(Energy Analytics Institute, Jared Yamin, 28.Jun.2019) â The Board of Directors of PetrĂłleos Mexicanos (Pemex) unanimously approved, at the proposal of the General Director, Octavio Romero Oropeza, the merger of subsidiary production companies: Pemex Exploration and Production (PEP) with PPS and Pemex Industrial Transformation (TRI) with Pemex Etileno. In Extraordinary […]
Petrobras’ Teasers For Downstream Assets In Brazil
(Petrobras, 28.Jun.2019) â Petrobras, following up on the release issued on April 26, 2019, announces the beginning of the opportunity disclosure stage (teaser) related to the sale of refining and associated logistics assets in Brazil. The divestments account for about 50% of the national refining capacity, with a total of […]
Venezuela Reshifts Oil Output
(Reuters, Marianna Parraga and Luc Cohen, 28.Jun.2019) â Venezuelan state oil firm PDVSA is revamping one of its major processing operations geared to supplying U.S. buyers to produce instead a crude grade favored by Asian refiners, according to internal documents seen by Reuters. Sweeping U.S. sanctions on the government of […]
JinkoSolar Announces 1Q:19 Financial Results
(JinkoSolar, 28.Jun.2019) â JinkoSolar Holding Co., Ltd. announced its unaudited financial results for the first quarter ended March 31, 2019. First Quarter 2019 Highlights — Total solar module shipments were 3,037 megawatts (“MW”), a decrease of 16.1% from 3,618 (including intragroup solar module shipments) MW in the fourth quarter of […]
Glencore To Import 1,890,000 Barrels Of Cutter Stock
(Energy Analytics Institute, Piero Stewart, 27.Jun.2019) â EP Petroecuador awarded Glencore Ltda. a deal to import 1,890,000 barrels ± 2% of cutter stock, a diluent used in the preparation of fuel oil. Glencore offered the cutter stock diluent with a $3.32 per barrel differential, EP PetroEcuador announced 27 June in […]
Colombia’s IvĂĄn Duque On Climate Change, Venezuela
(NBC, Claire Atkinson, 27.Jun.2019) â Advertising can help combat climate change, says Colombia’s president, IvĂĄn Duque, who recently spoke at the Cannes Lions International Festival of Creativity about the significance of the orange economy â as the cultural and creative industries are known. In a brief conversation with NBCNews.com, Duque […]
Enel Américas Launches Preemptive Rights Offerings
(Enel, 27.Jun.2019) â ENEL AMĂRICAS S.A. announced the launch of the preemptive rights offering in connection with the capital increase approved by the company’s shareholders on April 30, 2019. Pursuant to the capital increase, the company is authorized to issue 18,729,788,686 new shares, which are subject to the preemptive rights […]
GeoPark Expands In the Llanos Basin In Colombia
(GeoPark, 27.Jun.2019) â GeoPark Limited announced the expansion of its portfolio in Colombia following the successful Agencia Nacional de Hidrocarburos (ANH) bid round in June 2019. GeoPark was awarded the Llanos 86, Llanos 87 and Llanos 104 blocks in partnership with Hocol (a 100% subsidiary of Ecopetrol) and a right […]
Techint To Build Headquarters In Neuquén
(Energy Analytics Institute, Aaron Simonsky, 27.Jun.2019) â Techint Groupâs Argentine affiliate Tecpetrol plans to inaugurate a new office in NeuquĂ©n by April 2020. âWe hope to inaugurate the building next year, and probably sometime during the first four months of the year,â reported online media RĂo Negro, citing Tecpetrol CEO […]
Premier Makes Significant Resource Upgrade At Zama
(Premier, 27.Jun.2019) â Premier has significantly increased its resource estimate of the Zama field offshore Mexico, following its evaluation of the data acquired from the highly successful Talos Energy-operated Block 7 Zama appraisal campaign. The campaign comprised two appraisal wells (Zama-2 and Zama-3) and a vertical side-track (Zama-ST1) which was […]
