(Harvest Natural Resources, 2.Jan.2015) – Harvest Natural Resources, Inc. announced that the Share Purchase Agreement (SPA) between Petroandina Resources Corporation N.V. (Petroandina), Pluspetrol Resources Corporation B.V. (Pluspetrol), Harvest and HNR Energia B.V., a wholly-owned subsidiary of Harvest, for the purchase of Harvest’s remaining interests in Venezuela for a purchase price […]
Category: Latin America and the Caribbean
Sierra Oil & Gas Announces Commitment of $525 million
(Sierra, 18.Sep.2014) — Sierra Oil & Gas S. de R.L. de C.V., Mexico’s first independent exploration and production company, today announces that it has secured equity commitments of US$525 million. Sierra, headquartered in Mexico City, is led by Ivan Sandrea, a highly experienced E&P executive with an extensive track record […]
Venezuela Sees US shale Boom As Bonus
(Reuters, Dmitry Zhdannikov, 16.Jun.2014) — Venezuela wants to increase oil supplies to the United States to regain some of the market share it lost over the past decade as Caracas sees the U.S. boom in light oil from shale as a chance to raise heavy-crude exports, the country’s oil minister […]
Chevron, YPF Continue Vaca Muerta Development
(Chevron 10.Apr.2014) — Chevron Corporation confirmed that subsidiaries of the company have signed agreements with the Argentine oil company YPF S.A. to continue development of shale oil and gas resources from the Vaca Muerta formation located in the Neuquén province in Argentina. “This is a significant step in our subsidiaries’ […]
Ecuador, China Advance Refinery Plans
(OGJ, 24.Jan.2014) — China National Petroleum Corp. (CNPC) and the Ecuadorean government have reached an agreement regarding cooperation in a plan to construct a long-delayed refinery on Ecuador’s Pacific Coast. On Jan. 21, Ecuador’s Vice-President Jorge Glas and CNCP Chairman Zhou Jiping reached a joint-approval of the feasibility report for […]
Non-Conventional Extraction Process Explained [Video]
(Energy Analytics Institute, Ian Silverman, 16.Jan.2014) – Argentina’s Vaca Muerta formation in the Neuquén Basin is best known for its shale oil and gas. The process related to the extraction of non-conventional hydrocarbons, or in this case, shale deposits, is explained in this short video in Spanish from YPF. ***
Fact Sheet: Harvest Natural Resources And PetroDelta
(Harvest Natural Resources, 1.Jan.2014) — Venezuela is the largest province of proved oil reserves in the Western Hemisphere, with 297.6 billion barrels of proved oil reserves at year-end 2011 (the most recent year for which data is available). Petrodelta, our 32% equity affiliate in Venezuela, controls approximately 247,113 gross acres […]
Perenco to Buy Petrobras Assets in Colombia
(Energy Analytics Institute, Ian Silverman, 29.Oct.2013) – Petrobras plans to sell its interest in onshore blocks and two pipelines to France’s Perenco for $380 million to focus more attention on projects in Brazil, reported the daily newspaper El Espectador The deal includes interest in: 11 onshore blocks that are producing […]
PDVSA Incorporates New Tankers into Fleet
(Energy Analytics Institute, Ian Silverman, 25.Oct.2013) – PDVSA President Rafael Ramirez speaks to reporters in Puerto la Cruz, Venezuela about introduction of news tankers into fleet. Highlights of the discussion follow: PDVSA incorporates VLCC Ayacucho and Suezmax Rio Arauca tankers, both built in China, into its fleet. The new PDVSA […]
Ramirez Moving Forward with Energy Policy
(Energy Analytics Institute, Ian Silverman, 10.Oct.2013) – Venezuelan President Nicolas Maduro seems to be allowing Oil Minister Rafael Ramirez to take charge of moving forward with the country’s energy policy, which could be a good move since investor may have more confidence in Ramirez or it could be a bad […]
1St Venezuela-India Round-table in Caracas
(Energy Analytics Institute, Ian Silverman, 7.Oct.2013) – The 1st Business Round-table meetings between Venezuelan and Indian companies took place in Caracas from October 7-9, 2013. Highlights from the round-table follow: Venezuelan Oil Minister Rafael Ramirez addressed opening ceremony: Venezuelan-India create working tables to collaborate on development of the six topics/areas: […]
Rafael Ramirez Speech in Caracas
(Energy Analytics Institute, Piero Stewart, 7.Oct.2013) – PDVSA President Rafael Ramirez spoke with journalist in Puerto La Cruz, Venezuela. What follows are excerpts from the discussion. Rafael Ramirez regarding shipments to China: Ramirez: We are currently exporting 640,000 b/d to China and 430,000 b/d to India. We are supplying oil […]
