(Energy Analytics Institute, Piero Stewart, 14.Sep.2015) – In terms of a much talked about default, PDVSA would continue to function but the levels of output will likely decline due to a lack of investment and could see an increase in accidents at the company, said EnergyNomics President Carlos Rossi in […]
Peru’s Large Oil Block Woes
(Maria Luisa Puig, Eurasia, 14.Sept.2015) – Indigenous groups occupied the installations of block 192, the largest oil field in the Amazon jungle, to force the government to listen to their economic and environmental demands. The Humala administration announced in Aug.2015 a 2-year contract with Canadian Pacific Exploration and Production (previously […]
PDVSA Falsely Accusing Innocent Workers
(Energy Analytics Institute, Piero Stewart, 14.Sep.2015) – PDVSA is falsely accusing innocent workers of smuggling fuel, according to an oil union official. “By falsely accusing innocent PDVSA workers of smuggling diesel and gasoline, the Venezuelan government is trying to cover up the smuggling being carried out by military officials,” oil […]
Petrobras Says Board Pres. Takes Leave
(Petrobras, 14.Sep.2015) – Petrobras’ Chair of the Board of Directors, Murilo Ferreira, has advised the Board that he will be on leave of absence until 30.Nov.2015. ***
AES Awarded Panama’s First Gas-Fired Plant
(AES Corporation, 11.Sep.2015) – AES Corporation announced that its subsidiary, Gas Natural Atlantico S. de R.L., won a competitive bid process conducted by the Electric Transmission Company, SA (ETESA), the state’s electric transmission company, to supply 350 MW of new capacity. The project will include the construction of a 350 […]
Petrobras Reports on Downgrade by S&P’s
(Petrobras, 11.Sep.2015) – Regarding Standard & Poor’s announcement of its new rating on September 10, 2015, Petrobras reiterates the medium-term fundability of its projects has been assured through loans taken out this year from financial institutions in Brazil and other countries. Petrobras also clarifies its loans do not contain any […]
Petrobras’ Naphtha Contract with Braskem
(Petrobras, 11.Sep.2015) – Petrobras and Braskem have signed contracts to supply naphtha for 2-months, starting on September 1, 2015: one is for the Braskem Unit in SĂŁo Paulo and the other is for the Bahia and Rio Grande do Sul units. Petrobras tried to negotiate a price for the naphtha […]
Venezuela Records Quake in Sucre State
(Energy Analytics Institute, Piero Stewart, 10.Sep.2015) – A 4.5 magnitude quake was reported in Venezuela’s Sucre state (41km north of Guiria), Venezuelan Seismological Foundation (Funvisis) reported. ***
Energy Should Be Key Integration Driver
(PDVSA, 10.Sept.2015) – The World Energy Council (WEC) and the Union of South American Nations (UNASUR), with the support of the Ministry of Electricity and Renewable Energy (MEER) of Ecuador, hosted the South American Energy Council (CES) at the headquarters of UNASUR in the city of Quito The Fifth Meeting […]
Petrobras’ Clarification on Drilling Rigs
(Petrobras, 10.Sep.2015) – Currently, Petrobras has 28 contracts with Sete Brasil to charter drilling rigs. Charter contracts for 7 of the rigs were signed in Jun.2011 and the remaining 21 rigs were signed in Aug., totalling $89 bln. The 28 drilling rigs are scheduled to be delivered at different times: […]
Del Pino Says Producers Must Overcome Differences
(Energy Analytics Institute, 10.Sep.2015) – “Let’s overcome our differences of opinion between OPEC and non OPEC producers to achieve consensus,” Venezuela’s oil ministry posted via twitter , citing the country’s oil minister Eulogio Del Pino. “Let’s have a discussion on fair prices, minimum prices to ensure sustainability,” said Del Pino, who […]
Venezuela Arrest Nine for Trafficking Copper, Lead
(AVN, 9.Sep.2015) – Venezuela’s public prosecutor office arrests 9 persons convicted of trafficking 15 tons of copper and lead that belonged to PDVSA. ***
Moody’s Withdraws Pan America Rating
(Moody’s Investor Service, 9.Sep.2015) – Moody’s Latin America Agente de CalificaciĂłn de Riesgo has withdrawn the Aa1.ar National Local Currency rating for the Senior Unsecured Bank Credit Facility of Pan American Energy LLC, Argentine Branch (PAE) for business reasons. However, the B2 Global Scale Rating remains unchanged. Pan American Energy […]
Gas Treatment Plant In Triguadare Operational After Fire
(Energy Analytics Institute, Piero Stewart, 8.Sep.2015) – A gas treatment plant in the Triguadare sector of Paraguana peninsula in Falcon state is operating normally after a fire was reported there last week, reported the daily newspaper El Universal, citing Venezuela’s Gas Vice Minister JosĂ© Gregorio Prieto. ***
EMAS AMC Wins Contract for Angostura Project
(Ezra Holdings Ltd., 8.Sep.2015) – Singapore’s Ezra Holdings Limited (Ezra or the Group), a leading contractor and provider of integrated offshore solutions to the oil and gas industry, announced its subsea services division, EMAS AMC, finalized a contract with BHP Billiton for the Angostura phase 3 development offshore Trinidad and […]
