Editores LatinPetroleum

PDVSA And Eni Restart Work On Diluent Pipeline

(Energy Analytics Institute, Piero Stewart, 8.Apr.2020) — Venezuela’s state oil company Petróleos de Venezuela, S.A. (PDVSA) and the Italian oil company ENI, which comprise the Empresa Mixta Petrojunín, SA — a subsidiary of the Venezuelan Petroleum Corporation (CVP) — announced the restart of construction activities related to a diluent pipeline […]

Villavicencio Initiates VillaBici Transport Options

(Energy Analytics Institute, Piero Stewart, 7.Apr.2020) — Under the framework of World Health Day, the Villavicencio Municipal Mobility Secretariat continues with an initiative dubbed ‘VillaBici’ which provides alternative transportation options for nurses, doctors, cleaners, administrators and caretakers of health entities during the region’s fight against the spread of the coronavirus […]

Petrobras Finds Oil At Campos Basin Natator Well

(Petrobras, 7.Apr.2020) — Petrobras informs that it has identified the presence of oil in a exploratory well of the Sudoeste de Tartaruga Verde block, located in the Campos Basin. The well, informally called Natator, is located 130 km from the city of Macaé (RJ), in water depths of 1,080 meters, […]

Petrobras Approves Oil Output Of 2.1 MMb/d

(Petrobras, 7.Apr.2020) — Petrobras approved a level of oil production in Brazil for April of 2.07 million barrels per day (b/d). This new monthly production forecast already includes the reductions announced on 26 March 2020 and 1 April 2020. Thus, there will be a daily monitoring of the production projection, […]

Petrobras Cancels 2020 Shareholders’ Meeting

(Petrobras, 7.Apr.2020) — Petrobras informs that, in view of the current situation arising from the new coronavirus pandemic (COVID-19) and the restrictions imposed or recommended by the WHO and the authorities regarding displacement and meetings of people, the Company’s Board of Directors, in a meeting held today, approved the cancellation […]

S&P Changes Petrobras’ Rating To Stable

(Petrobras, 7.Apr.2020) — Petrobras informs that S&P Global Ratings Agency (S&P) has changed the company’s global credit rating outlook from positive to stable, and has kept the risk level (rating) of corporate debt at “BB-“. Yesterday the agency revised Brazil’s global credit rating outlook to stable due to the impact […]

Petrobras Sets Date To Report 1Q:20 Results

(Petrobras, 7.Apr.2020) — Petrobras reports that it will release its quarterly production and sales report on 27 April 2020 and its financial statements report on 14 May 2020, after the markets close. The company will held two webcasts (Portuguese and English) to present the results, according to the schedule below: […]

Argentina’s YPF cedes 50% interest offshore to Norway’s Equinor

(Energy Analytics Institute, Aaron Simonsky, 7.Apr.2020) — Argentina’s government authorized state oil company YPF to move forward with a transfer of a 50% interest in an offshore exploration permit to the Norwegian oil giant Equinor. Details of the deal were confirmed by Argentina’s Energy Secretariat, led by Sergio Lanziani, through […]

EP PetroEcuador Says SOTE Halted Due To Sinking

(Energy Analytics Institute, Piero Stewart, 7.Apr.2020) — EP PetroEcuador announced suspension of operations at the Sistema de Oleducto Transecuatoriano (SOTE) due to the sinking of a portion of the pipeline in a sector of San Rafael, located between the provinces of Napo and Sucumbíos. The TransEcuadorian Pipeline System, as it […]

Petrobras Says S&P Changes Global Rating Perspective

Brazil’s MME Names Energy Secretariat

(Energy Analytics Institute, Aaron Simonsky, 6.Apr.2020) — Brazil’s Ministry of Mines and Energy (MME) named José Mauro Ferreira as the agency’s new Energy Secretariat, replacing Renata Isfer. Details of the appointment were published in the 6 April 2020 edition of Brazil’s Official Gazette (DOU), the MME said in an official […]

ExxonMobil Delays Some Guyana Oil Drilling

(Argus, 7.Apr.2020) — ExxonMobil is deferring some longer-term offshore drilling in Guyana as a result of capital spending cuts, “creating a potential delay in production start-up of six to 12 months,” the US major said today. The unspecified delays will not affect current operations at the Liza field on the […]

LatAm Exploration To Be Slammed By Low Prices

(NGI, 7.Apr.2020) — At current prices, Latin American oil reserves at risk of not being developed or pushed out into the future could amount to 16 billion barrels, according to new research by IHS Markit. The analysis looked at oil-targeting projects in Latin America which had a presumed or announced […]

