(Energy Analytics Institute, 13.Mar.2022) — A brief history of Venezuela’s initial crude discovery in 1914 and the eventual move to focus on the Orinoco Heavy Oil Belt. Brief History In 1914, Venezuela’s first important heavy oil field, Mene Grade, was discovered. Initial production from the shallow sands located at 550 […]
Category: Latin America and the Caribbean
Popular thermal recovery methods used in Venezuela
PANAMA CITY, PANAMA (Piero Stewart, Energy Analytics Institute, 13.Mar.2022, Words: 521) — Venezuela has historically utilized various thermal recovery methods to assist in the production of its heavy and extra-heavy crude oil (EHCO). A summary of the four most popular in-situ thermal recovery methods follows. ASSISTING IN THE INCORPORATION PROCESS […]
Yuchai Engines Power Largest Chinese Bus Export Order to Mexico
(China Yuchai, 11.Mar.2022) — China Yuchai International Limited (NYSE: CYD), a manufacturer and distributor of engines for on- and off-road applications in China through its main operating subsidiary, Guangxi Yuchai Machinery Company Limited (“GYMCL”), announced that GYMCL’s YC6GN natural gas engines became the exclusive engine to power 800 Ankai buses that were recently […]
Touchstone Announces Approval of Ortoire Licence Extension
(Touchstone, 11.Mar.2022) — Touchstone Exploration Inc. (TSX, LSE: TXP) announces that the government of Trinidad and Tobago (“GoTT”) has approved a five-year extension of the exploration and production licence for the Ortoire block. Touchstone has an 80 percent operating working interest in the licence, with Heritage Petroleum Company Limited holding […]
Brazil Congress Cuts Taxes on Fuels to Soften 25% Price Jump
(Bloomberg, 11.Mar.2022) — Brazil’s congress passed a tax reduction for fuels hours after state-controlled oil producer Petroleo Brasileiro SA caused a stir by increasing diesel and gasoline prices by as much as 25%. Lawmakers late on Thursday approved a bill that cuts federal taxes for diesel and cooking gas until […]
NRGBriefs: Venezuela’s Short-term Ability to Boost Production
(Energy Analytics Institute, 11.Mar.2022) — Energy briefs including Venezuela’s ability to boost production over the short-term by around 200,000 b/d; and an oil spill occurring offshore eastern Venezuela near Barcelona. LATIN AMERICA AND THE CARIBBEAN Venezuela — Venezuela has capacity over the short-term to possibly boost production around 200,000 b/d […]
Russian Oil Rigs in Venezuela Complicate US Talks With Maduro
(Bloomberg, 11.Mar.2022) — Much has been written about the hurdles to a U.S.-Venezuela detente that would allow oil from the South American nation to start flowing more freely into international markets. One of them, though, has been overlooked: The presence of a Kremlin-owned company in oil fields all across Venezuela. […]
CGX and Frontera Announce $35mn Loan Deal to Support Guyana Costs
(Frontera, 10.Mar.2022) — Frontera Energy Corporation (TSX: FEC) and CGX Energy Inc. (TSXV: OYL), joint venture partners in the Petroleum Prospecting License for the Corentyne block offshore Guyana, announced today that they have entered into a financing agreement for a U.S. $35mn loan that will enable CGX to continue to finance part of its […]
Pampa EnergĂa Says 4Q:21 Results Boosted by Plan Gas
(Pampa EnergĂa, 10.Mar.2022) — Pampa EnergĂa S.A. (NYSE: PAM; Buenos Aires Stock Exchange: PAMP), an independent company with active participation in Argentina’s electricity and gas value chain, announces the results for the fiscal year and quarter ended on 31 December 2021. Pampa’s financial information adopts US$ as functional currency, and it’s expressed in AR$ […]
Grupo Energia Bogota Improves Caribbean Electricity Supply
(Grupo EnergĂa Bogotá, 10.Mar.2022) — Grupo EnergĂa Bogotá (GEB) is improving the supply of reliable, affordable electricity to Colombian consumers by using SmartValve™ technology in the Caribbean region of their network.  This marks the second installation of SmartValve in Colombia, with more projects to be delivered in 2022 to further strengthen the national transmission network. […]
