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Tullow Shares Drop On Carapa Well Doubts

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(Reuters, 2.Jan.2020) — Shares of Tullow Oil dropped by nearly a fifth on Thursday as the Africa-focused oil producer’s update on the commercial viability of its new well offshore Guyana disappointed investors. Tullow said the Carapa well in the Kanuku offshore block contains oil with less than 1% sulphur content […]

Tullow Slumps On Guyana Oil Find News

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(Bloomberg, 2.Jan.2020) — Tullow Oil Plc discovered light oil at its Carapa-1 well in Guyana, but the reservoir was smaller than the troubled company had expected prior to drilling. Shares fell as much as 20%. The independent oil producer’s first discovery of the new year comes after a calamitous 2019 […]

Tullow Announces Carapa-1 Well Result

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(Tullow, 2.Jan.2020) — Tullow Oil plc announces that the Carapa-1 exploration well, drilled on the Kanuku licence offshore Guyana, has encountered approximately four metres of net oil pay based on preliminary interpretation, and has extended the prolific Cretaceous oil play into the Group’s Guyana acreage. Related Story: Tullow Oil plc […]

Guyana Preps For March 2020 Elections

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(Energy Analytics Institute, Ian Silverman, 1.Jan.2020) — South America’s Guyana, in preparation for elections to be held by the end of the first quarter of 2020, has opened calls for local and domestic observer groups. The initiative is “in order to enhance transparency, credibility and impartiality of General and Regional […]

Venezuela Is Quietly Ramping Up Oil Production

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(Oilprice.com, 31.Dec.2019) — If anyone is to ever write a guidebook on political survival, the skills of Venezuelan President NicolĂĄs Maduro would certainly top the contemporary charts. This autumn went relatively well for the besieged leader as the political headlines drifted towards the US-China trade wars, OPEC+ production cuts and […]

PDVSA Touts Gasoline Delivery

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(Reuters, 31.Dec.2019) — With an emoji of a flexing bicep, Venezuelan state oil company PetrĂłleos de Venezuela, S.A., or PDVSA, on Tuesday celebrated what was once a routine task in the OPEC nation: delivering gasoline. Acute gasoline shortages in much of Venezuela’s interior have in recent days reached the capital […]

Petrobras Inks Gas Deal With YPFB

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(Energy Analytics Institute, Aaron Simonsky, 30.Dec.2019) — Brazil’s state oil giant Petrobras inked a transition agreement under the natural gas supply agreement (GSA) with its Bolivian counterpart Yacimientos PetrolĂ­feros Fiscales Bolivianos or YPFB. The agreement, signed on 27 December 2019, establishes a transition period (from 1 January 2020 thru 30 […]

Pemex Closes Year Of Missed Targets

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(Argus, 30.Dec.2019) — Mexican President Andres Manuel Lopez Obrador’s pledges to put state-owned Pemex back at the center of policy have worried investors who had banked on joint public-private opportunities. But operating statistics a little more than a year after the president took office show few signs of a revitalized […]

IMO 2020 May Slow Ecuador Loan Repayment

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(Argus, 30.Dec.2019) — Possibly narrower differentials for sour crudes — under pressure from looming emissions regulations — could slow Ecuador’s repayment of its oil-backed debt and limit availability for spot market exports in the first half of 2020. Ecuador produces heavy sour Napo and medium sour Oriente crudes. It owes […]

MTBE, Ethanol Face Off In Mexico

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(Argus, 30.Dec.2019) — Mexico’s oxygenates sector — long dominated by methyl tertiary butyl ether (MTBE) — could face market pressures to move toward ethanol as an octane enhancer for gasoline in 2020. MTBE will likely continue to be the prevailing enhancer, but further expansion of private suppliers in 2020 could […]

Petrobras Finalizes Auctions Payments To ANP

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(Petrobras, 27.Dec.2019) — Petrobras today made the final payments in the amount of R$ 34.191 billion (thirty four billion one hundred and ninety one million reais), referring to the bidding rounds of the Transfer of Rights (TOR) surplus, Buzios and ItapĂș areas, 16th round under Concession Regime, block CM-477, and […]

