(Reuters, 26.Oct.2018) — Mexico’s state oil company Pemex said on Friday it swung to profit in the third quarter, with higher oil prices and a foreign exchange gain boosting revenues almost a third from a year earlier. But the firm also reduced its oil production targets for 2018 and 2019 […]
Argentina Buys An Average 16.2 MMcm/d From Bolivia in Sep.
(Energy Analytics Institute, Aaron Simonsky, 26.Oct.2018) — Argentina purchased an average 16.2 million cubic meters per day (MMcm/d) of natural gas from Bolivia in September 2018. However, the volumes are nearly 5 MMcm/d below contractual agreements, reported the daily newspaper La Razón. *** #LatAmNRG
Venezuela, Mexico Divert Crude To U.S. As Canadian Barrels Get Stuck
(Reuters, Marianna Parraga, Collin Eaton, 26.Oct.2018) — Cash-strapped state-run oil companies in Mexico and Venezuela have begun diverting crude historically processed for domestic use and sending it to U.S. refiners now facing transportation constraints to secure similar grades from Canada, data shows. The situation reflects an unusual set of events, […]
No Minister Assigned To Oil And Gas Sector- Official Gazette
(Demerara Waves, Denis Chabro, 26.Oct.2018) — Two days after Minister of State, Joseph Harmon rebuffed a Demerara Waves Online News report on responsibilities for Guyana’s oil and gas, the Official Gazette has been changed to now show clearly that only the President and no minister is in charge of that […]
Venezuela To Make $949mn Bond Payment To Keep Citgo Assets
(OilPrice.com. Tsvetana Paraskova, 26.Oct.2018) — Although Venezuela is regularly delaying or avoiding bond payments and is behind on billions of U.S. dollars in such payments, it is preparing to make a rare US$949-million payment on one bond, because that bond is backed by a stake in its key U.S. asset, […]
Eco (Atlantic) Seeks New Partner In Namibia As Tullow Focuses On Guyana
(ProactiveInvestor, 26.Oct.2018) — Eco (Atlantic) Oil & Gas Ltd has started to look for a new partner for the Cooper Block in Namibia after Tullow Oil pulled out. Tullow will now transfer its 25% working interest in Cooper to Eco, which own 57.5% stake as a result. “With more than […]
Petrobras Updates On Reduction Of Relevant Shareholding Interest
(Petrobras, 25.Oct.2018) — Petrobras, in compliance with article 12 of CVM Instruction Nº358 of January 3, 2002 and Circular Letter CVM/SEP/Nº002/2018, informs that it was notified by Caixa de Previdência dos Funcionários do Banco do Brasil (PREVI) that PREVI sold preferred shares issued by Petrobras, so that the institution manages […]
Ecopetrol Announces Timing Of 3Q:18 Earnings Report, Conference Call
(Ecopetrol, 25.Oct.2018) — Ecopetrol S.A. announces that on October 31st, 2018 after market close, it will release its financial and operating results for the third quarter of 2018. On Thursday, November 01st, Ecopetrol’s senior management will host two conference calls to review the results. Please find below the timing, dial-in […]
Ecopetrol Cleans Spill After Bomb Attack On Cano Limon Pipeline
(Reuters, 25.Oct.2018) — Colombia’s state-run oil company Ecopetrol is carrying out a clean-up operation after a bomb attack on the Cano Limon pipeline spilled crude into a waterway, the company said in a statement on Thursday. The attack on Wednesday, the seventy-sixth on the pipeline this year, had no immediate […]
PDVSA Distillation Units At Cardón Refinery Halted
(Energy Analytics Institute, Piero Stewart, 25.Oct.2018) — Four distillations units at PDVSA’s Cardón refinery, located in Falcón state, are said halted due to a lack of oil and power failures, reported the daily newspaper El Nacional. Cardón refinery has a processing capacity of 310,000 barrels per day. ***
Bondholders Raise Hopes Venezuela Will Pay Up On Due Debt
