(Ecopetrol, 11.Mar.2024) — Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC), in accordance with the subscription of the Declaration of the Nation as majority shareholder and complying with the established procedure, the current representatives of the hydrocarbon producing departments in which Ecopetrol operates, signed a document through which they unanimously agreed to nominate […]
Category: Latin America and the Caribbean
Petrobras Clarifies Media Reports
(Petrobras, 12.Mar.2024) — Petrobras, regarding the article “Presentation to analysts in NY would have signaled payment of dividends by Petrobras”, published in Valor, clarifies that the company did not promise or signal any indication of extraordinary dividends at the event held with analysts and investors on 01/30/2024 and 01/31/2024. Petrobras […]
Petrobras on Shareholder Remuneration
(Petrobras, 7.Mar.2024) — Petrobras informs that its Board of Directors (BoD), in a meeting held today, approved the submission to the Annual General Assembly (AGM), scheduled for Apr. 25, 2024, of the proposed distribution of dividends equivalent to R$ 14.2bn. If approved by the AGM, considering the dividends anticipated by […]
Petrobras Release 2023 Tax Report
(Petrobras, 7.Mar.2024) — Brazil’s state energy giant Petrobras released its tax report for the year 2023. ____________________
Petrobras Financial Performance in 4Q:23
(Petrobras, 7.Mar.2024) — Brazil’s state energy giant Petrobras released its financial results for the fourth quarter of 2023. Dear shareholders and investors, I am very proud to address you today, not only in light of the excellent economic and financial results we are disclosing, but especially because I am convinced […]
YPF Provides 4Q:23 Operational, Financial Updates
(YPF, 7.Mar.2024) — YPF SA reported total hydrocarbon production averaged 514 Kboe/d in 2023 (+2% vs. 2022) and 511 Kboe/d in 4Q23 (-2% q/q but +2% y/y), mainly boosted by the expansion in crude oil production, while natural gas production declined by 3% in 2023 driven by lower demand. 46% […]
Hess Updates Employees on Chevron Merger
(Hess, 7.Mar.2024) — Today, ExxonMobil announced that it is filing for arbitration regarding the applicability of a right of first refusal (ROFR) / pre-emption provision in the Stabroek joint operating agreement. We believe that the ROFR / pre-emption provision does not apply to the Chevron-Hess merger. We remain fully committed to […]
Frontera Reveals 4Q:23 and YE:23 Results
(Frontera, 7.Mar.2024) — Frontera Energy Corporation (TSX: FEC) reported financial and operational results for the fourth quarter and year ended 31 Dec. 2023, and announced the results of its annual independent reserves assessment conducted by DeGolyer and MacNaughton Corp (D&M). All financial amounts in this news release and the company’s financial […]
Atlas Renewable Inks PPA with Codelco
(Atlas Renewable Energy, 6.Mar.2024) — Atlas Renewable Energy, an international renewable energy company, signed a power purchase agreement (PPA) with Codelco, the state-owned Chilean mining company and the world’s largest copper producer, for the supply of 375 GWh of 24/7 energy per year, to be generated by a new renewable […]
Exxon Signals Potential Counter Offer for Hess’s Guyana Assets
(Reuters, 6.Mar.2024) — Exxon Mobil Corp on Wednesday said it filed a contract arbitration claim related to Hess Corp‘s proposed sale of its Guyana oil properties, and suggested it may counter Chevron Corp‘s pending deal for the assets. The arbitration case seeks to preserve Exxon’s right to evaluate making a bid […]
Petrobras on Conclusion of Investigation into Unigel
(Petrobras, 4.Mar.2024) — Petrobras clarifies that its Governance and Compliance Department has concluded the investigation into possible interference by two of its directors in the processing of the procedure that led to the signing of the tolling contract with Unigel and has concluded that there is no confirmation of irregularities in […]
Staatsolie, PETRONAS, ExxonMobil ink block 52 LoA