Petrobras Informs About Pbio’s Interest In BioĂłleo

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(Petrobras, 27.Dec.2019) — Petrobras, following up on the release disclosed on 20 December 2019, announced its wholly owned subsidiary, Petrobras BiocombustĂ­vel S.A. (PBio), signed a contract for the sale of its 6.07% stake in BioĂłleo Industrial e Comercial S.A. (BioĂłleo) to 2H ParticipaçÔes SocietĂĄrias EIRELI, which holds the other 93.93% […]

EP PetroEcuador Ends Stoppage At Shushufindi

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(Energy Analytics Institute, Piero Stewart, 25.Dec.2019) — EP PetroEcuador initiated start-up activities on 25 December 2019 at the Crude Unit 2 (R2) of the Shushufindi Refinery, located in the province of SucumbĂ­os, after 48 days of scheduled maintenance work began. Work over the past two months has cost the company […]

Apache Stock Jumps On Suriname JV

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(Zacks, 24.Dec.2019) — Shares of Apache Corporation rallied more than 17% in yesterday’s trading, hitting an all-time high among the S&P 500 components, after the energy explorer teamed up with Total S.A. in Suriname. With a view to explore and develop Block 58 offshore Suriname, Apache has entered into a […]

Total Enters Suriname With 50% Stake In Block 58

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(Total, 23.Dec.2019) — Total has signed an agreement with Apache Corporation to acquire a 50% working interest and operatorship in the highly prospective Block 58 offshore Suriname, further expanding Total’s footprint in the prolific Guyana-Suriname basin. Block 58 is located on trend with the prolific discoveries in the adjacent Stabroek […]

Brazil’s Output Soars In November: ANP

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(S&P Global Platts, 23.Dec.2019) — Brazilian crude and natural gas production soared to a fresh record high in November as oil output topped 3 million b/d for the first time ever in Latin America’s largest producer, the country’s National Petroleum Agency, or ANP, said Monday. Oil companies operating in Brazil […]

Cameron LNG Facility Begins Production At Train 2

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(Sempra LNG, 23.Dec.2019) — Sempra LNG, a subsidiary of Sempra Energy, announced that Cameron LNG has begun producing liquefied natural gas (LNG) from the second liquefaction train of the export facility in Hackberry, La. “We are pleased to reach this important milestone in the development of the liquefaction facility,” said […]

EDP Closes Financing In El Salvador

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(EDP, 23.Dec.2019) — EnergĂ­a del PacĂ­fico (EDP) today announced completion of project financing for the liquefied natural gas (LNG)-to-power project currently under construction at the Port of Acajutla, El Salvador. The transformative infrastructure project brings approximately $1 billion foreign direct investment for the Central American nation, making it the largest […]

Petrobras Announces Binding Phase On E&P Assets

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(Petrobras, 23.Dec.2019) — Petrobras, following up on the release disclosed on 12/03/2019, announces that it has started the binding phase referring to the sale of its interest in two onshore exploratory blocks, located in the EspĂ­rito Santo Basin. Qualified parties for this phase will receive a process letter with instructions […]

Production Begins In Guyana

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(Exxon, 23.Dec.2019) — Today marks the start of a powerful new chapter in Guyana. On December 20, 2019, the floating production, storage and offloading  (FPSO) vessel Liza Destiny began producing oil from offshore Guyana. This milestone comes less than five years after the initial discovery of the Liza field, and […]

Oil Boom Begins In Guyana

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(Bloomberg, 23.Dec.2019) — Exxon Mobil Corp. and its partners produced the first commercial crude from Guyana, setting the small South American nation on a path to potentially vast flows of oil revenues. Output from the first phase of the offshore Liza field is expected to reach full capacity of 120,000 […]

Shushufindi-Quito Pipeline Repairs Finished

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(Energy Analytics Institute, Piero Stewart, 21.Dec.2019) — Ecuador’s state oil company EP PetroEcuador announced completion of repair work at the Shushufindi-Quito Poly-duct Pipeline within 24 hours of the initial stoppage. Related Story: Operations Halted At Shushufindi-Quito Pipeline The pipeline runs about 305.5 kilometers from the Shushufindi refinery in the province […]

Guyana’s National Petroleum Day

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(Guyana Govt, 21.Dec.2019) — Under the honest leadership of President David Granger, Guyana is finally moving in the right direction. President Granger is transforming Guyana’s economy, improving the living standards fof all Guyanese and working to unify our country. Last evening, President Granger announced that Guyana has began petroleum production, […]

