Editores LatinPetroleum

Alpek Starts Ops At Cogeneración de Altamira

(Alpek, 10.Sep.2019) — Alpek, S.A.B. de C.V. says it has met all the legal dispositions required by the Comisión Federal de Electricidad (CFE) and Centro Nacional de Control de Energía (CENACE), to begin commercial operations at Cogeneración de Altamira S.A. de C.V., its 350MW electric power cogeneration plant in Altamira, […]

Bolton Exit Shifts Oil Market Outlook

(Bloomberg, Lucia Kassai and David Wethe, 10.Sep.2019) — The firing of U.S. National Security Advisor John Bolton gave oil markets some near-term supply comfort, while analysts were divided on whether the move will lead to a longer term softening in U.S. foreign policy toward Iran and Venezuela. Brent crude oil […]

Live At State With Elliott Abrams

(US Treasury, 10.Sep.2019) — U.S. Special Representative for Venezuela Elliott Abrams discussed issues related to Venezuela during a Live At State from Washington, D.C. MODERATOR: Hello. I’m Vanessa Acker, the Deputy Director of the Brussels Media Hub, and I would like to welcome participants to today’s interactive online press briefing, […]

Moody’s: PEMEX Ratings Close To Boundary

(Moody’s, 9.Sep.2019) — The credit ratings of a substantial number of energy companies in the Americas are currently near the “crossover zone,” or the boundary between investment grade and speculative grade, Moody’s Investors Service says in a new report. Only seven, however, are in the zone, with potential “rising stars” […]

Total Restates Commitment To Nigeria

(Total, 9.Sep.2019) — The top management of Total in Nigeria led by the Country Chair and Managing Director of Total E&P Mr. Mike Sangster, the Managing Director of Total Nigeria Plc Mr. Imrane Barry on Tuesday August 27, 2019 paid a courtesy call on the Minister of State for Petroleum […]

Mexico Boosts Spending In 2020 Budget

(Aljazeera, 9 Sept 2019) — Mexico‘s government cautiously freed up funds for spending in its 2020 budget proposal on Sunday, slightly loosening a primary surplus target as it aimed to balance big welfare promises with the reality of a stagnant economy. President Andres Manuel Lopez Obrador‘s second budget since winning […]

Mexico Budget Assumes 1982 Output Surge

(Bloomberg, Amy Stillman, Nacha Cattan and Eric Martin, 9.Sep.2019) — Mexico’s balanced budget for next year depends in part on its oil company boosting production by about 17%, something that the country hasn’t achieved in almost four decades. Pemex, as the Mexican national oil producer is known, is expected to […]

Building Guyana’s Destiny

(Exxon, 9.Sep.2019) — Finding the next big discovery is only a small part of the story when it comes to energy. Delivering that new energy source to those who need it around the world takes the same amount of engineering innovation as discovering it in the first place. That is […]

Petrobras Starts Binding Phase For Recôncavo Cluster

(Petrobras, 6.Sep.2019) — Petrobras, following up on the release dated 07/03/2019, reports the beginning of the binding phase to sell all of its stakes in 14 onshore exploration and production concessions, located in the state of Bahía, jointly called Recôncavo Cluster. Qualified parties for this phase will receive a process […]

Petrobras Start Binding Phase For Cricaré Cluster

(Petrobras, 6.Sep.2019) — Petrobras, following up on the release dated 06/11/2019, reports the beginning of the binding phase to sell all of its stakes in 27 onshore exploration and production concessions, located in Espírito Santo, jointly called Cricaré Cluster. Qualified parties for this phase will receive a process letter with […]

Maduro Targets Guaido Over Guyana

(Argus, 6.Sep.2019) — Venezuelan president Nicolas Maduro ordered state prosecutors to lodge treason charges against opposition leader Juan Guaido for allegedly agreeing to relinquish Venezuela’s century-old territorial claim to the Essequibo region of neighboring Guyana. Maduro’s order, which was swiftly followed up by the announcement of an investigation by attorney […]

PdV Clings To Sliver Of Oil Refining Capacity

(Argus, 6.Sep.2019) — Venezuela’s national oil company PdV has lost almost all capacity to refine crude, with only a sliver of the 635,000 b/d Amuay plant currently in operation, according to internal company reports seen by Argus. At the end of August, Amuay was processing 120,000 b/d or about 9pc […]

Petrobras On Class Action Decision

(Petrobras, 6.Sep.2019) — Petrobras, following up on the disclosure made on June 25, 2018, reports that on August 30, 2019, the Court of Appeals for the Second Circuit confirmed the decision approving the agreement to settle the Class Action in the United States. As of today, the agreement is no […]