PARAMARIBO, SURINAME (By Staatsolie, 4.Mar.2024, Words: 515) — Staatsolie Maatschappij Suriname N.V. signed a Letter of Agreement (LoA) with PETRONAS and ExxonMobil on 4 Mar. 2024. The LoA is necessary for further exploration of the gas discovery made in 2020 with the Sloanea-1 exploration well in Block 52. PETRONAS made a […]
Ecopetrol Production Averages 737 Mboe/d in 2023
(Ecopetrol, 1.Mar.2024) — Ecopetrol SA ended 2023 with strong operational results that drove achievements across the entire company. We have achieved the second-best financial results in history by following our financial planning, enhancing our traditional business, and managing the steps toward the energy transition, the company’s president Ricardo Roa Barragan said. […]
Petrowarao Reactivates A-162 Gas Condensate Well in Zulia
(Energy Analytics Institute, 29.Feb.2024) — The mixed company Petrowarao, S.A. reactivated the A-162 gas condensate well in Zuila state in western Venezuela. The achievement was possible due to major maintenance work and the repair of lake pipelines, state-owned Petróleos de Venezuela, S.A. (PDVSA) announced 29 Feb. 2024 in an official statement. […]
EAI’s NRGBriefs for Feb. 2024: Guyana, Mexico, Uruguay and Venezuela
HOUSTON, TEXAS (By editors with Energy Analytics Institute, 29.Feb.2024, Words: 3,790) — Energy briefs as well as others related to finance and projects during Feb. 2024 including Exxon Mobil and CNOOC considering their pre-emption rights to Hess Corp.’s stake in the offshore Stabroek Block; increases in electricity for the majority […]
PDVSA and Chevron oversee Petropiar safety operations
PANAMA CITY, PANAMA (Piero Stewart, Energy Analytics Institute, 29.Feb.2024, Words: 140) — Executives with state-owned Petróleos de Venezuela, S.A. (PDVSA) and Chevron Venezuela supervised safety operations at the PDVSA Petropiar, S.A. joint venture as part of scheduled visits slated for 2024. Executives participating included the president of the board of directors […]
Milei’s Impact on Argentina’s Energy Landscape Outlook
(Energy Workforce & Technology Council, 29.Feb.2024) — Promising drastic change to Argentina’s government and economy, President Javier Milei has run into political speed bumps impacting the oil and gas industry in one of the largest shale patches in the Western hemisphere. Energy Workforce’s Latin America Chapter is eager to engage […]
Exxon’s Curveball Move in Guyana Alters Chevron-Hess Deal Prospects
(Reuters, 28.Feb.2024) — Exxon Mobil‘s surprise challenge to Chevron‘s acquisition of Hess through a dispute over a stake in a major Guyana oil field could prove fruitful for the U.S. oil giant, even if it does not end up enlarging its holdings in the South American country. Exxon (XOM.N) said Monday it […]
Petrobras Inks Evaluation Deal with Yara Brasil Fertilizantes
(Petrobras, 28.Feb.2024) — Petrobras signed a Memorandum of Understanding (MoU) with Yara Brasil Fertilizantes S.A. to study potential business partnerships for local initiatives in the fertilizer segment, production of industrial products and decarbonization of production. The MoU signed is of a non-binding nature and is aligned with the strategic elements […]
Guyana not against Exxon acquiring Hess, VP Jagdeo says
GEORGETOWN, GUYANA (Reuters, 28.Feb.2024, Words: 95) — Guyana’s vice president Bharrat Jagdeo on Wednesday said the country will accept whatever is the result from discussions between Exxon Mobil Corp, Chevron Corp and Hess Corp regarding participation in the Stabroek block. Guyana is ready to welcome Chevron into the country, but would also accept […]
Maduro Says Venezuela’s Economy to Grow 8% in 2024
(Energy Analytics Institute, 28.Feb.2024) — Venezuela’s President Nicolás Maduro said he expects the economy of the Opec country to grow 8% in 2024. The president made the comments during a live broadcast on Venezuelan state television. ____________________ By Piero Stewart. © Energy Analytics Institute (EAI). All Rights Reserved.
