(Energy Analytics Institute, Jared Yamin, 23.May.2016) – Brazilian lawmaker Pauderney Avelino, from Brazil’s lower chamber, said Planning Minister Romero Jucá under the interim government of Michel Temer should resign due to his being linked to the Petrobras corruption scandal. “He should be an example and leave the government and then […]
Alfa Assumes $1 Bln Loss in Pacific E&P
(Energy Analytics Institute, Jared Yamin, 21.May.2016) – Mexican conglomerate Alfa considers its entire $1 billion in investment in Pacific Exploration & Production — the Canadian oil company with operations in Colombia — as a total loss after the oil company announced plans to restructure its debt with a private fund, […]
ExxonMobil Reports Significant Oil Discovery Offshore Guyana
(Exxon Mobil, 20.May.2016) – Exxon Mobil Corporation announced a significant oil discovery on the Stabroek Block, located approximately 120 miles offshore Guyana. The well was drilled by ExxonMobil affiliate, Esso Exploration and Production Guyana Ltd., and encountered more than 295 feet (90 meters) of high-quality oil-bearing sandstone reservoirs. It was […]
Bolivia Exported 24 MMcm/d to Brazil
(Energy Analytics Institute, Jared Yamin, 19.May.2016) – Bolivian exports to Brazil reached 24 million cubic meters per day on May 12, 2016 compared to 30 million cubic meters per day on May 8, 2016 while exports to Argentina reached 19 million cubic meters per day, up compared to 14 million […]
Chile Started Gas Exports to Argentina
(Energy Analytics Institute, 18.May.2016) — Chile shipped its first molecules of natural gas to Argentina on 17 May 2016, owing to an agreement between both governments and the French-Belgian company Engie. The first shipment left from Mejillones, Chile’s energy ministry announced 18 May 2016 in an official statement. Chile expects […]
Rousseff Issues Will Not Affect Gas Deals
(Energy Analytics Institute, Jared Yamin, 18.May.2016) – The political situation that is affecting Brazil with the suspension of its President Dilma Rousseff will not affect negotiations with Bolivia regarding a natural gas sales and purchase agreement. “Brazil has a need to supply its market with Bolivian gas and over time […]
Sembcorp Unit Completes Repair Job at Brazil Yard
(Sembcorp Marine Ltd., 18.May.2016) – Singapore’s Sembcorp Marine Ltd. announced that its wholly-owned Brazilian subsidiary Estaleiro Jurong Aracruz (EJA) has marked a key operational milestone with the successful completion of the yard’s first vessel repair project. The Olympic Gemini, a bulk carrier managed by the Company, left EJA May 12, […]
Former Lula Minister Sentenced to Jail in Petrobras Case
(Energy Analytics Institute, Jared Yamin, 18.May.2016) – Former Brazilan Minister José Dirceu was sentenced to a 23-year, 3-month prison term due to his presumed involvement in the Petrobras corruption scandal. Dirceu, who served as the President of the Workers Party (PT by its Portuguese acronym), was one of the most […]
Harvest Natural Resources Announces 1Q:16 Results
(Harvest Natural Resources, Inc., 17.May.2016) — Harvest Natural Resources, Inc. announced 2016 first quarter earnings and provided an operational update. Harvest reported a first quarter net loss of approximately $14.1 million, or $0.27 per diluted share, compared with a net loss of $5.6 million, or $0.13 per diluted share, for […]
Petrobras Signs Contracts for Marlim, Voador Fields
(Petrobras, 17.May.2016) – Petrobras signed an extension of the concession contracts for the Marlim and Voador fields with the National Petroleum Agency (ANP) until 2052. The Production Phase of the field was extended in line with Resolution 2/2016 issued by the National Energy Policy Council (CNPE), which authorized the Agency […]
Petrobras Issues $6.75 Billion in Global Notes
(Petrobras, 17.May.2016) – Petrobras issued $6.75 billion of 5 and 10 year Global Notes through its wholly-owned subsidiary Petrobras Global Finance B.V. (PGF). The transaction was priced on May 17, 2016 and the terms of the notes issued are as follows: The order book was 2.75x and 3.0x oversubscribed in […]
Petro San Félix Cos Study Swapping Coke
(Energy Analytics Institute, Piero Stewart, 16.May.2016) — A number of international and national coke processing companies visited the Petro San Félix solids terminal located in the José Antonio Anzoátegui Industrial Complex (CIJAA by its Spanish acronym) with the intention to study the potential to swap green coke for calcined coke. […]
PDVSA Increases Food Card Stipend to Bs. 38,000 per Month
