(UPI, Daniel J. Graeber, 10.Aug.2018) – Though it holds the largest reserves of oil in the world, production levels put it only in the middle of the pack among OPEC member states. Venezuelan plans to stabilize crude oil production do little to address bottlenecks and the shortage of investments, an […]
PDVSA Appeals Ruling Regarding Citgo Seizure
(AFP, 10.Aug.2018) – Venezuela’s state oil company PDVSA on Friday appealed a US court ruling that would allow a Canadian mining company to seize shares of PDVSA’s US-subsidiary Citgo in payment of a $1.2 billion debt. The case dates from 2011, when the Venezuelan government seized a mine Crystallex had […]
Analysts: Only a Matter of Time Before Venezuela Loses Citgo
(Houston Chronicle, Jordan Blum, 10.Aug.2018) – Financially crippled Venezuela likely will lose control of its Houston refining arm Citgo Petroleum once a slew of lawsuits eventually are resolved, and it’s just a matter of when and to whom, finance and energy analysts said Friday. A federal judge ruled late Thursday […]
Venezuela’s Oil Sales to U.S. in July Below 500 Mb/d
(Reuters, 10.Aug.2018) – Venezuela’s crude exports to the United States declined to 494,400 barrels per day (bpd) in July after rising the prior three months, showing the impact of asset seizures against state-run oil firm PDVSA, according to Thomson Reuters data. July was the first month crude exports fell below […]
Crystallex Court Win Against Venezuela Aided by Finding
(Reuters, Brian Ellsworth, 10.Aug.2018) – Crystallex’s victory in a legal battle with Venezuela that paves the way for it to collect a $1.4 billion award hinged on a finding that state oil company PDVSA is not separate from the Venezuelan government, court documents showed on Friday. The U.S. District Court […]
Guyana Outlook: The Nor-way or the Next-Door-Neighbour-Way?
(Energy Analytics Institute, Ian Silverman, 10.Aug.2018) – Regional experts plan to discuss the oil outlook for South America’s Guyana. Caribbean Economist Marla Dukharan will be joined by Guyana’s Minister of Finance, the Honourable Winston Jordan, and the Former Minister of Energy in T&T, Kevin Ramnarine, to discuss the following: — […]
Union, Petrotrin Deny Strike Rumours
(Trinidad and Tobago Newsday, Yvonne Webb, 10.Aug.2018) – State-owned oil company Petrotrin said a message circulating on social media that the company is on strike is not true. The message which started circulating on WhatsApp and Facebook, from Tuesday evening, stated that Petrotrin is on strike and workers are blocking […]
Kosmos to Spud Pontoenoe Prospect Offshore Suriname
(Energy Analytics Institute, Ian Silverman, 10.Aug.2018 – Kosmos Energy Ltd. expects to commence drilling operations on the Pontoenoe-1 well in mid-August. Pontoenoe is the first of up to three independent prospects in Block 42 offshore Suriname and is a similar play type to the Turbot and Longtail discoveries located approximately […]
U.S. Judge Authorizes Seizure of Venezuela’s Citgo
(The Wall Street Journal, Andrew Scurria and Julie Wernau, 9.Aug.2018) – A U.S. federal judge authorized the seizure of Citgo Petroleum Corp. to satisfy a Venezuelan government debt, a ruling that could set off a scramble among Venezuela’s many unpaid creditors to wrest control of its only obviously seizable U.S. […]
Jamaica Enters New Programme with Energy Agency
(Jamaica Gleaner, McPherse Thompson, 9.Aug.2018) – Jamaica signed a new agreement with the International Atomic Energy Agency, IAEA, which will see the application of atomic energy in agriculture and industry as a means of stimulating economic growth. This marks their second programme and Jamaica now has a national portfolio of […]
Mexico’s CNH to Speak at EnerCom Conference
(Energy Analytics Institute, Jared Yamin, 9.Aug2018) – The 23rd annual EnerCom conference will take place in the Denver Downtown Westin Hotel on Aug. 19-22, 2018. Companies with exposure to Latin America that will participate in special panels during the event include the following: Oil & Gas in Mexico Panel — […]
Ecopetrol Announces 2Q:18 Earnings, Conference Call
(Ecopetrol, 9.Aug.2018) – Ecopetrol S.A. announced that on August 14, 2018 after market close, it will release its financial and operating results for the second quarter of 2018. On Wednesday, August 15th, Ecopetrol’s senior management will host two conference calls to review the results. Please find below the timing, dial-in […]
Petroamazonas EP Says Block 43 ITT Producing 75,000 b/d
(Energy Analytics Institute, Ian Silverman, 9.Aug.2018) – Block 43 ITT, located in the province of Orellana, is currently producing 75,000 barrels per day. Production at the block is expected to reach 80,000 barrels per day by year end 2018, announced Ecuador’s Hydrocarbon Ministry in a statement on its website. ***
Crystallex Can Go After Venezuela’s US Refineries
