(Petrobras, 29.Jan.2020) â Petrobras discloses that its proved oil, condensate and natural gas reserves according to SEC (US Securities and Exchange Commission) regulation were estimated at 9.590 billion barrels of oil equivalent (boe), as of December 31, 2019, as displayed in Table 1. Changes in proved reserves in billion barrels […]
Petrobras On Collective Action In The Netherlands
(Petrobras, 29.Jan.2020) â Petrobras, further to the press release dated September 19, 2018, announces that the District Court of Rotterdam (the Court) today considered some issues and asked additional questions to the parties regarding the collective action filed by Stichting Petrobras Compensation Foundation (the Foundation) in the Netherlands against Petrobras […]
Petrobras Approves New Board Member
(Petrobras, 29.Jan.2020) â Petrobras reports that its Board of Directors, in a meeting held today, approved the appointment of Mrs. Maria ClĂĄudia GuimarĂŁes for the position of member of the company’s Board of Directors. This appointment will be submitted to the next General Shareholders’ Meeting to be held. Mrs. Maria […]
Petrobras On Corporate Governance Program
(Petrobras, 29.Jan.2020) â Petrobras reports that it has requested today its withdrawal from the Corporate Governance Program for State-Owned Companies of B3 (Program). Petrobras’ adhesion to the Program took place on 08/08/2017. After that, the company continued to evolve in the improvement of its governance practices, having adhered to the […]
Pemex’s Romero Pushes For Control Over Zama
(Reuters, 29.Jan.2020) â Mexicoâs state oil company Petroleos Mexicanos wants operational control over a major offshore oil area discovered by a consortium of private companies before development gets underway, its top official said on Wednesday. Pemex Chief Executive Officer Octavio Romero told a news conference the company believes most of […]
Petrobras Comments On Corporate Governance
(Petrobras, 29.Jan.2020) â Petrobras has requested its withdrawal from the Corporate Governance Program for State-Owned Companies of B3 (Program). Petrobras’ adhesion to the Program took place on 08/08/2017. After that, the company continued to evolve in the improvement of its governance practices, having adhered to the special Level 2 Corporate […]
Karoon Starts Drilling In Peru At Marinaâ1 Well
(Karoon, 28.Jan.2020) â Karoon Energy Ltd announced the Stena Forth Drillship has commenced the drilling of the Marinaâ1 exploration well located in Block Zâ38 Tumbes Basin, Peru. The wholly owned, Karoon subsidiary, KEI (Peru Zâ38) Sucursal del Peru is the operator and has a 40% net interest in Block Zâ38. […]
Venezuela Lawmakers Eye Private Sector Oil Role
(Reuters, 28.Jan.2020) â A group of Venezuelan lawmakers backed by the ruling Socialist Party are exploring ways to increase the participation of private companies in the OPEC nation’s oilfields, one of the legislators said in an interview on Tuesday. Lawmakers calling themselves opponents of President Nicolas Maduro on Jan. 5 […]
ExxonMobil Tallies 16th Find Offshore Guyana
(NGI, 28.Jan.2020) â ExxonMobil, which rode the wave for worldwide exploration last year in part because of the prolific Guyana portfolio, announced another discovery offshore the South American country, where recoverable resources already were estimated at more than 8 billion boe. ExxonMobil said Monday it clinched the 16th discovery in […]
Pemex Underwhelming At Priority Fields
(Natural Gas Intelligence, 28.Jan.2020) â Mexican national oil company PetrĂłleos Mexicanos (Pemex) is behind schedule at the 20 fields it deemed last year as âhigh priorityâ and crucial to reversing years of decline in hydrocarbons production, according to upstream regulator ComisiĂłn Nacional de Hidrocarburos (CNH). So far, 17 of the […]
Venezuela Weighs Privatizing Oil
(Bloomberg, 27.Jan.2020) â Facing economic collapse and painful sanctions, the socialist government of Venezuelan President Nicolas Maduro has proposed giving majority shares and control of its oil industry to big international corporations, a move that would forsake decades of state monopoly. Maduroâs representatives have held talks with Russiaâs Rosneft PJSC, […]
ExxonMobil Ups Guyana Recoverable Resources
(ExxonMobil, 27.Jan.2020) â ExxonMobil has increased its estimated recoverable resource base in Guyana to more than 8 billion oil-equivalent barrels and made a further oil discovery northeast of the producing Liza field at the Uaru exploration well, the 16th discovery on the Stabroek Block. — Stabroek Block recoverable resources increased […]