T&T Needs Reinvestments to Benefit from Higher Oil Prices
(Trinidad Guardian, 10.Mar.2022) — While the increases in oil prices driven by the conflict between Russia and Ukraine can benefit oil-producing nations, countries like T&T and Venezuela will struggle to capitalise. Responding to a question from Guardian Media at the University of the West Indies’ Vice-Chancellor’s Forum, titled Of Ukraine […]
NRGBriefs: EP PetroEcuador Lays Out Production Plans 2022-26
(Energy Analytics Institute, 10.Mar.2022) — Energy briefs including Ecuador’s state-owned EP PetroEcuador laying out plans for investments of $12bn to almost double production to 804,323 boe/d by2026; Venezuela’s VP Delcy Rodriguez traveling to participate in meeting w/ Russia’s Foreign Minister Sergey Lavrov to “reaffirm friendship bonds and deepen strategic cooperation; […]
EAI Q&A with Colombia’s ANH head Armando Zamora
HOUSTON, TEXAS (Piero Stewart, Energy Analytics Institute, 10.Mar.2022, Words: 1,270) — Colombia’s head at the National Hydrocarbon Agency (ANH by its Spanish acronym), Armando Zamora, spoke briefly with Energy Analytics Institute (EAI) during CERAWeek by S&P Global in Houston about the South American country’s plans for its next bid round […]
Petrobras on REMAN Refinery Divestment
(Petrobras, 10.Mar.2022) — Petrobras, following up on the release disclosed on 08/25/2021, concerning the sale process of Refinaria Isaac Sabbá (REMAN) to Ream Participações S.A., informs that the General Superintendence of the Administrative Council for Economic Defense (CADE) published on 03/08/2022 a dispatch declaring the Act of Concentration to be […]
NRGBriefs: Venezuela’s Maduro Back in the Driver’s Seat
(Energy Analytics Institute, 10.Mar.2022) — Energy briefs including Washington courting Venezuela amid the Ukraine invasion by Russia and Venezuela’s President Nicolás Maduro likely being the biggest benefactor amid high oil prices and US desperation. LATIN AMERICA AND THE CARIBBEAN Venezuela — Talking Points: Over the short-term Venezuela’s President Nicolás Maduro […]
Maduro Eyes Venezuela Producing 2 MMb/d in 2022
(Energy Analytics Institute, 9.Mar.2022) — “Rain, thunder or lightning, Venezuela will produce 2 million barrels per day in 2022,” the country’s President Nicolás Maduro proclaimed during a national television broadcast. “Now, we are at one million barrels [per day] with our own lungs, but we are ready to reach two million […]
US Turns to Old Foe Maduro to Help Shut Off Russia’s Oil Revenues
(France24, 9.Mar.2022) — Venezuela released two jailed US citizens on Tuesday in an apparent goodwill gesture toward the Biden administration, which has reached out to the regime of Nicolas Maduro as it looks for help in shutting off Russia’s oil revenues amid the war in Ukraine. The release of US nationals […]
Colombia’s Mines and Energy Minister Gives Presser During CERAWeek
(Energy Analytics Institute, 9.Mar.2022) — Colombia’s Mines and Energy Minister Diego Mesa held a media press conference during CERAWeek by S&P Global. Excerpts from that 9 Mar. 2022 discussion follow. HYDROCARBON PRODUCTION — Colombia closed 2021 with an average production rate of about 730,000 b/d, the lowest rate one in […]
Meeks Statement on US Delegation to Caracas
(House Foreign Affairs Committee, 9.Mar.2022) — Representative Gregory W. Meeks, Chair of the House Foreign Affairs Committee, issued the following statement in response to reports that a delegation of senior Biden administration officials traveled to Venezuela to meet with President Nicolás Maduro: “I congratulate the Biden Administration on a successful […]
US Sanctions Hurt Our National Interests — and the Venezuelan People | Opinion
(Miami Herald, 9.Mar.2022) — Now that President Biden has announced a ban on imports of Russian oil, the United States should reevaluate sanctions against Venezuela, double down on targeted sanctions against individuals and reverse broader sanctions that hurt our national interests and the interests of the Venezuelan people and aid […]
Argentina to Attack Inflation While Pursuing Gas Opportunities