(Associated Press, 9.Aug.2018) – A Canadian gold mining company on Thursday won the right to go after Venezuela’s prized U.S.-based oil refineries and collect $1.4 billion it lost in a decade-old take-over by the late socialist President Hugo Chavez. Chief Judge Leonard P. Stark of the U.S. Federal District Court […]
ShaleWolf Capital Sees Oil Prices Above $110 by 2019
(ShaleWolf Capital, 9.Aug.2018) – On June 22nd, 2018 President Donald Trump asked OPEC to increase its daily oil output by 1 million barrels. Industry experts would agree that OPEC is at or near its full production capacity. OPEC can’t just increase production. As demand continues to grow the world is […]
Petrobras Receives Over R$ 1 Bln from Operation Car Wash
(Petrobras, 9.Aug.2018) – Petrobras informs that it has received a return of R$ 1.034 billion through cooperation and leniency agreements signed with individuals and legal entities by the Federal Public Prosecutor’s Office in Curitiba and by the Office of the Attorney General in Brasília under Operation Car Wash. This is […]
PdV, Joint Ventures Miss Oil Targets
(Argus, 9.Aug.2018) – Venezuela’s state-owned PdV and its joint ventures fell short of officially targeted crude production by more than 125,000 b/d in July, according to an internal PdV upstream report obtained by Argus. The steepest shortfalls were registered in the Orinoco heavy oil belt — long touted by the […]
EAI brief: Pemex’s Salina Cruz refinery halts operations
HOUSTON, TEXAS (By Ian Silverman, Energy Analytics Institute, 9.Aug.2018, Words: 112) – Pemex’ Salina Cruz refinery halted operations Wednesday night due to a power outage. The refinery, located in Oaxaca, is one of six refineries owned by Pemex, and is currently processing 238,000 barrels per day (b/d), reported the daily […]
Ecopetrol Names New Corporate VP Of Finance
(Ecopetrol, 8.Aug.2018) — Ecopetrol S.A. announces that as of 7 August 2018, Jaime Caballero Uribe has been appointed the new Corporate Vice President of Finance (Chief Financial Officer). Mr. Caballero has more than 20 years of experience with companies in the oil and gas sector, both in Colombia and abroad. […]
Guyana Oil Find Quadruples FDI Flows
(Jamaica Gleaner, CMC, 8.Aug.2018) – Regional commission ECLAC is reporting that foreign direct investments, FDI, in Guyana increased to US$212 million last year in part as a result of the oil and gas sector preparing for First Oil. The flows nearly quadrupled relative to 2016 when foreign investments in the […]
Sempra Energy Forms North American Infrastructure Group
(Sempra Energy, 8.Aug.2018) – Sempra Energy formed a new operating group for its North American infrastructure businesses and named Carlos Ruiz Sacristán chairman and CEO of the group, Sempra North American Infrastructure. Ruiz has served as chairman and CEO of Sempra Energy’s Mexican operating subsidiary, Infraestructura Energética Nova, S.A.B. de […]
Venezuela, Saudi Arabia Discuss Partnerships
(Energy Analytics Institute, Ian Silverman, 8.Aug.2018) — Officials from both OPEC countries discussed existing energy partnerships during their meeting in Caracas. Venezuela was represented by its Petroleum Minister Manuel Quevedo, while Saudi Arabia was represented by its Ambassador to Venezuela Saad Bin Abdullah al Saad, reported PDVSA in an official […]
Ecopetrol Names New Corporate VP of Finance
(Ecopetrol, 8.Aug.2018) – Ecopetrol S.A. announced appointment of Jaime Caballero Uribe as the new Corporate Vice President of Finance (Chief Financial Officer). The appointment is effective as of August 7, 2018. Mr. Caballero has more than 20 years of experience with companies in the oil and gas sector, both in […]
Helmerich & Payne Wins Right to Sue Venezuela
(Energy Analytics Institute, Piero Stewart, 8.Aug2018) – U.S. drilling company Helmerich & Payne won a judgment from the U.S. Court of Appeal to sue Venezuela for the expropriation of the company’s investments in Venezuela. This was only a preliminary jurisdictional issue, not a money judgment, mind you — just the […]
Republic Bank Opens Solar-Powered Branch in Barbados
(Trinidad and Tobago Newsday, Sasha Harrinanan, 8.Aug.2018) – Barbados has its first ever solar-powered banking facility – the newest branch of Republic Bank (Barbados) at One Barbados Place in Warrens, St Michael. The branch is part of the bank’s Going Green initiative – launched in 2017, and features an ultra-modern […]
Unsealing Crystallex/PDVSA Documents
(Energy Analytics Institute, Ian Silverman, 8.Aug.2018) – Chief Judge Stark of the US Federal District Court in Delaware immediately agreed with our arguments calling out the abuse of sealing by Crystallex, Venezuela and PDVSA, writes Caracas Capital Markets Managing Partner Russ Dallen in an emailed note to clients. He entered […]
Caribbean Plugs into Electric-Car Revolution
(Trinidad Express, Sophie Hares, 7.Aug.2018) – With her foot down to show off the acceleration of the zippy electric car, Joanna Edghill spins around the car park before plugging the vehicle into a charging point beneath rows of solar panels converting Caribbean rays into power for the grid. In the […]
