(Project Syndicate, Mauricio CĂĄrdenas, 5.Nov.2019) â Some regard Latin America as the worldâs new oil frontier, and think that the region could potentially add three million barrels per day to global output during the next decade. But, although Brazil is well placed to ramp up production, Mexico and Venezuela seem […]
Can Guyana Survive Striking It Rich?
(Bloomberg, Mac Margolis, 5.Nov.2019) â Early last month, Guyanese President David Granger was knees-down in a community garden brandishing a spade. Granger was there to plant a tree â it was National Tree Day â but also an idea. âDonât let us get drunk. Let us remain sober,â he told the […]
What A Mammoth Oil Auction Means for Brazil
(Americas Quarterly, Naki Mendoza, 5.Nov.2019) â A pre-salt auction 20 years in the making could have broad repercussions for the economy and Jair Bolsonaroâs government. Since its first pre-salt auction in 2013, Brazil has grown accustomed to blockbuster oil deals. But the upcoming Nov. 6 auction of prime offshore acreage […]
Flexential Expands To LatAm With Seaborn
(Flexential, 4.Nov.2019) â Flexential announced it is expanding its FlexAnywhere offering, providing customers direct access to Seaborn Networks’ transoceanic platform for the low latency, high-speed, 72-terabits-per-second seamless connection to Latin America. The Latin American subsea cable, called Seabras-1, spans from New York/New Jersey, U.S. to Sao Palo, Brazil. Via this […]
Repsol Lowers Venezuela Exposure
(Argus, 4.Nov.2019) â Spanish integrated firm Repsol further reduced its exposure to its upstream business in Venezuela in the third quarter thanks to a small provision and a rise in crude receipts from the country. The company declined to specify the size of the provision against its upstream assets in […]
Petrobras Extends Period On Argentine Exchange
(Petrobras, 4.Nov.2019) â Petrobras informs, in addition to the press releases issued on August 9 and October 4, 2019, that it has decided to extend until November 11, 2019 the period during which its shares will remain traded in the Argentine stock exchange. Therefore, after 5 pm on that date, […]
Bolivian Opposition leader Calls For New Election
(Reuters, Daniel Ramos and Vivian Sequera, 3.Nov.2019) â Bolivia’s chief opposition leader on Sunday called for new elections to resolve the political crisis engulfing the nation since a disputed Oct. 20 vote that Bolivian authorities said was won by leftist President Evo Morales, sparking protests. Former Bolivian president Carlos Mesa, […]
Maduro Pledges Funds For Shipyard In Argentina
(Reuters, Luc Cohen, 3.Nov.2019) â Venezuelan President Nicolas Maduro on Sunday pledged funds for a state-owned Argentine shipyard to finish building two long- overdue tankers for state oil company Petroleos de Venezuela, which is struggling with a diminished tanker fleet. Maduro, a socialist who has overseen a drastic economic collapse […]
Greek-flagged Tanker Blamed For Brazil Oil Spill
(BBC, 2.Nov.2019) â Brazilian officials suspect a Greek-flagged tanker was the source of an oil spill that has stained about 2,500km (1,553 miles) of Brazil’s coastline. Federal police in the city of Rio de Janeiro raided the offices of Delta Tankers Ltd last week. Delta Tankers told AFP they did […]
Uruguayâs UTE Sets Energy Export Record
(Energy Analytics Institute, Aaron Simonsky, 2.Nov.2019) â Uruguay generated a total of 60.7 gigawatt hours (GWh) of energy on 30 Oct., of which more than half (32.7 GWh, 54% of total) was exported to neighboring countries through interconnections, setting a record for the small South American country. Most importantly, all […]
Uruguayâs UTE Sets 2019-2023 Budget At $1.2bn
(Energy Analytics Institute, Aaron Simonsky, 2.Nov.2019) â Uruguayâs UTE plans to spend approximately $1,248 million during the five-year budget period 2019-2023, of which a quarter of the amount, or $312 million, will be allocated to work related to its transmission networks. The latter figure will allow the UTE to undertake […]
Brazil Says Oil Spill Traces Reached Marine Park
(AP, 2.Nov.2019) â Brazil says small amounts of oil from a spill along the northeast coast have reached a national marine park. Naval and environmental officials said Saturday that oil traces were removed from Santa Barbara Island in the Abrolhos park in the state of Bahia. Santa Barbara is among […]
Ecuadorâs Block 43 ITT Output Above 86.6 Mb/d
(Energy Analytics Institute, Piero Stewart, 1.Nov.2019) â Production from Ecuadorâs Block 43 ITT (Ishipingo, Tiputini, Tambococha), exceeded 86,618 barrels per day of oil on 31 Oct. 2019. At this level ITT has reached consolidation as the area with the highest oil production in the Andean country, surpassing Auca, Shushufindi and […]