Rafael Ramirez Speech in Puerto La Cruz
(Energy Analytics Institute, Piero Stewart, 4.Oct.2013) – Venezuela’s Oil Minister President Rafael Ramirez spoke with journalist in Puerto La Cruz, Venezuela. What follows are excerpts from the discussion. Rafael Ramirez on the economic sector: Ramirez: We have bonds that we are using to bring in food stuffs to guarantee supply […]
LatAmNRG: Heard On The Street 3Q:13
(Energy Analytics Institute, 30.Sep.2013) – Information in this section, provided by Energy Analytics Institute editors and reporters, is hearsay and thus should be treated as such. The names of our many sources have been withheld to protect their identities and family members in Venezuela. COMBUSTIBLES A number of gasoline stations […]
Venezuela Reactivates Fuel Exports to Colombia
(Energy Analytics Institute, Ian Silverman, 24.Sep.2013) – The Venezuelan government plans to reactivate a plan to supply Colombia with combustibles, according to Energy and Mining Minister Rafael Ramirez. The Venezuelan combustibles will be destined for La Guajira area, the minister said. ***
Q&A with Arthur Little’s Rodolfo Guzman
(Energy Analytics Institute, Pietro D. Pitts, 24.Sep.2013) – Arthur D. Little Partner Rodolfo Guzman spoke with Energy Analytics Institute in a brief interview from Houston, Texas. What follows are excerpts from the brief interview. Regarding PDVSA’s potential departure from Abreu e Lima refinery project in Pernambuco, Brazil: EAI: It appears […]
Q&A with Tudor Pickering’s David Pursell
(Energy Analytics Institute, Pietro D. Pitts, 18.Sep.2013) – Tudor Pickering Holt & Co. LLC Managing Director David Pursell spoke with Energy Analytics Institute in a brief interview from Dallas, Texas. What follows are excerpts from the brief interview. EAI: Are PDVSA’s CITGO assets along the US Gulf Coast strategic? Pursell: […]
Honduras Awaits Initial PetroCaribe Shipments
(Energy Analytics Institute, Ian Silverman, 13.Sep.2013) – Honduras does not expect to receive its first shipment of oil from Venezuela under PetroCaribe until Dec.2013, reported El Universal, citing Honduras’ Vice Minister of Commerce Melvin Redondo. Venezuela will not be ready to ship the oil as originally planned due to the […]
Pacific Rubiales Sets Capex at $1 Bln
(Energy Analytics Institute, Ian Silverman, 13.Sep.2013) – Pacific Rubiales plans capital expenditure outlays of $1 billion on infrastructure projects such as ports, pipelines and a ferry, reported the daily newspaper Portoflio.co. ***
Argentina Says Oil Output Insufficient
(Energy Analytics Institute, Jared Yamin, 13.Sep.2013) – The Argentine government announced production of oil is insufficient to supply the country’s refineries. “We are lacking light oil to process,” reported La Nacion, citing YPF Manager Miguel Galuccio. ***
Uruguay Supporting Execution of 27 Projects
(Energy Analytics Institute, Ian Silverman, 13.Sep.2013) – The Uruguayan government is supporting execution of 27 electric projects in rural zones that will span 800 km. The cost of the projects is estimated at $6.5 mln, of which 40% will be subsidized by the government, reported the daily newspaper El Pais. […]
Empresa Energia Bogota to Spend $900 Mln
(Energy Analytics Institute, Ian Silverman, 12.Sep.2013) – Empresa Energia de Bogota (EEB) plans CAPEX outlays of $900 million in 2013 and the $3.4 billion during 2014-2017, El Espectador said, citing EEB President Sandra Fonseca. EEB also continues to analyze the purchase of Isagen, the daily reported. ***
Modernization of Barrancabermeja Refinery Continues
(Energy Analytics Institute, Ian Silverman, 12.Sep.2013) – Modernization activities advance at the 230,000 barrel per day Barrancabermeja Refinery, reported the daily newspaper Portafolio.co. ***
Nicaragua Oil Derivative Purchases Down
(Energy Analytics Institute, Ian Silverman, 12.Sep.2013) – Nicaragua’s purchases of oil and oil derivatives during the first four months of 2013 were $367.9 million compared with $424.1 million in the same year ago period, according to data published by the country’s Energy Ministry. Likewise, the ministry announced that the purchase […]
Pacific Rubiales Star to Double Recovery Rates
(Energy Analytics Institute, Ian Silverman, 12.Sep.2013) – The Star project will allow Pacific Rubiales to double recovery rates at the Quifa field, El Espectador reported, citing Pacific Executive Director Ronald Pantin. ***
Bulo Bulo to Generate 3,000 Jobs