Brazil Bets Storing Oil Will Boost China Sales
(Bloomberg, 27.Jun.2019) â Brazil is making it easier for Chinaâs teapots to buy Lula crude as it seeks to win more market share in the worldâs biggest oil importer. State-controlled Petroleo Brasileiro SA has rented offshore tanks in Qingdao in the eastern province of Shandong and delivered the first oil […]
NASA To Livestream South America Total Solar Eclipse
(NASA, 27.Jun.2019) â NASA has partnered with the Exploratorium in San Francisco to bring live views to people across the world of a total solar eclipse, occurring Tuesday, July 2, over South America. The eclipse will only be visible directly to observers within the path of totality, which stretches across […]
Talos Energy Completes Zama Appraisal Program
(Talos, 26.Jun.2019) â Talos Energy Inc. provided an update on the Zama appraisal program in Block 7, located in the offshore portion of Mexico’s prolific Sureste Basin. Talos is the operator of Block 7 in a consortium (the “Consortium”) with its partners Sierra Oil & Gas, a Wintershall DEA company, […]
Court To Decide Fight For Control Of US Refiner Citgo
(Reuters, 26.Jun.2019) â A U.S. court will decide whether a board of directors appointed by Venezuelan President Nicolas Maduro or one backed by his rival, opposition leader Juan Guaido, runs the eighth-largest U.S. refiner, Citgo Petroleum Corp. A lawsuit filed by Maduroâs representatives on Tuesday in Delaware Chancery Court seeks […]
ANH Colombia Says 10 Oil Blocks Have Been Allocated
(ANH Colombia, 26.Jun.2019) â At the end of the Counteroffer Hearing of the first auction of the PPAA, held today, the National Hydrocarbons Agency (ANH) confirmed the allocation of 10 blocks, out of the 11 that were in dispute, and received a counteroffer from Frontera Energy Colombia Ltd. for the […]
Petrobras Prices 2nd Caixa EconĂŽmica Federal Offering
(Petrobras, 26.Jun.2019) â Petrobras announced that on June 25, 2019, it priced the global offering by Caixa EconĂŽmica Federal (the âSelling Shareholderâ)of 241,340,371 common shares, without par value,of Petrobras (âCommon Sharesâ), including 69,302,000Common Shares in the form of American Depositary Shares (âCommon ADSsâ). The global offering consists of (i) and […]
Petrobras Starts Non-Binding Phase For Sale Of Breitener Energética S.A.
(Petrobras, 26.Jun.2019) â Petrobras, following up on the release disclosed on 06/11/2019, announces the beginning of the non-binding phase for the sale of 93.7% of its interest in Breitener EnergĂ©tica S.A., located in the state of Amazonas. The potential investors qualified for this phase will receive instructions on the divestment […]
Mexico Moves To Ramp Up Oil Production
(Oilprice.com, Haley Zaremba, 26.Jun.2019) â Itâs been a rough couple of years–make that decades–for Mexicoâs state-owned oil company Petroleos Mexicanos. The countryâs oil production rates have been in freefall for the last 15 years, and the struggling organization has subsequently become one of the most indebted oil companies in the […]
Colombia Grants Contracts For 10 Blocks, One Pending
(Reuters, 26.Jun.2019) â Colombia accepted bids from six companies for 10 oil contracts on Wednesday, after just one block received a counter-offer during a bidding process meant to revitalize its long-stagnant oil sector. Hocol SA, Parex Resources Inc, Ecopetrol SA , Gran Tierra Energy Inc, Frontera Energy Corp and a […]
Tullow Eyes Two Guyana Exploration Wells In 2H:19
(Tullow, 26.Jun.2019) â In Guyana, Tullow plans to drill two consecutive exploration wells in the second half of 2019 on the Orinduik licence with the Stena Forth drillship which is currently in transit from Ghana. The first well will target the Lower Tertiary Jethro prospect and drilling is expected to […]
ENRE Fines Edesur $278.2mn Related To Electrical Safety