Exxon Could Delay Third Guyana Project

(Reuters, 7.Apr.2020) — Exxon Mobil Corp said on Tuesday the start of production at its Payara project in Guyana, its third major development in the world’s newest offshore oil hotspot, could be delayed as the company scales back spending due to the crude price crash. Payara’s startup had been slated […]

Oil Making Guyana Wealthy But Intensifying Tensions

(The New York Times, 7.Apr.2020) — On a sprawling abandoned sugar estate by the coast of Guyana, the scale of the changes sweeping across the country is immediately visible. In just a few years, enormous warehouses and office buildings servicing international oil companies have sprung up amid the shrub land, […]

Petrobras Projects Lower April Output

(Argus, 7.Apr.2020) — Brazil’s state-controlled Petrobras is projecting 2.07mn b/d of domestic oil production in April, down by 69,000 b/d from its last confirmed output level in February. The company has said that it is shutting in 200,000 b/d of production in response to the oil price crash and coronavirus-hit […]

Crisis Stricken Venezuela Faces Mounting Pressure

(Oilprice.com, 6.Apr.2020) — Over the past weeks, the Trump Administration has tightened the noose around Nicolas Maduro’s regime, increasing pressure on the country sitting on top of the world’s largest oil reserves. Venezuela is already reeling from a years-long economic disaster that has slashed its crude oil production in recent […]

Mexico To Participate In Opec+ Call

(Argus, 6.Apr.2020) — Mexico will participate in an Opec+ meeting on 9 April, the energy ministry told Argus today. “As a member of Opec+, Mexico will participate in the next meeting,” the ministry said. Mexico does not yet anticipate any cuts to production as part of a wider agreement, the […]

Equinor Reports GOM Oil Discovery

(Equinor, 6.Apr.2020) — Equinor and co-venturers Progress Resources USA Ltd and Repsol E&P USA Inc. have encountered oil in the Monument exploration well in the US Gulf of Mexico. The Monument exploration well found approximately 200 feet (c. 60 metres) of net oil pay with good reservoir characteristics in Paleogene […]

Political Battle Could Jeopardize Oil Boom

(Oilprice.com, 6.Apr.2020) — Amidst the torrent of news on the adverse impacts of COVID-19, recent developments in Guyana stand out as something of a countercurrent. In times when the entire world seems to be bracing for an impending economic catastrophe, Guyana is paralyzed by a political impasse that not only […]

IEnova To Report 1Q:20 Earnings April 22

(Sempra, 4.Apr.2020) — Sempra Energy’s Mexican subsidiary, Infraestructura Energética Nova, S.A.B. de C.V. (IEnova), plans to release its first-quarter 2020 earnings by 6 p.m. ET, 22 April 2020, in advance of a conference call with IEnova executives at 11 a.m. ET, April 23. Briefing materials also will be posted by […]

EP PetroEcuador Suspends Operations At La Libertad

(Energy Analytics Institute, Piero Stewart, 3.Apr.2020) — State oil company EP PetroEcuador announced plans to suspend activities at the La Libertad refinery located in Santa Elena province for 14 days, effective Saturday 4 April 2020, to safeguard the health of its employees. Approximately 63 technician and operative employees at the […]

Venezuela Launches Special Fuel Supply Plan

(Energy Analytics Institute, Piero Stewart, 3.Apr.2020) — Venezuela’s state-owned oil company Petróleos de Venezuela S.A. (PDVSA) activated a Special Fuel Supply Plan to counter a naval blockade by the US government, announced Venezuela’s Tareck El Aissami, president of the Presidential Commission “Alí Rodríguez Araque” for the Defense, Restructuring and Reorganization […]

Petrobras Finds Oil At Araucária Prospect

(Petrobras, 2.Apr.2020) — Petrobras informs that it has identified the presence of oil in the pioneer well of the Uirapuru block, located in the Santos Basin pre-salt. The pioneer well is located about 200 km off the coast of the city of Santos (SP), at a water depth of 1,995 […]

Venezuela Brushing Aside Oil Price Signals For Now

(Argus, 2.Apr.2020) — Venezuela’s crude production partially recovered to around 700,000 b/d at the end of March, but state-owned PdV and its foreign partners cannot afford to dismiss weaker price signals for much longer, according to industry officials inside and outside Venezuela. Output had slid to about 500,000 b/d in […]

Venezuela’s 1Q Oil Exports Fall 17% Over Year Ago

(Reuters, 2.Apr.2020) — Latin American nation’s average exports of crude and refined oil in March were the second lowest since United States imposed sanctions in January 2019. ***

