(S&P Global Platts, 10.Feb.2020) â Brazilian state-led oil company Petrobras was cleared by a local labor court judge to hire emergency workers to maintain operations while unionized oil workers remained on the picket line for a 10th consecutive day, the company and unions said Monday. “Petrobras is in the process […]
Fact Box: Atlantic LNG Trains
(Atlantic LNG, 10.Feb.2020) â Over our years of expansion, between 1999 – 2005, we first tripled the capacity of Train 1 with Trains 2 and 3, and then nearly doubled Train 1âs capacity with the construction of Train 4. The facilityâs full capacity is 15 million tonnes per annum (mtpa) […]
US Imports Of Russian Residue Complicate Venezuela Sanctions
(Argus, 10.Feb.2020) â US Gulf Coast refiners have been increasing their imports of a crude oil residue from Russia in response to both sanctions on Venezuelan crude exports and declining prices of high sulfur fuel oil ahead of International Maritime Organization’s revamp of marine fuel sulfur regulations. The trend could […]
Guyana Aims To Agree To Oil Prices With Exxon
(Reuters, 10.Feb.2020) â Guyana is aiming to complete talks with the Exxon Mobil Corp-led consortium producing oil off its coast over crude pricing, lifting costs, and scheduling before the government exports its first cargo, energy director Mark Bynoe said on Monday. Exxon Mobil and partners Hess Corp and Chinaâs CNOOC […]
Brazil Oil Strike Drags Into Second Week
(S&P Global Platts, 10.Feb.2020) â A indefinite strike by oil workers in Brazil is dragging on despite local labor court rulings classifying the work action as politically motivated and ordering 90pc of contingency crews to report for work. On 7 February, state-controlled Petrobras said it started hiring replacement workers and […]
Trinidad Energy Conference 2020: Photojournalism
(Energy Analytics Institute, Ian Silverman, 10.Feb.2020) â Select photos from the Trinidad and Tobago Energy Conference 2020 hosted by the Energy Chamber of Trinidad and Tobago and held in Port of Spain. More photos can be found on our Instagram page. © Energy Analytics Institute (EAI). All Rights Reserved. ***
Oceaneering Awarded Well Intervention Contract By BP
(Oceaneering, 10.Feb.2020) â Oceaneering International, Inc. announced the award by units of BP p.l.c., of a contract to provide comprehensive riserless light well intervention (RLWI) services offshore Angola in Blocks 18 and 31. The value of this meaningful award is reflected in our 31 December 2019 Subsea Products backlog. In […]
Storage Constraints Prompt PdV To Consider Oil Pits
(Argus, 28.Feb.2020) â Venezuela’s PdV has exhausted its storage capacity and is now considering digging open-air pits to hold swelling stocks that US sanctions are keeping off the export market, according to multiple PdV upstream and marketing officials. A presidential commission created on 19 February to reorganize PdV has instructed […]
Rowley Comments On Loran-Manatee Deal
(Office of the PM of Trinidad and Tobago, 7.Feb.2020) â Trinidad and Tobagoâs Prime Minister the Honourable Keith Rowley provided details related to the agreement for the development of the Loran-Manatee field that straddles the maritime borders of Trinidad and Tobago and Venezuela. Statement by Dr the Honourable Keith Rowley, […]
Petrobras Reveals Fertilizer Plant Teaser
(Petrobras, 7.Feb.2020) â Petrobras has started the opportunity disclosure stage (teaser), regarding the sale of all its equity stake in its Nitrogen Fertilizer Unit III (UFN-III). The teasers, which contain key information about the asset, as well as the eligibility criteria for selection of potential participants, are available on the […]
PPGPL Acquires Twin Eagleâs Marketing Assets
(PPGPL, 7.Feb.2020) â Phoenix Park Gas Processors Limited announced its acquisition of a US entity. Effective February 1, 2020, PPGPL through its wholly owned US subsidiary, Phoenix Park Energy Marketing LLC, acquired the NGL marketing assets of Twin Eagle Liquids Marketing LLC. According to President Dominic Rampersad, âThrough this acquisition, […]
Ecopetrol And Shell To Develop Caribbean Gas
(Ecopetrol, 7.Feb.2020) â Ecopetrol S.A. and Shell, through its subsidiary Shell EP Offshore Ventures Limited, signed an agreement whereby Shell will acquire a 50% stake in Fuerte Sur, Purple Angel and COL-5 blocks, located in the Colombian Caribbean deep-water, where a new gas province was discovered including the Kronos (2015), […]
Touchstone’s Cascadura Confirms Liquids Discovery
(Touchstone, 6.Feb.2020) â Touchstone Exploration Inc. announced flowback testing of the first stage of the Cascadura-1ST1 well has been completed, confirming that the well is a significant liquids rich natural gas discovery. Highlights — Cascadura-1ST1 production testing commenced on February 4, 2020, with the first stage testing the lower most […]
