(Argus, 19.May.2020) — Iran’s gasoline shipments to Venezuela are helping to ease a supply glut at home, where demand has collapsed because of strict measures to check the Covid-19 pandemic. The shipments and Tehran’s parallel support for Venezuelan state-owned PdV’s effort to repair its refining system have the added effect […]
SQM Reports 1Q:20 Earnings
(SQM, 19.May.2020) — Sociedad Química y Minera de Chile S.A. reported earnings today for the three months ended March 31, 2020 of US$45.0 million (US$0.17 per share), a decrease from US$80.5 million (US$0.31 per share) reported for the three months ended March 31, 2019. Gross profit reached US$107.7 million (27.5% […]
Argentina Sets Oil At $45/bbl To Shield Domestic Sector
(Reuters, 19.May.2020) — Argentina’s government set the local crude oil reference price at $45 per barrel on Tuesday in a bid to protect the country’s hard-hit sector from the impact of the coronavirus pandemic and low global prices. Reuters reported in April that Argentina was planning to set a higher […]
US Court Declines To Hear Appeal In Crystallex Case
(Reuters, 18.May.2020) — The U.S. Supreme Court on Monday declined to hear Venezuela’s appeal of a lower court ruling allowing Canadian gold mining company Crystallex to seize shares in U.S. refiner Citgo to collect on an unpaid arbitration award. That meant a 3rd U.S. Circuit Court of Appeals ruling from […]
Coronavirus Amplifies LatAm Sovereigns’ Pressures
(Fitch, 18.May.2020) — LatAm sovereigns’ weak public finances make them particularly vulnerable to the coronavirus crisis, Fitch Ratings says, by limiting both their counter-cyclical policy flexibility and their ability to support post-crisis economic recoveries. The pronounced negative ratings pressures in the region stem largely from these pre-existing fiscal issues. LatAm […]
Argentina Set $45/bbl Reference Oil Price
(S&P Global Platts, 18.May.2020) — Argentina’s move to set a $45/b domestic crude oil reference price this week has brought cheer to some oil producers, but analysts say it may take a couple of years to rebuild production, following its plunge in April, as companies keep to the sidelines because […]
JPMorgan Chase Climate Action Is Vastly Insufficient
(Amazon Watch, 18.May.2020) — Today, JPMorgan Chase – the largest bank in the United States and the largest banker of fossil fuels worldwide – will hold its Annual General Meeting. Among other decisions, the bank’s shareholders will vote on whether or not Lee Raymond should remain on the bank’s Board […]
Five Iran Tankers Sailing For Venezuela
(AP, 18.May.2020) — Five Iranian tankers likely carrying at least $45.5 million worth of gasoline and similar products are now sailing to Venezuela, part of a wider deal between the two U.S.-sanctioned nations amid heightened tensions between Tehran and Washington. The tankers’ voyage came after Venezuela’s socialist leader Nicolás Maduro […]
Total Buys Occidental Petroleum’s Assets in Ghana
(Total, 18.May.2020) — In August 2019, Total and Occidental Petroleum entered into a Purchase and Sale Agreement (PSA) in order for Total to acquire Anadarko’s assets in Africa. Under this agreement, Total and Occidental have since completed the sale and purchase of the Mozambique and South Africa assets. The PSA […]
McDermott Awarded Middle East Engineering Contract
(McDermott, 18.May.2020) — McDermott International, Inc. today announced it has been awarded a sizeable* contract from a Middle East customer to carry out front-end engineering and design (FEED) work for offshore riser platform topsides. The scope includes the design of two offshore riser platforms, as well as associated brownfield integration […]
Venezuela Spurned By US Court In Citgo Clash
(Bloomberg, 18.May.2020) — The U.S. Supreme Court rejected an appeal by Venezuela in its fight to retain control of oil refiner Citgo Holding Inc., putting the country a step closer to losing its largest asset. The justices, without comment on Monday, left intact a federal appeals court victory for a […]
Total Discontinues Purchase Of Oxy’s Assets In Ghana
(Total, 18.May.2020) — In August 2019, Total and Occidental Petroleum entered into a Purchase and Sale Agreement (PSA) in order for Total to acquire Anadarko’s assets in Africa. Under this agreement, Total and Occidental have since completed the sale and purchase of the Mozambique and South Africa assets. The PSA […]
Petrobras Starts EWT At Albacora Field
(Petrobras, 17.May.2020) — Petrobras, following up on the press release disclosed on 11 May 2020, informs that it started yesterday the Extended Well Tests (EWT) in the Discovery Assessment Plan (DAP) of Forno, in the Albacora field, located in the Campos Basin pre-salt. The test is being carried out in […]
Energy Dispute Deepens Between In Mexico
(Reuters, 16.May.2020) — The European Union and Canada have formally raised concerns to Mexico about rules they say endanger renewable energy projects, escalating tensions with its government, which late on Friday moved to tighten its control over the power industry. In letters that were leaked to Mexican media on Friday, […]