(Energy Analytics Institute, 9.Mar.2022) — Argentina’s economy grew around 10.3% in 2021 but one of the country’s primary headwinds relates to taming inflation, the country’s Economic Minister MartĂn Guzmán said from Houston, Texas. “The principal objective of the macroeconomic policy is to attack inflation in an economy that is recovering […]
Colombia in Talks with Coal Producers for Exporting Extra Supplies
(Reuters, 8.Mar.2022) — Colombia’s government has begun talks with the nation’s coal producers to increase exports after requests for extra supplies by European, Central American and Caribbean countries, the minister of Mines and Energy Diego Mesa told Reuters on Tuesday, as global energy flows are disrupted by the crisis in […]
Guyana Submits its Memorial on the Merits of its Case Against Venezuela
(Guyana Ministry of Foreign Affairs and International Cooperation, 8.Mar.2022) — Guyana submitted to the International Court of Justice in The Hague, its Memorial on the Merits of its Case against Venezuela – as required by the Court following its decision of 18 December 2020 confirming its jurisdiction to decide the […]
NRGBriefs: Cameron LNG Names New President
(Energy Analytics Institute, 8.Mar.2022) — Energy briefs including Cameron LNG announcing that Whitney “Whit” Fairbanks has been named president of the co. effective 9 Mar. 2022; a webinar on 7 Apr. 2022 titled “la metamorfosis venezolana y sus oportunidades,” with Econanalitica partner AsdrĂşbal Oliveros, Datanalisis President Luis Vicente LeĂłn and international […]
Q&A with Colombia’s Mines and Energy Minister Diego Mesa
HOUSTON, TEXAS (Piero Stewart, Energy Analytics Institute, 8.Mar.2022) — Colombia’s head at the Mines and Energy Ministry, Diego Mesa Puyo, spoke briefly with Energy Analytics Institute (EAI) during CERAWeek by S&P Global in Houston about the South American country’s most important achievements during his tenure with the ministry, which winds […]
Ecopetrol Eyes Transmission Opportunities in the Americas, Especially the US
(Energy Analytics Institute, 8.Mar.2022) — Bogotá-based Ecopetrol is eying opportunities abroad where there are synergies between the transmission and oil and gas business. Ecopetrol’s move into the transition sector is part of the company’s decarbonization and electrification efforts which also include a continued focus on low-cost and low carbon opportunities. […]
Colombia Launches Offshore Wind Energy Roadmap
(Colombian Mines and Energy Ministry, 8.Mar.2022) — The Minister of Mines and Energy, Diego Mesa, launched this Tuesday the Offshore Wind Energy Roadmap in the margins of CERAWeek 2022, the most important event in the energy sector that takes place in Houston, Texas. Highlights: “Today represents a milestone for Colombia […]
Colombia’s President Iván Duque Márquez During CERAWeek
(Energy Analytics Institute, 7.Mar.2022) — Colombia’s President Iván Duque Márquez spoke in an interview with Daniel Yergin on 9 Mar. 2022 during CERAWeek by S&P Global. Excerpts from that discussion follow. Related to energy security and the energy transition: Iván Duque: In terms of energy security and energy transition, I […]
Colombia’s President Says Any Solution for Venezuela Must Come Through Elections
(Reuters, 7.Mar.2022) — Colombian President Ivan Duque on Monday said any solution for Venezuela’s future, whose humanitarian crisis under President Nicolas Maduro has hit neighboring nations with an influx of migrants, must come through genuine, transparent presidential elections. A top delegation from the U.S. government traveled to Caracas since the […]
NRGBriefs: Venezuela Still Has Most Potential in LatAm to Boost Production
(Energy Analytics Institute, 6.Mar.2022) — Energy briefs including Colombia’s state owned Ecopetrol aims to boost combined oil and gas production to 730 Mboe/d in 2024 and between 800-850 Mboe/d in 2030; Venezuela producing 791.8 Mb/d in mid-January 2022; and Venezuela being the lone country in the Latin America and the […]
US Officials Hold Venezuela Meetings Amid Hunt for Alternative Oil Supplies
