(Reuters, 28.Jul.2020) â French oil company Total said on Tuesday that, along with its partners BP and ENI, it had made a gas discovery at a well off the coast of Egypt. Total said the discovery had been made at the Bashrush well on the North El Hammad licence, located […]
Chevron Expects To Restart Train 2 Of Gorgon LNG Plant
(Reuters, 28.Jul.2020) â Chevron Corp expects to restart Train 2 of its Gorgon liquefied natural gas (LNG) plant in Australia in early September after completing repairs, a company spokesman said on Tuesday. Gorgon is carrying out the repair work after a routine inspection of the trainâs propane heat exchangers during […]
Ecuador Eyes Its First LNG Import Terminal
(Argus, 27.Jul.2020) â US firm Sycar plans to build Ecuador’s first LNG import terminal, with construction expected to start in 2021. Sycar, in partnership with an unnamed LNG trading firm, intends to install a floating storage and regasification unit (FSRU) to provide regasified LNG to the 130MW Thermo Gas Machala […]
Petrobras To Sale Tayrona Block Offshore Colombia
(Petrobras, 27.Jul.2020) â Petrobras informs that it has started the opportunity disclosure stage (teaser), regarding the sale of its entire stake in the exploratory portion of the Tayrona Block, located in the Guajira Basin, Colombia. The teaser, which includes key information about the opportunity, as well as the eligibility criteria […]
Petrobras Makes $3.5bn Prepayment On Credit Lines
(Petrobras, 27.Jul.2020) â Petrobras, following up on the press release on 03/20/2020, informs that, as of today, it has made the partial prepayment of its Revolving Credit Lines, in the amount of US$ 3.5 billion. These resources will be available for new withdrawals, if necessary. âThe US$ 8 billion withdrawal […]
A Tale Of Two Neighbours: Guyana And Suriname
(Jamaica Observer, 26.Jul.2020) â Recent electoral events in Guyana and Suriname, which border each other on the north-eastern coast of the South American continent, display a remarkably different approach to democracy that could be the determining factor in catapulting Suriname’s development and prosperity well ahead of Guyana’s. The two countries […]
Man Fatally Shot In Venezuela Gasoline Protest
(Reuters, 26.Jul.2020) â A man was shot and killed during a protest over gasoline shortages in eastern Venezuela on Saturday, officials and a local human rights group said, less than two weeks after a similar incident in the oil-producing but fuel-starved nation. The rights group Provea, citing witnesses, said Carlos […]
Mexico To Launch World’s Largest Oil Hedge – Sources
(Reuters, 24.Jul.2020) â Mexico has asked top Wall Street banks to submit quotes for its giant oil hedging program, sources familiar with the matter said on Friday, while trading in crude oil options has increased this week ahead of the megadeal. The finance ministry has asked banks for price quotes, […]
Petrobras Begins Contracting For 3 BĂșzios Field FPSOs
(Petrobras, 24.Jul.2020) â Petrobrasâ Executive Board approved the beginning of the contracting processes for three new Floating Production Storage and Offloading (FPSOs) platforms for the BĂșzios field, in the Santos Basin pre-salt. The three new units are part of the Asset Development Plan, which envisages a total of twelve units […]
Fronteraâs 2Q:20 Financial Results And Conference Call
(Frontera, 23.Jul.2020) â Frontera Energy Corporation announces that its second quarter results will be released after market on Thursday, 6 August 2020 followed by a conference call for investors and analysts on Friday, 7 August 2020 at 8:00 a.m. (MST) and 10:00 a.m. (EST/GMT-5). Participants will include Gabriel de Alba, […]
IMF Press Briefing On Nigeria, Argentina
(IMF, 23.Jul.2020) â Transcript of International Monetary Fund (IMF) press briefing on Nigeria, Argentina, and other countries. MR. RICE: Good morning everyone and welcome to this press briefing on behalf of the International Monetary Fund. I’m Gerry Rice of the Communications Department. And as usual this morning, our briefing will […]
Angola Offers Tax Break To Help Domestic Oil Firms
(Argus, 23.Jul.2020) â The Angolan government has decided to cut the petroleum income tax rate from 50pc to 30pc for domestic companies that successfully bid in the country’s upcoming onshore licensing round. The move is designed to encourage domestic firms to participate in the round, which will comprise nine blocks […]
Quiet Destruction Of Colombiaâs Shale Potential
(Oilprice.com, 23.Jul.2020) â Sharply weaker oil prices, falling investment and dwindling oil production are weighing heavily on Colombiaâs economic outlook. Last decade, the strife-torn Andean country bet its economic future on oil and became Latin Americaâs third-largest oil producer. A combination of deteriorating oil production and low reserves, despite promising […]
