(TAG Oil, 1.Sep.2020) — TAG Oil Ltd. announce the following corporate updates including management and board appointments, private placement and stock option grants. Management And Board Of Directors Mr. Abdel (Abby) Badwi has joined the Company as Executive Chairman of the board of directors, along with Mr. Suneel Gupta who […]
Mexican Oil Union Hints At Strike On Safety Concerns
(Argus, 1.Sep.2020) — Mexico’s oil workers union (STPRM) called on state-owned Pemex to resolve serious operational, safety and security concerns. “We demand our concerns are resolved without delay … the company finds itself in serious problems … that are causing great concern to our workers,” states a letter from the […]
Venezuela Faces Possibility Oil Output Drops To Zero
(Oilprice.com, 1.Sep.2020) — Venezuela once considered one of Latin America’s prosperous countries has plunged into the abyss. Years of economic mismanagement, cronyism and corruption have sparked a monumental economic collapse which saw the oil rich country become one of the poorest in South America. There are emerging signs that Venezuela […]
Brazil Eyes Temporary Quota For Tariff-free Ethanol
(Reuters, 1.Sep.2020) — Brazil is studying the resumption of a zero-tariff quota for its ethanol imports, but only for three months, aimed at getting the United States to negotiate better access for Brazilian sugar, Valor Economico newspaper reported on Tuesday. Brazil allowed a non-tariff quota for imports of 750 million […]
Stena Inks Deal For Tullow Suriname Well
(Energy Analytics Institute, 1.Sep.2020) — Stena Drilling inked a new contract with Tullow Suriname BV for the Stena Forth drillship to drill one well offshore Suriname in Block-47. Block 47 forms part of the Guyana-Suriname Basin and is located approximately 260 kilometers north of the Suriname coast. The Stena Forth […]
CleanSpark Deploys Microgrid In Costa Rica
(CleanSpark, 1.Sep.2020) — CleanSpark, Inc., a diversified software and services company announced the successful deployment of the company’s mPulse software on its latest microgrid project in Central America. Located on an industrial equipment retail facility in San Jose, Costa Rica, the project utilizes CleanSpark’s patented mPulse controller to coordinate all […]
JinkoSolar To Report 2Q Results 23 Sep. 2020
(JinkoSolar, 31.Aug.2020) — JinkoSolar Holding Co., Ltd. plans to release its unaudited financial results for the second quarter ended 30 June 2020 before the open of U.S. markets on Wednesday, 23 September. JinkoSolar’s management will host an earnings conference call on Wednesday, 23 September at 8:00 a.m. U.S. Eastern Time […]
Sempra Declares Common, Preferred Dividends
(Sempra, 31.Aug.2020) — Sempra Energy’s board of directors has declared a $1.045 per share quarterly dividend on the company’s common stock, which is payable 15 Oct. 2020, to common stock shareholders of record at the close of business on 25 Sept. Sempra Energy’s board of directors declared a quarterly dividend […]
Saudi Aramco Announces Two New Fields
(JPT, 31.Aug.2020) — Saudi Aramco announced this week the startup of two exploratory fields, one oil and one gas, in the northern region of the country. Saudi Energy Minister Prince Abdulaziz bin Salman shared the news while adding that future drilling plans for the two areas will be needed to […]
WoodMac On PetroChina Emissions Ambition
(WoodMac, 31.Aug.2020) — Last week PetroChina became the first national oil company (NOC) in the world to announce a ‘near-zero’ emissions ambition. Principal analyst Max Petrov commented on the event: “PetroChina’s announcement is illuminating even if details are lacking. It reveals one of the more ambitious paths the company could […]
US’ Abrams Eyes Tighter Sanctions On Venezuela
(Reuters, 31.Aug.2020) — The Trump administration is looking to tighten oil sanctions on Venezuela in the near future, top U.S. envoy for the country told Reuters on Monday, by potentially removing exemptions that allow some oil companies to receive crude oil from the OPEC member. U.S. President Donald Trump has […]
Maduro Pardons Political Prisoners Ahead Of Vote
(Bloomberg, 31.Aug.2020) — Venezuela’s President Nicolas Maduro issued a surprise decree pardoning more than 100 of his opponents as a concession ahead of upcoming congressional elections. Former National Assembly Vice President Freddy Guevara and Roberto Marrero, opposition leader Juan Guaido’s chief of staff, are among more than two dozen lawmakers […]