Guyana Political Stalemate Drags On
(Argus, 15.May.2020) — Fledgling oil producer Guyana’s political stalemate is dragging on amid slow progress in a closely watched recount of votes from a disputed 2 March parliamentary election. The electoral outcome is critical to the country’s future oil policy, six months after ExxonMobil kicked off deepwater production on the […]
Message From Petrobras’ CEO On 1Q:20 Results
(Petrobras, 15.May.2020) — Petrobras CEO Roberto Castello Branco delivered his message to shareholders related to the company’s first quarter 2020 results. “We express our solidarity with the victims of the global pandemic, at the same time as we are deeply grateful to the health professionals who have been standing out […]
Petrobras Kicks Off NTS’ Non-binding Phase
(Petrobras, 15.May.2020) — Petrobras, following up on the press release disclosed on 31 March 2020, announces the beginning of the non-binding phase regarding the sale of its remaining stake (10%) in Nova Transportadora do Sudeste S.A. (NTS). Qualified parties for the non-biding phase will receive a process letter with detailed […]
Petrobras Starts Gaspetro’s Non-binding Phase
(Petrobras, 15.May.2020) — Petrobras, following up on the press release disclosed on 4 May 2020, announces the beginning of the non-binding phase regarding the sale of its entire 51% stake in Petrobras Gás S.A. (Gaspetro). Qualified parties for the non-biding phase will receive a process letter with detailed instructions on […]
UPM Finalizes Items With New Uruguayan Government
(UPM, 15.May.2020) — UPM is proceeding at full speed with its investment project in Uruguay and has taken several steps forward. UPM and the new Government of Uruguay have signed a memorandum of understanding on pending items related to UPM’s growth project in Uruguay that will further strengthen the implementation […]
Petrobras Posts $11bn Impairment
(Bloomberg, 15.May.2020) — Petrobras, the Brazilian sate-controlled oil producer, posted a 65 billion-real ($11 billion) impairment in the first quarter after revising down its outlook for crude prices. Even without the impairment, Petrobras reported a loss in the quarter on lower oil prices and the devaluation of Brazil’s real, the […]
Petrobras Warns Economy Has Changed Forever
(Reuters, 15.May.2020) — Brazil’s Petrobras took a 65.3 billion real ($11.2 billion) impairment on its exploration and production assets on Thursday, warning investors that changes in consumer behavior resulting from the coronavirus pandemic would likely be permanent. The impairment led Petroleo Brasileiro SA, as the firm is formally known, to […]
Bangladesh To Double Fossil Imports In A Decade
(WoodMac, 14.May.2020) — Bangladesh is expected to double its fossil fuel imports to 32 million tonnes of oil equivalent (Mtoe) between 2020 and 2030, says Wood Mackenzie. While growing working age population, urbanisation and rising income levels continue to spur domestic demand, it is electrification needs in the power, export-driven […]
Touchstone Reports 1Q:20 Results, Operational Update
(Touchstone, 14.May.2020) — Touchstone Exploration Inc. reports its operating and financial results for the three months ended March 31, 2020. Selected information is outlined below and should be read in conjunction with Touchstone’s March 31, 2020 unaudited interim consolidated financial statements and related Management’s Discussion and Analysis, both of which […]
Touchstone Annual Shareholder’s Meeting
(Touchstone, 14.May.2020) — Touchstone Exploration Inc. will be holding our annual meeting of shareholders on Wednesday, June 3, 2020, at 10:00 a.m. (Mountain time). This year, to proactively address the unprecedented public health impact of COVID-19 and to mitigate risks to the health and safety of our communities, shareholders, employees […]
Nigeria LNG Limited Selects Saipem For LNG Project
(Saipem, 13.May.2020) — Saipem, in joint venture with Daewoo E&C Co. Ltd and Chiyoda Corporation (SCD JV), has been awarded by Nigeria LNG Limited the contracts for the Engineering, Procurement & Construction of the Nigeria LNG Train 7 Project to be executed at Bonny Island LNG complex in Nigeria. The […]
Ecopetrol 1Q:20 Earnings Call Transcript
(Motley Fool, 13.May.2020) — Executives with Colombia’s state oil company Ecopetrol conducted a first quarter of 2020 conference call with analyst. A full transcript of the call follows. Contents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: Operator Good morning. My name is Anna, and I will be your […]
PdV Keeps Nynas Board Seat After Restructuring
(Argus, 13.May.2020) — Venezuela’s state-owned PdV has retained one seat on the new corporate board of European specialty refiner Nynas after a restructuring that freed the venture from US sanctions. The new board composition illustrates PdV’s small but enduring role in the European downstream business that it acquired in the […]
Are Venezuelan Oil Exports Poised For A Comeback?