Apache Reports Significant Oil Find Offshore Suriname

(Apache, 2.Apr.2020) — Apache Corporation announced a significant oil discovery at the Sapakara West-1 well drilled offshore Suriname on Block 58. The well was drilled using the Noble Sam Croft with Apache as operator holding a 50% working interest and Total holding a 50% working interest. Sapakara West-1 was drilled […]

Angel Olmeta To Retire From Citgo Petroleum BODs

(Citgo, 2.Apr.2020) — The Citgo Petroleum Corporation Board of Directors and the Citgo President and Chief Executive Officer Carlos Jordá, announced today that Angel Olmeta is retiring from the Board, effective Thursday, April 2, 2020. Angel had a long and successful career in the Venezuelan and international oil industry, occupying […]

US$210bn Of New Spend In Firing Line

(WoodMac, 2.Apr.2020) — The oil price crash has hit the upstream sector hard. Deep cuts are being made across the board, but it will have a dramatic impact on the industry’s project pipeline. Global natural resources consultancy Wood Mackenzie believes almost all pre-FID projects will be deferred. Of the 50+ […]

Triple Whammy: Oil Crash, Covid-19, LNG Oversupply

(WoodMac, 1.Apr.2020) — In its latest short-term gas and LNG outlook report, Wood Mackenzie weighs the risks coronavirus, sustained low oil prices and LNG oversupply pose to the sector this year. Wood Mackenzie research director Robert Sims said: “While the collapse of LNG prices towards US production break-evens was foreseeable, […]

‘Dead Cow’ Oil Play Set To Be Next Permian Is Now Dead

(Bloomberg, 1.Apr.2020) — Just a bit more than 3 weeks ago, the head of Argentina’s state-run driller outlined an aggressive $1.8 billion spending plan for 2020 in the country’s Vaca Muerta shale region, based on $60-a-barrel crude. With global prices starting the year above $68, it wasn’t unrealistic. Now, all […]

Petrobras On Sete Brasil Arbitration

(Petrobras, 1.Apr.2020) — Petrobras entered into a settlement agreement to end an arbitration filed by an investor in Sete Brasil Participações S.A. – under judicial reorganization, seeking compensation from Petrobras for alleged damages related to its investment in the Sondas Project. In the 1Q2020 Petrobras will revert a provision of […]

Petrobras Cuts Output By Another 100,000 B/D

(Petrobras, 1.Apr.2020) — Petrobras, following up on the release disclosed on 26 March 2020, announced that due to the contraction of oil and oil products demand it has decided to adopt new measures that comprise reduction of oil production, postponement of cash disbursement and reduction of costs. As of today, […]

Noble Looks To Drill Offshore Colombia In 2021

(Energy Analytics Institute, 1.Apr.2020) — Noble Energy expects drilling offshore Colombia to take place in 2021 at water depths close to 2,600 meters. In Colombia, Noble operates the Colombia-3 and Guajira Offshore-3 deep-water blocks with a 40% working interest. Both exploration blocks are situated in the Caribbean Sea, off Barranquilla […]

Petrobras Deepens Oil Supply Cuts

(Reuters, 1.Apr.2020) — Brazil’s Petrobras will double its oil output cuts to 200,000 barrels per day, or about 6% of total production, and shorten work hours as the state-controlled company responds to what its chief executive has called the “worse oil industry crisis in 100 years.” Petroleo Brasileiro SA, as […]

Petrobras Cuts Brazil Oil Output By 9pc

(Argus, 1.Apr.2020) — Brazil’s state-controlled Petrobras has doubled production cuts to 200,000 b/d in response to the oil price collapse. The expanded shut-ins are equivalent to just over 9pc of the company’s average domestic oil production of 2.139mn b/d in February, which was down almost 8pc compared with January, according […]

Mexico’s Oil Price Crash

(Reuters, 31.Mar.2020) — The coronavirus pandemic has roiled markets and eroded demand for crude around the world, with Mexico’s main export falling to levels last seen in 1999 ***

Latin America and the Caribbean

Chevron’s Venezuela Oil JVs Cut Fieldwork

(Reuters, 31.Mar.2020) — Chevron Corp’s joint ventures with Venezuelan state oil company Petroleos de Venezuela have cancelled service contracts and procurement processes in recent weeks, three people with knowledge of the matter said. Prices for many Latin American crude grades fell this week to the lowest in more than two […]