Canadian Solar Acquires 47.5 MWp Portfolio In Chile
(Canadian Solar, 6.Feb.2020) â Canadian Solar Inc. announced the acquisition of a 47.5 MWp portfolio of solar projects under development in Chile. These projects will become operational in two different stages, beginning from the fourth quarter of 2020. The projects will be located in the AraucanĂa and Maule Regions of […]
Petrobras Announces Pricing Of BNDES Offering
(Petrobras, 6.Feb.2020) â Petrobras announced that on February 5, 2020, it priced the global offering by Banco Nacional de Desenvolvimento EconĂŽmico e Social â BNDES (the âSelling Shareholderâ) of 734,202,699 common shares, without par value, of Petrobras (âCommon Sharesâ), including 168,140,000 Common Shares in the form of American Depositary Shares, […]
Bolsonaro Ready To Ax Fuel Taxes
(Reuters, 6.Feb.2020) â Brazil’s President Jair Bolsonaro said he is prepared to eliminate federal fuel taxes if state governors eliminate the “ICMS” state tax on gasoline and diesel. ICMS is a tax on sales and services and applies to the movement of goods, transportation, communication services and other supplies. Earlier […]
Mexico Spent $1.37 Billion On Oil Hedge
(Reuters, 6.Feb.2020) â Mexico spent more than 25 billion pesos ($1.37 billion) on its 2020 oil hedging program, the country’s finance ministry confirmed on Wednesday after financial website Sentido Comun reported the figure. The hedging program, the world’s largest, is to insure Mexico’s revenues from oil sales against price crashes. […]
Banks Willing To Invest In Renewables
(Trinidad Newsday, 6.Feb.2020) â Caribbean banks are well aware of the potential for investing in renewable energy across the region. What is required, however, is a more streamlined approach to policy. The Caribbean is blessed not just with hydrocarbons but also major resources for renewable energy like solar, wind and […]
Frontera Announces Discovery In Colombia
(Frontera, 6.Feb.2020) â Frontera Energy Corporation provided an exploration update in relation to prospects in Colombia in the Lower Magdalena Valley, including its exploration joint venture with Parex Resources Inc. involving the VIM-1 block. Richard Herbert, Chief Executive Officer of Frontera, commented: “We are excited that the first well with our […]
PetroEcuador Renegotiates Deal With Asia’s PTT
(Energy Analytics Institute, Piero Stewart, 21.Feb.2020) â Empresa PĂșblica PetroEcuador completed negotiations with Thailand state-owned company PTT International Trading PTE. LTD. related to reprogrammed 6,480,000 barrels of crude oil, equivalent to 18 shipments of 360,000 barrels each. The volume represents estimated income of $373,705,202, since the barrels can be marketed […]
Watchdog: Exxon Guyana Deal âExploitativeâ
(Forbes, 5.Feb.2020) â As ExxonMobil kicks off production on the worldâs largest emerging oil projects, debate has intensified over the terms of contracts signed between the global oil giant and Guyana, the small impoverished South American nation that owns the offshore crude. Oil contracts are already the central issue in […]
BPTT: Matapal, Cassia C On Track
(BPTT, 5.Feb.2020) â BPTTâs Matapal and Cassia C projects are on track, according to Project General Manager Michael Daniel. Daniel gave an update on BPTTâs major projects at the companyâs booth at the Trinidad and Tobago Energy Conference on Tuesday. Cassia C is a compression project which will enable BPTT […]
Beyond The Dragon Deal
(Trinidad Newsday, 5.Feb.2020) â One of the biggest lessons we can take away from the pausing of the landmark cross-border agreement between TT and Venezuela is how our interests are inherently wrapped up with international politics. Prime Minister Dr Keith Rowleyâs confirmation on Monday that US sanctions have had an […]
McDermott Awarded Large Trinidad Project By BHP
(McDermott, 5.Feb.2020) â McDermott International, Inc. has been awarded a large* contract by BHP to provide subsea umbilicals, risers and flowlines (SURF), transportation and installation (T&I), pre-commissioning of one jacket and topsides for the Ruby Project, offshore Trinidad and Tobago. The Ruby Field resides in the Block 3(a) development area […]
Russia Sends Lavrov To Venezuela
(Reuters, 4.Feb.2020) â Russian Foreign Minister Sergei Lavrov will visit Venezuela on Friday in a show of support for President Nicolas Maduro, a socialist who Washington wants out of power. Russia has helped Maduro weather a political crisis as the United States has targeted Caracas with sanctions and, like dozens […]
