(Rosneft, 28.Mar.2020) — Rosneft announces the termination of its operations in Venezuela and the disposal of its assets, related to operating in Venezuela. Today Rosneft concluded an agreement with the company 100% owned by the Government of Russian Federation, to sell all of its interest and cease participation in its […]
Mexico’s Oil Export Price Down To $13.01/bbl – Pemex
(Reuters, 27.Mar.2020) — The price of Mexico’s oil export basket fell to $13.01 per barrel on Friday, down 11.32% from $14.67 per barrel the previous day, state oil company Pemex said. (Reporting by Adriana Barrera; Writing by Daina Beth Solomon) ***
Falling LatAam Fuel Demand Leaves Hurt US Refiners
(Reuters, 27.Mar.2020) — Demand for refined products in Latin America is quickly drying up as the coronavirus pandemic worsens, leaving U.S. refiners without their primary export destination as the virus spreads. The crisis has nearly shut down worldwide air travel and is destroying fuel demand, which could fall by 15% […]
Petrobras Reports On New Candidates
(Petrobras, 27.Mar.2020) — Petrobras reports that has received the nomination of one more name for the Board of Directors. Thus, pursuant to the CIRCULAR LETTER/CVM/SEP/Nº02/2020, discloses the names of candidates nominated by the controlling shareholder, represented by the Federal Union, to the Board of Directors (BD) and Fiscal Council (FC), […]
Which Supply Is Most At Risk Of Shut-in?
(WoodMac, 27.Mar.2020) — The coronavirus pandemic is reducing oil demand. The OPEC+ production restraint agreement fell apart on 6 March and Saudi Arabia is rapidly increasing supply. The result: Brent crude has plunged to less than US$30/bbl. This will have a significant impact on currently producing fields and future supply. […]
Citgo Foundation To Support Covid-19 Efforts In Venezuela
(Citgo, 26.Mar.2020) — The Simón Bolívar Foundation Inc. (SBF), the non-profit, private foundation of Citgo Petroleum Corporation, is launching a special round of its small grants program to help alleviate the damaging effects of the Covid-19 crisis in Venezuela. Non-profit organizations working in Venezuela are critical right now, given the […]
Petrobras’ Divestment Push Challenged By Oil Price War
(Reuters, 26.Mar.2020) — A move by Brazil’s Petrobras on Thursday to slash output, capital spending and dividends brings the state-run oil firm into alignment with global rivals confronted with a global pandemic and a plunge in crude prices. But a cloud remains over the company’s ambitious divestment drive, which is […]
Petrobras Cuts Capex, Output By 100,000 B/D
(Petrobras, 26.Mar.2020) — Petrobras hereby provides an update to the market on the measures that have been taken by the company in view of the impacts of the COVID-19 (coronavirus) pandemic and the oil prices shock. The company announced a range of measures to preserve the health of its employees […]
EP PetroEcuador Reinforcing Security Measures At El Chorrillo
(Energy Analytics Institute, Piero Stewart, 26.Mar.2020) — EP PetroEcuador is reinforcing security measures at its facilities to face the country’s health emergency, including measures at the El Chorrillo LPG Storage and Distribution terminal located in Guayas province, which continues with its LPG delivery operations. EP PetroEcuador has ordered that minimum […]
Belov Engenharia To Operate Dive Vessels For Petrobras
(Robert Allan, 26.Mar.2020) — A renewed wave of investments in the Brazilian offshore industry has appeared on the horizon kindling the demand for new highly specialized vessels such as a new Robert Allan Ltd. design of the RAlly family. Underwater service providers play a major role in maintaining offshore assets, […]
Touchstone Updates On Trinidad Operations
(Touchstone, 26.Mar.2020) — Touchstone Exploration Inc. reports its operating and financial results for the three months and year ended December 31, 2019. Selected information is outlined below and should be read in conjunction with Touchstone’s December 31, 2019 audited consolidated financial statements, the related Management’s discussion and analysis and Annual […]
Canadian Solar Reports Financial Results
(Canadian Solar, 26.Mar.2020) — Canadian Solar Inc. announced its financial results for the fourth quarter and full year ended December 31, 2019. Fourth Quarter 2019 Highlights — Total module shipments were 2.5 GW, compared to 2.4 GW in the third quarter of 2019 and fourth quarter 2019 guidance of 2.3 […]
Brazil’s Petrobras On Dividend Payment
(Petrobras, 26.Mar.2020) — Petrobras informs that its Board of Directors, in a meeting held yesterday, approved the change in the date of payment of the remaining remuneration to the shareholders in the form of dividends for the year 2019, which was subject to the resolution of the Annual General Meeting, […]
