(Pemex, 28.Jul.2015) – Pemex and Banco Santander signed a collaboration agreement to provide credit and banking services to gas stations comprising the network of service stations nationwide. The agreement will provide Pemex franchisees access to banking services as Point of Sale (POS) systems, referenced deposits, electronic banking, payroll, transfer and […]
SBM Completes $1.55 Bln Financing of FPSO
(SBM Offshore N.V., 28.Jul.2015) – SBM Offshore N.V. announced that on 27.Jul.2015 it completed the project financing of FPSO Cidade de Saquarema — which will be deployed to the Lula field offshore Brazil upon completion — for a total of $1.55 billion, which is the largest project financing in the […]
Ecopetrol Announces Caribbean Deepwater Find
(Ecopetrol S.A., 28.Jul.2015) – Ecopetrol informs that at a depth of 3720 meters, the Kronos-1 well verified the presence of hydrocarbons in ultra-deepwater of Colombian south Caribbean area. This discovery proves the geological model proposed for an unexplored area with high hydrocarbon potential. Kronos-1 is located in block Fuerte Sur, […]
Pemex to Supply Isthmus Crude to Japan
(Pemex, 24Jul.2015) – Pemex, through P.M.I. Comercio Internacional (PMI), and the largest refining company in Japan, JX Nippon Oil & Energy Corporation, agreed to ship 6 MMbbls of Isthmus crude oil through 6 cargoes beginning in Aug.2015 and until Jan.2016, from the Salina Cruz maritime terminal located in the state […]
Pemex, Sedatu Sign Cooperation Agreement
(Pemex, 22.Jul.2015) – Pemex and the Ministry of Agrarian, Land and Urban Development (SEDATU), through the Agrarian Attorney’s Office (PA), signed a Cooperation Agreement to establish mechanisms for information, advice and training so that the hydrocarbon exploration, extraction and transportation projects are carried out according to the legal framework and […]
Petrobras Clarifies Contract with Braskem
(Petrobras, 22.Jul.2015) – In regard to the news published by the press on the Braskem contract, Petrobras would like to make it clear that the naphtha supply contract between Petrobras and Braskem was examined by an Internal Investigative Committee set up after the company had access to the state’s evidence […]
Petrobras Clarifies IPO News
(Petrobras, 21.Jul.2015) – Regarding reports in the press about an Initial Public Offering (IPO) for BR Distribuidora S.A., Petrobras clarifies that, as announced on 1.Jul.2015, the Executive Board authorized a study to be prepared analyzing strategic alternatives for its wholly-owned subsidiary Petrobras Distribuidora. Among the possibilities to be explored, is […]
Pemex, OECD Promote Best Procurement Practices
(Pemex, 20.Jul.2015) – Pemex, through its Corporate Office of Procurement and Supply, signed an agreement with the Organization for Economic Cooperation and Development (OECD) that will enable Pemex to adopt the best international practices in procurement, and promote the efficient and transparent management in its processes. This agreement comprises a […]
Ecopetrol Updates on BODs Decision
(Ecopetrol S.A., 19.Jul.2015) – Ecopetrol reports that, at the Board of Directors’ meeting on July 17, 2015, the Board of Directors decided as follows: — To accept the resignation of Mr. Gonzalo Restrepo Lopez as member and chairman of the Board of Directors. The Board of Directors gave special recognition […]
Petrobras Updates on Tax Contingency
(Petrobras, 17.Jul.2015) – Due to the unfavorable final ruling by the Tax Appeals Board (CARF), Petrobras paid R$1.6 bln to cover the Tax Deficiency Notice issued by the Brazilian Federal Revenue Service, R$1.2 bln in cash and R$0.4 bln in tax losses. The Tax Deficiency Notice relates to Financial Operations […]
Petrobras Decision on Parque das Baleias Arbitration
(Petrobras, 17.Jul.2015) – Further to the Parque das Baleias Arbitration released on July 6, 2015, the Arbitration Tribunal issued a new ruling (16.Jul.2015) to suspend deposits of disputed special participation tax amounts, estimated at R$ 350 mln/quarter. This ruling is provisional and is valid until the final judgement of the […]