Chevron Deal to Buy Hess at Risk as Exxon, CNOOC Eye Guyana Stake
(MarketWatch, 27.Feb.2024) — Chevron warned it may not complete its planned buyout of Hess as Exxon Mobil and the China National Offshore Oil Corporation are saying the planned deal would trigger their right to boost their stakes in a Guyana venture. The warning came in a Securities and Exchange Commission […]
Exxon Raises Questions About Chevron’s $53bn Deal for Hess
(The New York Times, 27.Feb.2024) — America’s two largest energy companies, Exxon Mobil and Chevron, are jousting over a prized new source of oil in the waters off Guyana, in Latin America. The conflict is creating doubts over Chevron’s bid to acquire Hess for $53 billion, announced in October. Chevron this […]
Chevron Corp. Files S-4, Updates on Stabroek JOA
(Energy Analytics Institute, 26.Feb.2024) — Chevron Corporation believes that the $53bn merger with Hess Corporation presents the California-based energy giant with the opportunity to diversify its portfolio by acquiring Hess’ 30% interest offshore Guyana in the Stabroek block. The block has industry leading cash margins, a strong production growth outlook, potential […]
Petrobras and Arcelor Ink Deal Related to Low-Carbon Businesses
(Energy Analytics Institute, 26.Feb.2024) — Brazil’s state-owned Petrobras signed a Memorandum of Understanding (MOU) with Arcelor Mittal Brasil that aims to study potential mutually beneficial business models in the low carbon economy. The companies look to identify commercial opportunities and potential partnerships in Brazil that align with diversification and decarbonization […]
IMF Fingerprinting Indicates Bunker Fuel Offshore Tobago
(Ministry of Energy and Energy Industries, 23.Feb.2024) — The Ministry of Energy and Energy Industries (MEEI) advises that preliminary fingerprinting reports submitted to the MEEI from the Institute of Marine Affairs (IMA), indicate the hydrocarbon discharge affecting the south east coast of Tobago is an ‘intermediate fuel oil.’ These reports […]
Petrobras on Tag-along Exercise on Stake in UEGA
(Petrobras, 23.Feb.2024) — Petrobras, following up on the release disclosed on 15 Dec. 2023, has decided to exercise the tag-along right (joint sale) for the sale of its 18.8% stake in the share capital of UEG Araucária S.A. (UEGA). The value of the transaction relating to Petrobras’ stake in UEGA […]
Repsol CEO Josu Jon Imaz comments on Venezuela situation, Cardon IV production
BELIZE CITY, BELIZE (Aaron Simonsky, Energy Analytics Institute, 22.Feb.2024) — Repsol CEO Josu Jon Imaz commented on the Spanish company’s operations in Venezuela under Washington’s most recent OFAC license. “We are putting the same metrics we had in November before the license approved by the American administration at the end of the […]
![Repsol Reveals Strategic 2024-2027 Update [PDF Downloads]](https://energy-analytics-institute.org/wp-content/uploads/2022/05/53431_repsol-sede-cerca.jpg)
Repsol Reveals Strategic 2024-2027 Update [PDF Downloads]
(Repsol, 22.Feb.2024) — “Over the next four years we will stay the course on the strategy we presented in our previous plan to address the energy transition and we will focus on all the types of energy that meet our customer’s needs. We are convinced that this approach, in which […]
MEEI Receives Briefing from Oil Spill Removal Specialists
(Ministry of Energy and Energy Industries, 21.Feb.2024) — Stuart R. Young, MP, Minister of Energy and Energy Industries and Minister in the Office of the Prime Minister, along with Ms. Penelope Bradshaw-Niles, Permanent Secretary, Ministry of Energy and Energy Industries (MEEI); Ms. Sandra Fraser, Permanent Secretary, MEEI; Ms. Karinsa Tulsie, […]
Petrobras and BNDES Structure Fund to support Innovation Companies
(Petrobras, 21.Feb.2024) — Petrobras and the BNDES have begun studies to structure a Corporate Venture Capital (CVC) fund to support micro, small and medium-sized technology-based companies. In this first phase, the idea is to identify the most promising sectors for this type of investment, considering themes related to the energy […]