(Energy Analytics Institute, Aaron Simonsky, 25.Jun.2019) â Argentinaâs regulator of electric services or ENRE fined Edesur $278.2 million for âanomaliesâ related to electrical safety along public highways. ENRE ordered the sanction for reported defaults that were verified between July and September of 2017, reported online media ClarĂn. During that period, […]
Panama May Soon Lose MGO price Advantage
(Argus, 24.Jun.2019) â The global marine fuel regulation could diminish the price advantage for marine gasoil (MGO) that Panama enjoys over other Latin American countries. That is because the International Maritime Organization’s (IMO) 2020 rules will drive up demand for 0.1pc sulphur maximum diesel Panama now gets from the US. […]
TPHL Announces Expiration And Final Results
(TPHL, 25.Jun.2019) â Trinidad Petroleum Holdings Limited (TPHL) today announced the expiration and final results of its previously announced offers to exchange any and all of its outstanding notes, originally issued by Petroleum Company of Trinidad and Tobago Limited (“Petrotrin”), for newly issued debt securities of TPHL (the “Exchange Offers”), […]
Pemex To Supply 240 MMcf/d To Yucatan Peninsula
(Energy Analytics Institute, Jared Yamin, 25.Jun.2019) â Mexicoâs state oil and gas entity Pemex will supply the Yucatan Peninsula with 240 million cubic feet (MMcf/d) of natural gas starting 15 July, according to a statement by Mexicoâs Energy Secretariat and the National Center for Natural Gas Control, reported online media […]
Petrobras’ Divestment Of Enchova And Pampo Clusters
(Petrobras, 25.Jun.2019) â Petrobras, following up on the release dated June 13, 2019, informs that it will hold a new round of final offers for the sale of Enchova and Pampo clusters, a set of producing fields located in the Campos Basin. This new round aims to clarify some rules […]
Mexico’s CNH Approves BP’s Offshore Drilling Plan
(Reuters, Rebekah Ward, 25.Jun.2019) â Mexicoâs oil regulator on Tuesday approved a $97 million plan for drilling in an offshore area operated by British supermajor BP in the southern Gulf of Mexico. The four-year exploration plan approved by the national hydrocarbons commission (CNH) covers a 700,000 square kilometer shallow water […]
Mexico Open Season: GMECâs Monroy And Baker Instituteâs Duhalt Weigh In
(Energy Analytics Institute, Aaron Simonsky and Jared Yamin, 25.Jun.2019) â As part of Energy Analytics Instituteâs ongoing coverage of the Latin America and Caribbean energy sectors from conventionals and unconventionals to renewables, two oil and gas experts covering Mexico â GMECâs Director Gonzalo Monroy and Baker Instituteâs Fellow Adrian Duhalt […]
U.S. Judge Sets Audience For 11 July 2019
(Energy Analytics Institute, Aaron Simonsky, 25.Jun.2019) â Lawyers defending Argentina and Burford Capital faced off in the court of Judge Loretta Preska in the first official trail appointment related to the nationalization of YPF since the Supreme Court declined Argentinaâs request seeking to annul the suit in the U.S. Supreme […]
LatAmNRG Heard On The Street: Gas Markets, Argentina Tender
(Energy Analytics Institute, Aaron Simonsky and Ian Silverman, 25.Jun.2019) â Heard on the street related to the Latin America and Caribbean upstream, midstream, downstream and renewable energies sectors. ARGENTINA — During the first half of July a tender will be launched in Argentina for the construction of a new natural […]
Petrobras Starts Rio Ventura Cluster Non-Binding Phase
(Petrobras, 25.Jun.2019) â Petrobras, following up on the release disclosed on 06/03/2019, announces the beginning of the non-binding phase related to the sale of its total equity interest in eight exploration and production concessions, located in Bahia state, jointly designated as Rio Ventura Cluster. At this stage, the interested parties […]
