(Reuters, 13.Jun.2018) â Canadian energy company Enbridge Inc. said it started construction of the offshore border crossing section of its US$1.6-billion Valley Crossing natural gas pipeline between Texas and Mexico, according to a federal filing made available on Wednesday. The company said in an e-mail the pipeline remains on track […]
Category: USA
ExxonMobil Reconfirms March 2020 for First Guyana Oil
(Denis Chabrol, DemeraraWaves, 12.Jun.2018) â ExxonMobil on Tuesday reconfirmed that Guyana will pump up its first barrel of oil in March 2020, even as the Guyana government continued to fend off criticisms of the 2016 production sharing agreement. Vice President of ExxonMobil Development Company, Lisa Walters said work was well […]
Maduro Says U.S. Infiltrated Venezuelaâs Oil Industry
(Tsvetana Paraskova, OilPrice.com, 6.Jun.2018) — Venezuelaâs President Nicolas Maduro has accused the United States of infiltrating senior positions at the Venezuelan oil industry. âThere was a process of penetration and infiltration in key positions of the petroleum industry, to control strategic information,â Maduro was quoted as saying at a meeting […]
North Americaâs Energy Future on Trial in Mexico
(Brookings, Carlos Pascual, David G. Victor, and Rafael Fernandez de Castro, 5.Jun.2018) â On July 1, Mexicans head to the polls to select their next president. While it has become fashionable to wall Mexican matters away from American politics, in reality the Mexican election could transform the North American community. […]
Venezuelaâs Energy Sectors Remain Attractive, Unattractive
(Energy Analytics Institute, 28.May.2018) — Venezuelaâs upstream, downstream and midstream sectors remain attractive, yet unattractive to investors. Why the contradiction? The three sectors remain highly attractive due to the fact that Venezuela — the country with the worldâs largest crude oil reserve base and the eighth largest natural gas reserve […]
Venezuela’s Ex-Oil Czar Sees Economic Collapse Accelerating
(AP, 27.May.2018) â Venezuela’s former oil czar said crude production in the OPEC nation will continue to plummet in the aftermath of President Nicolas Maduro’s re-election, as the embattled socialist leader takes the country down an increasingly authoritarian path that scares off private investment and leads to more international sanctions […]
Energy, Education, and Learning Through NRG ED
(Energy Analytics Institute, Aaron Simonsky, 24.May.2018) â Energy Analytics Institute, formerly LatinPetroleum Inc., continues to promote its âEnergy Education Initiativeâ in the Americas, also known as âNRG ED.â NRG ED is structured to work with K-12 schools, community colleges, four-year colleges and universities, workforce training programs, communities and businesses, and […]
Venezuela Election, US Sanctions, Rising Prices, Falling Output
(Platts, 18.May.2018) — Ahead of Sunday’s presidential election in Venezuela, Risa Grais-Targow, director-Latin America, at the Eurasia Group, spoke to S&P Global Platts about the expected US response, the impact of rising oil prices on sanctions and the ongoing collapse of the country’s oil sector. The interview has been edited […]
Venezuela Oil Output Down to 1949 Levels
(Energy Analytics Institute, Aaron Simonsky, 18.May.2018) â Venezuelaâs oil production continues to fall, and further declines are anticipated due to a number of problems at state oil company PDVSA, according to a report by Caracas Capital Markets. âVenezuela’s oil production has now fallen from 3.5 million barrels per day when […]
PDVSA Ex-President Luis Giusti Says Co. Bankrupt
(Energy Analytics Institute, Jared Yamin, 14.May.2018) â Venezuelaâs state oil company PetrĂłleos de Venezuela, S.A. (PDVSA) is bankrupt, at least that what its former president Luis Giusti thinks. âIf you look at the signs ⊠they all point to a company that is bankrupt,â said Giusti during a televised interview […]
Conoco Authorized to Seize $636 Mln in PDVSA Assets