Brazil Targets Greek Tanker For Spill
(Argus, 1.Nov.2019) â Brazil is targeting a Greek-flagged tanker as the source of a catastrophic oil spill that has spread across the northeastern coast. Federal police say the Suezmax Bouboulina docked in Venezuela on 15 July before heading to Singapore with a stop in South Africa. Brazilians authorities have previously […]
Petrobras Discloses E&P Teaser In SergipeAlagoas Basin
(Petrobras, 1.Nov.2019) â Petrobras reports that it has started the opportunity disclosure stage (teaser) regarding the sale of its interest in 15 onshore exploratory blocks, located in the Sergipe-Alagoas Basin. The teaser, which contains key information about the opportunity, as well as the eligibility criteria for selection of potential participants, […]
Petrobras Completes Belem Bioenergia Brasil Divestment
(Petrobras, 1.Nov.2019) â Petrobras, following on the press release issued on 08/08/2019, reports that its subsidiary Petrobras BiocombustĂveis S.A. (âPBIOâ) completed today the sale of its 50% stake in Belem Bioenergia Brasil (âBBBâ) to Galp Bioenergy B.V. (âGalpâ), which holds the other 50% stake in the company. BBB was established […]
Petrobras Inks TOR Amendment Agreement
(Petrobras, 1.Nov.2019) â Petrobras, following the press release issued on October 31, 2019, reports that it has signed today the Amendment to the Transfer of Rights Agreement. The signing of the Amendment occurred prior to the Transfer of Rights surplus bidding round, after reaching the budget solution for the payment […]
Bolsonaro Wants Brazil In OPEC
(AAWSAT, Mosaed al-Zayani, 31.Oct.2019) â Brazil’s President Jair Bolsonaro said Wednesday he was keen for his country to join OPEC, a move that would add the most significant new producer to the oil cartel for years. “I would personally like Brazil to become a member of OPEC,” Bolsonaro said at the Future […]
Brazil’s $50bn Oil Boom Is Falling Apart
(Oilprice.com Julianne Geiger, 31.Oct.2019) â Exxon may not be interested in stepping up to the bidding plate at Brazilâs massive $50 billion transfer of rights auction next week, because the oilfields up for grabs come with a hefty price tag, Exxonâs president of exploration, Stephen Greenlee said in an interview […]
Petrobras On Amendment To TOR Deal
(Petrobras, 31.Oct.2019) â Petrobras in addition to the press release issued on October 23, 2019, reports that the signing of the Amendment to the Transfer of Rights Agreement was postponed for tomorrow, November 1, 2019. The new signing date was approved by the company’s Board of Directors, as it complies […]
Bolsonaro Wants Brazil In OPEC
(Reuters, Stephen Kalin, Rania El Gamal, Alex Lawler, 30.Oct.2019) â Brazilian President Jair Bolsonaro said on Wednesday that he wants his country to join OPEC, a move that would add the most significant new producer to the oil cartel for years. The comments come ahead of a massive auction of […]
Exxon, Hess Move Up Guyana First Oil Date
(Chron.com, Jordan Blum, 30.Oct.2019) â Exxon Mobil and Hess Corp. said they are moving up the start date for first oil production in Guyana to December instead of the previous timeline slated for early 2020. The Liza Phase 1 project is just the beginning of the concerted, Exxon Mobil-led effort […]
Ecopetrol To Ratchet Up Oil Output By 4% In 2020
(S&P Global Platts, 30.Oct.2019) â Colombia’s state-controlled Ecopetrol is targeting 2020 production of 740,000-760,000 barrels of crude and equivalents per day, up to 4% more than expected average output this year, CEO Felipe Bayon said during a conference call Wednesday to discuss third-quarter results. He also announced a significantly higher […]
Buenavista Renewables Closes Debt Financing
(Buenavista Renewables, 29.Oct.2019) â Buenavista Renewables (BVR) and Micronesia Renewable Energy (MRE) have closed a US$4.3 million loan with Bank of Guam for the construction of the Latte Stone Solar 2 (LSS2) portfolio of distributed generation PV solar facilities on Guam. LSS2 is the second phase of the multi-phase Latte […]
Mexico: Hydro Enters Energy Plan
(Argus, 29.Oct.2019) â Mexico expanded its clean energy certificates (CELs) to legacy, mostly hydropower generators previously excluded from the program, which was created primarily to boost new wind and solar power. The expansion will apply to low-carbon generators built before 2014, which in Mexico will mostly be applicable to hydropower […]
BP Eyes Brazil Gas Buildout
(Reuters, Gram Slattery, 29.Oct.2019) â BP Plc wants to be part of an effort to build up natural gas infrastructure in Brazil, an executive said on Tuesday, and believes a power plant it is building in Rio de Janeiro could eventually be supplied by gas from offshore oilfields here. Speaking […]