Vaca Muerta Finally Produces Oil, 100 Years Later
(Bloomberg, Jonathan Gilbert, 25.Jun.2019) â Along the western edge of Argentinaâs Patagonia, on an arid steppe nestled against the Andes mountains, lies a shale formation known as the Vaca Muerta. And ever since engineers confirmed what an American geologist suspected a century ago — that the Vaca Muerta, or dead […]
Brazil Approves Pro-market Gas Regulations
(Argus, 25.Jun.2019) â Brazil’s national energy policy council (CNPE) approved regulations that will open the country’s natural gas market and reduce the dominant position of state-controlled Petrobras. The new regulatory framework, which was announced in April, would end Petrobras’ monopoly in gas production and distribution, with the goal of reducing […]
Brazil Approves Natgas Market Overhaul
(Reuters, 24.Jun.2019) â Brazilâs energy policy council on Monday approved a plan to overhaul the domestic natural gas market, with the countryâs Mines and Energy Minister Bento Albuquerque saying that the move would bring down gas prices within two to three years. Speaking alongside Albuquerque, Economy Minister Paulo Guedes offered […]
YPF Nationalization Trial To Continue In The U.S.
(Energy Analytics Institute, Aaron Simonsky, 24.Jun.2019) â The U.S. Supreme Court of Justice dealt another blow to the strategy of the government of Argentinaâs President Mauricio Macri when it deactivated the multi million-dollar demand from Burford Capital for the nationalization of YPF; thus, giving a definite green light for the […]
ReneSola And X-Elio To Develop Solar Projects
(ReneSola, 24.Jun.2019) â ReneSola Ltd entered into a development service agreement with X-Elio North America, a subsidiary of X-Elio, a Madrid, Spain-based company specialized in the development, construction, operation and maintenance of solar plants. Under the agreement, the Company’s North American development team will originate and develop large utility scale […]
Moody’s Assigns B2 Rating To YPF’s Proposed 2029 Notes
(Moodyâs 24.Jun.2019) â Moody’s Investors Service (“Moody’s”) has assigned a B2 rating to YPF Sociedad Anonima’s (YPF) proposed senior unsecured notes due 2029. The issuance volume will be in line with benchmark size. The outlook is stable. Net proceeds from the proposed issuance will be used for liability management, capital […]
Venezuela’s Oil Crisis Affects Colombian Black Markets
(Reuters, Joshua Collins, 24.Jun.2019) â The business was just as lucrative as trafficking cocaine. When criminal gangs sold undocumented fuel on the black market in Colombia, they could net profits upwards of a thousand percent. And the profits were there for the taking. In 2017, Colombian authorities estimated that more than […]
LatAmNRG Ecuador Briefs: Quito Gasoline, Russia’s Tyazhmash To Finish Project
(Energy Analytics Institute, Piero Stewart, 22.Jun.2019) â LatAmNRG briefs related to OPEC member country Ecuador and gasoline prices in Quito, recycled waste imports, Russian company Tyazhmash’s plans to complete work on the Toachi PilatĂłn project, and inauguration of the El Inga â Tisaleo 500Kv line by Ecuador’s President Lenin Moreno. […]
The End Of Mexicoâs Rigorous Energy Reform
(Oilprice.com, Tsvetana Paraskova, 22.Jun.2019) â Mexican President AndrĂ©s Manuel LĂłpez Obrador has been a vocal critic of the energy reform of his predecessor Enrique Peña Nieto, who opened in 2013 Mexicoâs oil and gas sector to private investment for the first time in seven decades. Six months into office, […]
Opinion: Two Decades Of 21st Century Socialism In Venezuela
(Energy Analytics Institute, Pietro D. Pitts, 22.Jun.2019) â New data from BPâs Statistical Review of World Energy (2019) provides two 10-year periods of study, which reveal the two-decade collapse of Venezuelaâs once all mighty oil sector under Chavez-Maduro. Simply, P1 reserves rose 76%, oil production fell 53%, and Venezuelaâs R/P […]