Hess Announces Oil Discovery At Uaru
(Hess, 27.Jan.2020) â Hess announced another oil discovery offshore Guyana at the Uaru well, the 16th discovery on the Stabroek Block. The company also announced an increase in the estimated gross discovered recoverable resources for the block to more than 8 billion barrels of oil equivalent, up from the previous […]
IOCs To Press On With Vaca Muerta Projects
(S&P Global Platts, 27.Jan.2020) â Equinor, Shell and Total vowed to press on with projects in Vaca Muerta, even as policy uncertainty and price controls make it harder to plan investment in Argentina’s biggest shale play, raising concerns of a slowdown in oil and natural gas production growth. Representatives of […]
PDVSA Total Debt Remained Unchanged In 2019
(Reuters, 27.Jan.2020) â Venezuelaâs state-run oil company PDVSA said its financial debt fell less than 0.1% in 2019 from the prior year to some $34.5 billion, though it remained in default on its bonds as sanctions freeze it out of the global banking system. PDVSA, which is short for Petroleos […]
PDVSA refineries Amuay and Cardon shuttered
CARACAS, VENEZUELA (By S&P Global Platts, 27.Jan.2020, Words: 249) â PDVSA has shut down its last two operating refineries in Venezuela, closing its Amuay and Cardon facilities at the Paraguana Refining Center (CRP), the largest refining complex in the country, according to a technical report seen Monday by S&P Global […]
Colombia Oil Investment To Rise 23% This Year: ACP
(Reuters, 27.Jan.2020) â Investment in Colombiaâs oil industry is set to grow by 23% in 2020, the private oil producers association said on Monday, although production will be effectively flat, increasing just 0.5% compared with the previous year. Investment in the Andean countryâs oil and gas industry this year will […]
Colombia 2020 Oil Flow Seen Flat, CAPEX Up: ACP
(Argus, 27.Jan.2020) â Investment in exploration and production in Colombia will grow by an estimated 23pc to $4.97bn in 2020, but crude production will remain flat at around 890,000 b/d compared with last year, according to an annual industry survey conducted by Colombia’s oil chamber (ACP). Exploration investment will climb […]
Brazil To Discuss OPEC With Saudi Arabia In July
(S&P Global Platts, 24.Jan.2020) â Brazil will discuss potential cooperation with OPEC on the sidelines of a Group of 20 event scheduled to be held in Saudi Arabia later this year, the country’s Mines and Energy Ministry said in a statement this week. Mines and Energy Minister Bento Albuquerque will […]
PDVSA PetroPiar President Eyes Higher Output
(Energy Analytics Institute, Aaron Simonsky, 24.Jan.2020) â PDVSA PetroPiar President Gabriel Carmona and executives from the mixed companyâs management team help meetings to discuss ways to accelerate administrative and operational processes related to the companyâs Operational Bare Center (COB) and San Remo. The meetings addressed ways to increase PetroPiarâs oil […]
Guyana â The Worldâs Newest Oil Producer
(IHSMarkit, 24.Jan2020) â In an environment of oil supply glut, a new player entered the scene. Guyana, a nation bordering Venezuela and Brazil – two countries with large oil reserves – has established itself as an oil producer as of 20 December with the first crude production from Liza (Phase […]
EP PetroEcuador Inks La Esperanza Aqueduct Deal
(Energy Analytics Institute, Piero Stewart, 23.Jan.2020) â An inter-institutional agreement between EP PetroEcuador and the municipalities of Manta, JaramijĂł and Montecristi aims to provide a solution to problems related to the La Esperanza aqueduct. Ecuadorâs government — through state oil company PetroEcuador — and in coordination with the aforementioned municipalities, […]
Guyana Searches For Firm To Trade Its Crude
(Reuters, 23.Jan.2020) â Guyanaâs government next month plans to begin a search for an oil company or trading firm to market its share of the South American countryâs crude, the director of the Department of Energy, Mark Bynoe, said in an interview. The government is entitled to a portion of […]
Brazil Breaks Oil Production Record
(Oilprice.com, 23.Jan.2020) â Brazil produced more than 1 billion barrels last year, the first time it has breached the 1-billion-barrel mark, Reuters reports, citing the countryâs oil regulator, ANP. The daily average stood at 3.106 million bpd, up 7.78 percent on 2018, ANP also said. More than half of the […]