(Ft.com, Gideon Long, 25.Oct.2018) — In a month in which emerging market government bonds have been hammered by the prospect of US rate increases, geopolitical risk and fears of a US-China trade spat, one bond — in crisis-racked Venezuela of all places — has rallied to record highs. The 2020 […]
Conoco Is Collecting $2 Billion From Venezuela—One Barrel of Oil at a Time
(Bloomberg, Alex Nussbaum, 25.Oct.2018) — ConocoPhillips’ decade-old legal war with Venezuela began paying off this week as the embattled Latin American country started making good on a $2 billion arbitration settlement one barrel of crude at a time. Venezuela’s state-run oil company has made an initial $345 million payment in […]
CITGO Expands Innovation Academy Presence In Texas
(CITGO, 25.Oct.2018) — CITGO Petroleum Company announced the West Oso Independent School District has approved the launch of a CITGO Innovation Academy in Corpus Christi, Texas. This is the fourth CITGO Innovation Academy established in the Corpus Christi region and the seventh Innovation Academy established in the CITGO operational footprint. […]
Burns & McDonnell Says Eduardo Andrade Joins Firm As Mexico Ops Director
(Burns & McDonnell, 25.Sep.2018) — Eduardo Andrade, a longtime executive in the Mexico energy industry, has joined Burns & McDonnell as its general director in Mexico for Burns & McDonnell Services S.A. de C.V. In that role, he will oversee the company’s pursuit of power generation and electrical transmission projects […]
P-69 Starts Operation In Lula Field, Pre-salt Of Santos Basin
(Petrobras, 24.Oct.2018) — Petrobras, with its partners in the BM-S-11 Consortium, started production of oil and natural gas in the Lula Extremo Sul area, in the pre-salt of Santos Basin, by means of platform P-69, eighth unit installed in the Lula field. The FPSO (floating production, storage, and offloading unit […]
Petrobras Fires Up New Platform In Offshore Lula Field
(Reuters, 24.Oct.2018) — State-controlled oil company Petroleo Brasileiro said on Wednesday it had started production on its eighth platform in the offshore Lula field, Brazil’s most productive, as it ramps up output from the Santos basin in the coveted pre-salt oil play. Platform 69 will be able to produce up […]
PDVSA Prepares To Make $949 Mln Payment On Citgo-Backed Bond
(Bloomberg, 24.Oct.2018) — Petroleos de Venezuela SA’s plan to make a $949 million bond payment would mark a rare exception for Nicolas Maduro’s regime as it tries to hold on to the crown jewel of its U.S. assets. Venezuela’s state-run oil company is preparing to make the coupon and partial […]
Private Investment To Drive Mexico’s Oil Production Growth
(Chron.com, Rye Druzin, 24.Oct.2018) — Mexico’s national oil company is expected to only produce 1.9 million barrels a day by 2031. Mexico’s oil production could rebound to 3.5 million barrels a day, boosted by a wave of recent private investment in the country’s vast oil and gas reserves. Private oil […]
President-elect Lopez Obrador Slams Pemex For Crude Import Plan
(Reuters, 23.Oct.2018) — Mexico’s president-elect Andres Manuel Lopez Obrador on Tuesday criticized state-run Pemex’s plan to import U.S. light crude from refiner Phillips 66, calling it a sign of the country’s failed economic policies. Pemex is set to begin crude imports in November, for the first time in over a […]
Justice Department Demands Details From Glencore On Intermediary Firms
(Reuters, Dmitry Zhdannikov, Julia Payne, 23.Oct.2018) — The U.S. Department of Justice is seeking documents from Glencore (GLEN.L) about intermediary companies that the commodities firm has worked with in the Democratic Republic of Congo, Venezuela and Nigeria, sources familiar with the matter said. The investigation is not directed at Glencore’s […]
Pemex Taking Preventative Measures Ahead of Hurricane Willa