Mexico Launch World’s Largest Oil Hedge Program

(Reuters, Devika Krishna Kumar, Stefanie Eschenbacher, 5.Sep.2019) — Mexico has made the first moves to launch its annual $1 billion oil hedging program by asking banks for quotes, sources familiar with the deal said, while buying in financial oil options contracts for 2020 has risen in recent days, consistent with […]

Colombia Renewable Capacity To Reach 5.9GW

(GlobalData, 5.Sep.2019) — Installed capacity of renewable power in Colombia is expected to rise from 2% in 2018 to 14% in 2025, with a further rise to 21% by 2030. Renewable capacity in the country is slated to increase fivefold to reach 5.9 gigawatts (GW) at a compound annual growth […]

S&P Removes Citgo From Credit Watch

(Citgo, 5.Sep.2019) — Standard & Poor’s (S&P), a leading credit rating agency, has removed Citgo Holding, Inc. and Citgo Petroleum Corporation’s outlook from credit watch and has placed them on a stable outlook. While S&P has reaffirmed its long-term issuer credit rating on both entities at B-; it also announced […]

Petrobras Updates On TOR Approval

(Petrobras, 5.Sep.2019) — Petrobras reports that the Brazilian Senate approved the Constitutional Amendment Proposal (CAP) that allows the Federal Government to share with states, the Federal District and municipalities the funds raised in the pre-salt auctions – CAP 98/2019, one of the required steps to enable the payment by the […]

Mexichem Unveils Business Transformation

(Mexichem, 5.Sep.2019) — Mexichem, S.A.B. de C.V. reached the next milestone in its human-centered transformation, unveiling its new corporate name, Orbia, and its commitment to purpose: to advance life around the world. Alongside the new purpose-driven approach, Orbia introduces an innovative new logo concept, the ImpactMark. This reflects a year-long […]

Mexico To Launch World’s Largest Oil Hedge

Exxon, Chevron See U.S. Shale Field Consolidation

(Reuters, 4.Sep.2019) — The two largest U.S. oil and gas companies on Tuesday left the door open for more acquisitions in the country’s top shale field. Exxon Mobil Corp expects to see industry consolidation to happen “over some period of time,” in the Permian Basin in west Texas and New […]

Repsol Trading Wins Napo Oil Export Tender

(Energy Analytics Institute, Piero Stewart, 4.Sep.2019) — Ecuador’s state oil company EP PetroEcuador awarded the export of 1,080,000 +/- 5% barrels of 17-degree API Napo crude oil to Repsol Trading S.A., which is dedicated to the refining and commercialization of hydrocarbons, and which offered a per barrel differential of (-3.17) […]

McDermott Announce First Cargo from Freeport LNG T1

(McDermott, 4.Sep.2019) — McDermott International, Inc. along with its partners, Chiyoda International Corporation and Zachry Group, announced today that the first commissioning cargo of liquefied natural gas (LNG) has been shipped from the Freeport LNG project on Quintana Island in Freeport, Texas. Feed gas was introduced into Freeport LNG Train […]

Argentina Pursues $5bn LNG Project Amid Political Havoc

(Bloomberg, Jonathan Gilbert, 4.Sep.2019) — Argentina’s state-run oil company, YPF SA, is pushing ahead with plans to build a $5 billion natural gas export terminal despite the political and financial chaos racking the nation. The driller, which has led development of the nation’s Vaca Muerta shale trove, is in talks […]

Cheniere Takes Delivery Of Bechtel-built Corpus Christi Train 2

(Cheniere, 4.Sep.2019) — Cheniere Energy and Bechtel have announced the substantial completion of Train 2 at the Corpus Christi Liquefaction (CCL) project. Cheniere is now operating seven Bechtel-built LNG trains at higher capacity than the nameplate rating on the U.S. Gulf Coast to deliver energy to their customers around the […]

Petrobras Wins Award For Innovative Technologies

(Petrobras, 3.Sep.2019) — Petrobras is receiving one of the most important awards in the petroleum and gas industry, given by the Brazilian chapter of the Offshore Technology Conference (OTC Brazil), for the series of innovations developed during the Libra Long Term Testing (TLD), at the Bacia de Santos’ pre-salt layer. […]

Brazil Senate Approves TOR Settlement With Petrobras

(Reuters, 3.Sep.2019) — Brazil’s Senate on Tuesday night approved an amended transfer of rights agreement settling a dispute over pre-salt oil fields between the government and oil company Petrobras that still needs to pass the lower house to clear the way for auctions later this year. Senators agreed that 3 […]