Guyana Election Heightens Political Risk For Operators
(Energy Voice, Ryan Stevenson, 21.Jun.2019) â Guyana is due to hold a general election later this year that could have a significant bearing on the countryâs emergence as a new oil frontier. Guyanese President David Granger said on June 18 he would call an election after the Caribbean Court of […]
Trinidadâs Atlantic Resumes LNG Production
(Argus, 21.Jun.2019) â Trinidad and Tobago’s LNG producer Atlantic resumed operations today at its four-train 14.8mn t/yr liquefaction facility after a five-day shutdown caused by a power cut. The trains are being re-fired “progressively” and will eventually be brought up to full capacity, Atlantic told Argus, without indicating when optimum […]
Petrobras Updates On $700mn Vantage Payment
(Petrobras, 21.Jun.2019) â Petrobras, following up on the release of May 17, 2019, hereby informs that its subsidiaries paid today the amount of approximately US$700 million related to the decision of the United States District Court for the Southern District of Texas that denied Petrobrasâ motion to vacate and recognized […]
BPs’s Statistical Review Of World Energy, Edition 2019
(BP, 21.Jun.2019) â BP released its Statistical Review of World Energy, edition 2019, which provides a timely and objective insight into those developments and how that change can begin to be achieved. A link to the document can be found here. ***
Mexico To Cut Pemex’s Profit-Sharing Duty To 54%
(Platts, Daniel Rodriguez, 21.Jun.2019) â The Mexican government will cut Pemex’s profit-sharing duty, known as DUC, to 54% by 2021 from the current 65%, the company’s financial director, Alberto Velazquez, said Thursday. “Results from this plan might be huge, spectacular,” Velazquez said at a presentation at the Mexican Petroleum Congress. […]
GeoPark Withdraws Request For Drilling Permit In Peru
(Reuters, Maria Cervantes, 20.Jun.2019) â GeoPark has withdrawn its request for an environmental permit to begin drilling for crude in the Peruvian Amazon amid protests from indigenous tribes, the oil company said on Thursday. GeoPark said in a statement late on Thursday that it wanted to incorporate more information into […]
JinkoSolar Supplies 351 MW To Asia Pacific PV Projects
(JinkoSolar, 20.Jun.2019) â JinkoSolar Holding Co., Ltd. announced it has supplied Power Construction Corporation of China with 351MW of solar modules, which were installed at the Há»ng Phong solar PV plant in Vietnam, one of the largest PV projects in the Asia Pacific region to date (the “Project”). Located in […]
TPHL Announces Extension Of Expiration Date
(TPHL, 20.Jun.2019) â Trinidad Petroleum Holdings Limited (TPHL) announced that the expiration date has been extended until 5:00 p.m., New York City time, on June 21, 2019, unless extended or earlier terminated (such time and date with respect to the Exchange Offers, as the same may be extended, the “Extended […]
Petrobras Starts LiquigĂĄs Binding Divestment Phase
(Petrobras, 20.Jun.2019) â Petrobras, following up on the release dated 05/10/2019, announces the beginning of the binding phase related to the sale of LiquigĂĄs Distribuidora S.A. At this stage of the project, process letters are issued to qualified interested parties with detailed instructions about the divestment process, including guidelines to […]
Pemex: New Refinery Environmentally Viable
(Reuters, David Alire Garcia, 19.Jun.2019) â Mexican President Andres Manuel Lopez Obradorâs push to build a new oil refinery involves high risks of flooding and other environmental issues, according to government documents published late on Tuesday, but is described as otherwise viable. The documents cover environmental impacts declared by state […]