Ecopetrol’s 3Q:19 Results
(Ecopetrol, 29.Oct.2019) â Ecopetrol S.A. announced the Ecopetrol Group’s financial results for the third quarter and the first nine months of 2019, prepared in accordance with International Financial Reporting Standards applicable in Colombia. The figures included in this report are not audited. The financial information is expressed in billions of […]
Hess Announces Oil Find At Esox-1 GOM Well
(Hess, 29.Oct.2019) â Hess Corporation announced an oil discovery at the Esox-1 exploration well located in Mississippi Canyon Block No. 726 in the deepwater Gulf of Mexico. Esox-1 was drilled in 4,609 feet (1,405 meters) of water and encountered approximately 191 net feet (58 meters) of high quality oil bearing […]
The Atlantic Is Key To Colombiaâs Energy Needs
(FT.com, Gideon Long, 28.Oct.2019) â Colombiaâs proven oil reserves will run out within the next seven years and its gas reserves within 10. Faced with that bleak prospect, it needs to develop alternative sources of energy quickly and the Caribbean coast is set to play a significant role in this […]
McDermott Updates On PEMEX Abkatun-A2 Platform
(McDermott, 28.Oct.2019) â McDermott International, Inc. announced substantial completion of PEMEX Exploracion y Produccion’s Abkatun-A2 Platform. The production platform is located in Mexico’s Bay of Campeche in the Gulf of Mexico. This milestone means the platform has now been turned over to the owner to begin commercial operations. “With substantial […]
Barbados, T&T Gas Search
(Caribbean Life, George Alleyne, 25.Oct.2019) â In what may be emerging as a Caribbean energy triangle of sorts, Barbados and Trinidad and Tobago have signed a pact governing natural gas exploration at the overlapping nautical point of their exclusive economic zones, and a similar deal between the Bajans and Guyanese […]
Petrobras Starts Non-binding Phase For Refineries
(Petrobras, 24.Oct.2019) â Petrobras, following up on the press release issued on September 13, 2019, reports the beginning of the non-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 […]
Mexico Seeks Interpol To Find Former Oil Union Boss
(Reuters, 26.Oct.2019) â Mexican prosecutors have requested help from Interpol to locate the former head of Mexicoâs oil workers union, Carlos Romero Deschamps, just days after he resigned amid allegations of wrongdoing, a government official said on Saturday. âThe attorney generalâs office has asked for Interpol to intervene,â said the […]
Brazil Collects 900 Tonnes Of Spilled Oil
(Kallanish, 23.Oct.2019) â Brazil has collected some 900 tonnes of oil residue from its northeastern beaches since early September, the government said in a joint note Monday. According to the Brazilian Navy, environmental agency Ibama and oil regulator ANP, the mammoth clean up continues across the Brazilian northeast coast. Over […]
Petromil Offers Low Sulphur Fuel In Colombia
(Argus, 23.Oct.2019) â Colombian oil supplier Petromil is offering low API gravity, high viscosity 0.5pc sulphur maximum fuel oil for bunkering in Colombia. Petromil’s low-sulphur fuel has typical sulphur content of 0.407pc, viscosity of 126.6 centistokes, API gravity of 15.7 and pour point of -15°C. The fuel is low-sulphur Colombian […]
Petrobras Comments On TOR Agreement Amendment
(Petrobras, 23.Oct.2019) â Petrobras, in addition to the press release issued on May 21, 2019, reports that its Board of Directors has ratified the signature and approved adjustments to the draft Amendment to the Transfer of Rights Agreement. Such ratification occurs after the issuing of MME Ordinance No. 265 of […]
Mexico Taps Banks As It Nears End Of Hedge
(Reuters, Devika Krishna Kumar and Stefanie Eschenbacher, 23.Oct.2019) â Mexicoâs finance ministry has completed a majority of its annual oil hedging program, working with at least four top investment banks and oil major Royal Dutch Shell, sources said, after challenges slowed the worldâs largest oil financial deal this year. JPMorgan […]
Greta Thunberg And Extinction Rebellion
(Asia Nikkel, Vandana Hari, 22.Oct.2019) â Climate activism has gone mainstream. From 16-year-old Greta Thunberg’s tongue-lashing of world leaders at the U.N. for “stealing” her dreams and childhood to the rash of disruptive protests by the Extinction Rebellion activist group across the U.S. and Europe in recent weeks, activists have […]
BHP To Replace Coal With Renewables In Chile
(The Guardian, 22.Oct.2019) â Mining giant says contracts will cut energy prices by 20% and save 3m tonnes of carbon The mining giant BHP has signed four renewable energy contracts that will replace coal-fired power at two of its copper mines in Chile, a move it says will mean both […]
CITGO: Worth Protecting?