![APA Reveals 4Q:23 Results, Updates on Suriname FID [PDF Downloads]](https://energy-analytics-institute.org/wp-content/uploads/2022/08/us-apa-2q22-b.jpg)
APA Reveals 4Q:23 Results, Updates on Suriname FID [PDF Downloads]
(APA Corporation, 21.Feb.2024) — APA Corporation (Nasdaq: APA) announced its financial and operational results for the fourth-quarter and full-year 2023. During the fourth-quarter 2023, APA reported net income attributable to common stock of $1.8bn, or $5.78 per share on a fully diluted basis. When adjusted for certain items that impact […]
Petrobras Makes Dividend Payment
(Petrobras, 20.Feb.2024) — Petrobras, following up on the Material Facts of 11/09/2023, 11/21/2023 and 02/09/2024, informs that it will pay today the first installment of dividends and interest on capital (JCP) relating to the balance sheet of 30 Sep. 2023. The gross amount to be distributed today is R$ 0.68260418 […]
Guyana’s $1.9bn gas-to-power project delayed to 2025
GEORGETOWN, GUYANA (Reuters, 20.Feb.2024, Words: 297) — Guyana will delay until 2025 its biggest effort to capitalize on its energy bounty, a $1.9 billion gas-to-power project that was to start this year, using untapped gas to slash electricity costs, a Ministry of Natural Resources consultant said on Tuesday. The rising […]
MEEI Engages with Oil Spill Removal Experts
(MEEI, 20.Feb.2024) — In accordance with the National Oil Spill Contingency Plan (NOSCP), the Ministry of Energy and Energy Industries (MEEI) continues to collaborate with the Tobago House of Assembly (THA) and the Tobago Emergency Management Agency (TEMA), to progress oil spill response operations off the southern coast of Cove, […]
PDVSA’s domestic refineries producing only around 230,000 b/d
CARACAS, VENEZUELA (Piero Stewart, Energy Analytics Institute, 18.Feb.2024, Words: 130) — Venezuela’s state-owned oil giant Petróleos de Venezuela (PDVSA), which has a total processing capacity of 1.303 million b/d from its 6 domestic refineries – Amuay, Cardón, Bajo Grande, Puerto la Cruz, El Palito and San Roque – is only […]
![Shell LNG Outlook 2024 [PDF Downloads]](https://energy-analytics-institute.org/wp-content/uploads/2024/02/shell-lng-outlook-2024.png)
Shell LNG Outlook 2024 [PDF Downloads]
(Shell plc, 19.Feb.2024) — Global demand for liquefied natural gas (LNG) is estimated to rise by more than 50% by 2040, as industrial coal-to-gas switching gathers pace in China and South Asian and South-east Asian countries use more LNG to support their economic growth. Global trade in LNG reached 404 […]
Mexico Begins LNG Buildout as US Developers Look to South
(Canary Media, 15.Feb.2024) — At least a half-dozen LNG export projects are underway in the country — but whether most are completed will depend on politics to the north. Environmental activists have turned a spotlight in recent months on the rapid expansion of liquefied natural gas export terminals along the Gulf Coast of […]
Guyana Is Trying to Keep Its Oil Blessing From Becoming a Curse
(Bloomberg, 15.Feb.2024) — Guyana has undergone a huge transformation in the near decade since a massive oil discovery off its shores. That’s on full display at the Georgetown Marriott hotel. By sundown, oil executives in branded shirts step out of vans and mingle with tables of development bank officials, already debriefing over yucca […]
Frontera Announces 2024 Capital and Production Guidance
(Frontera, 15.Feb.2024) — Frontera Energy Corporation (TSX: FEC) announced its full year 2024 capital and production guidance, provides an update on its estimated fourth quarter 2023 and full year average daily production and provides and update on shareholder value initiatives, including the initiation of a quarterly dividend of CAD $0.0625 […]
Model Updates on EPCI Projects, Brazil FPSOs