Guyana Cabinet Briefed on Oil Sector Management
(Guyana Government Information Agency, 4.Sep.2015) – Minister of Governance, Raphael Trotman, has briefed Cabinet on the strategic, legislative, regulatory and institutional arrangements for the management of upstream activities in the Petroleum Sector. This disclosure was made by Minister of State, Joseph Harmon, who briefed the media on the deliberations of […]
Guyana To Assure No Fuel Shortages
(Guyana Government Information Agency, 4.Sep.2015) – The government of Guyana believes that its responsibility and obligation are to ensure that there will be no shortage of fuel in Guyana, and so must do everything possible to keep the wheels of industry turning. This is according to Minister of State, Joseph […]
H5 Settles with Chevron Over Ecuador Lawsuit
(Chevron Corporation, 3.Sep.2015) – Chevron Corporation reached a settlement agreement with H5, a California-based e-discovery and litigation services firm. In the settlement, H5 has withdrawn its support from the litigation against Chevron in Ecuador and has assigned its 1.25% interest in the $9.5 bln Ecuadorian judgment to Chevron. In 2014, […]
MEO Australia Signs Deal for Cuba Block 9
(MEO Australia Ltd., 3.Sep.2015) – MEO Australia Limited executed the Cuba Block 9 Production Sharing Contract (PSC) with the national oil company Cuba Petroleo Union (CUPET) in a ceremony in Havana, Cuba. The ceremony was attended by dignitaries including Juan Torres Naranjo, general director of CUPET and representatives of MEO, […]
Launching of Floatel for Pemex
(Pemex, 28.Aug.2015) – The vessel will have the capacity to accommodate 700 platform workers. The accommodation vessel (floatel, floating hotel) built to service Pemex’s platforms, was launched at Navantia’s shipyard in Ferrol, Galicia. It will be completed and delivered next year. The current progress of the construction of the floatel […]
GeoPark Finds Light Oil in Colombia
(GeoPark Limited, 27.Aug.2015) – GeoPark Limited announces a new oil field discovery following drilling of exploration well Chachalaca 1, located on the Llanos 34 Block in Colombia. GeoPark operates and has a 45% working interest in the Llanos 34 Block. GeoPark drilled and completed the Chachalaca 1 exploratory well to […]
Petrobras Output for July 2015
(Petrobras, 26.Aug.2015) – Petrobras sets new daily and monthly records for oil extraction in the pre-salt layer.    Petrobras’ average oil and natural gas production rose 1.8% in July 2015 compared to the previous month and reached 2.796 MMboe/d. The company produced 2.746 MMboe/d in Jun.2015. Production is up 3.6% on […]
Petrobras Debentures Public Offering
(Petrobras, 26.Aug.2015) – Petrobras has submitted to the Brazilian Financial and Capital Markets Association (ANBIMA) a request for the preliminary analysis of registration for the public offer of simple debentures, not convertible into shares, unsecured, in up to 3 series, to be held in accordance with the procedures of CVM […]
Pemex Responds to Moody’s Press Release
(Pemex, 25.Aug.2015) – Moody’s Investors Service placed Pemex’s global foreign currency and global local currency A3 ratings under review for a possible downgrade. In this regard, Pemex makes the following remarks: Pemex, along the entire oil and gas industry has been affected by the substantial decline in international oil prices […]
Petrobras Pays Fine in USA
(Petrobras, 20.Aug.2015) – Regarding media reports on the payment of a fine to U.S. authorities, Petrobras states there is nothing ongoing regarding any payment of a fine to close civil and criminal investigations into the violation of anticorruption legislation in the U.S. Nor has there been any decision by U.S. […]
Ecopetrol Oks Creation of New Subsidiary
(Ecopetrol S.A., 19.Aug.2015) – The Board of Directors of Ecopetrol S.A., in its meeting held on 14.Aug.2015, authorized the creation of a Colombian company indirectly wholly owned by Ecopetrol. The creation of the new subsidiary seeks to develop offshore activities in Colombia, which the company currently carries out as operator […]
Details Related to Petrobras Distribuidora IPO
(Petrobras, 18.Aug.2015) – Pursuant to CVM Instruction 480/09, Petrobras has published, in the Brazilian Securities and Exchange Commission (CVM) system, an acknowledgement relating to the meeting of the Board of Directors held on 6.Aug.2015, which resolved on the following issues related to the IPO of Petrobras Distribuidora (BR): (i) the […]
Pemex Looks to Improve Diesel Production
(Pemex, 14.Aug.2015) – The exchange of light crude between the U.S. and Mexico will improve the production of diesel and gasoline in the country. Pemex has been notified of the approval of the application submitted to the Bureau of Industry and Security, Department of Commerce of the United States, earlier […]
Pacific Rubiales Changes Name To Pacific E&P Corp.