Pioneer Energy Services CEO Stacy Locke Steps Down
(Pioneer, 22.Jul.2020) â Pioneer Energy Service Corp. announced that Wm. Stacy Locke has decided to step down as President, Chief Executive Officer, and as a director of the Company effective 17 July 2020. Mr. Locke has been President and Chief Executive Officer of the Company since December 2003 and has […]
Petrobras Approves Dividends Payment
(Petrobras, 22.Jul.2020) â Petrobras informs that, in a meeting held today, the Annual General Meeting approved dividends to shareholders in the amount of R$ 1.7 billion for common shares (R$ 0.233649 per share) and R$ 2.5 million for preferred shares (R$ 0.000449 per share) outstanding, based on the 2019 annual […]
US Court Affirms Judgment Supporting CITGO Board
(Citgo, 22.Jul.2020) â PDV Holding, CITGO Holding, and CITGO Petroleum secured a swift and unanimous victory in the Delaware Supreme Court in the matter of Jimenez v. Palacios. The boards of these three entities were reconstituted in 2019, after the United States formally recognized Interim President of Venezuela, Juan GuaidĂł, […]
PDV Holdings Releases First-Ever Annual Report
(Citgo, 22.Jul.2020) â PDV Holding, Inc., the indirect sole stockholder of Citgo Petroleum Corporation, issued its first-ever annual report detailing financial and operational performance in calendar year 2019. Report highlights included successful debt refinancing, credit ratings upgrades, increased refining capacity and strengthened corporate governance measures. The report was released in […]
Investors Want To Know: Colombiaâs Negative Outlook
(Fitch Ratings, 22.Jul.2020) â Colombia’s sovereign metrics have deteriorated further since its April downgrade to ‘BBB-‘, underpinning the range of downside risks reflected in the country’s Negative Rating Outlook, says Fitch Ratings. The growth outlook and debt trajectory are particularly key for the rating, with growth facing significant downside risks […]
Worldâs Newest Oil Boom Is Facing A Major Problem
(Oilprice.com, 22.Jul.2020) â After a series of major offshore oil discoveries since 2015, with the largest ever made earlier this year, the tiny South American country of Guyana has become a hotspot for international oil majors. The deeply impoverished former British colonyâs oil potential is being compared to nearby Brazil […]
Houston American Energy’s 1-for-12.5 Reverse Stock Split
(Houston American Energy, 21.Jul.2020) â Houston American Energy Corp. announced the company will effect a 1-for-12.5 reverse stock split of its common stock on 31 July 2020. The company’s common stock is expected to begin trading on a split-adjusted basis on the NYSE American exchange at the market open on […]
BHPâs Ruby Project Moving Forward Offshore Trinidad
(Energy Analytics Institute, 21.Jul.2020) â The Ruby project offshore Trinidad & Tobago expects initial production in calendar year 2021, according to BHP. The project will have capacity for five production wells to be tied back into existing operated processing facilities, with gross capacity to produce up to 16,000 barrels per […]
Algeria Expects Energy Revenue To Fall $10bn
(Reuters, 21.Jul.2020) â Algeria expects its oil and gas revenue to fall to $23 billion this year from $33 billion in 2019, energy minister Abdelmadjid Attar told state radio on Tuesday. OPEC member Algeriaâs revenues from oil and gas sales were at $60 billion in 2014, before a sharp drop […]
WÀrtsilÀ To Deliver Storage System To US Virgin Islands
(WĂ€rtsilĂ€, 21.Jul.2020) â The technology group WĂ€rtsilĂ€ has been awarded a contract to deliver a state-of-the-art power plant and energy storage system to the US Virgin Islands Water and Power Authority (WAPA). The plant will be delivered and installed on an engineering, procurement, and construction (EPC) basis. It will be […]
Global Gas Flaring At Levels Not Seen Since 2009
(World Bank, 21.Jul.2020) â Estimates from satellite data show global gas flaring increased to levels not seen in more than a decade, to 150 billion cubic meters (bcm), equivalent to the total annual gas consumption of Sub-Saharan Africa. The 3% rise, from 145 billion cubic meters (bcm) in 2018 to […]
Petrobras On VAT Tax In PIS/COFINS Calculation Basis
(Petrobras, 21.Jul.2020) â Petrobras informs that it has obtained a favorable and final decision from the Federal Regional Court of the 2nd Region in process that seeks to recover the PIS and COFINS contributions overpaid due to the inclusion of VAT tax (ICMS) in the calculation basis from October 2001 […]