Trinidad To Develop Natural Gas From Manatee Field
(Office of the PM of Trinidad and Tobago, 4.Feb.2020) â The Government will independently develop the natural gas from the Loran-Manatee field on Trinidad and Tobagoâs side of the maritime border. Prime Minister Dr the Hon. Keith Rowley made the announcement today (Monday 3rd February 2020) at the 2020 Energy […]
Petrobras Starts Binding Phase For Uruguay Assets
(Petrobras, 4.Feb.2020) â Petrobras, following up on the press release disclosed on 17 February 2020, informs the beginning of the binding phase related to the sale of 100% of the shares held by Petrobras Uruguay Sociedad AnĂłnima de Inversiones (PUSAI), a subsidiary of Petrobras, in Petrobras Uruguay DistribuiciĂłn S.A. (PUDSA). […]
Petrobras On Payment Of Interest On Capital
(Petrobras, 3.Feb.2020) â Petrobras informs that will pay, on Friday 7 February 2020, the third and fourth installments of shareholders remuneration for the 2019 fiscal year, both of those as Interest on Capital (IOC), based on shareholding positions as of 11/11/2019 and 12/26/2019, respectively, following up to the press releases […]
Petrobras Says Sale Model For Gaspetro Not Defined
(Petrobras, 3.Feb.2020) â Petrobras, in relation to the news published in the media, concerning the sale of its 51% stake in Petrobras GĂĄs SA (Gaspetro), clarifies that the sale model of the subsidiary is not yet defined. Petrobras, within the scope of its active portfolio management, has already started studies […]
Petrobras Starts Teaser For Papa-terra Field
(Petrobras, 3.Feb.2020) â Petrobras has started the opportunity disclosure stage (teaser), referring to the sale of its entire stake of the Papa-terra field, located in deepwater in the Campos Basin. The teaser, which includes key information about the opportunity, as well as the eligibility criteria for selection of potential participants, […]
Trinidad Cancels Gas Deal Over US Sanctions
(Aljazeera, 3 Feb 2020) â Trinidad and Tobago has cancelled an agreement with Venezuela for the joint development of a natural gas field straddling their maritime border because of United States sanctions on Venezuela’s state energy giant Petroleos de Venezuela SA (PDVSA). The Caribbean island nation is a major exporter […]
Petrobras’ ParĂĄ-MaranhĂŁo Basin Teaser
(Petrobras, 3.Feb.2020) â Petrobras reports that it has started the opportunity disclosure stage (teaser), referring to the sale of part of its equity interest in exploratory blocks, belonging to the BM-PAMA-3 and BM-PAMA-8 concessions, located in the ParĂĄ-MaranhĂŁo Basin. Petrobras is the operator of the blocks, with 100% stake in […]
Ecopetrol Reports Changes To Accounting Classification
(Ecopetrol, 3.Feb.2020) â Ecopetrol S.A. reports that having completed all legal and accounting analyses regarding the ruling issued by the Supreme Court of Justice dated October 30, 2019, reported by this same means, whereby the company obtained a 51.88% shareholding of INVERCOLSA, this investment will be classified in Ecopetrol S.A’s […]
Petrobras Gives Details On 2019 Annual Results
(Petrobras, 3.Feb.2020) â Petrobras reports that on February 10, after market closes, the company will release its quarterly production and sales report for 4Q19 and on February 19, also after market closes, it will disclose the financial statements report. On February 20, it will be held two conference calls/webcasts to […]
YPF Signs Preliminary Deal With Equinor And Shell
(Reuters, 31.Jan.2020) â Oil firms Equinor and Shell have signed a preliminary agreement with Argentina state energy firm YPF to acquire an additional 11% participation in the Bandurria Sur region of the vast Vaca Muerte shale field, YPF said on Friday. Vaca Muerta, which covers an area about the size […]
Equinor Strengthens Presence In Vaca Muerta
(Equinor, 31.Jan.2020) â Equinor and its partner Shell have completed a joint acquisition of the 49% interest held by Schlumberger in the Bandurria Sur onshore block in Argentinaâs NeuquĂ©n province. The consideration for each partner for their 24.5% interest is $177.5mn. The block covers around 56,000 gross acres in the […]
Schlumberger Completes Sale Of Bandurria Sur
(Schlumberger, 31.Jan.2020) â Schlumberger announced today that it has completed the sale of its 49% interest in the Bandurria Sur Block in NeuquĂ©n, Argentina to Shell Argentina S.A. and Equinor. YPF will continue as operator of the block. This divestment covers all of Schlumbergerâs interest in the Bandurria Sur shale […]
ExxonMobil Makes Fresh Guyana Discovery
(Petroleum Economist, 31.Jan.2020) â Guyanese offshore success in recent years has become almost synonymous with US giant ExxonMobilâthe hot streak of oil discoveries achieved in the countryâs waters has added 15 major finds to the firmâs roster and c.6bn bl oe in recoverable reserves. Momentum was further buoyed by the […]