(Pacific Rubiales, 14.Aug.2015) — Pacific Rubiales Energy Corp. changed its corporate name to Pacific Exploration and Production Corporation. The name change reflects the company’s broader focus in Latin America as the company’s production base continues to be diversified away from the Rubiales Field. The new name emphasizes the company’s strategy […]
Life in a Venezuelan Oil Camp: TĂo Conejo Meets Uncle Sam
(Harvard Review of Latin America, Miguel Tinker Salas, 14.Aug.2015) – I grew up in a Venezuelan oil camp. Ever since I can remember, I have heard both Spanish and English spoken all around me or conveyed through music or films. With my family, I ate traditional Venezuelan arepas, cachapas, carne […]
Ecopetrol Extraordinary Shareholder’s Meeting
(Ecopetrol S.A., 14.Aug.2015) – Due to the resignation of Mr. Gonzalo Restrepo Lopez and the election of his replacement, the CEO of Ecopetrol S.A. hereby calls on Shareholders to attend the extraordinary shareholders’ meeting to be held on 4.Sep.2015, starting at 7:30 a.m. at Ecopetrol’s auditorium located in Cra.13 No. […]
Moody’s Affirms Petrobras Argentina Notes
(Moody’s Investor Service, 14.Aug.2015) – Moody’s Latin America Agente de CalificaciĂłn de Riesgo affirmed the Ba2/Aaa.ar global scale rating and national scale rating on Petrobras Argentina S.A.’s $300 million in guaranteed Series S notes (CUSIP 71646JAB5). The rating action reflects Moody’s Investors Service’s rating action on August 11, 2015 of […]
Petrobras Updates on Inclusion of Tax Debts
(Petrobras, 14.Aug.2015) – Petrobras has decided to include tax debts in the Special Installment Program – REFIS, introduced under Law 12996/2014 and regulated by the Joint Ordinance PGFN/RFB 1064/15 and the Regulatory Instruction RFB 1576/15, published on 3.Aug.2015. Since the above-mentioned regulatory instruments were published, Petrobras has been reassessing its […]
Fitch Affirms Corpoelec IDRs
(Fitch, 13.Aug.2015) – Fitch Ratings has affirmed Corporacion Electrica Nacional S.A.’s (CORPOELEC) local and foreign currency Issuer Default Ratings (IDRs) at ‘CCC’. ***
PDVSA’s Planned Shutdown of Cardon FCC Unit
(Energy Analytics Institute, Pietro D. Pitts, 11.Aug.2015) – The Paraguana Refining Center (CRP) will initiate a preventive shutdown of the Cardon Refinery’s Fluidized Catalytic Cracking Unit on August 13, 2015, according to a statement posted to PDVSA’s website. Mechanical work will be performed on the equipment that is part of […]
Pemex, STPRM to Review Collective Agreement
(Pemex, 11.Aug.2015) – Pemex and the Petroleum Workers Union of the Mexican Republic (STPRM, Sindicato de Trabajadores Petroleros de la RepĂşblica Mexicana) agreed to a 1-month extension for the review of the Collective Bargaining Agreement (CCT, Contrato Colectivo de Trabajo) that will regulate the employment relationships in the biennium 20152017; […]
Pemex Reports on Pipeline Fire
(Pemex, 11.Aug.2015) – The fire registered today in the Escobedo-Santa Catarina pipeline, in the municipality of GarcĂa in Nuevo LeĂłn, was caused by a blow from machinery that belonged to a private company at a construction site outside Pemex. Unfortunately, the death of 5 employees of the contractor has been […]
BODs Of Pemex Drilling And Services Installed
(Pemex, 11.Aug.2015) – At the installation session of the Board of Directors of the new Productive State-owned Subsidiary (PSS) Pemex Drilling and Services (Pemex PerforaciĂłn y Servicios), the organic statute containing its organization and functions was approved, and it will come into force once it is published in the Official […]
Court Grants Appeal to Pemex
(Pemex, 10.Aug.2015) – The Second Joint Civil Court of the Third Circuit, based in the city of Guadalajara, granted the appeal filed by Pemex thus declaring the absence of damages claimed by the company Bardahl de MĂ©xico SA de C.V. The above sentence is of utmost importance in the context […]
