(Energy Analytics Institute, Jared Yamin, 3.Jun.2016) â YPF and Enap Sipetrol plan to invest $165 million to boost production in the Magallanes field offshore. The companies plan to increase natural gas production by 60 percent to 4 million cubic meters per day from 2.4 million cubic meters per day, and […]
Category: Latin America and the Caribbean
Moody’s Affirms YPF’s B3 Rating
(Energy Analytics Institute, Jared Yamin, 2.Jun.2016) â Moody’s affirmed YPF Sociedad Anonima’s B3 issuer rating. YPF’s B3 BCA (Baseline Credit Assessment) and its Baa1.ar national scale rating remained unchanged. The outlook on the ratings is stable. ***
Ecopetrol Equity Divestment Plan for EEB Shares
(Ecopetrol S.A. 2.Jun.2016) â Ecopetrol S.A. announced that on June 1, 2016, through the X-STREAM trading system of the Colombian Stock Exchange (Bolsa de Valores de Colombia S.A.), the second auction was held for the second stage of the program to divest and sell 278,225,586 of Ecopetrol’s shares of the […]
YPFB Guarantees LPG Supply in Santa Cruz
(Energy Analytics Institute, Jared Yamin, 2.Jun.2016) â YPFB plans to increase the number of LPG cylinders in Santa Cruz to 45,000 per day from 37,000 per day in order to satisfy demand in Santa Cruz, reported the daily newspaper La RazĂłn, citing YPFB President Guillermo AchĂĄ. “During the colder months […]
Helix Finalizes Contract Negotiations With Petrobras
(Helix Energy Solutions Group, 2.Jun.2016) â Helix Energy Solutions Group, Inc. has completed its contract renegotiations with Petrobras and entered into amendments to its well intervention services contracts for its two chartered vessels, the Siem Helix 1 and the Siem Helix 2, offshore Brazil. The contract for the Siem Helix […]
Venezuela Proposes Production Band Again to OPEC
(Energy Analytics Institute, Jared Yamin, 2.Jun.2016) â Venezuela again proposed establishment of a production band during the 169th OPEC meeting in Vienna. The band system consists of minimum and maximum production levels for each country, which will allow the organization to balance the market when certain countries have problems and […]
Enargas Mandates Complexes To Reduce Gas Demand
(Energy Analytics Institute, Jared Yamin, 1.Jun.2016) â Union protests in Tierra del Fuego as well as climatic conditions have made it impossible to bring in LNG ships into the Buenos Aires province; thus, forcing the Argentina government to take steps to reduce demand for gas. An emergency committee meeting proposed […]
PetroEcuador Provides Infrastructure Update
(Energy Analytics Institute, 1.Jun.2016, Clifford Fingers III) â At year-end 2015, EP PetroEcuador had the following infrastructure in Ecuador: 10 product pipelines, 8 fuel terminals and 5 maritime terminals, reported the state company in an official statement. Table: Ecuador Products Pipelines Shushufindi â Quito Esmeraldas â Quito â Pascuales Quito […]
PetroEcuador Gasoline Network of 276 Service Stations
EEnergy Analytics Institute, 1.Jun.2016, Clifford Fingers III) â EP PetroEcuador has a gasoline network comprising 276 service stations, reported the state company in an official statement. PetroEcuador affiliates operated 215 of the service stations while PetroEcuador operated 7 alone. The state oil company also has 12 artisan fishery stations as […]
PetroEcuador Says Tax Increase Not to Affect Fuels
(Energy Analytics Institute, 1.Jun.2016, Clifford Fingers III) â The price of Extra Gasoline, Extra Gasoline with Ethanol, Diesel 1, Diesel 2, Premium Diesel and LPG will not be affected by a temporary 2 percent increase in the sales tax to 14 percent from 12 percent, reported EP PetroEcuador in an […]
Colombia Needs Investments of $7 Bln
(Energy Analytics Institute, Jared Yamin, 1.Jun.2016) â Colombia needs to invest an estimated $7 billion per year over a ten-year period or under to remain self-sufficient in the production of petroleum. The outlook for Colombia’s petroleum sector in terms of self-sufficient is ‘reserved,’ reported the daily newspaper El Tiempo, citing […]
Ecuador Seeks Foreign Investors for Pacific Refinery
(Energy Analytics Institute, 1.Jun.2016, Clifford Fingers III) â Ecuador’s President Rafael Correa named Horacio YĂ©pez Maldonado as the country’s new ambassador to seek financing for the Pacific Refinery with the assistance of foreign investors. Correa signed Decree 1063 on May 31, 2016 which stipulated that Maldonado seek financing for the […]
Venezuela Proposes AlĂ RodrĂguez as OPEC Sec-General