Colombia Inks $2.7bn In Investment Commitments

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(ANH, 20.Dec.2019) — With 31 exploration and production (E&P) contracts subscribed and investment commitments of more than $2,714 million in 2019, the government of Colombia’s President Ivan Duque fulfills the country and continues the sector reactivation, according to Colombia’s National Hydrocarbons Agency (ANH). In a long contract subscription day, held […]

Maduro Govt Eyes Turning Point

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(Argus, 20.Dec.2019) — PdV is leaning on joint-venture partners as it looks to continue a nascent crude output revival and live up to an improved economic outlook for 2020 The US sanctions-hit government of Venezuelan president Nicolas Maduro aims to turn a corner in its struggle to maintain power, as […]

ExxonMobil Starts Oil Production In Guyana

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(Exxon, 20.Dec.2019) — ExxonMobil announced that oil production has started from the Liza field offshore Guyana ahead of schedule and less than five years after the first discovery of hydrocarbons, which is well ahead of the industry average for deepwater developments. Highlights: — Production for Liza Phase 1 to reach […]

Petrobras Starts Regap Binding Phase

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(Petrobras, 20.Dec.2019) — Petrobras, following up on the release dated on October 4, 2019 informs the beginning of the binding phase related to the sale of Gabriel Passos Refinery (REGAP) in Minas Gerais, with its corresponding logistical assets. Potential buyers qualified for this phase will receive a process letter with […]

Petrobras On Biofuels Segment Exit Strategy

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(Petrobras, 20.Dec.2019) — Petrobras reports on divestments in the biofuels segment. The company guideline to exit this segment, announced in 2016, accelerated in 2019 and four important transactions were carried out this year: 1. Sale of stake in Belem Bioenergia Brazil (BBB) – Petrobras BiocombustĂ­vel S.A. (PBio), a Petrobras subsidiary, […]

YPFB To Investigate Transfers To MAS Party

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(Energy Analytics Institute, Ian Silverman, 20.Dec.2019) — Bolivia’s state oil company Yacimientos PetrolĂ­feros Fiscales Bolivianos (YPFB) announced an investigation has been launched related to alleged transfers to MAS or the Movement For Socialism party. Results of the investigation will be published after completion, YPFB announced 20 December 2019 in an […]

Operations Halted At Shushufindi-Quito Pipeline

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(Energy Analytics Institute, Piero Stewart, 20.Dec.2019) — Operations at the Shushufindi-Quito poly-duct pipeline have been halted due to a fissure detected in the Baeza sector, which lead to the spill of base gasoline. Environmental protection and restoration equipment as well as personnel have been deployed to the location to contain […]

Lukoil Pan Americas Wins Naphtha Ron 85 Tender

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(Energy Analytics Institute, Piero Stewart, 20.Dec.2019) — EP PetroEcuador awarded Lukoil Pan Americas Llc a contract to import 1,770,000 barrels of Naphtha Ron 85, a mixing component in the production of gasoline. Approximately 44 companies were invited to the international tender in which nine valid offers were received from Gunvor […]

Hecate’s Solar Project To Assist El Paso Electric

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(Hecate, 19.Dec.2019) — Hecate Energy announced its proposed 100 MW Santa Teresa solar project has been selected by El Paso Electric Company (EPE) as part of a 350 MW solar and storage Request for Proposals (RFP) process designed to add new clean resources to the EPE system. Pending necessary regulatory […]

Bolivia’s 50% Reduction In Electricity Rates

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(Energy Analytics Institute, Ian Silverman, 19.Dec.2019) — Bolivia’s interim President Jeanine Áñez and the country’s Energy Minister Rodrigo GuzmĂĄn announced an up to 50% reduction in electricity rates nationwide. The rates go into effect retroactively as of November 2019 and will benefit more than 1.8 million consumers nationwide, online media […]

Asia Pacific Upstream – 5 Themes To Watch In 2020

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(WoodMac, 19.Dec.2019) — Wood Mackenzie has identified five themes related to project sanctions, exploration, M&A, energy transition and IMO 2020 that will impact Asia Pacific’s upstream industry in 2020. Australia leads in bumper year for Asia Pacific FIDs Asia Pacific is expected to see a boost in major project sanctions […]