US Targets Websites Tied To Iran-Venezuela Oil Deal
(Al-Monitor, 31.Aug.2020) — The seizure follows the US interception of fuel tankers from Iran en route to Venezuela this month amid increased US pressure on both countries. The US government announced today that it had seized three websites used by Iran to facilitate oil deals with Venezuela. The decision follows […]
Angola Aims To Ramp Up Oil Production
(Oilprice.com, 30.Aug.2020) — Angola, Africa’s second-largest oil producer after Nigeria, will need foreign and government investments to discover up to 57 billion barrels of crude oil by 2025, according to a new energy strategy reported by state news agency ANGOP. Angola’s plan includes foreign investment of $679mn as well as […]
Fact Box: Ecopetrol’s Cartagena and Barrancabermeja Refineries
(Ecopetrol, 30.Apr.2020) — The fourth link in Ecopetrol’s value chain is the refining and petrochemical activity, which originates from the Barrancabermeja and Cartagena refineries. It is there where the crude oil originating from the fields is transformed into value-added products, which contributes towards job creation and revitalizes regional economies. Barrancabermeja […]
Ecuador Announces Date Of Consent Solicitation
(Ecuadorian Government, 28.Aug.2020) — The International Monetary Fund (IMF) announced today that it had reached a staff-level agreement on a new funded program for the Republic of Ecuador. Accordingly, the IMF Condition to settle the Republic’s Consent Solicitation and Invitation to Exchange has been satisfied. The Republic announced that it is […]
Rockhopper Disposes United Oil & Gas Shareholding
(Rockhopper, 28.Aug.2020) — Rockhopper Exploration plc announced the disposal of its entire shareholding in United Oil & Gas plc. The transaction involves the sale of 114,503,817 ordinary shares in United at a disposal price of 2.66 pence per share for total gross proceeds of approximately £3mn (approximately $4mn). The disposal […]
EP PetroEcuador And PetroAmazonas EP To Merge
(Energy Analytics Institute, 28.Aug.2020) — Ecuador’s state oil and gas entities EP PetroEcuador and PetroAmazonas EP have been given the go ahead for a merger that will go into effect 1 January 2021. The deal will be executed with respect for all the obligations and contractual commitments acquired by the […]
McDermott Inks FEED Deal For Vietnam Gas Pipeline
(McDermott, 26.Aug.2020) — McDermott International Ltd. today announced it has been awarded a contract by Delta Offshore Energy to provide front-end engineering design (FEED) services for a subsea gas pipeline. The pipeline will connect a regassification platform, located approximately 22 miles (35 kilometers) offshore, to the planned 3,200 MW power […]
Argentina Puts Priority On Boosting Oil, Gas Exports
(S&P Global Platts, 28.Aug.2020) — Argentina’s new energy secretary Dario Martinez plans to promote oil and natural gas production with a view to increasing exports as part of a strategy to pull the economy out of one of its worst crises on record, he said Aug. 27. Martinez, who took […]
Citgo Updates On Lake Charles Refinery After Laura
(Energy Analytics Institute, 28.Aug.2020) — Houston-based refiner Citgo Petroleum released initial details regarding its Lake Charles Refinery and the impact on its operations after the passing of Hurricane Laura. __________ By Jared Yamin. © Energy Analytics Institute (EAI). All Rights Reserved.
Bonaire Eyes Curacao Model To Sell Venezuelan Oil
(Argus, 28.Aug.2020) — Another Dutch Caribbean island is racing to safeguard and possibly sell Venezuelan fuel oil before a US sanctions window closes in December. Bonaire hosts Venezuelan state-owned PdV’s 10mn bl Bopec oil terminal, one of the few offshore assets that remains in the Caracas-based company’s hands. Following years […]
Petrobras Reveals Corporate Governance Letter
(Petrobras, 28.Aug.2020) — Petrobras announced its Board of Directors approved the 2019 Annual Letter of Public Policy and Corporate Governance. The Annual Letter is a requirement of Law 13.303/2016 and Decree 8.945/2016 and is in line with the transparency requirements required by legislation. This Letter is intended for the general […]
Panhandle Announces 5mn Common Stock Offering