Ecopetrol General Shareholders’ Meeting
(Ecopetrol, 25.Mar.2020) — In accordance with the authorizations and recommendations provided by the Colombian Financial Superintendence and the Superintendence of Companies, the President of Ecopetrol S.A. (the “Company”) is permitted to publicize the call notice published on February 25, 2020 and its reminder published on March 22, 2020 in order […]
CNOOC: Production And Reserves Hit Record
(CNOOC, 25.Mar.2020 — CNOOC Limited announced its 2019 annual results for the year ended December 31, 2019. In 2019, CNOOC Limited has achieved remarkable results, with multiple operating indicators reached a record level since its listing. Total net oil and gas production of the Company amounted to 506.5 million barrels […]
YPF Inks Deals With Ministries For Truckers
(Energy Analytics Institute, Aaron Simonsky, 25.Mar.2020) — YPF President Guillermo Nielsen signed an agreement with the representatives from Argentina’s ministries of Transportation, Security, Health, Interior and Agriculture, Livestock and Fisheries; the National Commission for Transport Regulation; and the National Federation of Truck Workers, among other entities of the sector, to […]
Petrobras BODs Oks Creation Of Logistics Office
(Petrobras, 25.Mar.2020) — Petrobras reports that its Board of Directors, in a meeting held today, approved the creation of the Logistics Office and the election of André Barreto Chiarini to the respective position of Chief Logistics Officer. The Board of Directors also approved the dissolution of the Corporate Affairs Office […]
YPF Head Warns Of Difficult Times
(Energy Analytics Institute, Aaron Simonsky, 24.Mar.2020) — The effects of social, preventive and compulsory isolation are beginning to be reflected in the drop in energy consumption, announced YPF CEO Daniel González in a video shared with employees of the Argentine oil company, and in which he warned the company’s income […]
Guyana’s New Oil Economy Under Pressure
(Bloomberg, 24.Mar.2020) — When Exxon Mobil Corp. came to Guyana, the US oil giant brought with it the promise of extraordinary economic growth. Now the tiny South American country is embroiled in a bitter battle over who might control that wealth just as the crude starts to flow. In November, […]
Fuel Trickling Into Venezuela, Oil Loading
(Argus, 24.Mar.2020) — Some gasoline is trickling into Venezuela, while a few crude cargoes are still getting out, but the volumes and revenue are dwarfed by the US-sanctioned country’s dire need for fuel and revenue to check the galloping coronavirus. According to shipping sources inside and outside Venezuela, current port […]
LatAm NRG Producers Sweat To Cover Costs
(Reuters, 24.Mar.2020) — A price war between the world’s oil powerhouses is leaving many producers in Latin American struggling to cover production costs, boosting chances of output cuts and investment delays in coming months. Global oil price benchmarks have had their steepest declines in decades in a perfect storm of […]
First Quantum Eyes Stake Sale In Panama Mine
(Reuters, 24.Mar.2020) — Miner First Quantum Minerals FM.TO is considering selling a minority stake in its flagship Cobre Panama copper mine to reduce debt, two banking sources familiar with the discussions said. First Quantum’s possible move comes as global miners scramble to bolster finances strained by the coronavirus pandemic, which […]
Sempra’s Virtual Investor Day Focuses On Resilience
(Sempra, 24.Mar.2020) — Sempra Energy’s senior management team is providing an update on the company’s business strategy on an Investor Day conference call, including details on the company’s five-year capital plan, projected rate base growth, segment-level earnings guidance and planned improvements to balance sheet strength. “In the midst of a […]
LNG Exports Sink In Quarantined Peru
(Argus, 24.Mar.2020) — Peru’s natural gas production has been steadily declining and the Peru LNG plant has been idle since the government issued a national lockdown a week ago to prevent the spread of the new coronavirus. Gas production has fallen from 1.12bn cf/d on 15 March, the day the […]
Libre Abordo To Take Up To 15mn Bbls Of Venezuelan Oil
(Reuters, 24.Mar.2020) — Mexico’s Libre Abordo and a related company plan to take some 15 million barrels of Venezuelan crude as part of a first oil-for-food contract with President Nicolas Maduro’s government, the company told Reuters on Tuesday. Since it received its first cargo of Venezuelan oil in late 2019 […]