(Reuters, 13.May.2018) â A Curacao court has authorized ConocoPhillips to seize about $636 million in assets belonging to Venezuela’s state oil company PDVSA due to the 2007 nationalization of the U.S. oil major’s projects in Venezuela. The legal action was the latest in the Caribbean to enforce a $2 billion […]
Venezuela Tries To Pay Russian Debt With Cryptocurrency
(Tsvetana Paraskova, OilPrice.com, 28.Mar.2018) â If crisis-hit Venezuela was hoping to pay off its US$3.15-billion debt to Russia with its new cryptocurrency, those hopes have been shattered as the Russian Finance Ministry announces that it wonât be accepting digital coin. Venezuela will not be paying any part of its debt […]
Mexico Awards Blocks In Final Oil Auction Before Election
(Reuters, David Alire Garcia & Marianna Parraga, 27.Mar.2018) — Mexico awarded just under half of the 35 shallow-water blocks it tendered on Tuesday, in an auction muddied by the promises of the presidential frontrunner to review contracts awarded under a historic energy opening if he wins the July 1 election. […]
ExxonMobil Announces Seventh Oil Discovery Offshore Guyana
(Exxon Mobil, 28.Feb.2018) â Exxon Mobil Corporation announced its seventh oil discovery offshore Guyana, following drilling at the Pacora-1 exploration well. ExxonMobil encountered approximately 65 feet (20 meters) of high-quality, oil-bearing sandstone reservoir. The well was safely drilled to 18,363 feet (5,597 meters) depth in 6,781 feet (2,067 meters) of […]
Power Auction Victory Promises A Change In Power
(MHPS, 14.Feb.2018) â Mitsubishi Hitachi Power Systems (MHPS) celebrated its first win in Brazil for the technical selection of its M501 JAC Gas Turbine for the Vale Azul II Project. The plant, which will have a contracted output of 466MW in combined cycle, was selected in the A-6 Brazilian Electricity […]
ExxonMobil Announces Sixth Oil Discovery Offshore Guyana
(Exxon Mobil, 5.Jan.2018) â Exxon Mobil Corporation announced positive results from its Ranger-1 exploration well, marking ExxonMobilâs sixth oil discovery offshore Guyana since 2015. The Ranger-1 well discovery adds to previous world-class discoveries at Liza, Payara, Snoek, Liza Deep and Turbot, which are estimated to total more than 3.2 billion […]
ExxonMobil Announces Fifth Discovery Offshore Guyana
(Exxon Mobil, 5.Oct.2017) â Exxon Mobil Corporation announced it made a fifth new oil discovery after drilling the Turbot-1 well offshore Guyana. Turbot is ExxonMobilâs latest discovery to date in the country, adding to previous discoveries at Liza, Payara, Snoek and Liza Deep. Following completion of the Turbot-1 well, the […]
Open Season Fees, Delays Puzzle Mexicoâs Investors
(Platts, 11.Aug.2017) â Pemex has yet to announce the next phase of its refined products logistics open season, which could be impacting investment decisions on new midstream projects in Mexico, according to sources. Mexicoâs petroleum liberalization does not call for the sale of Pemex logistics assets. But the use Pemexâs […]
ExxonMobil Announces Successful Payara-2 Well Offshore Guyana
(Exxon Mobil, 25.Jul.2017) â Exxon Mobil Corporation announced it has discovered additional oil in the Payara reservoir offshore Guyana, increasing the total Payara discovery to approximately 500 million oil-equivalent barrels. These positive well results increase the estimated gross recoverable resource for the Stabroek Block to between 2.25 billion oil-equivalent barrels […]
ExxonMobil Acquires Interest in Acreage Offshore Suriname
(Exxon Mobil, 13.Jul.2017) â Exxon Mobil Corporation announced that its subsidiary ExxonMobil Exploration and Production Suriname B.V., along with co-venturers Hess and Statoil, signed a production sharing contract for Block 59 with Staatsolie Maatschappij Suriname N.V., the national oil company of Suriname. The block adds significant acreage to ExxonMobilâs operated […]
ExxonMobil Makes Final Decision Regarding Liza Development