(Pemex, 23.Oct.2018) — Pemex implemented the Hurricane Emergency Response Plan (PREH initials in Spanish) to safeguard and protect workers’ safety and its facilities in the states of Jalisco, Nayarit, Colima, Sonora, and Sinaloa. Because of the geographical region where the hurricane is expected to make landfall, it will not impact […]
Pemex Confirms No Natural Gas Shortages In The Southeast Of Mexico
(Pemex, 23.Oct.2018) — Petróleos Mexicanos through its subsidiary Pemex Transformación Industrial (acronym in Spanish, TRI), confirms delivery of almost 100 MMcf/d of natural gas for customers in the Mexican Southeast using a first hand sales scheme. This measure guarantees there will be no natural gas shortages in the southeast region. […]
Petrobras Stock Upgraded: What You Need to Know
(The Motley Fool, Rich Smith, 23.Oct.2018) — Does Brazilian oil major Petroleo Brasileiro make for a good investment? There are a lot of reasons to answer, “No.” From 2014 to 2017, Petrobras stock lost money for its shareholders. This $100 billion company carries a $96 billion debt load (admittedly offset […]
Guyana: The World’s Next Offshore Oil Hotspot
(Oilprice.com, Tsvetana Paraskova, 23.Oct.2018) — With population of fewer than 750,000 people, Guyana—a neighbor of Venezuela—has always depended on commodities. Sugar, gold, shrimp, timber, bauxite, and rice account for nearly 60 percent of this South American country’s gross domestic product (GDP). Now, Guyana is set to add another valuable commodity […]
Phillips 66 Wins Tender To Sell U.S. Bakken Crude To Pemex -Traders
(Reuters, 22.Oct.2018) — Refining firm Phillips 66 was awarded a tender to supply Mexico’s Pemex with at least four 350,000-barrel cargoes of U.S. Bakken crude for delivery from November through December, traders with knowledge of the offer’s results said on Monday. The purchase will mark the state-run company’s first crude […]
Pemex Designates Four Shipments to Import Light Crude Oil
(Pemex, 22.Oct.2018) — Petróleos Mexicanos evaluated several proposals for shipments to supply light crude oil, in accordance to the parameters established by Pemex Transformación Industrial (Pemex Industrial Transformation). As a result, PMI assigned four shipments of 350,000 barrels each for the import of Bakken light crude oil, which will be […]
Echo Energy Updates on Well Result In Argentine Production Uplift
(Echo Energy, 22.Oct.2018) — Echo Energy announced plans to boost production at the Cañadon Salto Field in the Fracción D licence in Argentina, where it has now achieved 115 barrels per day (from 5 barrels per day) following four successful pilot well interventions. Work has now been completed on four […]
Bolivian, Argentine Officials to Discuss Gas Issues in La Paz
(Energy Analytics Institute, Jared Yamin, 21.Oct.2018) — Officials from Argentina and Bolivia will meet in La Paz on Oct. 22 to discuss issues related to the purchase and sale of natural gas and overdue payments. A mission of authorities from Integración Energética Argentina S.A. (IEASA, formerly ENARSA) will meet with […]
Añelo Population Growth Part Of Region’s Shale Boom
(Energy Analytics Institute, Ian Silverman, 20.Oct.2018) — Añelo’s population is expected to reach 25,000 by 2023 compared to nearly 8,000 today and just 2,000 in 2011, reported the media outlet Río Negro. “80% of the city has basic services such as water, electricity, gas and sewage,” reported the daily, citing […]
Argentina To Reduce Bolivian Gas Imports To Minimum
(Energy Analytics Institute, Jared Yamin, 20.Oct.2018) — Argentina will likely reduce its demand for Bolivian natural gas imports to a minimum, says an oil analyst. Argentina, which continues to boost production of its unconventional shale gas resources located in the Vaca Muerta formation in the Neuquen region, will likely reduce […]
Camisea Consortium Resumes Operations at Malvinas Gas Plant