(Energy Analytics Institute, Jared Yamin, 1.Jun.2016) â Venezuela proposed to OPEC the appointment of AlĂ RodrĂguez Araque as secretary-general for the organization, reported PDVSA in an official statement on its website. Araque is the actual Venezuelan ambassador in Cuba and was the OPEC Secretary-General from January 2001 until June 2002. […]
Argentina Launches RenovAr Plan
(Energy Analytics Institute, Jared Yamin, 31.May.2016) â The Argentine government launched its so-called National Renewable Energies Plan or RenovAr. The plan contemplates installing nearly 1,000 megawatts of energy from various wind, solar and other projects. The plan could attract project investments on the order of $2 billion in the first […]
Saesa Says 15 Wind Projects Ready For Construction
(Energy Analytics Institute, Jared Yamin, 31.May.2016) â Energy company Saesa announced that at least 15 wind park projects are ready to be built in Argentina, which represents nearly 900 megawatts of energy. There are also another 17 projects in the advanced approval stages, which have potential to add 1,000 megawatts […]
Gran Tierra to Increase in 2016 Exploration Budget
(Gran Tierra Energy Inc., 31.May.2016) â Gran Tierra is increasing its base 2016 capital budget by $33 million to $43 million to a revised total of $140 million to $150 million. The company’s previously announced base capital budget was $107 million. The increased capital investment will be entirely directed at […]
PDVSA Reports 46% Drop in Hydrocarbon Income
(Energy Analytics Institute, Pietro D. Pitts, 31.May.2016) â Venezuela’s state oil company PetrĂłleos de Venezuela (PDVSA) reported disappointing financial data for 2015 as oil and gas revenues fell 46 percent and integral net income fell 80 percent. Caracas-based PDVSA reported hydrocarbon revenues of $55.3 billion in 2015, down 46 percent […]
Venezuela Publishes Details About Keeping Forex in Country
(Energy Analytics Institute, Jared Yamin, 31.May.2016) â Venezuela published details in its Official Gazette No. 40,913 which establishes that private, national and foreign companies that transport and distribute gas for collective consumption can maintain their foreign currency in banking institutions or similar entities. The private gas companies âdon’t have the […]
El Aromo Area Considered Seismic Zone
(Energy Analytics Institute, 30.May.2016, Clifford Fingers III) â The El Aromo area, where the Pacific Refinery will be located, near Manta in ManabĂ is considered a seismic zone by Seismologist and Volcanologist Hugo Yepes. “This is a seismic zone with a history as noted and demonstrated with a large earthquake […]
Petrobras Announces New CEO, Mgmt Changes
(Petrobras, 30.May.2016) â Petrobras received Mr. Aldemir Bendine’s letter of resignation from the positions of Member of the Board of Petrobras and CEO. Bendine also resigned from the position of Member of the Board of Petrobras Distribuidora â BR. In light of the resignation, the Board of Directors held an […]
PDVSA Installs Stripper Unit at Puerto La Cruz Refinery
(Energy Analytics Institute, Piero Stewart, 28.May.2016) â PDVSA successfully installed a separator or sour water stripper unit, also known as Unit 84, at the Puerto La Cruz refinery in AnzoĂĄtegui state. The unit is part of the deep conversion project at the refinery, reported PDVSA in an official statement on […]
PetroCaribe Evaluates Creation of JV Company to Distribute Gas
(Energy Analytics Institute, Piero Stewart, 27.May.2016) â PetroCaribe member countries evaluated the creation of a joint-venture company that would distribute Venezuelan gas to them, reported Venezuela’s news agency AVN, citing PDVSA President Eulogio Del Pino. âThe proposal â after looking at the quantity of reserves that we have in the […]
Dilma Warns Gov’t Wants to Privatize Brazilian Reserves
(Energy Analytics Institute, Jared Yamin, 26.May.2016) â Brazil President Rousseff Dilma, suspended from her duties for six months, claims the countryâs interim president Michel Temer plans to privatize the country’s pre-salt reserves and leave Petrobras out of the picture. âWe know where the petroleum is located, we know its quality […]
PetroEcuador Reports 79% Decline In EBITDA
(Energy Analytics Institute, 25.May.2016, Clifford Fingers III) â EP PetroEcuador reported operational revenues of $9.284 billion in 2015, down $6.458 billion or 41 percent compared to $15.742 billion in 2014 due to variations in international oil prices, reported the state company in an official statement. Operational expenses were $8.209 billion […]