(Energy Analytics Institute, Jared Yamin, 14.May.2016) — PDVSA increased the food card stipend to its workers by 100 percent to 38,000 Venezuelan bolivars per month, reported the daily newspaper Panorama, citing Futpv oil union President Wills Rangel. The card, which benefits some 100,000 oil sector workers, was retro-active as of […]
Approval of Sale of Petrobras Argentina
(Petrobras, 13.May.2016) – Petrobras announced that its Board of Directors approved the sale of its entire 67.19 percent interest in Petrobras Argentina (PESA), owned by Petrobras Participaciones S.L. (PPSL), to Pampa Energía. The transaction base price is $892 million, equivalent to the value of $1,327 million for 100 percent of […]
Gasoline Chip Reaches 84% of Auto Park in Maracaibo
(Energy Analytics Institute, Jared Yamin, 13.May.2016) – An estimated 84 percent of Venezuela’s auto park in Maracaibo contains the special TAG gasoline chip, reported the daily Panorama, citing Infrastructure Secretary Jairo Ramírez. “We will continue installing the chips. The idea is to reach the 100 percent mark,” said Ramírez without […]
Petrobras on Sale of Nova Transportadora do Sudeste
(Petrobras, 13.May.2016) – Petrobras, further to the notice published on February 26, 2016 regarding the sale of Nova Transportadora do Sudeste (NTS), announced the company’s Executive Board has approved exclusive negotiations with the company Brookfield for 60 days, which may be extended for another 30 days. This transaction is subject […]
Ecuador to Investigate Officials for Possible Fraud
(Energy Analytics Institute, 11.May.2016, Clifford Fingers III) – A number of public officials are under investigation for irregularities related to declaration of goods and links with companies created in tax havens. The officials being investigated include: PetroEcuador’s former General Manager Álex Bravo Panchano, current PetroEcuador General Manager Pedro Merizalde and […]
La Libertad Refinery Fire Controlled With No Injuries
(Energy Analytics Institute, 11.May.2016, Clifford Fingers III) – A fire at the Parson plant of the La Libertad refinery, located in the Santa Elena province, was controlled within five minutes. The fire was caused by a leak at a cargo pump which caught fire when it contacted a hot surface, […]
La Libertad Refinery Starts Preventative Maintenance
(Energy Analytics Institute, 11.May.2016, Clifford Fingers III) – The La Libertad Refinery started preventative maintenance on May 15, 2016, reported EP PetroEcuador in an official statement on its website. ***
Colombia Needs to Reinforce Existing Regulation
(Energy Analytics Institute, Jared Yamin, 11.May.2016) – Colombia needs to reinforce existing regulations to stimulate public and private sector investments in sustainable energy projects and improve its energy efficiency, announced CAF during the Seventh Energy Efficiency Seminar held on April 21, 2016 in Bogota, Colombia. Colombia has potential to invest […]
Argentina Interested in Buying Excess Gas from Punta De Sayago
(Energy Analytics Institute, Aaron Simonsky, 11.May.2016) – The government of Uruguay continues to move forward with agreements to secure markets for natural gas to come from its proposed regasification plant in Punta de Sayago. Uruguay’s President Tabaré Vázquez and Industry, Energy and Mining Minister Carolina Cosse, signed a decree that […]
Pemex To Boost Crude Exports to Japan
(Energy Analytics Institute, Fidencio Casillas, 11.May.2016) – Pemex plans to boost its shipments of crude oil to Japan after reaching agreements with clients including Cosmo Oil, JX Holdings and TonenGenera, reported Reuters citing an anonymous company contact and commercial data. Pemex normally sends close to 1 million barrels per month […]
Moody’s Confirms Ecopetrol Investment Rating
(Ecopetrol S.A. 10.May.206) – Ecopetrol S.A. announced that Moody’s Investors Service has maintained Ecopetrol’s credit rating at Baa3. This confirmation means that the company will retain its investment grade rating, which had been assigned to it by Moody’s on January 18, 2016, and concludes the ratings review initiated on January […]
EIG Proposes $250 Mln Injection in Pacific
(Energy Analytics Institute, Jared Yamin, 10.May.2016) – EIG Global Energy Partners has proposed a $250 million capital injection in ailing oil producers Pacific Exploration & Production Corp. as part of its restructuring, reported Reuters. ***
Ecuador Starts Exploitation Activities at Tiputini
(Energy Analytics Institute, 9.May.2016, Clifford Fingers III) – Ecuador starting exploitation activities at the Tiputin field, part of the Yasuní ITT block in July 2016, reported the news agency AFP, citing a statement from the country’s Hydrocarbon Ministry. The Tiputini 04 well in Block 43 has estimated potential to produce […]