(Oilprice.com, 13.May.2020) — As the international community seeks answers with regards to the failed armed incursion into Venezuela that took place May 4, allegedly with the immediate participation of former US military veterans, President Maduro has once again proved to be a masterful survival artist. Notwithstanding the umpteenth round of […]
FBI Probes Firms Over Venezuela Oil Trading
(Reuters, 13.May.2020) — The FBI is probing several Mexican and European companies allegedly involved in trading Venezuelan oil as it gathers information for a U.S. Treasury Department inquiry into possible sanctions busting, according to four people familiar with the matter. U.S. Secretary of State Mike Pompeo and special envoy for […]
Petrobras On Equalizations In Lula, Atapu and Sépia
(Petrobras, 13.May.2020) — Petrobras, regarding the press releases disclosed on 18 March 2019 and 11 September 2019, which announced the approval of Production Individualization Agreements (AIP) of the Lula, Atapu and Sépia joint reservoirs, in Rio de Janeiro, informs that it executed Expenses and Volume Equalization Agreements (AEGV) with the […]
Petrobras Reveals Teaser For Thermal Power Plants
(Petrobras, 13.May.2020) — Petrobras reports that it has started the opportunity disclosure stage (teaser), regarding the sale of four thermal power plants, which three are located in Camaçari-BA (UTEs Polo Camaçari) of fuel oil, and one is located in Canoas-RS (UTE Canoas), of biofuel (diesel or natural gas). The teasers, […]
Fuel Cargo Loaded At Iran Sets Sail To Venezuela
(Reuters, 13.May.2020) — At least one tanker carrying fuel loaded at an Iranian port set sail to crisis-stricken Venezuela, according to vessel tracking data from Refinitiv Eikon on Wednesday, which could help ease an acute scarcity of gasoline in the South American country. The Iran-flagged medium tanker Clavel earlier on […]
Guyana Poised To Become A Rich Country
(Miami Herald, 13.May.2020) — The discovery of oil off its Atlantic coast is poised to transform a largely underdeveloped Guyana from one of South America’s most polarized and poorest nations into possibly one of its richest. But an ongoing post-electoral crisis involving allegations of fraud in its high stakes March […]
Nynas Exits US Sanctions
(Nynas, 12.May.2020) — The US Treasury Department’s Office of Foreign Asset Control (OFAC) announced today that Nynas is no longer being blocked pursuant to the Venezuela Sanctions Regulations. As a result of a corporate restructuring of the ownership of Nynas AB sanctions are lifted, and US persons and companies no […]
YPF Lays Out Debt Schedule
(Energy Analytics Institute, Aaron Simonsky, 12.May.2020) — Argentina’s state controlled oil and gas producer YPF highlighted its principal debt amortization schedule from 2020 and beyond. Approximately 80% of the company’s debt and approximately 90% of its cash is in US dollars, the company announced in its first quarter 2020 investor […]
Pampa Energía Announces 1Q:20 Results
(Pampa, 12.May.2020) — Pampa Energía S.A., the largest independent energy integrated company in Argentina, with active participation in the country’s electricity and gas value chain, announces the results for the quarter ended on March 31, 2020. As from January 1, 2019, the Company adopted US$ as functional currency for the […]
YPF S.A. 1Q:20 Earnings Call Transcript
(Motley Fool, 12.May.2020) — Executives with Argentina’s state oil company YPF conducted a first quarter of 2020 conference call with analyst. A full transcript of the call follows. Contents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: Operator Welcome to the Q1 2020 Sociedad Anonima S.A. Earnings Conference Call. […]
Ecopetrol’s Loads At Barrancabermeja Rising
(Energy Analytics Institute, Piero Stewart, 12.May.2020) — Fuel demand in Colombia has started to recover slightly while refinery loads at the Barrancabermeja are rising, according to comments from Ecopetrol President Felipe Bayón. Loads at the refinery are now at 140,000 barrels per day (b/d) compared to 115,000 b/d, said Bayón […]
PetroEcuador Automates Personnel Selection Process