(Energy Analytics Institute, Ian Silverman, 12.Sep.2013) – The urea plant in Bulo Bulo, Cochabamba will generate 3,000 jobs, reported the daily newspaper La Razon, citing Vice Minister of Industrialization, Commercialization, Transportation and Storage Alvaro Arnez. ***
Guatemala Announces Initial Gas Discovery
(Energy Analytics Institute, Ian Silverman, 12.Sep.2013) – Guatemala announced its initial gas discovery at the Ocultun well in the Peten region. The well was drilled to nearly 3 km, reported the daily newspaper La Razon. The discovery could cover 30% of the daily demand for propane for the country. “It […]
GTLI to Return Areas to YPFB
(Energy Analytics Institute, Ian Silverman, 11.Sep.2013) – Gas To Liquid International (GTLI) is in the process of returning four exploration areas to Yacimientos Petrolíferos Fiscales Bolivianos (YPFB). There are 104 areas reserved for YPFB, reported La Razon, citing YPFB President Carlos Villegas. Of these areas, 53 have been designated for […]
Combustible Prices to Increase in Uruguay
(Energy Analytics Institute, Ian Silverman, 11.Sep.2013) – Uruguay’s ANCAP will increase the price of combustibles by an average 9.7%, reported the daily newspaper La Red 21. ***
Petronas Exits Carabobo Project in Venezuela
(Energy Analytics Institute, Ian Silverman, 11.Sep.2013) – Malaysia’s Petronas will exit the Petrocarabobo project in Venezuela’s Orinoco Heavy Oil Belt or Faja, according to Venezuela’s Oil Minister Rafael Ramirez. The Petrocarabobo project, which requires an investment of $20 bln, will last for 25 years and includes construction of a 200,000 […]
PetroPar Debt Will Not Be Forgiven
(Energy Analytics Institute, Ian Silverman, 10.Sep.2013) – PDVSA President Rafael Ramirez, who also serves as Venezuela’s Oil Minister, said that the debt owed to PDVSA by Petroleos de Paraguay (Petropar) must be repaid. Petropar’s outstanding debt to PDVSA is around $265 mln to $270 mln, according to reports on the […]
Q&A with PDVSA Refining Director Jesus Luongo
(Energy Analytics Institute, Piero Stewart, 9.Sep.2013) – PDVSA Refining Director Jesus Luongo spoke briefly with Energy Analytics Institute on the sideline of a press conference in Caracas, Venezuela. What follows are excerpts from the brief interview. EAI: What is the processing capacity at Amuay? Luongo: Amuay is processing 445,000 b/d. […]
11th Meeting of PetroCaribe Ministers
(Energy Analytics Institute, Ian Silverman, 8.Sep.2013) – Venezuela’s Energy Minister Rafael Ramirez participated in the 11th meeting of the Council of Petrocaribe Ministers in Port-au-Prince, Haiti according to an official statement from PDVSA. Petrocaribe is an innovative geopolitical initiative based on integration and regional unity, and provides energy to nearly […]
PDVSA Flatboat Overturns, Sinks in Zulia
(Energy Analytics Institute, Ian Silverman, 8.Sep.2013) – PDVSA announced a flatboat with 20 workers overturned and sank in Lagunillas in Zulia state. All the workers were rescued, reported the daily newspaper El Universal. ***
Venezuela’s Merentes Comments on OPEC
(Energy Analytics Institute, Ian Silverman, 8.Sep.2013) – Venezuela’s Finance Minister Nelsen Merentes comments on Venezuelan state television or VTV. “OPEC production restrictions limit growth of Venezuela’s petroleum sector GDP as well as limiting large production gains.” ***
Ramirez Talks PDVSA on ‘Jose Vicente Hoy’
(Energy Analytics Institute, Piero Stewart, 8.Sep.2013) – Venezuelan Oil Minister Rafael Ramirez comments on the oil worker’s strike in 2002-2003 against PDVSA. “Venezuelan opposition has spent 10-years saying PDVSA would go bankrupt and today the company is one of the largest companies in the world. PDVSA is the only state […]
Camisea Gas Compression Plant Online by YE:15
(Energy Analytics Institute, Ian Silverman, 29.Aug.2013) – The Camisea gas compression plant will be ready in December 2015. The plant will require an investment of $318 mln and will allow the gas pipeline to increase its capacity by 50%, reported the daily newspaper El Comercio. Upon completion, the gas compression […]
Eni CEO comments on Perla
(Energy Analytics Institute, Ian Silverman, 28.Aug.2013) – Eni Chief Executive Officer Paolo Scaroni comments during a special event at PDVSA’s headquarters in Caracas, Venezuela about his company’s participation in activities in Venezuela: “Venezuela will be the most important country for Eni once the offshore Perla discovery reaches maximum production and […]