Shell calls in a BIG RIG
(Trinidad Express, Aleem Khan, 7.Aug.2018) – More hints that major discovery on the horizon. Offshore Trinidad was one of two sites in the world where oil and gas service provider Rowan Companies plc debuted its ultra-harsh environment jack-up rigs, New York Stock Exchange (NYSE) investors heard last week. The other […]
Venezuela Dodges Oil Asset Seizures
(Reuters, Marianna Parraga, Mircely Guanipa, 7.Aug.2018) – Reuters) – Venezuela’s state-run oil company PDVSA has limited the damage from an unprecedented slump in crude exports by transferring oil between tankers at sea and loading vessels in neighboring Cuba to avoid asset seizures. But the OPEC member nation is still fulfilling […]
Venezuela’s Oil Production Turning a Corner?
(FoxBusinss, Leia Klingel, 7.Aug.2018) – Oil production by Venezuela’s PDVSA may have started to improve, with the state-owned oil and gas producer reporting that production in the country is averaging 1.5 million barrels per day, as reported by Reuters. As reported by OilPrice.com, according to OPEC secondary sources, Venezuela’s oil […]
Venezuela Is Oil Market’s Bizarro World
(S&P Global Platts, Nastassia Astrasheuskaya, 7.Aug.2018) – Venezuela’s state oil and gas company PDVSA cut its debt to Russia’s top crude producer Rosneft by $400 million in the second quarter to $3.6 billion as of the end of June, Rosneft’s second-quarter results presentation showed Tuesday. Rosneft agreed prepayment deals for […]
US Abandons Sanctions to Avoid Owning Venezuela Collapse
(S&P Global Platts, Brian Shield, 7.Aug.2018) – Just more than a year ago, it was not a question of ‘if’, but ‘when.’ As Venezuela’s leftist leader Nicolas Maduro consolidated power in an election derided as a fraud by the international community, the Trump administration readied exacting sanctions on the South […]
Venezuela Waiving All Taxes on Profits from PDVSA
(Energy Analytics Institute, Piero Stewart, 7.Aug2018) – Aside from wasting paper, more importantly, the recent Gaceta Oficial in Venezuela also has a decree from President Nicolas Maduro waiving all taxes on profits from state oil company PDVSA and the joint ventures for all of 2018. Interestingly, the decree seeks to […]
Talos Energy Conference Call, Webcast
(Talos Energy Inc. 6.Aug.2018) – Talos Energy Inc. will host a conference call, which will also be broadcast live over the internet, on Tuesday, August 7, 2018 at 10:00 am Eastern Time (9:00am Central Time). Listeners can access the conference call live over the internet through a webcast link on […]
Talos Energy Announces 2Q:18 Financial, Operational Results
(Talos Energy Inc., 6.Aug.2018) – Talos Energy Inc. announced its financial and operational results for the second quarter ended June 30, 2018, and reaffirmed the previously released pro forma full year 2018 production, expenses and capital expenditure guidance. Combination with Stone Energy Corporation On May 10, 2018, Talos Energy LLC […]
How Venezuela Gets Plundered
(DW.com, Andreas Knobloch, 6.Aug.2018) – A money-laundering scandal involving Venezuela’s state oil company PDVSA could turn into a problem for a Swiss bank. A German banker recently affiliated with the lender has been arrested in Miami. When it comes to the causes behind the severe economic and supply crisis in […]
The Weirdest Oil Lawsuit Of 2018
(OilPrice.com, Viktor Katona, 6.Aug.2018) – Rosneft has been rocking the Russian oil sector for quite some time already – first it acquired several domestic assets, in some cases bordering on hostile takeover, then it took on a couple of international commitments in Iraqi Kurdistan and Venezuela and secured hefty tax […]
Background: Premier Oil’s Entry Into Mexico
(Premier Oil, 6.Aug.2018) — London-based Premier Oil is focused on development of assets in parts of the world from South East Asia, the North Falklands Basin, as well as Mexico and the world-class oil discovery at Zama. What follows is a backgrounder on Premier in Mexico: In July 2015, Premier […]
Petrobras Approves Pmt of Interest on Capital
(Petrobras, 6.Aug.2018) – Petrobras reports that its Board of Directors approved in a meeting held yesterday the distribution of early remuneration to shareholders as Interest on Capital (IOC), as defined in art. 9, sole paragraph of its bylaws and in article 9 of Law 9.249/95. The value to be distributed, […]
Ecopetrol Reports Resignation of María Fernanda Suárez
(Energy Analytics Institute, Piero Stewart, 6.Aug.2018) – María Fernanda Suárez has resigned from Ecopetrol. The state oil company announced in an official statement that the resignation was due to her appointment as the Republic of Colombia’s Minister of Mines and Energy, effective August 6, 2018. ***
How Far Can Venezuela Go In Raising Gas Price?