San Mateo Petrol Station Starts Operations
(Energy Analytics Institute, 25.May.2016, Clifford Fingers III) â The artisan fishing and ship vessel diesel station in San Mateo, located in the province of ManabĂ, started operations on May 19, 2016 and will benefit an estimated 1,106 artisanal fishers in the area, reported EP PetroEcuador in an official statement on […]
YPFB to Boost LPG Supply During Winter Period
(Energy Analytics Institute, Jared Yamin, 25.May.2016) â YPFB will increase the supply of LPG cylinders to an average 158,000 per day from 130,000 per day to guarantee supply of the product during the winter period which runs through August and potentially September. The priority is to supply the internal market […]
PDVSA to Divest of Petrolera del Cono Sur In Argentina
(Energy Analytics Institute, Jared Yamin, 23.May.2016) â A group of Argentina businessmen plan to buy the assets of Petrolera del Cono Sur, a subsidiary of PDVSA in Argentina. The assets include 95 service stations as well as storage tanks in the Dock Sud, reported the daily newspaper La NaciĂłn. The […]
Value of Bolivian Gas Exports Up 867%
(Energy Analytics Institute, Jared Yamin, 23.May.2016) â Bolivia’s natural gas exports reached $3.771 billion in 2015, up 867 percent compared to just $390 million in 2003, reported the daily newspaper El Diario, citing data from a report published by Bolivia’s Foreign Commerce Institute (IBCE by is Spanish acronym). Gas export […]
Bolivia to Send Energy from Santa Cruz to Beni
(Energy Analytics Institute, Jared Yamin, 23.May.2016) â Bolivia’s National Electricity Company plans to send energy from Santa Cruz to MarbĂĄn del Beni to benefit communities in the area. Energy from Santa Cruz will benefit 15 communities such as Remanso del ParaĂso, San Pedro, San Isidro, 15 de Octubre, among others. […]
Enarsa to Import Gas From Chile
(Energy Analytics Institute, Jared Yamin, 23.May.2016) â Argentina’s state oil company Enarsa signed a contract to purchase natural gas from Chile at a price 53 percent higher than the LNG that arrives to Chile on tankers and 128 percent higher than what is pays for imports from Bolivia, reported the […]
Lawmaker Wants Investigation into Brazil-Bolivia Deals
(Energy Analytics Institute, Jared Yamin, 23.May.2016) â Brazil’s Vice President of Foreign Affairs and Deputy in the Brazil National Defense Chamber of Brazil Luis Carlos Auli announced he wants an investigation into contracts signed between Bolivia and Brazil’s Working Party under presidents Luis InĂĄcio Lula Da Silva and Dilma Rousseff. […]
Venezuela, Trinidad Sign Energy-Related Deals
(Energy Analytics Institute, Pietro D. Pitts, 23.May.2016) â Venezuela’s President Nicolas Maduro and Trinidad and Tobago’s Prime Minister Keith Rowley were both present during an energy-related signing ceremony in Port of Spain between the two countries. Trinidad’s Minister of Energy and Energy Industries Nicole Olivierre signed the agreements for her […]
Lawmakerâs Suggests Resignation of Minister Linked to Petrobras Scandal
(Energy Analytics Institute, Jared Yamin, 23.May.2016) â Brazilian lawmaker Pauderney Avelino, from Brazil’s lower chamber, said Planning Minister Romero JucĂĄ under the interim government of Michel Temer should resign due to his being linked to the Petrobras corruption scandal. âHe should be an example and leave the government and then […]
Alfa Assumes $1 Bln Loss in Pacific E&P
(Energy Analytics Institute, Jared Yamin, 21.May.2016) â Mexican conglomerate Alfa considers its entire $1 billion in investment in Pacific Exploration & Production — the Canadian oil company with operations in Colombia — as a total loss after the oil company announced plans to restructure its debt with a private fund, […]
ExxonMobil Reports Significant Oil Discovery Offshore Guyana
(Exxon Mobil, 20.May.2016) â Exxon Mobil Corporation announced a significant oil discovery on the Stabroek Block, located approximately 120 miles offshore Guyana. The well was drilled by ExxonMobil affiliate, Esso Exploration and Production Guyana Ltd., and encountered more than 295 feet (90 meters) of high-quality oil-bearing sandstone reservoirs. It was […]
Bolivia Exported 24 MMcm/d to Brazil
(Energy Analytics Institute, Jared Yamin, 19.May.2016) â Bolivian exports to Brazil reached 24 million cubic meters per day on May 12, 2016 compared to 30 million cubic meters per day on May 8, 2016 while exports to Argentina reached 19 million cubic meters per day, up compared to 14 million […]