(Exxon Mobil, 16.Jun.2017) â Exxon Mobil Corporation said it has made a final investment decision to proceed with the first phase of development for the Liza field, one of the largest oil discoveries of the past decade, located offshore Guyana. The company also announced positive results from the Liza-4 well, […]
PDVSA Participates in OTC 2017 in Houston
(Energy Analytics Institute, Aaron Simonsky, 13.May.2017) â PDVSA participated in the Offshore Technology Conference held in Houston, Texas from 1-4.May.2017. PDVSA Gas Vice President CĂ©sar Triana headed a sizable contingent, and presented the companyâs Business Plan 2016-2026 to conference participants. ***
ExxonMobil: About Guyana
(Exxon, 20.Feb.2017) â Located on the northern mainland of South America, Guyana is bordered by the Atlantic Ocean to the north, Brazil to the south, Suriname to the east and Venezuela to the west. With 215,000 square kilometres (83,000 square miles), Guyana is the fourth-smallest and only English-speaking country on mainland […]
Trump Nationalism Scares LAC Exporters
(Energy Analytics Institute, Pietro D. Pitts, 27.Jan.2017) â Taiwanâs president got the call, Mexicoâs president will get a wall. At least, thatâs what U.S. President Donald Trump is proclaiming. From all accounts, Mexicoâs President Enrique Peña Nieto has not been shown the same courtesy as Taiwanâs President Tsai Ing-wen. Witnessing […]
Maduro Holds Meeting with Citizens’ Joseph Kennedy
(Energy Analytics Institute, Piero Stewart, 2.Jul.2016) â 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 […]
President Obama Insists Venezuela Respect Democratic Process
(Energy Analytics Institute, Jared Yamin, 25.Jun.2016) â 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. âPolitical prisoners should be freed,â said Obama during a speech in Ottawa, Canada. ***
ExxonMobil Sells Share of Chalmette Refining, LLC in Louisiana
(Exxon Mobil, 18.Jun.2016) â Exxon Mobil Corporation has reached an agreement with PBF Energy Inc. for the sale and purchase of its 50 percent interest in Chalmette Refining, LLC in Chalmette, Louisiana. PBF Energy will purchase 100 percent of Chalmette Refining, LLC, which is a joint venture between affiliates of […]
Petrobras Class Action in the United States
(Petrobras, 15.Jun.2016) â Petrobras informed the United States Court of Appeals for the Second Circuit issued an order granting Petrobrasâs petition to permit an appeal from the order of the District Court in which the District Court certified classes in the securities litigation. The District Courtâs order was disclosed in […]
Ecopetrol Successfully Prices Int’l Bond for $500 Mln
(Ecopetrol S.A. 10.Jun.2016) â Ecopetrol S.A. reports that, on June 8, 2016, based on the authorization granted by the Ministry of Finance and Public Credit (Resolution 1657 of June 7, 2016) to subscribe, issue and place External Public Debt Bonds in the international capital markets, it reopened its 2023 Bond […]
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 […]
Harvest Receives Continued Notice Listing From NYSE
(Harvest Natural Resources, Inc., 29.Apr.2016) â Harvest Natural Resources, Inc. announced that, on April 25, 2016, the New York Stock Exchange (NYSE) notified the company that it had fallen below the NYSE’s continued listing standards, which provide that an NYSE-listed company is not in compliance if its average global market […]
Finance Ministry, Pemex Meet With Investors
(Pemex, 19.Apr.2016) â The Minister of Finance and Public Credit, Luis Videgaray, and the Pemex CEO JosĂ© Antonio GonzĂĄlez Anaya, met in New York with investors, analysts, and executives of financial institutions to emphasize the economic prospects of the company and investment opportunities that resulted from the implementation of the […]
Petrobras OTC 2015: Offshore Video
(Energy Analytics Institute, Jared Yamin, 30.Oct.2015) â Brazilâs state oil entity Petrobras discusses its challenges in the pre-salt during the Offshore Technology Conference in Houston, Texas.