Petrobras Starts Non-binding Phase Of BSBios Sale
(Petrobras, 23.Jan.2020) â Petrobras, following up on the release disclosed on 20 December 2019, informs the beginning of the non-binding phase related to the sale of all shares of BSBios IndĂșstria e ComĂ©rcio de Biodiesel Sul Brasil S/A (BSBios) by its wholly-owned subsidiary Petrobras BiocombustĂveis S.A. (PBio). Potential buyers qualified […]
Petrobras Announces BNDES Equity Secondary Offering
(Petrobras, 22.Jan.2020) â Petrobras announced today that Banco Nacional de Desenvolvimento EconĂŽmico e Social â BNDES (the âSelling Shareholderâ) has commenced an offering of up to 734,202,699 common shares, without par value, of Petrobras (the âCommon Sharesâ), including Common Shares represented by American depositary shares, each of which represents two […]
Petrobras On Unfavorable CARF Decision
(Petrobras, 21.Jan.2020) â Petrobras announced the Higher Chamber of the Administrative Tax Appeals Council (CARF) issued an unfavorable decision, by a casting vote, on an administrative tax proceeding which deals with the collection of PIS/COFINS – Import tax regarding remittances abroad for the payment of charters contracts in the calendar […]
ENAP Magallanes Drilled 35 Wells In 2019
(Energy Analytics Institute, Aaron Simonsky, 20.Jan.2020) â During 2019 ENAPâs Magallanes division drilled 35 new wells, most of them in Tierra del Fuego. Based on this drilling program, the company maintaining production of 3 million cubic meters per day (MMcm/d) of natural gas, fulfilling regional supply commitments, ENAP announced in […]
President Updates On Trafigura Subscription
(President Energy, 20.Jan.2020) â President Energy plc reports on subscription for new ordinary shares by Trafigura, conversion of debt into equity and immediate reduction of debt by $5.95 million and potentially up to $14.8 million. TRANSACTION HIGHLIGHTS: — The international commodity trader Trafigura has agreed to take a significant stake […]
Touchstone Updates On Cascadura-1ST1 Well Testing
(Touchstone, 20.Jan.2020) â Touchstone Exploration Inc. provided an exploration update, highlighted by the first stage of production testing of the Cascadura-1ST1 well on the Ortoire exploration block, onshore in the Republic of Trinidad and Tobago. The Cascadura-1ST1 production test was designed to evaluate a potential oil zone as indicated by […]
Guaido Rubbing Elbows In Surprise Foreign Trip
(Argus, 20.Jan.2020) â The US government is hoping a high-profile international tour by Venezuelan opposition leader Juan Guaido will re-inject momentum into its protracted campaign to unseat President Nicolas Maduro. Guaido turned up in Colombia today in the initial leg of his first journey outside Venezuela since an ill-fated February […]
Oil Tanker Arrives To Export Guyana’s First Oil Lift
(Jamaica Observer, 19.Jan.2020) â The Marshall Islands registered crude oil tanker, Yannis P , has arrived here as the country will soon lift the first one million barrels of crude from the Stabroek Block offshore Guyana. Production in Guyana commenced on December 20, last year, less than five years after […]
Shell Approved For New Gas Development
(Newsday, 19.Jan.2020) â Shell TT has announced a final investment decision (FID) on the development of Block 5C (Barracuda) in the East Coast Marine Area (ECMA). Barracuda is a greenfield (new) gas development and will involve a two-well subsea tie-back to existing infrastructure in the ECMA, helping grow and sustain […]
Oil Is The Only Way Back Up For Venezuela
(Oilprice.com, 19.Jan.2020) â Thereâs only one path to rebuilding Venezuela, and itâs paved with oil. For the time being, that path leads nowhere. The key to controlling everything now lies with the National Assembly, the only body with the power to hand out oil licensesâand Maduroâs recent scheme to retake […]
Pemex Head Visits Xikin, Xanab And Tlacame
(Energy Analytics Institute, Jared Yamin, 19.Jan.2020) â Officials with Mexico’s state oil company Petroleos Mexicanos (Pemex) visited three wells: Xikin, Xanab and Tlacame 3. The latter was drilled using the KukulkĂĄn platform, owned by Pemex and operated 100% by Pemex employees. © Energy Analytics Institute (EAI). All Rights Reserved. ***
How Important Is The Suriname Oil Discovery?