Plans For An Ecuadorian LNG Terminal
(Sycar, 31.Jan.2020) â SYCAR LLC is working with a mayor LNG Trading firm for the development of a LNG import terminal for Ecuador, South America. The project includes port facilities for the berthing of an a FSRU to supply RLNG to an existing power plant and an LNG truck filling […]
Petrobras Releases Wind Power Plant Teaser
(Petrobras, 31.Jan.2020) â Petrobras has started the opportunity disclosure stage (teaser), regarding the sales of all of its equity stakes in the companies EĂłlica Mangue Seco 1 and EĂłlica Mangue Seco 2, owners of wind power generation plants. The teasers, which contain key information about the assets, as well as […]
Petrobras Starts Refinery Binding Phase
(Petrobras, 31.Jan.2020) â Petrobras, following up on the press release disclosed on 10/24/2019, informs the beginning of the binding phase related to the sale of downstream assets, which includes: Isaac SabbĂĄ Refinery (REMAN) in Amazonas, Lubrificantes e Derivados de PetrĂłleo do Nordeste (LUBNOR) in CearĂĄ, and the Shale Industrialization Unit […]
Ecopetrol Endorses Initiative To Eliminate Gas Flaring
(Ecopetrol, 30.Jan.2020) â Ecopetrol has adhered to the Bank World-let initiative called “Zero Routine Flaring by 2030”, whose goal is to eliminate the routine flaring of gas in the oil and gas fields as soon as possible and no later than 2030. The initiative, which was introduced by the World […]
Argentina Extends Diesel, Gasoline Frice Freeze
(Argus, 30.Jan.2020) â Argentina’s government said Thursday it has extended a freeze on diesel and gasoline prices until the end of February, as it tries to reel in one of the highest inflation rates in the world. The freeze had been due to end Friday, but the country’s president, Alberto […]
Trinidad And Tobago Energy Conference 2020
(Energy Chamber, 30.Jan.2020) â The Trinidad and Tobago Energy Conference is the major annual conference of the energy sector in Trinidad and Tobago. The conference is one of the largest and most respected in the region. In 2020, the theme of the conference will be âShaping the Caribbeanâs Energy Futureâ. […]
Equinor Awards FEED Contract For Bacalhau Field
(Schlumberger, 30.Jan.2020) â Schlumberger announced an award to Subsea Integration Alliance of an exclusive contract by Equinor for the front-end engineering design (FEED) on its Bacalhau (formerly CarcarĂĄ) project offshore Brazil. The contract scope brings together field development planning, project delivery and total life cycle solutions under an extensive technology […]
MODEC Inks Deal By Equinor For FPSO For Brazil Field
(Modec, 30.Jan.2020) â Modec Inc. has signed a Sales and Purchase Agreement (SPA) with Equinor Brasil Energia Ltda, a subsidiary of Equinor ASA, to supply a Floating Production Storage and Offloading (FPSO) vessel for the Bacalhau (formerly CarcarĂĄ) field offshore Brazil. Modec was awarded a Pre-Front End Engineering Design (Pre-FEED) […]
YPF Deepens Partnership With Equinor And Shell
(Energy Analytics Institute, Aaron Simonsky, 31.Jan.2020) â The presidents of YPF, and European companies Equinor and Shell meet to discuss the scope of signed agreements and plans for the development of the Bandurria Sur Block. Executives participating the discussions included: YPF President Guillermo Nielsen, Equinor President Nidia Ălvarez Crogh, Shell […]
MODEC Moves On With FPSO Charter For Marlim Field
(MODEC, 30.Jan.2020) â MODEC, Inc. (“MODEC,” head office: Chuo-ku, Tokyo; President & CEO: Yuji Kozai), Mitsui & Co., Ltd. (“Mitsui,” head office: Chiyoda-ku, Tokyo; President & CEO: Tatsuo Yasunaga), Mitsui O.S.K. Lines, Ltd. (“MOL,” head office: Minato-ku, Tokyo; President & CEO: Junichiro Ikeda) and Marubeni Corporation (“Marubeni,” head office: Chuo-ku, […]
Equinor Awarded Brazilian Contracts
(Equinor, 30.Jan.2020) â Equinor has, on behalf of the partners ExxonMobil and Petrogal Brasil entered into Front End Engineering and Design (FEED) contracts with early commitments and pre-investments for phase 1 of the Bacalhau (formerly CarcarĂĄ) area in Brazil. Contractors have been selected for both the SURF (Subsea, Umbilical, Risers […]
Guyanaâs Burgeoning Oil Wealth Kindles Contract Row
(S&P Global Platts, 30.Jan.2020) â ExxonMobil’s growing oil discoveries offshore Guyana are amplifying domestic calls for a review of production-sharing contract terms on the eve of the small South American country’s first elections as an oil exporter. Opposition political parties vying to unseat the ruling coalition in 2 March parliamentary […]