Venezuela, Trinidad Meet Over Border Gas
(Energy Analytics Institute, Ian Silverman, 26.Aug.2013) – Venezuelan Oil Minister Rafael Ramirez met with his counterpart from Trinidad and Tobago, Kevin Ramnarine in Caracas to discuss a development plan for natural gas fields that straddle the maritime borders of their countries. The ministers announced plans to develop the Manatee-Loran gas […]
PDVSA initiates production at Dragon gas field
CARACAS, VENEZUELA (By Pietro D. Pitts, Energy Analytics Institute, 25.Aug.2013, Words: 650) – Development of the offshore fields Dragon, Patao, Mejillones and Rio Caribe located in the Northern Paria Peninsula will allow for initial production of 200 MMcf/d of gas and 20 Mb/d of condensates which will be destined initially […]
PDVSA President Comments on Citgo
(Energy Analytics Institute, Ian Silverman, 25.Aug.2013) – During a trip with reporters in Guiria, PDVSA President Rafael Ramirez commented about the company’s CITGO Corporation refineries in the USA: “PDVSA’s USA refining circuit has certain problems due to its geographic distribution and the fact that they receive little Venezuelan crudes.” ***
Oil Analyst Speak at IESA Energy Forum
(Energy Analytics Institute, Piero Stewart, 20.Aug.2013) – Energy sector analyst from Medley to Harvard Kennedy spoke at an energy forum at IESA in Caracas. Quote highlights from the forum follow: Comments from Luisa Palacios Director for Latin America, Medley Global Adviser regarding Mexico’s energy reform: “We expect to see positive […]
Rosneft and PDVSA Evaluate Gas Projects
(Energy Analytics Institute, Ian Silverman, 15.Aug.2013) – Rosneft and PDVSA are reviewing plans to extract gas in Sucre state and in the Gulf of Venezuela, according to a PDVSA official. “We are looking at areas with gas and condensate reserves,” PDVSA President Rafael Ramirez told Energy Analytics Institute. ***
Venezuela Inaugurates Nororiental Gas Pipeline
(Energy Analytics Institute, Ian Silverman, 15.Aug.2013) – Venezuela inaugurated the first part of the Northeastern Gas Pipeline in Jefe Jose Francisco Bermudez. The pipeline extends from Barbacoa in Anzoategui state to Güiria in Sucre state and Margarita Island in Nueva Esparta state. The pipeline spans 731 km and consist of […]
Rosneft to Use Russian Technology at PetroMonagas
(Energy Analytics Institute, Ian Silverman, 14.Aug.2013) – Rosneft President Igor Sechon said his company would utilize Russian technology at the Petromonagas heavy oil project to increase production to 160,000 b/d from 140,000 b/d. Rosneft and PDVSA participate as partners in the following JVs in Venezuela: Petroperija, Boqueron, Petromonagas, Petrozamora, Petrovictoria […]
Rosneft, PDVSA Agree to Create PetroVictoria
(Energy Analytics Institute, Ian Silverman, 14.Aug.2013) – PDVSA and Russia’s Rosneft signed an agreement to create the JV company Petrovictoria, which will operate Carabobo Block 2 in Anzoategui and Monagas states as well as Carabobo Block 4 in Monagas state. The agreement was signed by Venezuela’s Minister of Energy and […]
Amuay Explosion in 2012 Cost PDVSA $1.8 Bln
(Energy Analytics Institute, Ian Silverman, 13.Aug.2013) – The Energy Orientation Center (COENER) announced the Amuay refinery explosion will cost PDVSA $1.8 billion. The explosion at the Amuay refinery was caused by a gas leak at Block B23 and occurred at 1:10am on 25.Aug.2012 and was the largest tragedy to-date to […]
Q&A with Oil Outlook President Carl Larry
(Energy Analytics Institute, Pietro D. Pitts, 9.Aug.2013) – Oil Outlook President Carl Larry spoke with Energy Analytics Institute in a brief interview from Houston, Texas. What follows are excerpts from the brief interview. EAI: Are US refiners benefiting from PDVSA’s refinery problems in Venezuela? Larry: We have seen production in […]
Q&A with Chevron LatAm’s Susana Brugada
(Energy Analytics Institute, Pietro D. Pitts, 7.Aug.2013) – Chevron Latin America Business Unit Public Affairs and Communications Coordinator Susana Brugada spoke with Energy Analytics Institute in a brief interview from Caracas, Venezuela. What follows are excerpts from the brief interview. EAI: Is Chevron continuing to export gas to Venezuela from […]
Journalist round table with PDVSA head Rafael Ramirez about the Faja, FONDEN, and more
CARACAS, VENEZUELA (By Pietro D. Pitts, Energy Analytics Institute, 31.Jul.2013, Words: 1999) – PDVSA President Rafael Ramirez held a small round table with journalist in Caracas, Venezuela. What follows are excerpts from the discussion.