Talos Energy Reports Budget Reductions
(Talos, 23.Mar.2020) — Talos Energy Inc. announced updated full year 2020 financial guidance, inclusive of $170 million of reductions in capital, operating and G&A expenses. The Company will continue to evaluate additional opportunities to further reduce 2020 costs. Those reductions would be incremental to the $170.0 million already identified. Talos […]
Frontera Responds To Lower Oil Price Environment
(Frontera, 23.Mar.2020) — Frontera Energy Corporation announced responses to the lower oil price environment caused by excess global supply and the COVID-19 pandemic, which includes a reduction in the 2020 capital plan and acceleration of cost savings initiatives. In connection with these cost savings initiatives, and in an effort to […]
China’s Oil Reserves To Reach 1.15bn Barrels In 2020
(WoodMac, 23.Mar.2020) — Wood Mackenzie’s latest analysis reveals that China’s crude stock (including strategic and commercial petroleum reserves) could reach 1.15 billion barrels in 2020, equivalent to 83 days of oil demand. Wood Mackenzie senior consultant Lei Sun said: “Major crude oil importers such as China have been known to […]
Staatsolie Issues $195mn International Bond
(Staatsolie, 23.Mar.2020) — Staatsolie Maatschappij Suriname N.V. issued a US$ 195 million bond in Suriname and Curaçao on 23 March 2020. This bond issuance is internationally listed on the Dutch Caribbean Securities Exchange (DCSX). De Surinaamsche Bank N.V. is the arranger. The listing of the 2020-2025/2027 bond on the DCSX […]
US Targets Maduro Regime With Fresh Charges
(WSJ, 22.Mar.2020) — The U.S. quietly unsealed criminal cases against two former officials at Venezuela’s state oil monopoly this month as part of what American officials say is a new round of charges and sanctions against a Maduro government they accuse of systemic corruption, narcotrafficking and stealing billions of dollars […]
Curacao Seizes PDVSA Oil Terminal In Dutch Caribbean
(Reuters, 20.Mar.2020) — Curacao state-owned oil refinery Refineria di Korsou (RdK) on Friday seized an oil storage terminal on the Dutch Caribbean island of Bonaire over a payment dispute with Venezuela’s state-run PDVSA oil firm, a RdK official said. Curacao will seek Dutch court approvals to sell Bonaire Petroleum Corp […]
Tullow Writes Off Jamaican Oil Exploration Licence
(Jamaica Gleaner, 20.Mar.2020) — Tullow Oil Plc has fully written off its oil exploration licence for the Walton-Morant Basin offshore Jamaica, on which it has taken a US$36-million hit. The write-off relates to what the company indicated in its most recent earnings report was the relinquishment of the Walton-Morant licence […]
Latin America’s Spot Oil Sales Hit By Low Prices
(Reuters, 20.Mar.2020) — Spot sales of Latin America’s heavy crudes mostly dried up this week amid a demand contraction and steep slump in oil prices that left some heavy grades below the $10-per-barrel level, traders from producing companies told Reuters on Friday. Latin American crude prices have fallen by around […]
Pemex Vulnerable To Oil Prices Below $20/bbl: Fitch
(Reuters, 20.Mar.2020) — Mexico’s heavily-indebted state oil company Petroleos Mexicanos is increasingly vulnerable to low crude prices as the fast-spreading coronavirus outbreak erodes demand and sends markets tumbling, Fitch Ratings said on Friday. The ratings agency called Pemex, as the company is known, the “most vulnerable” among its peers in […]
IMF Managing Dir. Kristalina Georgieva On Argentina
(IMF, 20.Mar.2020) — At the request of the Argentine authorities and reflecting close collaboration with them, the International Monetary Fund (IMF) released today a technical note prepared by IMF staff on Argentina’s public debt sustainability. The technical note sets out staff’s views on a feasible macroeconomic framework and on Argentina’s […]
Pemex’s Maya Crude Reverses Gains: Platts
(Reuters, 20.Mar.2020) — The official selling price of Mexican state-run oil company Pemex’s flagship Maya heavy crude for U.S. Gulf Coast delivery fell by $2.89 per barrel on Friday, according pricing data from S&P Global Platts. Maya crude’s closing price stood at $15.13 per barrel, or down 16% from previous […]
Exxon, Guyana Head Toward Uncertain Future
(OilandGas360.com, 20.Mar.2020) — They are the odd couple of the global oil patch: Guyana is a poor former British sugar colony. Exxon Mobil is America’s largest oil company. They came to depend on each other after a series of extraordinary oil discoveries off Guyana’s coast transformed the small South American […]
Total Renounces Rights To Deep Water Mexican Block