(Energy Analytics Institute, 15.Feb.2024) — Modec‘s profits increased significantly due to good progress in the construction work of new EPCI projects and improved asset integrity of old Brazil FPSO vessels, the company revealed 15 Feb. 2024 in its 2023 financial results analysts presentation. EPCI works recorded good progress, including FPSOs awarded […]
DeepOcean Secures Major Contract with ExxonMobil Guyana
DeepOcean, 14.Feb.2024) — Ocean services provider DeepOcean has been awarded a contract by ExxonMobil Guyana for the provision of subsea construction and IMR (inspection, maintenance, and repair) services offshore Guyana, South America. “This is our first major contract with ExxonMobil in the Americas and our market entry into the exciting […]
Woodside Gets Social Impact Assessment Approval for Trion
(Woodside Energy, 13.Feb.2024) — Woodside announced the Trion oil and gas project has received approval for its Social Impact Assessment from the Mexican Ministry for Energy. The Social Impact Assessment was submitted in May 2023. It provides a comprehensive assessment of the project and outlines the ways in which Woodside […]
![ANH Updates on Offshore Wind Competitive Process [Spanish PDF Download]](https://energy-analytics-institute.org/wp-content/uploads/2021/07/offshore-wind.jpg)
ANH Updates on Offshore Wind Competitive Process [Spanish PDF Download]
(Energy Analytics Institute, 13.Feb.2024) — Colombia’s National Hydrocarbon Agency (ANH) announced that during the offshore wind qualification stage from 21 Dec. 2023 to 21 Jun. 2024 that interested parties lookin to participate in the competitive process needed to present qualification documents to the administrator. After receipt, the administrator will study […]
Petrobras on Dividend Payment
(Petrobras, 9.Feb.2024) — Petrobras, following up on the press releases published on 9 Nov. 2023 and 21 Nov. 2023, informs that it will pay on 20 Feb. 2024 the first installment of dividends and interest on capital (JCP) relating to the balance sheet of 30 Sep. 2023, based on the […]
Petrobras on BODs Received Nominations
(Petrobras, 9.Feb.2024) — Petrobras confirms media reports that it has received nominations from the Ministry of Mines and Energy for election to the Board of Directors, to be held at the 2024 Annual General Meeting. The nominations will be submitted to the applicable governance assessments, including the company’s internal procedures, […]
MEEI Providing Support to TEMA Regarding Oil Spill
(MEEI, 7.Feb.2024) — Last night the Ministry of Energy and Energy Industries (MEEI) dispatched a team of petroleum inspectors from its Petroleum Operations Management Division (POMD) to Tobago under the leadership of Marc Rudder, Chief Technical Officer at the MEEI, to assist the Tobago House of Assembly (THA) and Tobago […]
Golden Arrow Updates on Deal at San Pietro IOCG Project
(Golden Arrow, 9.Feb.2024) — Golden Arrow Resources Corporation (TSXV: GRG) (FSE: G6A) (OTCQB: GARWF) reported on the status of the option granted to Sociedad de Servicios Andinos SpA (SSA) in respect to the San Pietro project located in Chile (the “transaction”). As previously announced on 12 Jan. 2024, New Golden Explorations Chile […]
![Petrobras Highlights 4Q:23 Production and Sales [PDF Download]](https://energy-analytics-institute.org/wp-content/uploads/2024/02/fpso-sepetiba-source-petrobras.png)
Petrobras Highlights 4Q:23 Production and Sales [PDF Download]
(Petrobras, 8.Feb.2024) — In 2023, Petrobras delivered an excellent upstream operational performance, meeting all production forecasts for the year. Total annual production of oil and natural gas, of 2.782 MMboed, was 3.7% above the production of 2022. Our good results were made possible mainly by the start-up of FPSOs Almirante […]
TEMA Leading, Managing Oil Spill Response Efforts
(MEEI, 8.Feb.2024) — On 7 Feb. 2024 at 9:00AM, the Ministry of Energy and Energy Industries (MEEI) received information from the Trinidad and Tobago Coast Guard (TTCG), that on 7 Feb. an oil like substance was observed emanating from an overturned vessel in the area of Canoe Bay, Tobago. In […]