(Ft.com, 6.Mar.2022) — A high-level US delegation has met top government officials in Venezuela, as the world seeks alternative suppliers to replace Russian oil if western sanctions on Moscow are tightened after its invasion of Ukraine. Juan González, the top White House official on Latin America, was in Caracas on […]
US, Venezuela Discuss Easing Sanctions, Make Little Progress: Sources
(Reuters, 6.Mar.2022) — U.S. and Venezuelan officials discussed the possibility of easing oil sanctions on Venezuela but made scant progress toward a deal in their first high-level bilateral talks in years, five sources familiar with the matter said, as Washington seeks to separate Russia from one of its key allies. […]
Petrobras on Candidates Nominated for BODs and Fiscal Council
(Petrobras, 5.Mar.2022) — Petrobras informs that it has received an official letter from the Ministry of Mines and Energy with eight nominations for the Board of Directors and four nominations for the company’s Fiscal Council, and an official letter from the National Treasury Secretariat of the Ministry of Economy with […]
Petrobras on the Transfer of Participation in the BĂşzios Field
(Petrobras, 4.Mar.2022) — Petrobras, following up on the releases disclosed on 09/29/2021 and 10/04/2021, informs that it has signed a contract with its partner CNOOC Petroleum Brasil Ltda. (CPBL) for the assignment of 5% of its interest in the Production Sharing Contract of the Transfer of Rights Surplus, for the […]
Maduro: Venezuela Ready to Provide Oil Stability to World
(Telesur, 4.Mar.2022) — Oil prices have risen this week due to supply concerns amid international sanctions directed at Russia for its military operation in Ukraine. Venezuelan President Nicolás Maduro announced during a speech at the II Workers’ Congress his country’s readiness to provide oil and gas stability to the entire world. “The […]
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NRGBriefs: CARICOM and SICA Unite at Belize Summit [PDF Downloads]
(Energy Analytics Institute, 4.Mar.2022) — Energy briefs including Argentina’s state-owned entity YPF reporting a major reduction in gross debt; officials from CARICOM and SICA coming together at a summit in San Pedro, Belize; Gustavo Petro continuing to lead in a new election poll compiled by Colombia Opina#10 and Invamer; Guyana […]
Venezuela Claims $80/bbl for its Crude
(Argus, 4.Mar.2022) — The Venezuelan oil ministry publicly reported the price it received for its crude for the first time in nearly two years this week, but observers say the price is significantly inflated. The government claimed it received more than $80/bl for crude during the week ended 4 March, […]
Sovereign Bond Supports Chile’s Climate Ambitions
(Societe Generale, 4.Mar.2022) — Societe Generale was active bookrunner and joint sustainability structuring advisor of first-ever sustainability linked sovereign bond Societe Generale acted as an Active Bookrunner and Joint Sustainability Structuring advisor for a new USD 2bn 20-year sustainability-linked bond transaction for the Republic of Chile. The transaction references the Republic of Chile […]
NRGBriefs: Gustavo Petro Gaining In Popularity in Colombia
(Energy Analytics Institute, 3.Mar.2022) — Energy briefs including YPF selecting advertising and communication agency Sentidos to carry out its campaigns on different platforms; Colombia’s presidential hopeful Gustavo Petro boosting his appeal among voters amid Iván Duque’s rising unpopularity; Guyana’s gov’t continuing to review ExxonMobil‘s development plan for its Yellowtail project; […]
MPC Energy Solutions Releases 2021 Preliminary Unaudited Financials
(MPC Energy, 3.Mar.2022) — “2021 was an eventful year for MPC Energy Solutions. We made significant progress and expanded our broad portfolio of renewable energy assets in Latin America and the Caribbean. And now, in Q1 2022, we are reaching another important milestone, as our first projects become operational and start generating revenue,” […]
Aris Gold Reveals Financial and Operating Results for 2021