(AFP, Esteban Rojas, 5.Aug.2018) – In Venezuela’s inflation-hit economy, a single US dollar can buy 3.5 million liters of gasoline — an absurdity that the government says it will tackle with a hike in the cost of state-subsidized fuel. But just how far can President Nicolas Maduro go without getting […]
Bolivia Aims to Start Production of Bioethanol
(Efe, 5.Aug.2018) – Bolivia is on the verge of producing bioethanol at a mass scale in an effort to phase out the country’s reliance on imported gasoline and diesel additives, which are used to improve the performance of both fuels. The project is mainly driven by the privately-owned Guabira sugar […]
BPTT Helps Mayaro Students
(Trinidad and Tobago Newsday, Jada Loutoo, 5.Aug.2018) – Some 25 students from across the south-eastern community of Mayaro are set to benefit from a revolutionary new developmental programme sponsored by energy company BP Trinidad and Tobago. Entitiled “Life-Skills, Entrepreneurship and Problem-Solving (LEAP)”, the two-week programme was launched at the Mayaro […]
Petrobras Posts 1H:18 Profit, Reduces Debt
(Petrobras, 3.Aug.2018) – Petrobras reported net income of R$ 17 billion in the first half of 2018. The positive result was mainly influenced by the increase in international oil prices, associated with the depreciation of the Brazilian Real against the US dollar. In the same period, net debt fell 13% […]
Puerto Rico to Restructure $3 Bln Power Debt
(AP, 3.Aug.2018) – Puerto Rico’s government reached a deal Monday night with a bondholder group to restructure more than a third of the debt owed by its troubled power company as the utility moves towards privatisation. A federal control board overseeing the US territory’s finances called it an “important milestone” […]
Frontera Announces Second Quarter 2018 Results
(Frontera Energy Corporation, 3.Aug.2018) – Frontera Energy Corporation released its Interim Condensed Consolidated Financial Statements for the second quarter of 2018, together with its Management, Discussion and Analysis (MD&A). These documents will be posted on the Company’s website at www.fronteraenergy.ca and SEDAR at www.sedar.com. All values in this news release […]
Venezuelan Capital Hit by 80% Power Cut
(AFP, 3.Aug.2018) – A power failure cut electricity to 80 per cent of the Venezuelan capital Caracas Tuesday, provoking transport and communications chaos, authorities said. Electricity Minister Luis Motta said the Government was “working on restoring the service”. The power outage sparked traffic jams in the capital where both the […]
Frontera Announces 2Q:18 Conference Call
(Frontera Energy Corporation, 3.Aug.2018) – Frontera Energy Corporation scheduled a conference call for investors and analysts for 3 August 2018 at 8:00 a.m. (MDT), 9:00 a.m. (GMT-5) and 10:00 a.m. (EDT). Participants will include Gabriel de Alba, Chairman of the Board of Directors, Richard Herbert, Chief Executive Officer, David Dyck, […]
Noble Tom Madden to Return to Active Status
(Energy Analytics Institute, Jared Yamin, 2.Aug2018) — Noble Tom Madden will return to active status following contract award. Following the close of the second quarter of 2018, the drillship Noble Tom Madden was awarded a contract for work offshore Guyana, which includes two firm wells, plus three optional wells, announced […]