Chile Started Gas Exports to Argentina
(Energy Analytics Institute, 18.May.2016) â Chile shipped its first molecules of natural gas to Argentina on 17 May 2016, owing to an agreement between both governments and the French-Belgian company Engie. The first shipment left from Mejillones, Chileâs energy ministry announced 18 May 2016 in an official statement. Chile expects […]
Rousseff Issues Will Not Affect Gas Deals
(Energy Analytics Institute, Jared Yamin, 18.May.2016) â The political situation that is affecting Brazil with the suspension of its President Dilma Rousseff will not affect negotiations with Bolivia regarding a natural gas sales and purchase agreement. “Brazil has a need to supply its market with Bolivian gas and over time […]
Sembcorp Unit Completes Repair Job at Brazil Yard
(Sembcorp Marine Ltd., 18.May.2016) â Singapore’s Sembcorp Marine Ltd. announced that its wholly-owned Brazilian subsidiary Estaleiro Jurong Aracruz (EJA) has marked a key operational milestone with the successful completion of the yardâs first vessel repair project. The Olympic Gemini, a bulk carrier managed by the Company, left EJA May 12, […]
Former Lula Minister Sentenced to Jail in Petrobras Case
(Energy Analytics Institute, Jared Yamin, 18.May.2016) â Former Brazilan Minister JosĂ© Dirceu was sentenced to a 23-year, 3-month prison term due to his presumed involvement in the Petrobras corruption scandal. Dirceu, who served as the President of the Workers Party (PT by its Portuguese acronym), was one of the most […]
Harvest Natural Resources Announces 1Q:16 Results
(Harvest Natural Resources, Inc., 17.May.2016) â Harvest Natural Resources, Inc. announced 2016 first quarter earnings and provided an operational update. Harvest reported a first quarter net loss of approximately $14.1 million, or $0.27 per diluted share, compared with a net loss of $5.6 million, or $0.13 per diluted share, for […]
Petrobras Signs Contracts for Marlim, Voador Fields
(Petrobras, 17.May.2016) â Petrobras signed an extension of the concession contracts for the Marlim and Voador fields with the National Petroleum Agency (ANP) until 2052. The Production Phase of the field was extended in line with Resolution 2/2016 issued by the National Energy Policy Council (CNPE), which authorized the Agency […]
Petrobras Issues $6.75 Billion in Global Notes
(Petrobras, 17.May.2016) â Petrobras issued $6.75 billion of 5 and 10 year Global Notes through its wholly-owned subsidiary Petrobras Global Finance B.V. (PGF). The transaction was priced on May 17, 2016 and the terms of the notes issued are as follows: The order book was 2.75x and 3.0x oversubscribed in […]
Petro San FĂ©lix Cos Study Swapping Coke
(Energy Analytics Institute, Piero Stewart, 16.May.2016) â A number of international and national coke processing companies visited the Petro San FĂ©lix solids terminal located in the JosĂ© Antonio AnzoĂĄtegui Industrial Complex (CIJAA by its Spanish acronym) with the intention to study the potential to swap green coke for calcined coke. […]
PDVSA Increases Food Card Stipend to Bs. 38,000 per Month
(Energy Analytics Institute, Jared Yamin, 14.May.2016) â PDVSA increased the food card stipend to its workers by 100 percent to 38,000 Venezuelan bolivars per month, reported the daily newspaper Panorama, citing Futpv oil union President Wills Rangel. The card, which benefits some 100,000 oil sector workers, was retro-active as of […]
Approval of Sale of Petrobras Argentina
(Petrobras, 13.May.2016) â Petrobras announced that its Board of Directors approved the sale of its entire 67.19 percent interest in Petrobras Argentina (PESA), owned by Petrobras Participaciones S.L. (PPSL), to Pampa EnergĂa. The transaction base price is $892 million, equivalent to the value of $1,327 million for 100 percent of […]
Gasoline Chip Reaches 84% of Auto Park in Maracaibo
(Energy Analytics Institute, Jared Yamin, 13.May.2016) â An estimated 84 percent of Venezuelaâs auto park in Maracaibo contains the special TAG gasoline chip, reported the daily Panorama, citing Infrastructure Secretary Jairo RamĂrez. âWe will continue installing the chips. The idea is to reach the 100 percent mark,â said RamĂrez without […]
Petrobras on Sale of Nova Transportadora do Sudeste
(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 […]
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, […]