(Panhandle Oil and Gas Inc., 28.Aug.2020) — Panhandle Oil and Gas Inc. priced its previously announced underwritten public offering of 5,000,000 shares of common stock at a price to the public of $1.63/share. In addition, the company has also granted the underwriters a 30-day option to purchase up to 750,000 […]
Venture Global LNG Reports Impacts Of Hurricane Laura
(Venture, 27.Aug.2020) — Venture Global LNG, Inc. announced its Calcasieu Pass LNG facility under construction in Cameron, LA has sustained minimal impacts from Hurricane Laura, which made landfall in Louisiana early this morning and passed directly over the project site. A walk-through inspection of most areas of the site following […]
SunPower and Maxeon Solar Close Spin-Off Deal
(SunPower, 27.Aug.2020) — SunPower and Maxeon Solar Technologies completed the strategic transaction announced last November, separating into two independent public companies. Each will now focus on their critical success factors for their respective business models. “Now is the right time for this strategic spin-off, allowing both SunPower and Maxeon to […]
Panhandle Acquires Assets From Red Stone Resources
(Panhandle Oil and Gas Inc., 27.Aug.2020) — Panhandle Oil and Gas Inc. agreed to acquire two packages of mineral and royalty assets totaling approximately 795 net royalty acres in the SCOOP and Haynesville plays from Red Stone Resources, LLC for $6.9mn in cash and stock, subject to customary closing adjustments. […]
Cash-short Cuba Orders More Power Cuts
(Argus, 26.Aug.2020) — Cuba is deepening power cuts as US sanctions on its main fuel supplier Venezuela make it harder for the island to keep its lights on. Venezuela’s state-owned PdV has long supplied crude and fuel to Cuba under a barter agreement dating back two decades. But PdV’s own […]
Exxon Guyana Head Warns On Payara Investments
(News Room, 26.Aug.2020) — ExxonMobil could take the money for its third development project, called Payara, elsewhere if it does not get a favourable plan from local authorities jn a timely manner. The new PPP Government has brought in a team, led by a Canadian expert, to review the contract. […]
Harvest Drops Suit Against Ex Venezuela Oil Czar
(AP, 26.Aug.2020) — A Houston energy firm has dropped a lawsuit against Venezuela’s former oil czar, who it had accused of orchestrating demands for a $10 million bribe to approve an asset sale in the South American country. The dismissal came in a filing in Houston federal court Wednesday by […]
Faulty Heat Exchangers Spill Venezuelan Oil
(Argus, 26.Aug.2020) — An estimated 25,000 bl of oil spilled along western Venezuela’s coastline in recent weeks came from faulty heat exchangers at state-owned PdV’s El Palito refinery, three officials at the plant told Argus. Heat exchanger systems that use seawater as coolant for crude processing units were contaminated with […]
EP PetroEcuador Closes 4th Spot Sale For Napo Oil
(Energy Analytics Institute, 26.Aug.2020) — EP PetroEcuador held the last spot tender of the year, and in so doing awarded the export of 5,400,000 +/- 5% barrels of Napo crude oil of 17-degree API to Unipec América Inc., which presented the best offer with a spread of (-$4.68 per barrel). […]
Wärtsilä To Convert Brazilian Power Plant
(Wärtsilä Corp. 25.Aug.2020) — The technology group Wärtsilä will convert a Brazilian power plant to 100 percent natural gas operation, while at the same time increasing its output from 85 MW to 92 MW. The conversion will reduce the plant’s operational costs, and lessen its environmental impact. The contract with […]
Petrobras’ Partial Pre-Payment Of Credit Line
(Petrobras, 25.Aug.2020) — Petrobras, following up on the releases dated 27 July 2020 and 20 March, made today the partial pre-payment of its revolving credit lines, in the amount of $2.1bn. With this prepayment, the company currently has available $5.6bn for new withdrawals on the revolving credit lines denominated in […]
PetroTal Restart In Peru Hinges On Social Outlay
(Argus, 25.Aug.2020) — Canadian independent PetroTal is waiting for Peru’s government to implement an accord with indigenous communities so it can reopen its 10,000 b/d block in the northern jungle. PetroTal was forced to shut in production on 9 August, when indigenous protesters threatened block 95 in the Loreto region. […]
Can Guyana Salvage Its Much-Hyped Oil Boom?