Petrobras Reveals August Production Figures

(Petrobras, 3.Sep.2019) — Petrobras reports that in August its total oil and gas production, including natural gas liquids (NGL), was 3 million barrels of oil equivalent per day (boed), with daily production achieving 3.1 million boed, both reaching record high. In addition, the average pre-salt production (including partners share), in […]

Venezuelan Oil Exports At Lowest Level In 2019

(Reuters, Marianna Parraga, Mircely Guanipa, 3.Sep.2019) — Venezuela’s oil exports fell in August to their lowest level in 2019, internal reports and Refinitiv Eikon data showed, hurt by a halt in purchases by the nation’s second largest customer, China National Petroleum Corp (CNPC), following tougher U.S. sanctions. Overall exports of […]

Petrobras Starts Binding Phase For Campos Basin

(Petrobras, 2.Sep.2019) — Petrobras, following up on the release dated 08/09/2019, reports the beginning of the binding phase to sell all of its operated working interest in 11 producing shallow waters fields located in the Campos Basin, jointly called Garoupa Cluster. Qualified parties for this phase will receive a process […]

Brazil Oil Output Rises 7% To 2.77 MMb/d In July-ANP

(Reuters, 2.Sep.2019) — Brazilian oil production increased to 2.77 million barrels per day (bpd) on average in July, up 7% from a year earlier, local oil and fuels regulator ANP said on Monday. Natural gas production also increased by 7% in July from the same month last year to 124 […]

Piñera Presents COP 25 Chile Citizens’ Agenda

(Chile Energy Ministry, 2.Sep.2019) — President Piñera presents the COP 25 Chile citizens’ agenda: “Chile is calling on everyone to fight together to prevent climate change and global warming from ending in tragedy.” The agenda is intended to educate, raise awareness and mobilize people. It will be deployed throughout Chile […]

Liza Destiny Arrives In Guyana

(Argus, 2.Sep.2019) — Guyana received its first floating, production, storage and offloading unit (FPSO) Liza Destiny in anticipation of ExxonMobil’s production launch in March 2020. The vessel is stationed at the deepwater Stabroek block where the US major will start the first phase of development from its Liza field at […]

Liza Destiny FPSO Moves To Offshore Guyana

(Zacks, 30.Aug.2019 ) — Hess Corporation recently announced the arrival of Liza Destiny — an oil production vessel — at the Stabroek Block, offshore Guyana. Notably, this is Guyana’s first floating, production, storage and offloading vessel. The 1,115-foot vessel arrived at the site after a 42-day journey from Singapore. Starting […]

Petrobras Extends Deadline To Divest Of Refineries

(Petrobras, 30.Aug.2019) — Petrobras, following up on the releases disclosed on 06/28/2019 and 07/15/2019, referring to the first stage of the sale processes of downstream and logistics assets in Brazil, which includes the refineries Abreu e Lima (RNEST), Landulpho Alves Refinery (RLAM), President Getúlio Vargas (REPAR) and Alberto Pasqualini (REFAP), […]

Michelin Announces Theme For 20th Design Program

(Michelin, 30.Aug.2019) — Michelin North America will celebrate its 20th global design competition, Michelin Challenge Design, in 2020 by linking the past to the future of sustainable mobility. The 2020 Michelin Challenge Design Theme — Upcycle — will challenge the entrants to take inspiration from previously recognized works over the […]

Petrobras Reports On Debentures Public Offering

(Petrobras, 30.Aug.2019) — Petrobras was notified on the suspension of the public offering of simple, non-convertible, unsecured debentures, in up to three (3) series, of the seventh (7th) issue of the company (“Debentures”), for a period of up to 30 days, by decision of the Brazilian Securities and Exchange Commission […]

LatAmNRG briefs: Liza Destiny, Dos Bocas, PDVSA

HOUSTON, TEXAS (By Energy Analytics Institute, Aaron Simonsky, 29.Aug.2019, Words: 327) — LatAmNRG briefs related to the Liza Destiny FPSO reaching Guyana, PDVSA investigating recent LPG plant explosion in Los Valles del Tuy, Dos Bocas Refinery conditioning work advancing in Mexico, and Ball Corporation signs a deal to divest its […]

Colombian Rebel Leader Issues New Call To Arms

(Reuters, Luis Jaime Acosta and Julia Symmes Cobb, 29.Aug.2019) — A group of former rebels from the Revolutionary Armed Forces of Colombia (FARC) said in a video posted overnight that they will embark on a new offensive, threatening to resume five decades of armed conflict against the government. Two former […]