(Energy Analytics Institute, Ian Silverman, 20.Oct.2018) — The Camisea Consortium confirmed conditions at the Malvinas Gas Plant “are normal and present no risk to the safety of people, operations or the environment,” reported the daily newspaper El Comercio. Today, starting at 5 p.m., normalization of plant operations will begin, with […]
YPFB Reports Explosion Along Santa Cruz-Yacuiba Gas Pipeline
(Energy Analytics Institute, Jared Yamin, 19.Oct.2018) — An explosion along a portion of a pipeline that transports natural gas to Argentina injured a total of five people. Bolivia’s state oil entity Yacimientos Petrolíferos Fiscales (YPFB) has initiated an investigation to establish the causes and origin of the incident, reported the […]
Bolivian Refineries Cover 71.4% Of Domestic Demand for Special Gasoline
(Energy Analytics Institute, Jared Yamin, 19.Oct.2018) — Production of special gasolines from Bolivia’s three existing refineries isn’t sufficient to cover the country’s demand. Domestic supply only covers 71.4% of domestic market demand, down 2% compared to 2017, and down 5% between January and May of the current year, reported the […]
Brazil Reserves And Production Update, H1 2018
(Seeking Alpha, George Kaplan, 19.Oct.2018) — Brazil and Petrobras show something in common with US LTO: even with a lot of debt and desire, and a strong resource base, it is difficult to raise production in the face of high decline rates. It may also be a lesson for the […]
Mexico’s Peso Falls To Lowest Level In 5 Weeks On Pemex Outlook
(Reuters, 19.Oct.2018) — Mexico’s peso currency reversed gains on Friday to fall 1 percent, hitting its lowest level in five weeks after a report by ratings agency Fitch on national oil company Pemex. Following the decision by Fitch to revise the company’s outlook rating to negative from stable, the peso […]
Petrobras Announces Resignation Of Board Member Christian Alejandro Queipo
(Petrobras, 19.Oct.2018) — Petrobras announced Mr. Christian Alejandro Queipo presented his resignation from the position as member of the company’s Board of Directors, for personal reasons. As a member representing the company’s employees, his succession will follow the procedures established in paragraph 2 of article 25 of Petrobras’ Bylaws, observing […]
Petrobras Reveals Release Date For 3Q:18 Results
(Petrobras, 19.Oct.2018) — Petrobras will release its 2018 third quarter results on November 6, 2018, before the market opens. Therefore, between Oct. 22, 2018 and Nov. 6, 2018, the company will be in quiet period, during which it is not able to comment or provide clarifications related to its results […]
Environmental Emergency: 720,000 Lt. Oil Spill in Chile
(TeleSur, 19.Oct.2018) — The spill is the largest ever registered in the region of Tierra del Fuego. In the southernmost region of Tierra del Fuego in Chile, an oil spill has unleashed an environmental emergency affecting at least 6,000 square meters, according to the National Emergency Office. This is the […]
YPF Personnel Try To Mitigate Gas Leak In Bandurria
(Energy Analytics Institute, Ian Silverman, 19.Oct.2018) — YPF personnel conducted operations today to mitigate a gas leak located at the Bandurria deposit in Neuquén. No injuries were reported, and the location was evacuated for security reasons to initial contingency work, reported the media outlet Río Negro. YPF didn’t reveal details […]
Petrofac Completes Sale Of 49% Interest In Mexican Operations
(Petrofac Limited, 19.Oct.2018) — Petrofac Limited announces that it has completed the sale of 49% of the company’s operations in Mexico to Perenco (Oil & Gas) International Limited, following approval from the Federal Competition Commission of Mexico (COFECE). Related Stories https://energy-analytics-institute.org/petrofac-introduces-partner-in-mexico/ *** #LatAmNRG
Foreign Oil And Gas Firms Look To Play Crucial Role In Venezuela
