(Energy Analytics Institute, Piero Stewart, 10.May.2020) â Ecuadorâs Ministry of Energy and Non-Renewable Natural Resources (MERNNR) on 9 May 2020 lifted the force majeure declared on 10 April declared due to breaks along the Trans-Ecuadorian Pipeline System (SOTE) and the Heavy Crude Oil Pipeline (OCP) caused by a nature event […]
Petrobras Comments On Internal Event News
(Petrobras, 8.May.2020) â Petrobras in view of the news published today in the media regarding the meeting held on 05/06/2020 by the Executive Board in an internal event with the company’s employees, clarifies that it has been keeping the market informed about the actions on resilience adopted due to the […]
Petrobras’ Cash Burn May Reach $1bn A Month
(Reuters, 8.May.2020) â Brazilian oil giant Petrobras said on Friday that its cash burn could reach $1 billion a month in periods of extreme stress and volatility, noting the current level of uncertainty in being able to accurately predict spending. The state-owned firm, formerly known as Petroleo Brasileiro S.A., cited […]
Venezuelan Oil Plan Runs Aground
(Argus, 8.May.2020) â A sweeping proposal to draw investment into an Opec nation would normally turn some heads. That is what Venezuelaâs US-backed political opposition had been expecting when it rolled out the final draft of a comprehensive hydrocarbons reform bill last week. But in the time it takes to […]
Hess Reports Estimated Results For 1Q:20
(Hess, 7.May.2020) â Hess Corporation reported a net loss of $2,433 million, or $8.00 per common share, in the first quarter of 2020, including impairment and other after-tax charges of $2,251 million resulting from the low price environment, compared with net income of $32 million, or $0.09 per common share, in […]
PetroTal Provides Update On Financing Arrangements
(PetroTal, 7.May.2020) â PetroTal Corp. announces that the Northern Oil Pipeline (âONPâ) operated by Petroperu S.A. has been shut down by a public health directive from the Peruvian government, thereby resulting in PetroTal having to shut in the Bretana oil field as a result of storage capacity limitations. Additionally, PetroTal […]
Petrobras On Fitch’s Rating Outlook
(Petrobras, 7.May.2020) â Petrobras informs that the rating agency Fitch Ratings revised today the company’s international long-term ratings outlook from stable to negative, and maintained the ratings of Petrobras at “BB-“. This week the agency revised the sovereign rating outlook due to uncertainty over the duration and intensity of the […]
Sungrow Rolls Out Inverter For Brazilian 220V Market
(Sungrow, 7.May.2020) â Sungrow, the global leading inverter solution supplier for renewables, launched the Company’s three-phase 1000Vdc commercial inverter SG25CX-SA for Brazilian 220V grid system, showcasing its commitment to the flexibility and reliability of regional grid voltage requirement in commercial and industrial (C&I) applications. Sungrow’s three-phase inverter SG25CX-SA with unparalleled […]
Fitch Affirms PetroAmazonas’ Debt at ‘C’
(Fitch, 7.May.2020) â Fitch Ratings has affirmed the senior unsecured notes issued by Empresa Publica de Exploracion y Explotacion de Hidrocarburos Petroamazonas EP (PetroAmazonas) due in November 2020 at ‘C’/’RR4’. The affirmation reflects the completion of the consent solicitation processing for which the company received valid consents from 98.91% of […]
Argentina Considers $45/bbl Floor For Domestic Crude
(Bloomberg, 7.May.2020) â West Texas Intermediate has been gaining since its history-making crash in the U.S. last month, trading at around $25. Brent crude has been practically soaring, touching $30 in London. They canât match the criollo barrel in Argentina, though — $45 guaranteed, no matter what. That dream price […]
PetroEcuador Dispatches Fuel From Barbasquillo
(Energy Analytics Institute, Piero Stewart, 7.May.2020) â EP PetroEcuador on 2 May 2020 started dispatching super gasoline from the Barbasquillo Clean Products Terminal located in Manta in order to satisfy demand in the province of ManabĂ. The fuel was was previously dispatched from the Pascuales Terminal located in the city […]
AES Makes Progress On Strategic Objectives
(AES, 7.May.2020) â The AES Corporation reported financial results for the quarter ended 31 March 2020. HIGHLIGHTS Strategic Accomplishments — Completed construction of 1.4 GW of new projects, including the 1.3 GW Southland Repowering project in Southern California — Signed 685 MW of new renewables under long-term PPAs, bringing backlog […]
AES Conference Call Information
(AES, 7.May.2020) â The AES Corporation will host a conference call on Wednesday 7May 2020 at 9:00 a.m. Eastern Daylight Time (EDT). Interested parties may listen to the teleconference by dialing 1-888-317-6003 at least ten minutes before the start of the call. International callers should dial +1-412-317-6061. The Conference ID […]
The Only Hotspot Where Big Oil Will Still Spend
(Oilprice.com, 7.May.2020) â Oil majors may be slashing spending and deferring development plans across the globe, but they remain committed to developing the newest offshore oil finds in the heart of Latin America. The oil price collapse has forced the world’s oil companies to slash spending and curb production at […]
Pemex’s $44/bl Hedge Floor Adds Ps30bn To Deficit
(Argus, 7.May.2020) â The hedge contracted by Mexico’s state-owned Pemex has a floor of $44/bl, leaving the company exposed to losses below that following the global rout in crude prices, the company’s annual report reveals. “Pemex contracted coverage instruments that protect against declines in reference prices in the range of […]
FMC To Acquire Ingredient Assets From Isagro S.p.A.