Venezuelaâs Torres Corrected During NY Meetings
(Energy Analytics Institute, Piero Stewart, 8.Oct.2015) â Rumors have it that Venezuela’s Finance Minister Rodolfo Marco Torres had to be corrected on a number of occasions while talking about the country’s financial situation. ***
More Countries Hold Recoverable Shale Gas
(EIA, 25.Sep.2015) â The amount of unproved technically recoverable shale natural gas around the world has reached 7,576 Tcf, higher than previously estimated, according to a survey by the U.S.-based Energy Information Administration (EIA). New names were added to the list of countries with shale reserves. The U.S. holds 622.5 […]
PBF to Close Chalmette Deal by YE:15
(PBF Energy, 30.Jul.2015) â On 18.Jun.2015, PBF announced that its subsidiary signed a definitive agreement to purchase Chalmette Refining, LLC, consisting of the 189 Mb/d Chalmette Refinery and related logistics assets, from ExxonMobil and PDV Chalmette, LLC. The purchase price for the assets is $322 mln, plus working capital including […]
Petrobras Updates on NY Lawsuit
(Petrobras, 25.Jun.2015) â Petrobras announced that on 25.Jun.2015, a hearing was held before the federal court in New York regarding the motion to dismiss presented by Petrobras in the class action lawsuit in which the company is a defendant. The purpose of the motion to dismiss is for the federal […]
Moodyâs Changes PBF Rating Outlook
(Moody’s, 22.Jun.2015) â Moody’s Investors Service changed PBF Holding Company LLC’s rating outlook to positive from stable. Moody’s also affirmed PBF’s Ba3 Corporate Family Rating (CFR), Ba3-PD Probability of Default Rating, and Ba3 senior secured notes ratings following its announced acquisition of the Chalmette refinery. âPBF’s positive rating outlook reflects […]
Harvest Enters Relationship with CT Energy
(Harvest Natural Resources, Inc., 19.Jun.2015) â On 19.Jun.2015, Harvest Natural Resources, Inc. entered into a strategic relationship with CT Energy and CT Energia Holding, Ltd., an international energy trading firm, designed to maximize the long-term success and value of Harvest’s Venezuelan operations and its 20.4% investment in Petrodelta. Under the […]
ExxonMobil Sells Share of Chalmette Refinery in Louisiana
(Exxon Mobil Corporation, 18.Jun.2015) â ExxonMobil reached an agreement with PBF Energy Inc. for the sale and purchase of its 50% interest in Chalmette Refining, LLC in Chalmette, Louisiana. âThis decision is the result of a strategic assessment of the site and how it fits with our large US Gulf […]
LNG Projects Nixed Amid Low Oil
(Moody’s, 7.Apr.2015) â LNG suppliers are curtailing their capital budgets, amid low oil prices and a coming glut of new LNG supply from Australia and the U.S.A., Moody’s Investors Service said in its report, âLower Oil Prices Cause Suppliers of Liquefied Natural Gas to Nix Projects.â Moody’s says low LNG […]
USA Downplays Reducing Venezuela Oil Imports
(Energy Analytics Institute, Jared Yamin, 13.Mar.2015) â The United States is not contemplating applying any measures against Venezuela’s petroleum sector, according to the daily newspaper El Universal, citing an U.S. official who requested anonymity. “The sanctions against the military officials does not have an impact on the Venezuelan economy nor […]
Petrobras Reports on Appointment of Plaintiff
(Petrobras, 6.Mar.2015) â Petrobras announces that on March 4, 2015, the presiding judge appointed Universities Superannuation Scheme, Ltd. as the lead plaintiff in the Class Action filed against Petrobras in the New York federal court. A conference call between the presiding judge, Petrobras and the lead plaintiff will take place […]
Harvest Receives Listing Notice from NYSE
(Harvest Natural Resources, Inc., 18.Feb.2015) â Harvest Natural Resources, Inc. announced that on February 13, 2015, the company received notification from the New York Stock Exchange (NYSE) that it had fallen below the NYSE’s continued listing standard, which requires a minimum average closing price of $1 per share over 30 […]
Venezuela Sees US shale Boom As Bonus
(Reuters, Dmitry Zhdannikov, 16.Jun.2014) â 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 countryâs oil minister […]
LatAmNRG: Heard On The Street 3Q:13
(Energy Analytics Institute, 30.Sep.2013) â 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 […]
Q&A with Tudor Pickeringâs David Pursell
(Energy Analytics Institute, Pietro D. Pitts, 18.Sep.2013) â 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: […]