(AFPM, Chet Thompson, 22.Oct.2019) â In the last ten years the fracking revolution has led to amazing growth and vastly increased energy security for the United States. Weâve gone from the number-one refined product importer in the world to the number-one exporter. Workers in American refineries are fueling the country […]
Petrobras, Brazil’s Gov’t Near Marketing Deal
(Reuters, Gram Slattery, Marta Nogueira, 22.Oct.2019) â Brazilâs Petrobras could take over marketing of the governmentâs share of crude from offshore oilfields, a government official told Reuters, adding significantly to the state-run oil firmâs trading operations. In an interview on Monday, the head of Pre-Salt Petroleum, better known by its […]
Priciest Oil Auction Could Raise $50bn in Brazil
(Bloomberg, Sabrina Valle, 21.Oct.2019) â An auction next month of oilfields in Brazil may be the priciest ever held, raising at least $50 billion in licensing fees and compensation, according to people familiar with government estimates. Exxon Mobil Corp., Royal Dutch Shell Plc and other energy giants are set to […]
Worldâs Hottest Oil Auction Set To Bring In $50bn
(Oilprice.com, Julianne Geiger, 21.Oct.2019) â Brazilâs next oil auction, scheduled for November, may be the best one yet, raking in as much as $50 billion in auction proceeds, Bloomberg sources familiar with the Brazilian government estimates said on Monday. Licensing fees from Brazilâs November 7 oil auction was originally estimated […]
Ali Moshiri Seeks $500mn For Post-Sanctions Venezuela
(Reuters, Jennifer Hiller, 21.Oct.2019) â The former chief of Chevron Corpâs Latin American operations is moving to raise $500 million from big financial firms to invest in Venezuela once U.S. sanctions are eventually lifted, confident that political change will come and that foreign investment will be needed to boost sagging […]
Nynas Suspends Imports Of Venezuelan Oil
(Reuters, Marianna Parraga, 21.Oct.2019) â European refiner Nynas AB will suspend imports of Venezuelan crude following changes to a license allowing it to operate under U.S. sanctions, the company said on Monday, adding it was looking to shift to alternative sources of oil. Nynas, owned by Venezuelaâs state-run PDVSA and […]
Enel Says Chile Ops Not Affected By Unrest
(Reuters, 21.Oct.2019) â Italyâs biggest utility Enel said on Monday its business in Chile had not been impacted by the unrest which has hit the country and prompted the government to declare a state of emergency. âWe are closely monitoring the evolution of the situation,â Enel said in an emailed […]
Echo Announces Proposed Acquisition In Argentina
(Echo, 21.Oct.2019) â Echo Energy entered into a binding conditional sale and purchase agreement (the “SPA” or “Acquisition Agreement”) for the proposed acquisition by the company of a 70 per cent. initially non-operated working interest in the Santa Cruz Sur package of five mature producing blocks (the “Santa Cruz Sur […]
Ecopetrol Buys Into Gato do Mato Discovery
(Ecopetrol, 21.Oct.2019) â Ecopetrol S.A. reports that its subsidiary Ecopetrol Ăleo e GĂĄs do Brasil Ltda has entered into an agreement with Shell Brasil PetrĂłleo Ltda. to acquire 30% of the interests, rights and obligations in two areas corresponding to the BM-S-54 Concession Agreement and the Sul de Gato do […]
BHP Switches to Green Power in Chile
(Reuters, Barbara Lewis, 20.Oct.2019) â BHP, the worldâs biggest miner, said on Monday it had signed four renewable energy contracts to supply all of its Chilean copper operations beginning in 2021, cutting energy costs by 20%. Miners, which often use fossil fuels as the energy source in their operations, are […]
LatAmNRG Ecuador Briefs: Force Majeure Lifted
(Energy Analytics Institute, Piero Stewart, 20.Oct.2019) â Heard on the street and LatAmNRG briefs related to EP PetroEcuador lifting force majeure and the programmed stoppage at the Esmeraldas Refinery. PetroEcuador Lifts Force Majeure (Energy Analytics Institute, Piero Stewart, 20.Oct.2019) â EP PetroEcuador on Oct. 20 lifted force majeure, which had […]