(FMC, 6.May.2020) â FMC Corporation and Isagro S.p.A. have agreed to a binding offer whereby FMC will acquire Isagro’s Fluindapyr active ingredient assets for âŹ55 million (approximately $60 million). The cash transaction, expected to close by the end of third quarter 2020, will transfer to FMC all intellectual property, know-how, […]
GeoPark To Report 1Q:20 Results, Host Webcast
(GeoPark, 6.May.2020) â GEoPark Limited will report its consolidated financial results for the three-month period ended March 31, 2020 on Wednesday, May 13, 2020. In conjunction with the first quarter results press release, GeoParkâs management will host a conference call on Thursday, May 14, 2020 at 10:00 am (Eastern Daylight Time) to […]
Repsol Running Peru Refinery At 30pc Capacity
(Argus, 6.May.2020) â PetroPeru’s 12,000 b/d Iquitos refinery in the northern jungle is currently closed. Its 553,200 bl of storage is full. The 15,500 b/d Conchan refinery in Lima was closed for most of March, but restarted in late April at 50pc capacity. PetroPeru’s 65,000 b/d Talara plant on the […]
Qatar Petroleum Enters Into Three Mexican Blocks
(Qatar Petroleum, 5.May.2020) â Qatar Petroleum entered into three farm-in agreements to acquire about 30% of Totalâs participating interest in blocks 15, 33 and 34 located in the Campeche basin, offshore Mexico. Each of the farm-in agreements is subject to customary regulatory and other approvals by Totalâs existing partners and […]
Cairn Provides Mexico Drilling Update
(Cairn Energy, 5.May.2020) â Operations have been completed on the Eni operated Ehecatl-1 exploration well on Block 7, located in the Sureste Basin Offshore Mexico, in which Cairn has a 30% working interest through wholly owned subsidiary Capricorn Energy Mexico. The exploration target of the well was to prove hydrocarbons […]
France’s Total Adopts A New Climate Ambition
(Total, 5.May.2020) â Total announces today its ambition to get to net-zero emissions by 2050 together with society for its global business across its production and energy products used by its customers. Through a joint statement developed between Total S.A. and institutional investors â as participants in the global investor […]
EP PetroEcuador Cuts Import Budget By $191.7mn
(Energy Analytics Institute, Piero Stewart, 5.May.2020) â EP PetroEcuador reprogrammed its imports of high-octane naphtha ron 93, naphtha ron 80, premium diesel, cutter stock and diesel oil. âDerivatives imports have been rescheduled for May and June of this year, so we will have a $191.7 million reduction in the annual […]
Colombia Registers 25 Pipeline Attacks To Date
(Energy Analytics Institute, Piero Stewart, 5.May.2020) â Four Colombian pipelines have been attached at least 25 times to date in 2020, according to data revealed by the countryâs state oil company Ecopetrol. The Caño-LimĂłn-Coveñas pipeline has reported 15 attacks in three departments as follows: Arauca Department in Arauquita municipal (5), […]
Nutrien Temporarily Shuts Trinidad Ammonia Facility
(Nutrien Litd., 5.May.2020) â Nutrien Ltd. has made the difficult decision to temporarily shut down one of the four ammonia (NH3) plants at its Trinidad facility. The temporary shutdown is in response to the current market price of ammonia. The plant has an annual ammonia capacity of 600,000 metric tonnes […]
Brazilâs Petrobras On Petros Plan
(Petrobras, 5.May.2020) â Petrobras, following up on the press release disclosed on March 10, related to the New Deficit Equation Plan (New Plan) of the Renegotiated and Non-Renegotiated Petrobras System Petros plans (PPSP-R and PPSP-NR), informs that obtained the approval by the Secretariat for Coordination and Governance of State-Owned Companies […]
PetroEcuador Delays May-June Fuel Imports
(Argus, 5.May.2020) â State-owned PetroEcuador has delayed all fuel imports that were supposed to arrive in May and June because of a sharp decline in demand. The delayed imports include Ron 93 and Ron 80 gasoline, diesel and cutter stock. The revised timeframe for the imports will depend on the […]
Weak 1Q Results Won’t Prevent Vale S.A.