(Energy Analytics Institute, Piero Stewart, 12.May.2020) — State oil company EP PetroEcuador automated the personnel selection process across Ecuador for the first time with use of a technological platform that facilitates the activity, the company announced 12 May 2020 in an official statement. The first phase of the new Human […]
Nynas: Removal Of Venezuela-related License
(OFAC, 12.May.2020) — The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is revoking and archiving on its website Venezuela-related General License (GL) 13E “Authorizing Certain Activities Involving Nynas AB,” and is issuing GL 3H (“Authorizing Transactions Related to, Provision of Financing for, and Other Dealings in Certain […]
Argentina: Unconventional Activity Update
(IHS, 12.May.2020) — The year 2020 has been filled with surprises as the COVID-19 pandemic spreads worldwide, leaving many homebound, resulting in a negative impact for many industries and ultimately leading to a decline in oil and gas demand across the globe. The pandemic paired with a supply surplus has […]
PDVSA Allocates Oil Cargoes To Partner At Petrozamora
(Reuters, 12.May.2020) — A joint venture partner of state oil company PDVSA, GPB Global Resources BV, has received at least two cargoes of Venezuelan crude in recent months as part of a deal to settle pending debt from their Petrozamora project, according to two sources and a shipping document seen […]
Pampa Energia To Host Video Conference
(Pampa, 12.May.2020) — Pampa Energía S.A. will host a videoconference to discuss its Q1 20 results on Wednesday May 13, 2020 at 10:00 a.m. Eastern Standard Time / 11:00 a.m. Buenos Aires Time. The hosts will be Gustavo Mariani, CEO, Gabriel Cohen, CFO and Lida Wang, Investor Relations and Sustainability […]
Ecopetrol Business Group Announces 1Q:20 Results
(Ecopetrol, 11.May.2020) — Ecopetrol S.A. announced the Ecopetrol Group’s financial results for the first quarter of 2020, prepared in accordance with International Financial Reporting Standards (IFRS) applicable in Colombia. The figures included in this report were extracted from the audited financial statements. The financial information is expressed in billions of […]
Pemex’s Oil Reserves Replacement Rate Jumps
(Reuters, 11.May.2020) — The replacement rate of proven oil and gas reserves estimated by Mexican national oil company Pemex soared in 2019 compared to the previous year, according to the firm’s annual filing with the U.S. Securities and Exchange Commission (SEC). Pemex’s 2019 replacement rate, a measure of new discoveries […]
Petrobras On Oil Finds In Búzios And Albacora
(Petrobras, 11.May.2020) — Petrobras confirmed oil of excellent quality in the Southeast area of the Búzios field and greater potential in the pre-salt of the Albacora field. POÇO 9-BUZ-39DA-RJS Located in the Southeast area of the Búzios field, in the Santos Basin pre-salt, 210 km from Rio de Janeiro, the […]
Pemex Files 2019 Annual Report, Form 20-F
(Pemex, 11.May.2020) — In compliance with the Disposiciones de Carácter General aplicables a las Emisoras de Valores y a Otros Participantes del Mercado de Valores, in May 8, Petróleos Mexicanos filed its Annual Report as of December 31, 2019. Similarly, on the same day, PEMEX filed its Annual Report with […]
Argentina To Restore Artificially High Oil Price
(Argus, 11.May.2020) — Argentina will restore artificially high domestic crude prices in an effort to jumpstart its stalled shale play following the March oil price crash and pandemic-driven demand collapse. The government, which is hurdling toward another default on its sovereign debt, plans to issue a decree that sets the […]
Ecopetrol Exploring Offshore Storage Options
(Argus, 11.May.2020) — Colombia’s state-controlled Ecopetrol is exploring options to expand storage capacity in response to oil market oversupply and slumping demand caused by the Covid-19 pandemic. The company has “adjusted the whole logistical system” in response to the unprecedented oil market conditions, including a cut in production and refinery […]
Ecopetrol 1Q:20 Net Profit Plunges 95% On Low Prices
(Reuters, 11.May.2020) — Colombia’s majority state-owned oil company, Ecopetrol, reported on Monday a 95% fall in first-quarter net profit, which came in at 133 billion pesos ($34.3 million), following a sharp drop in global oil prices. The company reported a net profit of 2.745 trillion pesos in the year-earlier period. […]