Ecuador Output Averaged 542 Mb/d in 1Q:16
(Energy Analytics Institute, 9.May.2016, Clifford Fingers III) – Ecuador, the smallest country within the Organization of Petroleum Exporting Countries or OPEC, exported an average 542,000 barrels per day in the first quarter of 2016, down slightly from 543,000 barrels per day produced in the first quarter of 2015, reported the […]
YPF to Participate In Two Areas in Bolivia
(Energy Analytics Institute, Jared Yamin, 9.May.2016) – YPF has plans to participate in the Boyuibe and Ibibobo areas in Bolivia, reported the daily newspaper La Razón, citing Bolivia’s Hydrocarbon Minister Luis Alberto Sánchez. The company is close to closing deals related to these activities. ***
Repsol Visits Bolivia to Discuss Investments
(Energy Analytics Institute, Jared Yamin, 9.May.2016) – Repsol President Antonio Brufau visited Bolivia to discuss overall investments in the small landlocked country with officials from YPFB and investments in three areas with similar potential as that in the Margarita field. The three areas include Boyuy, Ipaguazu and Boycobo and contain […]
Total to Boost Output in Bolivia by 6.7 MMcm/d
(Energy Analytics Institute, Jared Yamin, 9.May.2016) – France’s Total plans to boost natural gas production by 6.7 million cubic meters per day at Aquio Incahuasi. The French company also plans to take part in the second phase of activities at the field whereby it plans to boost output there by […]
Bolivia’s Margarita Field Producing 20 MMcm/d
(Energy Analytics Institute, Jared Yamin, 9.May.2016) – Bolivia’s Margarita field is producing 20 million cubic meters per day of gas, reported the daily newspaper La Razón, citing Bolivia’s Hydrocarbon Minister Luis Alberto Sánchez. ***
Ende, Siemens Sign $397.5 Mln Contract in Bolivia
(Energy Analytics Institute, Jared Yamin, 9.May.2016) – Bolivia’s National Electricity Company signed a contract with Siemens AG for $397.5 million to boost energy production in Termoeléctrica del Sur to 480 megawatts from 160 megawatts. The project includes purchase of four gas turbines and four steam turbines with the addition of […]
Clarification on Estimated Returns on Petrobras Projects
(Petrobras, 9.May.2016) – Petrobras said it periodically analyzes the economic performance of its projects. The results are consolidated in a corporate document entitled Post-EVTE Study (Post Economic and Technical Feasibility Study), which details the integrated economic impact of the company’s projects, using well-defined assumptions and methodological guidelines. This process aims […]
Petrobras Signs Credit with China Exim Bank
(Petrobras, 9.May.2016) – Petrobras signed a term sheet with China Exim Bank (Export-Import Bank of China) containing the main terms and conditions for a $1 billion loan. The final loan agreement is already being negotiated, anticipating the funding planned for 2017. The agreement is related to supply contracts for equipment […]
Petrobras Reports April Production Levels
(Petrobras, 9.May.2016) – Petrobras’ total oil and natural gas production in April amounted to 2.69 MMboe/d, of which 2.50 MMboe/d were produced in Brazil and 190,000 boe/d abroad. The average oil production in April was 2.12 MMb/d, up 5 percent compared to the previous month, which was 2.02 MMb/d. In […]
Petrobras Reports on Negotiations for Sale of Petrobras Argentina
(Petrobras, 8.May.2016) – Petrobras, regarding the sale of its stake in Petrobras Argentina, as disclosed in the Material Fact on February 3, 2016, would like to announce that negotiations with Pampa Energia are ongoing, extending the period of exclusivity for another 30 days to complete negotiations. Petrobras reiterates that this […]
YPF Announces Plans for 20 Areas in Río Negro, Chubut
(Energy Analytics Institute, Jared Yamin, 7.May.2016) – YPF plans to divest of as many as 20 areas in Argentina where the company has a partial interest or where the areas do not offer important earnings. YPF has put up on the market 6 areas in Río Negro, including some with […]
Argentina to Pay Galuccio $72 Mln Pesos to Leave YPF
(Energy Analytics Institute, Jared Yamin, 5.May.2016) – The government of President Mauricio Macri will pay 72 million Argentine pesos to Miguel Galuccio as part of an offer to the executive to depart the company. Board of Director members with YPF, controlled 51 percent by the government, came to agreement at […]
Moody’s Affirms Ocensa’s Baa3 Ratings