NGC And BHP Ink Ruby Field Gas Supply Deal
(NGC, 21.Jul.2020) â The National Gas Company of Trinidad and Tobago Limited (NGC) and BHP announced successful completion of negotiations of a Gas Sales Agreement for the Ruby Field. Ruby is located in Block 3(a), off the east coast of Trinidad, and is expected to be commissioned in the fourth […]
Chevron Announces Deal To Acquire Noble Energy
(Chevron Corp. 20.Jul.2020) â Chevron Corporation entered into a definitive agreement with Noble Energy, Inc. to acquire all of the outstanding shares of Noble Energy in an all-stock transaction valued at $5 billion, or $10.38 per share. Based on Chevronâs closing price on 17 July 2020 and under the terms […]
Petronas New Energy Teams Up with Nefin Group
(Petronas, 20.Jul.2020) â Following the launch of its first solar rooftop solution, M+ by Petronas last year, Petronas New Energy is now set to grow in the domestic renewable energy space with its first commercial customer, Tesco Stores (Malaysia) Sdn Bhd (Tesco). In delivering its commitment to Tesco, Petronas New […]
Sisi Wins Approval For Possible Libya Intervention
(Reuters, 20.Jul.2020) â Egyptâs parliament gave President Abdel-Fattah al-Sisi the green light for possible military intervention in Libya by approving the deployment of armed forces abroad to fight âterrorist groupsâ and âmilitiasâ. A sharp military escalation in Libya, where fighters led by eastern commander Khalifa Haftar have been battling the […]
Venezuelaâs Oil And Gas Sector Sees Worst Crisis
(Tradearabia News Service, 20.Jul.2020) â Venezuelaâs oil and gas sector was already caught in a vicious cycle well before the Covid-19 outbreak created a world economic crisis. Even though there are several international companies still remaining in the country, they are not investing in any relevant manner and have minimum […]
Petrobras Concludes Divestment Of TAG
(Petrobras, 20.Jul.2020) â Petrobras, following up on the press release on 13 March 2020, entered into a share purchase and sale agreement, regarding its remaining 10% interest in Transportadora Associada de GĂĄs S.A. (TAG), with the group formed by ENGIE and Caisse de dĂ©pĂŽt et placement du QuĂ©bec (CDPQ). The […]
Chevron’s Noble Deal: First Major One Of The Downturn
(WoodMac, 20.Jul.2020) â Speaking this morning after Chevron announced plans to buy Noble Energy in a US$13 billion all-stock transaction, including US$5 billion in equity, Tom Ellacott, senior vice president, corporate analysis, at Wood Mackenzie, said: âThis is the first large-scale corporate acquisition of this downturn. âChevron was our top […]
Chevron Says To Acquire Noble Energy
(Chevron, 20.Jul.2020) â Chevron Corporation has entered into a definitive agreement with Noble Energy, Inc. to acquire all of the outstanding shares of Noble Energy in an all-stock transaction valued at $5 billion, or $10.38 per share. Based on Chevronâs closing price on July 17, 2020 and under the terms […]
Fernandez To Creditors: âWe Canât Do Any Moreâ
(FT.com, 19.Jul.2020) âAlberto FernĂĄndez, Argentinaâs president, has made an impassioned appeal for the world to accept that â with an economy devastated by coronavirus â he cannot budge from his final offer to restructure $65bn of foreign debt. Weighed down by $323bn of borrowing, Argentina was already in a deep […]
Situation In Guyana Goes From Bad To Worse
(Forbes, 18.Jul.2020) â As I wrote earlier this month, the future of the nascent oil and gas industry in the South American nation of Guyana is standing on shaky ground amid the ongoing controversy related to this yearâs national elections. The situation only grew worse this week as U.S. Secretary […]
Ecopetrol Says 2020 CAPEX To Be Between $3bn-$3.4bn
(Ecopetrol, 17.Jul.2020) â Ecopetrol S.A. informs that the Board of Directors approved a new organic investment plan for the Ecopetrol Group (GE) for an estimated amount between $3 billion and $3.4 billion for 2020. This level of organic investment is similar to what was deployed in 2019 and higher than […]
Tullow Peru Update: Blocks Z-67 And Z-68
(Tullow, 17.Jul.2020) â Tullow is also working closely with the government to secure additional licenses. The Marina-1, non-operated exploration well, drilled in block Z-38 offshore Peru in Q1 2020 did not encounter significant hydrocarbons. The well was drilled to a total depth of 3,022 meters in 362 meters of water […]
CITGO Names Edgar Rincon COO, Executive VP
(Citgo, 17.Jul.2020) â The Board of Directors of CITGO Petroleum Corporation has appointed Edgar Rincon as Chief Operating Officer (COO) and Executive Vice President, reporting to CITGO President and CEO Carlos JordĂĄ effective 10 Augus 2020. “Edgar’s appointment comes after a series of appointments by the CITGO Board of Directors […]