(Oilprice.com, 18.Jan.2020) â The discovery of the Maka field in offshore Suriname will become one of the main upstream stories of 2020, bringing Suriname onto the international oil map, potentially spawning a new race for the Dutch-speaking countryâs still unallotted license blocks and concurrently boosting the investment potential of Guyana […]
SunCoke Energy Announces 4Q:19 Earnings Date
(SunCoke, 16.Jan.2020) â SunCoke Energy, Inc. plans to release its fourth quarter 2019 financial results and 2020 guidance on Wednesday, January 29, 2020, before trading opens on the New York Stock Exchange. SXC will host its quarterly earnings call at 10:00 am ET on January 29, 2020. The conference call […]
YPFB, Ministry To Move VPACF to Villa Montes
(Energy Analytics Institute, Ian Silverman, 17.Jan.2020) â Dialogue between authorities from Boliviaâs Hydrocarbon Ministry, state oil company Yacimientos PetrolĂferos Fiscales Bolivianos (YPFB) and local representatives from the autonomous Gran Chaco regions of Yacuiba, Carapari and Villa Montes, concluded with creation of a technical commission to address the administrative, budgetary and […]
Chevron Gets 4th Reprieve From Venezuela Sanctions
(Argus, 17.Jan.2020) â Washington will allow Chevron and four US oil field service providers to continue operating in Venezuela until 22 April by granting a fourth waiver late yesterday from US sanctions imposed almost a year ago on the Opec country. The US Treasury Department sanctions enforcement arm, the Office […]
Petrobras Starts Non-binding Phase For TAG Sale
(Petrobras, 17.Jan.2020) â Petrobras, following up on the press release disclosed on 12/11/2019, announces the beginning of the non-binding phase related to the sale of its remaining stake (10%) in Transportadora Associada de GĂĄs S.A. (TAG). Potential buyers qualified for this phase will receive a descriptive memorandum with more detailed […]
Regulator Green Lights Star Phoenix Asset Sale
(Alliance News, 17.Jan.2020) â Star Phoenix Group Ltd said Friday the Trinidad & Tobago state oil and gas firm has approved the sale of Range Resources Trinidad Ltd to LandOcean Energy Services Co Ltd. Shares in the oilfield services firm, formally known as Range Resources, were down 17% in London […]
Venezuela Oil Exports Accelerate
(Argus, 16.Jan.2020) â Venezuela kicked off the new year with at least 730,000 b/d of crude exports, led by several India-bound cargoes, according to local and international shipping data obtained by Argus. In the first half of January, a half dozen tankers loaded at state-owned PdV’s Jose terminal, most recently […]
GeoPark Closes Amerisur Acquisition
(GeoPark, 16.Jan.2020) â GeoPark Limited closed the previously announced acquisition of Amerisur Resources Plc. GeoPark acquired the entire issued share capital of Amerisur for a total cash consideration of approximately $314 million (approximately ÂŁ242 million at an offer price of 19.21 pence per share). The Company is funding the transaction […]
Colombia Boosts Monitoring To Curb Deforestation
(Reuters, 16.Jan.2020) â Colombiaâs environment minister said on Thursday the Andean country will increase monitoring of its jungles and forests to fight deforestation and protect the species that call these areas home. Colombia, home to glacial mountain peaks, the northern part of the Amazon jungle and other ecosystems, is one […]
Soesdyke Youth First To Test Guyanaâs Oil
(Stabroek News, 16.Jan.2020) â A Guyanese offshore laboratory technician will go down in history as the person to test the first sample of Guyanese crude oil as it came through the Liza Destiny Floating, Production, Storage and Offload-ing (FPSO) vessel. According to an ExxonMobil release yesterday, Shivnarine Outar, a laboratory […]
Payment Demands In Crypto Pauses Some Oil Purchases
(Bloomberg, 16.Jan.2020) â Some buyers of Venezuelan crude oil have halted purchases after the country started demanding payment of port fees in its failed cryptocurrency. Exports of at least 1 million barrels of oil were put on hold after the government announced this week that certain maritime fees, currently paid […]
Petrobras Downplays Sale Of BR Distribuidora
(Petrobras, 16.Jan.2020) â Petrobras, with regards to news published in the media, referring to the sale of its stake in BR Distribuidora S.A. (BR), clarifies that the information that a possible subsequent offer of shares will take place in February and that the banks that will coordinate the operation have […]
China Scaling Back Economic Support For Maduro: Envoy
(Reuters, 15.Jan.2020) â The Trump administrationâs envoy on Venezuela said China appears to be scaling back economic support for President Nicolas Maduro, and Beijing acknowledged a diminishing role largely due to U.S. sanctions against the OPEC nation. As Chinaâs economic activities have declined, Maduro and his socialist government are becoming […]
Tullow Announces Update And Guidance
(Tullow, 15.Jan.2020) â Tullow Oil plc issued this update and guidance in advance of the Groupâs 2019 Full Year Results. âTullow has ended 2019 with average production of 86,700 bopd and free cash flow generation of c.$350 million. Since our December announcement, Tullowâs senior team has been working hard on […]
Petrobras Starts EspĂrito Santo Basin Teaser
(Petrobras, 15.Jan.2020) â Petrobras started the opportunity disclosure stage (teaser), referring to the sale of its entire stake in two sets of deep-water post-salt offshore concessions, namely Golfinho Cluster and Camarupim Cluster, located in the EspĂrito Santo Basin. The teaser, which includes key information about the opportunity, as well as […]