials from PDVSA participated in a graduation ceremony in San Tomé, south of Anzoátegui state, whereby 124 graduates received diplomas and were immediately incorporated into the payroll of state oil company PDVSA. The officials included PDVSA Exploration and Production Vice President Orlando […]
PDVSA Says It Maintains Full Ownership of Citgo
(Energy Analytics Institute, Ian Silverman, 25.Dec.2016) – PDVSA maintains full ownership and control over its Houston-based subsidiary Citgo Petroleum Corporation. PDVSA, in an official statement, also downplayed media versions and comments emitted by persons it claims are only interested in generating political instability in Venezuela based on speculation, rumors and […]
Looting Concerns in Venezuela Oil Areas
(Energy Analytics Institute, Piero Stewart, 23.Dec.2016) – Looting in Bolivar state will not yet affect Venezuela’s crude oil production or export capacity. However, fears of similar looting spreading to oil producing regions raises concerns about the potential impact they could have on Venezuela’s main export revenue source during a time […]
Maduro Seeks Price Strategy Closure
(Energy Analytics Institute, Piero Stewart, 23.Dec.2016) – Venezuela’s relentless search for a fair oil price continues as President Nicolas Maduro prepares to travel to various oil producing countries to finalize a strategy reached last month to stabilize oil prices, announced the official during his weekly radio and television program En […]
Petrobras, Total Move Forward with Alliance
(Petrobras, 21.Dec.2016) – Petrobras signed a Master Agreement with the French company Total, in connection with the Strategic Alliance established in the Memorandum of Understanding signed on 10/24/2016, as previously announced to the market. Entering into strategic partnerships is an important part of Petrobras’ 2017-2021 Business and Management Plan, as […]
ExxonMobil Awards Key Contracts for Liza in Guyana
(Exxon Mobil, 20.Dec.2016) – Exxon Mobil Corporation subsidiary, Esso Exploration and Production Guyana Limited (EEPGL), announced that it has awarded contracts to SBM Offshore for a floating production, storage and offloading (FPSO) vessel, a key step in moving the Liza field toward first production. Under the contracts, SBM Offshore will […]
PDVSA To Industrialize Faja Oil
(PDVSA, 15.Dec.2016) – As of 2019, PDVSA, through Puerto La Cruz Refinery’s Deep Conversion Project, will industrialize crude oil from the Orinoco Oil Belt using HDHPLUS®, a Venezuelan technology, announced the People’s Power Minister of Foreign Trade and International Investment Jesus Faría. Minister Faría and the Ambassador of South Korea […]
Fitch Reaffirms Ecopetrol Investment Grade
(Ecopetrol, 12.Dec.2016) – Ecopetrol S.A. reported the risk rating agency Fitch Ratings kept the company at investment grade, with an international rating of BBB. Fitch notes the important link between the company and the Republic of Colombia’s rating, and the Ecopetrol business group’s strategic relevance to the country. The agency […]
Ecopetrol Notice Regarding ISA Divestment Plan
(Ecopetrol, 10.Dec.2016) – Ecopetrol S.A. announced that on December 10, 2016, as established in the Offering Notice of Second Stage, the company published the offering notice regarding the fourth auction for the second stage of Ecopetrol’s equity divestment plan for its shares in Interconexión Eléctrica S.A. E.S.P (ISA) in a […]
PDVSA Signs Agreements with Shell
(PDVSA, 5.Dec.2016) – PDVSA and Shell Venezuela signed two agreements at Miraflores Palace. Both companies have stakes in the joint venture Petroregional del Lago, S.A. and plans to boost its production to 344 million barrels from 2017 to 2035, the first agreement provides for an investment of $2.8 billion ($400 […]
Trinidad and Venezuela Reach Deals
(Energy Analytics Institute, Piero Stewart, 5.Dec.2016) – Together with President Nicolas Maduro and Prime Minister of Trinidad Keith Rowley we reached historic energy agreements, wrote PDVSA President Eulogio Del Pino in a series of twitter posts. “Together with Shell Venezuela we agreed to start negotiations to obtain financing for Petroregional […]
Venezuela to Export Gas to Trinidad
(PDVSA, 5.Dec.2016) – During a meeting in Miraflores Palace, the People’s Power Minister of Petroleum and President of PDVSA Eulogio Del Pino and the Prime Minister of Trinidad and Tobago Keith Rowley, signed an agreement to implement the Natural Gas Supply Project from Venezuela to Trinidad and Tobago through a […]
Eco-Stim Energy Secures $2 Mln Loan
(Eco-Stim Energy Solutions, Inc., 1.Dec.2016) – Eco-Stim Energy Solutions, Inc. finalized a $2 million secured loan from existing shareholders. The loan will have a one-year term with the proceeds used to prepay a $1 million note scheduled to mature on December 15, 2016, related to previous equipment purchases, as well […]
GeoPark’s Morona Block Approval in Peru
(GeoPark Limited, 1.Dec.2016) – GeoPark Limited obtained final regulatory approval for its acquisition of the Morona Block in Peru. In its first project returning to the upstream business, the Peruvian state-owned company Petróleos del Perú S.A. (Petroperu) awarded a 75% working interest (“WI”) in and operatorship of the Morona Block […]
Gran Tierra Common Stock Offering
(Gran Tierra Energy Inc., 29.Nov.2016) – Gran Tierra Energy Inc. closed the previously announced underwritten public offering of shares of its common stock. The company sold 43,335,000 shares of its common stock at a public offering price of US$3 per share, for aggregate gross proceeds to the company of approximately […]
Gran Tierra Announces Successful Putumayo Bid