PetroDelta Generates $173.3 Mln in Revenue
(Harvest Natural Resources, Inc., 7.Aug.2015) – Harvest Natural Resources, Inc. announced second quarter 2015 earnings and provided an operational update. Harvest reported a 2Q:15 net loss of approximately $25.4 mln, or $0.60/share diluted, compared with a net loss of $1.7 mln, or $0.04/share diluted for the 2Q:14. The 2Q:15 results […]
Petrobras Updates on Settlement of Tax Liability
(Petrobras, 7.Aug.2015) – Following the publication of Joint Regulation RFB/PGFN #1064 and Regulatory Instruction 1576 in the Official Gazette on 3.Aug.2015, by the Brazilian Internal Revenue and the Office of the General Council to the National Treasury, Petrobras has decided to include, under these regulations, the processes relating to the […]
Filing of IPO by Petrobras Distribuidora
(Petrobras, 7.Aug.2015) – Petrobras announces that, in continuation of the studies for the initial public offering of shares by Petrobras Distribuidora (BR), disclosed in the Material Fact of 1.Jul.2015, its Board of Directors has authorized the filing of a formal request for registration of an initial public offering and for […]
Petrobras Post Net 1H:15 Earnings
(Petrobras, 7.Aug.2015) – Petrobras made net earnings of R$5.9 bln in the 1H:15, down 43% from the 1H:14. This result mainly reflects an increase in net financial expenses and recognition of a Financial Operations Tax (IOF) expense involving loans between different Petrobras group companies. Operating earnings were R$22.8 bln, up […]
Pemex Dismantles Group With Conflict
(Pemex, 6.Aug.2015) – Pemex dismantles group composed of companies and public officials that had a conflict of interest in million-dollar contract. An investigation carried out by the Unit of Responsibilities of Pemex’ Internal Control Unit, led to the identification and acknowledgement of the participation in unlawful acts of Pemex Exploration […]
Ecopetrol Announces 2Q:15, 1H:15 Results
(Ecopetrol S.A., 5.Aug.2015) – Ecopetrol announced Ecopetrol Corporate Group’s financial results for the 2Q:15 and the 1H:15, prepared and filed in Colombian pesos (COP$) and on the basis of International Financial Reporting Standards (IFRS). According to Article 3 of Decree 2784 of 28.Dec.2012 , the application date of the new […]
FPSO Starts Ops in Santos Basin Pre-Salt
(Petrobras, 1.Aug.2015) – On July 31, 2015, the Cidade de ItaguaĂ started up production to commence the operational phase of the Iracema Norte project. This area is located in the Lula oilfield off the coast of Rio de Janeiro, in the Santos Basin pre-salt. The floating, production, storage and offloading […]
Petrobras Tightens Controls in Hiring Suppliers
(Petrobras, 31.Jul.2015) – The Federal Public Prosecution Ministry returned R$139 mln misappropriated by former employees to Petrobras. Petrobras has made its supplier management process stricter. Its suppliers must now provide detailed information about their structure, finances and mechanisms for compliance and combating fraud and corruption, among other items, which are […]
Pemex, Union Agree to Review Collective Deal
(Pemex, 30.Jul.2015) – Pemex and the Petroleum Workers Union of the Mexican Republic (STPRM) agreed to an extension in reviewing the Collective Bargaining Agreement (CBA) that will regulate the employment relationships in the biennium 2015-2017. All topics of the CBA stated by both parties have been reviewed and agreed upon, […]
PBF to Close Chalmette Deal by YE:15
(PBF Energy, 30.Jul.2015) – On 18.Jun.2015, PBF announced that its subsidiary signed a definitive agreement to purchase Chalmette Refining, LLC, consisting of the 189 Mb/d Chalmette Refinery and related logistics assets, from ExxonMobil and PDV Chalmette, LLC. The purchase price for the assets is $322 mln, plus working capital including […]