Maduro Highlights Need To Stabilize Oil Market

(Energy Analytics Institute, Piero Stewart, 31.Mar.2020) — Venezuela’s President Nicolás Maduro highlighted the importance of the agreements between the Organization of Petroleum Exporting Countries (OPEC) and its allies (OPEC+), as well as the need to advance in rapprochements between the organization, Russia and Saudi Arabia. “I proposed the need to […]

Kremlin Fights US Sanctions, Backs Maduro

(Bloomberg, 30.Mar.2020) — The Kremlin’s sudden shift of ownership of multi-billion-dollar oil projects in Venezuela shields oil giant Rosneft PJSC from further U.S. sanctions but keeps Moscow firmly behind embattled President Nicolas Maduro amid a wider stand-off with Washington. “Russia is not walking away from Maduro and will seek to […]

McDermott Awarded Contract By BHP

(McDermott, 30.Mar.2020) — McDermott International, Inc. has been awarded a sizeable* contract by BHP Billiton Petróleo Operaciones de México, S. De R.L. De C.V. (BHP) to provide pre-front-end engineering design (pre-FEED) services for a floating production unit (FPU) that will be installed in a water depth of approximately 8,200 feet […]

COP’s Exploration Strategy From Norway To Argentina

(ConocoPhillips, 30.Mar.2020) — ConocoPhillips’ exploration strategy emphasized flexibility and discovering new barrels accretive to its existing portfolio. The company’s 2019 exploration focused on select business units: Alaska, Lower 48, Canada, Norway and Malaysia — where existing infrastructure and experience can be leveraged. In addition to these focus areas, ConocoPhillips concentrates […]

Venezuela’s Oil Output Falls To Five-month Low

(Reuters, 30.Mar.2020) — Venezuela’s crude production ended last week at around 670,000 barrels per day (bpd), according to documents seen by Reuters and two people with access to output data, the lowest level in five months amid U.S. sanctions and falling global demand. The Orinoco oil belt, Venezuela’s largest producing […]

Latin America and the Caribbean

Petrobras BODs To Postpone Remunerations

(Petrobras, 30.Mar.2020) — Petrobras reports its Board of Directors has decided to join the initiative of the company’s Executive Board and approved the postponement of 30% of the remuneration of its members in April, May and June, for payment in September. Petrobras has already announced on 26 March 2020 the […]

Caribbean Facing Less Bright Future For Oil And Gas

(Jamaica Gleaner, 29.Mar.2020) — Just a few weeks ago it was possible for Trinidad & Tobago’s Prime Minister, Dr Keith Rowley, to indicate in a major speech, that the Caribbean as whole had a potentially very bright future as a major western hemisphere oil and gas supplier. He had good […]

Tullow’s Performance For 2019 Was “Disappointing”

(Kaieteur News, 29.Mar.2020) — The Executive Board for British exploration company, Tullow is disappointed with the operational and financial performance as well as the overall executive leadership of Tullow’s business in 2019. This was noted by the operator’s Executive Chair, Dorothy Thompson, in her statement for the company’s 2019 Annual […]

PetroPeru Continues Ops Amid Coronavirus Pandemic

(Energy Analytics Institute, Ian Silverman, 29.Mar.2020) — Personal with PetroPeru at the company’s Talara installations and others in Peru continue to work 24 hours a day with aim to ensure the supply of fuels across the South American country’s entire territory during this coronavirus health emergency, the company announced 29 […]

Ecopetrol: 2019 Earnings Distribution

(Ecopetrol, 28.Mar.2020) — Ecopetrol S.A. informs that the ordinary General Shareholders’ Meeting, held on March 27, 2020, approved the earnings distribution proposal presented for their consideration, which establishes the distribution of an ordinary dividend per share of one hundred and eighty pesos (COP$ 180). The dividend of the minority shareholders […]

Rosneft’s Venezuelan Oil Loads Cancelled – Data

(Reuters, 28.Mar.2020) — Three large crude carriers (VLCCs) chartered by units of Russian oil major Rosneft to transport Venezuelan oil left Caribbean waters empty on Saturday after the cargoes were cancelled due to sanctions, according to Refinitiv Eikon data and a document from Venezuelan state-run oil firm PDVSA. The vessels […]

Rosneft To Sell Venezuela Operations To Russian Gov’t

(S&P Global Platts, 28.Mar.2020) — Russia’s largest crude producer Rosneft said Saturday it is ceasing operations in Venezuela and selling all assets related to activities there. “Today [Saturday], Rosneft entered into an agreement with a company 100%-owned by the Russian government on the sale of shares and termination of its […]