Petrobras On Cumulative Vote Process For AGM
(Petrobras, 17.Jul.2020) â Petrobras, in compliance with article 30, item XXXIV of CVM Instruction 480/09, informs that it received from shareholders who jointly hold more than 5% (five percent) of its common shares, the request to adopt the cumulative vote system in the election of candidates to the Board of […]
YPF Reports Early Exchange Offer Participation
(YPF, 17.Jul.2020) â YPF S.A. announced results of the Early Participation Date (as defined below) with respect to its previously announced exchange offer to exchange any and all of its outstanding $1,000,000,000 8.500% Senior Notes due 2021 (the âOld Notesâ) for the applicable amount of 8.500% Senior Amortizing Notes due […]
Petrobras Informs On Vantage Arbitration Case
(Petrobras, 17.Jul.2020) â Petrobras, following up on the releases disclosed on 17 May 2019 and 21 June 2019, informs that, yesterday, the United States Court of Appeals for the Fifth Circuit dismissed the appeal filed by the company against the decision rendered by the Federal Court of Texas, on 05/17/2019, […]
Ocean Infinity Completes Offshore Project In Guyana
(Ocean Infinity, 16.Jul.2020) â Ocean Infinity, a marine robotics company, successfully completed its recent project for ExxonMobil, within the Stabroek block offshore Guyana. The project involved acquiring high-resolution geophysical and geotechnical data through the simultaneous deployment of multiple Autonomous Underwater Vehicles (AUV), in water depths of between 70m and 2150m […]
bpWE To Buy Full Ownership Of Fowler Ridge 1 Wind Asset
(bpWE, 16.Jul.2020) â bp Wind Energy (bpWE) agreed to acquire the remaining 50% interest in the bp operated, Fowler Ridge 1 wind asset from its current partner, Dominion Fowler Ridge Wind, LLC, a Dominion Energy subsidiary. Located in central Indiana, the asset includes 162 wind turbines with a generating capacity […]
Siemens To Establish Mobile Working As âNew Normalâ
(Siemens, 16.Jul.2020) â Siemens will establish mobile working as a core component of its ânew normalâ and will make it a permanent standard, both during the global pandemic and beyond. The companyâs Managing Board has now approved implementation of a corresponding model. The aim is to enable employees worldwide to […]
Petrobras On OGCI’s Carbon Reduction Target
(Petrobras, 16.Jul.2020) â Petrobras informs that the Oil and Gas Climate Initiative (OGCI), an organization which Petrobras is a member, established a new collective target to reduce the carbon intensity of upstream operations. The new collective target sets an intensity between 20 kg and 21 kg CO2 for each barrel […]
OGCI Sets Carbon Intensity Target
(OGCI, 16.Jul.2020) â The Oil and Gas Climate Initiative (OGCI) announced a target to reduce the collective average carbon intensity of member companiesâ aggregated upstream oil and gas operations to between 20 kg and 21 kg CO2e/boe by 2025, from a collective baseline of 23 kg CO2e/boe in 2017. — […]
Colombia Relaunches Bid Process For LNG Terminal
(Shearman & Sterling, 15.Jul.2020) â The Colombian government has issued a new timetable for the tender with respect to the design, construction and operation under a build, own and operate, or âBOOâ scheme, of an LNG regasification facility in the Pacific seaport city of Buenaventura and the related pipeline to […]
Barreiro, Laprea-Bigott, JordĂĄ Named To Citgo Board
(Citgo, 15.Jul.2020) â Citgo Petroleum Corporation Board of Directors announced today that Pablo PĂ©rez Barreiro, Marcelo Laprea-Bigott and Carlos JordĂĄ have been named to the Board of Directors. “Pablo PĂ©rez Barreiro brings decades of experience in organizational management and Marcelo Laprea-Bigott comes to the Board with deep technical expertise in […]
Ibitu Energia Plans $830mn In Renewable Investments
(Reuters, 15.Jul.2020) â Brazilâs Ibitu Energia, owned by U.S.-based asset manager Castlelake LP, plans to invest roughly 4.5 billion reais ($839.43 million) in renewable energy assets in the coming five years, the firmâs chief executive said in a statement on Wednesday. The commitment comes after Castlelake reached an agreement with […]
Argentina Axes $2bn Vaca Muerta Gas Pipeline
(Energy Analytics Institute, 15.Jul.2020) â The Vaca Muerta gas pipeline, one of the most ambitious projects of the government of Argentinaâs former President Mauricio Macri, was suspended indefinitely by Energy Secretariat Sergio Lanziani, according to details published by local media outlet ClarĂn. Work on the pipeline would have seen it […]