(Energy Global, David Bizley, 19.Oct.2018) — The majority of foreign companies are not making any profit or losing money in their partnerships with PDVSA to develop and produce hydrocarbons due to inadequate investment, shattered infrastructure and US sanctions. However, in the long term, having access to the vast hydrocarbon reserves […]
Petrobras and CNPC Define Business Model For COMPERJ, Marlim Partnership
(Hydrocarbon Engineering, Alex Hithersay, 18.Oct.2018) — Petrobras has announced that it has signed an integrated project business model agreement (IPBMA) with China National Oil and Gas Exploration and Development Co. (CNODC), a subsidiary of CNPC, advancing towards their strategic partnership, as disclosed to the market on July 4, 2018. The […]
YPFB To Build Five Satellite Regasification Stations
(Energy Analytics Institute, Jared Yamin, 18.Oct.2018) — Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) plans to build five satellite regasification stations (ESR) that will benefit 12 populations of La Paz, Potosí, Chuquisaca and Santa Cruz. YPFB will move forward with the five ESR projects, which will benefit 12 communities located in La […]
Gas Shortages In Southern Mexico To Reach Critical Levels In November
(S&P Global Platts, 18.Oct.2018) — Gas shortages in southern Mexico will reach a critical point in November as Pemex natural gas production continues declining and users lack access to LNG terminals, industrial users in southern Mexico told S&P Global Platts on Thursday. Pemex is not nominating gas for several industrial […]
Moody’s: Mexican Government’s Plan To End Oil Exports Raises Risks
(Kallanish Energy, 18.Oct.2018) — The incoming Mexican government’s announcement to end oil exports is credit negative to both Petroleos Mexicanos (Pemex) and to the government’s credit quality, says Moody’s investors Service, in a new report. The oil company’s operating cash flow would decline and become more volatile under the new refining-focused business […]
Petrobras Updates On Beginning Of Binding Phase Of Ceará Cluster
(Petrobras, 18.Oct.2018) — Petrobras, following up on the release disclosed on Oct. 4, 2017, informs the beginning of the binding phase regarding the sale of its entire stake in the Ceará cluster, located in shallow waters in the Ceará basin. At this stage of the project, process letters are issued […]
Petrobras LSFO Offer Sparks Fears Of Length In Europe
(S&P Global Platts, 18.Oct.2018) — Brazil’s Petrobras is offering 50,000 mt of 0.6% cracked low sulfur fuel oil from Brazil for delivery into Europe during the first decade of November, fuel oil traders said Thursday. The cargo from Petrobras, Brazil’s biggest refiner, is not good news for European LSFO after […]
Trinidad Government Announces New Company For Refinery Assets
(Trinidad and Tobago Newsday, Carla Bridglal, 18.Oct.2018) The government has announced a new state company, Guaracara Refining Company, into which the assets of the Pointe-a-Pierre refinery will be placed. The refinery is scheduled to be shuttered by next month, and after the assets have been transferred to Guaracara, the company […]
Tarija Department Has Accumulated Losses of $100 Mln Since 2012
(Energy Analytics Institute, Jared Yamin, 18.Oct.2018) — Bolivia’s Tarija department has lost about $100 million in the last eight years. The figure corresponds to revenues the department has lost between 2012 and October 2018 from not distributing resources from the Margarita-Huacaya field, which the region shares with Chuquisaca, reported the […]
Pemex Has Registered 40,000 Illicit Connections Since 2012
(Energy Analytics Institute, Piero Stewart, 17.Oct.2018) — Petróleos Mexicanos (Pemex) has registered 40,000 clandestine pipeline connections in the last six years, announced company General Director Carlos Treviño during a speech to the Chamber of Deputies. “Pemex is most concerned about this problem as it damages a company of Mexican citizens,” reported […]