(S&P, 4.May.2020) â S&P Global Ratings said today that Vale S.A.’s (BBB-/Negative/–) strong balance sheet and ability to adjust capital expenditures (capex) and dividends provide adequate cushion at the current rating level amid the company’s currently volatile sales and cash flows. Vale reported poor volumes as a result of rainfall […]
Guyana With No Plans To Cut Oil Output Amid Price Drop
(Reuters, 4.May.2020) â Guyana has no plans to cut crude output despite a plunge in oil prices, the governmentâs top energy official said on Monday, adding that shutting down production could prove costly and harm future output. Mark Bynoe, the director of the Department of Energy, said the countryâs crude […]
Pemex Presents Audited Stmts As Of 31 Dec. 2019
(Pemex, 4.May.2020) â In compliance with the Disposiciones de CarĂĄcter General aplicables a las Emisoras de Valores y a Otros Participantes del Mercado de Valores, today PetrĂłleos Mexicanos (PEMEX) presented to the ComisiĂłn Nacional Bancaria y de Valores (CNBV, by its Spanish acronym) and the Mexican Stock Exchange (BMV, by […]
Aruba Offering Oil Storage After PDVH Exit
(Argus, 4.May.2020) â The Dutch Caribbean island of Aruba is offering to lease oil storage after terminating an ill-fated refining project with PdV Holding (PDVH), the opposition-controlled US subsidiary of Venezuela’s national oil company PdV. The lease offer comes at a time of severe tightness in onshore and floating oil […]
Guyana Crude Brings In Nearly $5mn For Govt
(Argus, 4.May.2020) â The government of burgeoning Latin American oil producer Guyana received $4.9mn in its first oil and gas royalty payment from gross production to date, deposited on 28 April into the National Resource Fund (NRF). Guyana began crude oil production in December and has produced more than 8mn […]
PdV Rolls Out New JV Presidents
(Argus, 4.May.2020) â Venezuela’s state-owned PdV rolled out the appointment of up to 26 new presidents of joint ventures that are mostly inactive. The appointments, some of whom may have been carryovers, are the latest manifestation of an industry shake-up led by new acting oil minister Tareck El Aissami. El […]
Repsol Makes Deepwater Oil Find In Mexican Waters
(Repsol, 4.May.2020) â Repsol has made two significant offshore oil discoveries in Mexicoâs deep water with its Polok-1 and Chinwol-1 exploration wells in Block 29 in the Salina Basin. Both wells confirmed high quality reservoirs with excellent properties, encountering net oil pay of 200 meters and 150 meters respectively. Highlights: […]
Petrobras Releases Teaser For Camamu Basin Assets
(Petrobras, 4.May.2020) â Petrobras started the opportunity disclosure stage (teaser), referring to the sale of its entire stake in the Manati field, a maritime production concession in shallow waters located in the Camamu Basin, in the State of Bahia. The teaser, which includes key information about the opportunity, as well […]
Petrobras Reaches Oil Export Record In April
(Petrobras, 4.May.2020) â Petrobras exported 1 million barrels of oil per day in April. This represents a new oil export record and contributes to strengthening the company’s cash flow. The previous record was 771 thousand barrels per day, set in December 2019. The result occurs in a challenging period of […]
PTTEP Says Two New Oil Discoveries Offshore Mexico
(Reuters, 4.May.2020) â Thai energy company PTT Exploration and Production Pcl said on Monday its joint venture had made two deep-water oil discoveries in the Salina Basin, offshore Mexico. The Mexican subsidiary of PTTEP, Thailandâs largest oil and gas producer, and three partners including the Mexican subsidiary of Spainâs Repsol […]
Statement From Guyana’s DOE Director Mark Bynoe
(DOE, 4.May.2020) â Good morning ladies and gentlemen I am coming to you at a very interesting time in our countryâs history given the furore over our national and regional elections, and the instability created in world market due largely to over-supply of crude and us being in the throes […]
Venezuela Oil Output Sliding, Fields Shut Due To Fire
(Reuters, 4.May.2020) â Venezuelaâs oilfields produced 687,000 barrels of crude last Saturday, up from 653,000 barrels on Friday but below the 718,000 barrels per day (bpd) the country said it produced in March, according to documents seen by Reuters on Monday. The drop came as output in the countryâs Orinoco […]
Mexico Indefinitely Halts New Clean-Energy Plans