(Aris Gold, 3.Mar.2022) — Aris Gold Corporation (TSX: ARIS) (OTCQX: ALLXF) reports financial and operating results for the fourth quarter and full year ended 31 December 2021. All amounts are in US dollars, unless otherwise indicated. During 2021, Aris Gold made significant progress including the start of construction of the Lower Mine. While […]
MPC Energy Solutions Grows Presence in its Key LatAm and the Caribbean Markets
(MPC Energy Solutions, 3.Mar.2022) — “2021 was an eventful year for MPC Energy Solutions. We made significant progress and expanded our broad portfolio of renewable energy assets in Latin America and the Caribbean. And now, in Q1 2022, we are reaching another important milestone, as our first projects become operational and start generating […]
IMF and Argentine Authorities Reach Agreement on an Extended Fund Facility
(IMF, 3.Mar.2022) — An International Monetary Fund (IMF) team, led by Julie Kozack, Deputy Director of the Western Hemisphere Department, and Luis Cubeddu, Mission Chief for Argentina, issued the following statement today: “IMF staff and the Argentine authorities have reached a staff-level agreement on the economic and financial policies to […]
YPF Sees Fourth-Quarter Profit Dip by More Than Half
(Reuters, 3.Mar.2022) — Argentine state oil company YPF on Thursday posted a $247 million net profit in the fourth quarter 2021, a 54% drop compared to the year-ago period. The company said profit was hurt by high international prices that could not be fully passed onto local customers. However, revenue […]
Trinidad Minister Young Meets With Outstanding Venezuelan Ambassador
(MEEI, 2.Mar.2022) — Minister of Energy and Energy Industries and Minister in the Office of the Prime Minister, The Honourable Stuart R. Young, MP received a farewell courtesy call from His Excellency, Carlos Amador Perez Silva, Ambassador of the Bolivarian Republic of Venezuela; at the Ministry of Energy and Energy […]
Great Panther Reports FY 2021 Financial Results, Reiterates Outlook for 2022
(Great Panther, 2.Mar.2022) — Great Panther Mining Limited (TSX:GPR) (NYSE-A:GPL) announces consolidated financial results for the year ended 31 December 2021 (“FY 2021”), from its three wholly-owned mines: the Tucano Gold Mine in Brazil, and Topia and the Guanajuato Mine Complex (“the GMC”) in Mexico, both primarily silver mines. “The team at Great Panther has worked […]
SQM Reports Earnings for Twelve Months Ended 31 December 2021
(SQM, 2.Mar.2022) — Sociedad QuĂmica y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A) reported net income for the twelve months ended December 31, 2021 of US$585.5mn (US$2.05 per ADR), an increase from US$164.5mn (US$0.63 per ADR) reported for the twelve months ended 31 December 2020. Gross profit reached US$1,090.1mn (38.1% of revenues) for the twelve months ended 31 […]
Leaders from Africa and LatAm’s Major Gas Producing Economies To Gather
(EnergyNet Ltd., 2.Mar.2022) — As gas again is discussed as a critical fuel for the energy transition, the most senior officials from Africa and Latin America’s natural gas economies are set to visit Washington DC on 16-18 March, to meet leading institutional and private sector investors at the Powering Africa Summit and Latin America Energy Forum […]
NRGBriefs: YPF’s 4Q:21 and FY:21 Webcast; Citgo Sales Process Moving Forward
(Energy Analytics Institute, 2.Mar.2022) — Energy briefs including Frontera spudding its first exploration well in the Espejo Block in Ecuador; Argentina’s YPF holding its 4Q:21 and FY:21 webcast to discuss financial and operational results; Exxon updating on its operations offshore Guyana during its virtual Investor Day 2022 webcast [PDF download]; […]
Frontera Announces 4Q:21 and YE:21 Results
(Frontera, 2.Mar.2022) — Frontera Energy Corporation (TSX: FEC) reported financial and operational results for the fourth quarter ended 31 December 2021. All financial amounts in this news release are in United States dollars, unless otherwise stated. Gabriel de Alba, Chairman of the Board of Directors, commented: “Frontera continues to deliver on its strategic, […]