(Reuters, 20.Mar.2020) — Mexico’s oil regulator approved on Friday a request by French oil company Total SA to give up its exploration and production rights to a deep water block in the southern Gulf of Mexico that the firm had won at auction in 2016. The regulator said Total decided […]
CNH On Total And Servicios Múltiples de Burgos
(Energy Analytics Institute, Jared Yamin, 20.Mar.2020) — Mexico’s National Hydrocarbons Commission (CNH) announced updates on three resolutions affecting Total E&P México, S.A. de C.V., Servicios Múltiples de Burgos, S.A. de C.V., and the first stage of the development plan for the extraction of contract CNH-R01-L02-A2 / 2015. The CNH decided […]
YPF Suspending Noncritical Activities
(Reuters, 20.Mar.2020) — Argentine state-run energy firm YPF said on Thursday it will gradually suspend activities not critical to its business, and will scale down staff to a minimum at essential operations to ensure energy supply amid the coronavirus outbreak. The company, which leads production activities in the Vaca Muerta […]
US Calls For Humanitarian Release Of Citgo 6
(Energy Analytics Institute, Piero Stewart, 19.Mar.2020) — The US calls for humanitarian release of wrongfully detained Americans in Venezuela. © Energy Analytics Institute (EAI). All Rights Reserved. ***
Industry Slashes Spending As Price Rout Deepens
(WoodMac, 19.Mar.2020) — Survival mode has returned to the oil and gas sector as the oil price rout deepens. Corporate financials are in better shape than during the 2014/2015 crash, but room for manoeuvre is limited. Can companies cope with prices this low? This crisis is very different from those […]
Caricom On Withdrawal Of Team From Guyana
(Caricom, 18.Mar.2020) — The Caribbean Community (CARICOM) deeply regrets that it has been forced to withdraw the independent High Level Team it fielded on Saturday, 14 March 2020, to supervise the re-counting of the ballots in Region 4 of the General and Regional Elections of 2 March 2020 in Guyana. […]
Petrobras On Espírito Santo Basin E&P Assets
(Petrobras, 18.Mar.2020) — Petrobras, following up on the release dated 15 January 2020, announces the beginning of the binding phase regarding the sale of its entire interest in two sets of offshore concessions, called Golfinho Cluster and Camarupim Cluster, located in deep waters, in the Espírito Santo Basin, in Espírito […]
Petrobras On Gaspetro’s Non-binding Phase
(Petrobras, 18.Mar.2020) — Petrobras, following up on the press release disclosed on February 27, 2020, regarding the sale of its entire 51% stake in Petrobras Gás S.A. (Gaspetro), announces the postponement of the deadline to qualify potential buyers for the non-binding phase for April 30, 2020. The adjusted teaser is […]
Commonwealth Group Comments On Guyana
(Commonwealth, 18.Mar.2020) — The Commonwealth Observer Group to the 2 March 2020 General and Regional Elections was constituted and deployed by the Commonwealth Secretary-General, Patricia Scotland, following an invitation from the Government of Guyana. The Group withdrew from Guyana on 15 March 2020. It is the clear and considered view […]
EP Petroecuador Says Activities Normal
(Energy Analytics Institute, Piero Stewart, 18.Mar.2020) — Ecuador’s state oil company EP PetroEcuador announced 18 March 2020 in an official statement that it guarantees normal development of its activities and operations related to the commercialization of derivatives for national and international consumption. PetroEcuador Fuel Shipments 16-19 March 2020 LIQUEFIED PETROLEUM […]
PetroEcuador Implementing Coronavirus Protocols
(Energy Analytics Institute, Piero Stewart, 18.Mar.2020) — Ecuador’s state oil company EP PetroEcuador has begun to implement office protocols to reduce the spread of coronvirus. Once Ecuador declared a health emergency, PetroEcuador began to implement safety precautions that would allow its activities to continue including those related to signing contracts […]
Gunvor Awarded Nafta Import Deal In Ecuador
(Energy Analytics Institute, Piero Stewart, 18.Nov.2020) — Ecuador’s state oil company EP PetroEcuador awarded the company Gunvor S.A. a deal for the importation of 590,000 barrels of Nafta Ron N° 80, which is used as a mixture for the manufacture of gasoline. Gunvor won the tender with a positive differential […]
YPF Reports Record One Day Fractures
(Energy Analytics Institute, Aaron Simonsky, 18.Mar.2020) — Argentina’s state oil company YPF announced positive results in regards its development of the country’s Vaca Muerta unconventional resources located in the Neuquén Basin. YPF carried out 12 fracture stages in one day, which constitutes a new milestone for the company’s unconventional operations […]