(Gran Tierra Energy Inc., 28.Nov.2016) – Gran Tierra Energy Inc. announced that it submitted winning bids totaling a combined $30.4 million for two blocks which Ecopetrol S.A., Colombia’s national oil company, offered as part of the Ronda Campos Ecopetrol 2016 (Bid Round) in an electronic live auction held on November […]
GeoPark Announces Expansion of Jacana Oil Field
(GeoPark Limited, 23.Nov.2016) – GeoPark Limited announced the successful testing of the Jacana 6 appraisal well in the Jacana Oil Field in the Llanos 34 Block (GeoPark operated with a 45% working interest) in Colombia. GeoPark drilled and completed the Jacana 6 appraisal well to a total depth of 11,684 […]
Harvest Natural Resources Reports 3Q:16 Results
(Harvest Natural Resources, Inc., 9.Nov.2016) – Harvest Natural Resources, Inc. reported a third quarter 2016 net loss of approximately $7.1 million, or $0.55 per diluted share, compared with net income of $5.7 million, or $0.52 per diluted share, for the same period last year. The third quarter results include exploration […]
PDVSA Awards $138mn Contract To Tackle Petcoke Problem
(Reuters, 23.Sep.2016) — Venezuelan state oil company PDVSA said on Friday that Maroil Trading Inc has won a $138 million contract to remove a large pile of petroleum coke at the Jose solids terminal in the eastern state of Anzoategui. Petcoke, a byproduct of upgrading tar-like Orinoco oil into lighter […]
Big Oil Flocks To Argentina As Permian Land Prices Skyrocket
(Oilprice.com, Charles Kennedy, 15.Sep.2016) — The Permian Basin has become so hot that some oil companies are starting to stay away, instead looking at frontiers that are less picked over. BP is one such company. The British oil giant’s CEO Bob Dudley said that land in the Permian has become […]
Trinidad Energy Chamber Head Talks Marketplace
(The Oxford Business Group, 25.Sep.2016) — Energy Chamber of Trinidad and Tobago CEO Thackwray “Dax” Driver talks about the expanding marketplace. What is the significance of recent oil and gas discoveries in Guyana? THACKWRAY “DAX” DRIVER: The Liza discovery in Guyana is very significant and has increased interest in the […]
Venezuela Still the Country with the Largest Oil Reserves
(Energy Analytics Institute, Pietro D. Pitts, 14.Aug.2016) – Venezuela, the resource-rich South American country known for its chocolates, Caribbean beaches, lively citizens and beauty queens, still reigns as the country with the largest crude oil reserves, according to the BP Statistical Review of World Energy (June 2016). Venezuela had proved […]
Next Hot Spot for Shale Drilling? Argentina
(CNN Money, 28.Jul.2016) – Argentina has exceptional hydrocarbon reserves, but politics has greatly affected its development. The economy in Argentina is best described as a “pendulum”, going from loose economic policies in the ’80s to Washington-consensus liberalisation in the ’90s and back again under the Kirchner regime. Since the current […]
Resilience: Actions of the Gas and Oil Industry
(Energy Analytics Institute, Jared Yamin, 11.Jul.2016) – The 6th version of the congress will take place from July 12-13, 2016 at the Los Tajibos Hotel in Santa Cruz de la Sierra, Bolivia and include the following themes: 1) global perspectives and hydrocarbon strategies in the current scenario,and 2) current and […]
Venezuela Cancels Premier LAPS Oil Event
(Energy Analytics Institute, Pietro D. Pitts, 4.Jul.2016) – Venezuela will not hold its annual Latin American Petroleum Show (LAPS). The decision to cancel the event this year is due to financial constraints that render PDVSA unable to provide major hosting support as well as payment issues with international service providers […]
Venezuela to soon initiate gas shipments to Colombia
(Energy Analytics Institute, Piero Stewart, 4.Jul.2016) – Venezuela plans to soon initiate shipments of natural gas to Colombia, reported Venezuela’s new agency AVN, citing the country’s Oil Minister Eulogio Del Pino. The gas will come from the Perla field offshore, which is part of the Cardon IV project.
Venezuela Producing 3.8 MMboe/d, PDVSA President Says
(Energy Analytics Institute, Piero Stewart, 4.Jul.2016) –Venezuela is producing 3.8 million barrels of oil equivalent per day, PDVSA President Eulogio Del Pino said during an interview on the television program José Vicente Hoy, which is produced by Televen. “These days they are saying our production is falling. These are figures […]
Maduro Holds Meeting with Citizens’ Joseph Kennedy
(Energy Analytics Institute, Piero Stewart, 2.Jul.2016) – Venezuela’s President Nicolas Maduro held a meeting with Citizens Energy Corporation founder Joseph Kennedy in Caracas to discuss matters related to the U.S.-based non-profit organization, reported Venezuela’s new agency AVN. Citizens Energy is a non-profit company that receives and distributes Venezuela heating oil […]
ExxonMobil’s 2nd Well Offshore Guyana Confirms Oil
(Exxon Mobil, 30.Jun.2016) – Exxon Mobil Corporation said that drilling results from the Liza-2 well, the second exploration well in the Stabroek block offshore Guyana, confirm a world-class discovery with a recoverable resource of between 800 million and 1.4 billion oil-equivalent barrels. “We are excited by the results of a […]
Wood Group Awarded Contract for Statoil’s Peregrino field
(Wood Group, 28.Jun.2016) – Wood Group was awarded a multimillion dollar contract to provide detailed engineering and design, and procurement services to South Atlantic Holding (owned by Statoil and partner Sinochem) for the development of the Peregrino field wellhead platform C, offshore Brazil. Wood Group Mustang will perform the work […]
PetroEcuador Reports Increase In Shareholder Equity
(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. […]
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. […]