(Oilprice.com, 25.Aug.2020) — The deeply impoverished South American country of Guyana in recent years was heralded as the hottest new oil boom in the Americas. A series of large offshore oil discoveries by integrated global energy major ExxonMobil catapulted Guyana into the spotlight. Earlier this year Exxon made its 16th […]
EP PetroEcuador Awards Import Of NAO RON 93
(Energy Analytics Institute, 25.Aug.2020) — EP PetroEcuador awarded the importation of 2,950,000 barrels of High-Octane Naphtha (NAO) RON 93 to Trafigura Pte, which won the auction offering a differential of +$7.06 per barrel. Of the 44 companies invited to the international auction on 18 August 2020, three offers were received […]
Argentina’s Shale Province Predicts Slow Recovery
(Argus, 25.Aug.2020) — Argentina’s Vaca Muerta shale patch will take 12-18 months to resume pre-Covid-19 activity because of lagging demand, according to Alejandro Monteiro, energy minister of Neuquen province. “We believe it will take a while for fuel demand to fully recover,” Monteiro said in an industry webinar yesterday. Many […]
Saipem To Build 450 MW Offshore Wind Farm In Italy
(Reuters, 25.Aug.2020) — Italy’s Saipem has signed an agreement to build a 450 megawatt (MW) offshore wind farm in the Adriatic Sea in northern Italy, the energy services group said on Tuesday. Saipem has agreed with renewable energy companies AGNES and QINT’X to install 56 wind turbines at two sites […]
Russia Is Winning The Battle For Venezuela’s Oil
(Oilprice.com, 24.Aug.2020) — In just over a year Venezuela, and the push to oust socialist leader President Nicolas Maduro, has gone from being one of the world’s hottest news headlines to obscurity. The popularity of Venezuelan opposition leader Juan Guaidó is waning. As the December 2020 election date for Venezuela’s […]
Guyana Re-launches Search For Co. To Market Oil
(Reuters, 24.Aug.2020) — Guyana has re-launched a search for a company to market the government’s share of the crude produced at the offshore Liza project, operated by Exxon Mobil Corp, according to a notice published in the South American country’s newspapers. President Irfaan Ali’s government scrapped a previous, similar process […]
How Venezuela’s Oil Industry Collapsed: FT.com
(FT.com, 23.Aug.2020) — The country’s oil industry was once the envy of the region, but after decades of mismanagement and corruption the sector is facing ruin. The FT’s Andean correspondent Gideon Long asks what went wrong. Watch his video here. __________
Guyana And Suriname To Benefit From Joining Forces
(Energy Analytics Institute, 24.Aug.2020) — Neighboring Guyana and Suriname in South America have been well off investor’s radars until recently. The countries are now regular headlines due to offshore crude oil discoveries, which hold much prospect to change fortunes for both governments and citizens alike if managed properly and by […]
Petrobras’ Teaser For Rio Grande do Norte E&P Assets
(Petrobras, 24.Aug.2020) — Petrobras started the opportunity disclosure stage (teaser), referring to the sale of all of its stakes in a set of twenty-six onshore and shallow water E&P concessions, located in the Potiguar Basin, in the state of Rio Grande do Norte, jointly called Potiguar Cluster. The teaser, which […]
A Not-To-Do List For Guyana’s New Govt
(IPS, 24.Aug.2020) — Just over five years ago, a major oil discovery occurred on the northeastern coast of South America. There have been a series of additional discoveries ever since. But this time it was not Venezuela. It was Guyana. Fast forward to August 6 when Irfaan Ali assumed the […]
Venezuela Restarts Gasoline Output At Cardon Unit
(Reuters, 23.Aug.2020) — Venezuela’s state-run oil company, Petroleos de Venezuela, has restarted gasoline output at the 310,000-barrel-per-day (bpd) Cardon refinery, according to five people familiar with the matter. The move will provide partial relief to widespread fuel shortages in the once-prosperous OPEC nation, whose 1.3 million- bpd refining network is […]
Maduro Thanks Iran For Help Overcoming Sanctions
(Reuters, 23.Aug.2020) — Venezuelan President Nicolas Maduro on Sunday thanked ally Iran for helping the South American country overcome U.S. sanctions on its oil industry and floated the idea of purchasing missiles from the country. Washington maintains strict sanctions against Iran’s oil industry to try to halt the country’s nuclear […]
Exxon Limits Guyana Output Due To Gas Injection Issues
(Reuters, 21.Aug.2020) — Exxon Mobil Corp is limiting output at its flagship offshore project in Guyana to 100,000 barrels-per-day (bpd) due to more issues with the reinjection of natural gas, the South American country’s environmental regulator said on Friday. Exxon, which operates the Stabroek block in a consortium with Hess […]
Petrobras’ EspÃrito Santo E&P Assets Teaser
(Petrobras, 21.Aug.2020) — Petrobras started the opportunity disclosure stage (teaser), referring to the sale of all of its stakes in a set of five onshore field concessions, with integrated facilities, jointly called the North Capixaba Cluster, located in the state of EspÃrito Santo. The teaser, which includes key information about […]
Petrobras Inks Deal With SPE Rio Ventura
(Petrobras, 21.Aug.2020) — Petrobras, following up on the release disclosed on 26 August 2019, signed today with SPE Rio Ventura S.A., a wholly-owned subsidiary of 3R Petroleum e Participações S.A., a contract for the sale of its entire interest in eight E&P onshore fields, denominated Rio Ventura Cluster, located in […]