(Bloomberg, 2.May.2020) â Mexicoâs Centro Nacional de Control de Energia (Cenace), which oversees the electrical system, indefinitely suspended critical tests for new clean-energy projects as the nation grapples with the spread of the coronavirus. Preoperative tests of intermittent power plants would be suspended along with other measures to increase the […]
Milbank Part Of $2bn Ecopetrol Offering
(Milbank, 1.May.2020) â Milbank LLP represented the underwriters, Goldman Sachs, J.P. Morgan and Scotia Capital, in connection with the $2bn SEC-registered offering of notes due 2030 by Ecopetrol, Colombiaâs state-owned oil and gas major. This marks the first capital raise by Ecopetrol since 2016 and one of the few capital […]
Environmental Restoration Work Continues In Ecuador
(Energy Analytics Institute, Piero Stewart, 1.May.2020) â Intervention activities continue at 40 defined sites in Ecuador, of which at least 220 focal points have been established to concentrate on environmental restoration actions along areas affected by oil spills on 7 April 2020 caused by natural ruptures of the Trans-Ecuadorian Pipeline […]
Milbank In $2Bn Ecopetrol Bond Offering
(Milbank, 1.May.2020) â Milbank LLP represented the underwriters, Goldman Sachs, J.P. Morgan and Scotia Capital, in connection with the $2 billion SEC-registered offering of notes due 2030 by Ecopetrol, Colombiaâs state-owned oil and gas major. This marks the first capital raise by Ecopetrol since 2016 and one of the few […]
Petrobras Faces Virus Outbreak Offshore
(Bloomberg, 1.May.2020) â Petrobras, the Brazilian producer tapping some of the largest offshore oil finds this century, is confronting a Covid-19 outbreak in exploration platforms as the pandemic gains speed in the country. At the Xareu exploration project off the coast of Ceara, 42 out of 45 employees at two […]
PDV Holding And Aruba Govt To End Refinery Project
(PDV Holding, 1.May.2020) â PDV Holding, Inc., and the Government of Aruba/Refineria di Aruba (RDA) today executed an amicable termination agreement in relation to the contract for the San NicolĂĄs Aruba Refinery Project. The agreement was completed following parliamentary approval. The final agreement provides that PDV Holdings and its subsidiaries […]
YPF Names New CEO As Vaca Muerta Faces Setback
(Upstream, 1.May.2020) â Argentine oil company YPF has appointed industry veteran Sergio Affronti as chief executive, replacing Daniel Gonzalez, amid headwinds from the coronavirus pandemic and the collapse in oil prices. Affronti built his career in Argentine oilfields in the Mendoza and Neuquen provinces, and in the Gulf of San […]
Enel Chile Reports Filing Of The 2019 Annual Report
(Enel Chile, 30.Apr.2020) â Enel Chile, announced its 2019 Annual Report on Form 20-F has been filed with the United States Securities and Exchange Commission on April 30th, 2020. Enel Chile is a company engaged in the electricity generation, distribution and services businesses in Chile through Enel GeneraciĂłn Chile S.A., […]
Ecopetrol Exploration Activities Update
(Ecopetrol, 30.Apr.2020) â It is the first link in Ecopetrolâs value chain. Its main objective is to explore, discover and appraise commercially viable hydrocarbon accumulations, seeking to ensure the reserve replacement required for the sustainability of the Ecopetrol Group. To centralize, unify and manage hydrocarbon exploration activities, Ecopetrol has an […]
Global LNG Demand Resilient Amid COVID-19
(IHSMarkit, 30.Apr.2020) â The COVID19 pandemic has led to lockdowns across the globe and severe downgrades for short-term macroeconomic indicators. A major re-evaluation is needed for the supply and demand of each traded commodity and LNG is no exception. It is clear that natural gas demand will be negatively affected, […]
Pemex Posts Massive $23.6bn 1Q:20 Loss
(Reuters,30.Apr.2020) â Mexican state oil company Pemex on Thursday said it had posted a $23.6 billion (562.13 billion peso) loss in the first quarter due to falling crude prices as well as a sharp drop in the value of the peso during the first three months of the year. The […]
Aker Solutions ASA: First Quarter Results 2020
(Aker, 30.Apr.2020) â Aker Solutions reported first-quarter revenue of NOK 6.5 billion, a decline of 10 percent compared with the first quarter 2019, as the impact of the COVID-19 outbreak and sharp decline in oil prices impacted activity levels. 1Q 2020 Financial Highlights — Revenue NOK 6.5 billion — EBITDA […]