(Moody’s, 4.May.2016) – Moody’s affirmed Oleoducto Central, S.A.’s (Ocensa) Baa3 senior unsecured ratings. The rating outlook was changed to negative from positive. Ratings Rationale “The equalization of Ocensa’s ratings and outlook to those of Ecopetrol, S.A. (Ecopetrol, Baa3 negative) reflects Moody’s view that Ocensa is not insulated from the credit […]
Bolivia to Invest $2.4 Bln in 86 Projects
(Energy Analytics Institute, Jared Yamin, 4.May.2016) – YPFB is planning activities in 86 exploration projects in 63 areas which will require an estimated investment of $2.4 billion, reported the daily newspaper La Razón, citing Bolivia’s Hydrocarbon Minister Luis Alberto Sánchez. ***
YPFB Corp. Reports 72% Drop in Profits
(Energy Analytics Institute, Jared Yamin, 4.May.2016) – YPFB Corporation reported profits of $364.1 million in 2015, down 72 percent compared to $1,299.5 million in 2014, reported the daily newspaper La Razón, citing YPFB data. Table 1: YPFB Corp. Profits 2016-2020 ($ Mlns) Year —- Profits 2006 —- $214.8 2007 —- […]
Bolivia Hydrocarbon Sector Investments 2016-2020
(Energy Analytics Institute, Jared Yamin, 4.May.2016) – With oil prices below $50 per barrel, YPFB plans investments of $12.681 billion during 2016-2020 under its Economic and Social Development Plan (PDES by its Spanish acronym) with assistance from private operators. The majority of the investments, $7.2 billion or 57 percent of […]
Petrobras Updates on Sale of Distribution Assets in Chile
(Petrobras, 4.May.2016) – Petrobras has completed negotiations with the Southern Cross Group on the main terms and conditions for the sale of 100 percent of Petrobras Chile Distribución Ltda. (PCD), owned through Petrobras Caribe Ltd. Southern Cross Group is a private equity fund, founded in 1988, with $2.9 billion of […]
Ecopetrol Announces Results for 1Q:16
(By Ecopetrol S.A. 3.May.2016) – Ecopetrol S.A. announced Ecopetrol Group’s financial results for the first quarter of 2016, prepared and filed in Colombian pesos (COP$) and under International Financial Reporting Standards (IFRS) applicable in Colombia. — Amid the lowest Brent price of the last 12 years, in the first quarter […]
Táchira Petrol Stations Sell 91 Grade Gasoline for Bs. 200/Liter
(Energy Analytics Institute, Jared Yamin, 1.May.2016) – Ten gasoline stations – which form part of Venezuela’s Exclusive and Special Service stations – are selling PDVSA’s 91 grade gasoline for 200 Venezuelan bolivars per liter and diesel for 170 Venezuelan bolivars per liter, reported the daily newspaper El Carabobeño. The service […]
PDVSA Pays Interest to 2022 Bondholders
(PDVSA, 29.Apr.2016) — PDVSA announced that payment of interest was made on April 28, 2016 to all holders of PDVSA Bonds maturing 2022 with an interest rate of 6 percent, according to the preset conditions on paper issued October 2014. ***
Harvest Receives Continued Notice Listing From NYSE
(Harvest Natural Resources, Inc., 29.Apr.2016) — Harvest Natural Resources, Inc. announced that, on April 25, 2016, the New York Stock Exchange (NYSE) notified the company that it had fallen below the NYSE’s continued listing standards, which provide that an NYSE-listed company is not in compliance if its average global market […]
PEPC’s Restructuring Not Likely to Impact Brazil Program
(Karoon Gas Australia Ltd., 28.Apr.2016) – Karoon Gas Australia Ltd. provided an update on recent events relating to its 65 percent owned Santos Basin Blocks S-M-1037, 1101, 1102, 1165 & 1166 offshore Brazil. Karoon’s 35 percent joint venture partner, Pacific Exploration and Production Corp. (Pacific) announced April 27, 2016 that […]
PDVSA advances with plants at Sinovensa, Petrocarabobo projects in Venezuela
(Energy Analytics Institute, Piero Stewart, 28.Apr.2016, Words: 285) — PDVSA has started work on the heavy oil treatment plants at the joint-venture companies Petrolera Sinovensa and Petrocarabobo, located in the south of Monagas and Anzoátegui states, respectively. Investments in the Petrolera Sinovensa plant are expected to total $40 million plus […]
Ecopetrol Adjusts its 2016 Investment Plan
(Ecopetrol S.A., 27.Apr.2016) – Ecopetrol S.A. announced that in light of the current low crude oil price environment, and with the aim of protecting the company’s cash flow and financial sustainability, its Board of Directors approved an adjustment to the 2016 Investment Plan, from $4.8 billion, as approved on December […]
Petrobras Comments on Divestment of Gaspetro Shares
(Petrobras, 26.Apr.2016) – Petrobras declared that the new injunction granted by the Rio Federal Court has not suspended the sale of 49 percent of its interest in Gaspetro, but determined that the buyer may not dispose of the shares acquired. Petrobras is analyzing the appropriate legal measures in regard to […]