Hess Says Liza Destiny FPSO Arrives Offshore Guyana

(Hess, 29.Aug.2019) — Hess Corporation announced that the Liza Destiny, Guyana’s first oil production vessel, has arrived at the Stabroek Block. The Floating, Production, Storage and Offloading (FPSO) vessel arrived following a 42 day journey from Singapore. This FPSO is a significant component of the Liza Phase 1 development, which […]

Petrobras BODs Approves New Shareholder Compensation Policy

(Petrobras, 28.Aug.2019) — Petrobras says its Board of Directors, in a meeting held today, approved the new Shareholder Compensation Policy. The new policy aims to establish an objective parameter for the payment of earnings, providing investors with more transparency on their compensation, considering the company’s indebtedness and cash flow. The […]

Uruguay Tries With Five-block Open Auction

(S&P Global Platts, 28.Aug.2019) — Uruguay is optimistic that a recently launched open round for offshore acreage will tempt companies to bid, buoyed by a first round in neighboring Argentina this year that fetched nearly $1 billion in offers from some of the world’s biggest explorers, an Uruguayan official said […]

Petrobras Updates On FPSO Rio de Janeiro Incident

(Petrobras, 28.Aug.2019) — Petrobras, following up on the release disclosed on Aug. 26, reports that Modec has informed the company that the FPSO Cidade do Rio de Janeiro, located in the Campos Basin, 130 kilometers from the coast, remains stable and under normal draft and slope conditions. Overflight conducted yesterday […]

Petrobras BODs Names New Governance Officer

(Petrobras, 28.Aug.2019) — Petrobras reports that its Board of Directors, in a meeting held today, elected Mr. Marcelo Barbosa de Castro Zenkner for the position of Chief Governance and Compliance Executive Officer. Marcelo Zenkner holds a BA. in Law from the Federal University of Juiz de Fora (UFJF), specializing in […]

Petrobras Announces CARF Decision Related To PIS

(Petrobras, 28.Aug.2019) — Petrobras has been notified of final decision, without possibility of appeal, from the Administrative Board of Tax Appeals (CARF) that canceled a debt of R$ 5.9 billion in favor of the company regarding the approval of PIS and Cofins credits. The decision will result in the exclusion […]

OPIS Mexico Fuel Week Opens Registration

(OPIS, 28.Aug.2019) — OPIS (Oil Price Information Service) by IHS Markit has opened registration for the third annual OPIS Mexico Fuel Week, October 21-24, 2019. The event will be held in Mexico City at the Sheraton Maria Isabel Hotel. Confirmed speakers from both government and industry include: — Representative Manuel […]

Petrobras Reports Incorporation Of Petrobras Logística de Gás S.A.

(Petrobras, 28.Aug.2019) — In compliance with CVM Instruction 358/02, Petrobras reports that its Board of Directors held a meeting today and approved the incorporation of Petrobras Logística de Gás S.A. (“LOGIGÁS”). The incorporation aims at simplifying and optimizing the corporate structure of the Petrobras Group. This is an incorporation of […]

Eco Atlantic Spuds Joe-1 Well Offshore Guyana

(Eco, 27.Aug.2019) — Eco (Atlantic) Oil & Gas Ltd. said drilling of the Joe prospect has commenced offshore Guyana, the company’s second exploration well on the Orinduik Block. Joe-1 was spud at 14.45hrs (Local Guyana time) on 25 August 2019 using the Stena Forth drillship, which previously drilled the recently […]

Petrobras Reports Incident At Abreu e Lima Refinery

(Petrobras, 27.Aug.2019) — Petrobras informs that yesterday it detected a leakage of estimated 5 cubic meters of oily waste (oil and water) in the industrial waste treatment plant of the Abreu e Lima Refinery (Rnest). A small amount of oil reached a stream that passes through the refinery internal grounds. […]

Mexico Eyes $4.5bn Savings From Contract Renegotiation

(Reuters, 27.Aug.2019) — Mexico said on Tuesday a deal had been struck with a group of companies to renegotiate the terms of natural gas pipeline contracts signed under the previous administration that will save the government $4.5 billion. The deal announced by President Andres Manuel Lopez Obrador and the head […]

Ecuador Eyes New 300,000 b/d Capacity Refinery

(Reuters, 27.Aug.2019) — Ecuador is seeking private companies interested in building a new refinery on the OPEC nation’s coast with a capacity of up to 300,000 barrels per day (bpd), a state official said on Tuesday. The government of President Lenin Moreno signed a decree authorizing the design, construction and […]