Elevated Corporate Risks in Argentina
(Moody’s Investor Service, 16.Jul.2015) – Economic stagnation, a difficult political environment and heightened volatility in financial markets with the approach of presidential elections will be elevating pressures on non-financial companies in Argentina through mid-2016, says Moody’s Investors Service. Most of the 20 companies that Moody’s rates in Argentina, however, will […]
FPSO Cidade de Marica Arrives in Brazil
(SBM Offshore B.V., 10.Jul.2015) – SBM Offshore announced the arrival of FPSO Cidade de Marica at BRASA, Brazil. The SBM Offshore vessel berthed safely at the Niteroi-Rio based yard 9.Jul.2015. She had arrived in Brazilian waters midJune, following her 10,625 nautical miles (Nm) or 19,678 kilometers voyage from China. FPSO […]
Guyana Pursues Diplomatic Option with Venezuela
(GINA, 9.Jul.2015) – Guyana’s President David Granger reiterated that diplomacy will remain as his country’s first option as it stands resolute against all forms of aggression. “We have never, as an independent state, provoked or used aggression against any other nation, we have never used our political clout to veto […]
Geopark Announces Potential of LatAm Portfolio
(GeoPark Limited, 6.Jul.2015) – GeoPark Limited announced the results of an independent audit of the company’s exploration resources as of 31.Dec.2014, prepared by Gaffney, Cline & Associates (GCA). GeoPark has interests in 31 blocks, covering over six million acres, in 12 proven hydrocarbon basins, in five Latin American countries, with […]
Douglas-Westood: Brazil in Deep Trouble
(Douglas-Westwood, 7.Jul.2015) – Douglas-Westwood commented on “Brazil – In Deep Trouble” in its latest edition of DW Monday. Petrobras has long been a pioneer in the adoption and deployment of deepwater technology. This has enabled them to build huge reserves of some 16 billion barrels of oil. Converting these reserves […]
FPSO Cidade de Itaguai Arrive at Iracema
(Petroleo Brasileiro S.A., 6.Jul.2015) – Petroleo Brasileiro S.A. (Petrobras) reported that the floating production, storage and offloading unit (FPSO) Cidade de Itaguai is now anchored in the Iracema Norte area of Lula field, in the Pre-Salt layer of Santos Basin, off the coast of Rio de Janeiro, Brazil. The platform-ship […]
Court’s Prelim Ruling on Parque das Baleias
(Petrobras, 6.Jul.2015) – On 2.Jul.2015, the Arbitration Court granted a provisional remedy in an action filed by Petrobras relating to a resolution of the National Agency of Petroleum, Natural Gas and Biofuels (ANP) to treat the assets of Baleia AnĂŁ, Baleia Azul, Baleia Franca, Cachalote, CaxarĂ©u, Jubarte and Pirambu as […]
Petrobras Reports Sale of Bijupirá, Salema fields
(Petrobras, 2.Jul.2015) – Petrobras signed with PetroRio S.A. contracts for the sale of 20% of its stake in the concessions of Bijupirá and Salema fields, currently operated by Shell. The transaction amounts to $ 25 million and is subject to adjustments that are common to this type of operation. These […]
Petrobras to Study Petrobras Distribuidora Offering
(Petrobras, 1.Jul.2015) – Petrobras’ Executive Board, at a meeting held on 30.Jun.2015, authorized studies to be prepared analyzing strategic alternatives for its wholly-owned subsidiary Petrobras Distribuidora S.A. (BR). Among the possibilities to be explored, is attracting a strategic partner and a public offering, making this subsidiary a listed company in […]
S&P Maintains Ecopetrol Credit Rating
(Ecopetrol S.A., 1.Jul.2015) – Ecopetrol S.A. reported that the credit rating agency Standard & Poor’s has maintained Ecopetrol’s long term corporate credit rating at BBB with a stable outlook. S&P’s mentioned that the new strategy presented by the company is in line with the current oil market conditions and prioritizes […]
Pemex Cogeneration And Services BODs Installed
(Pemex, 30.Jun.2015) – The organic statute containing the organization and functions of the new productive state¬-owned subsidiary Pemex Cogeneration and Services was approved during the installation session of the Board of Directors. The statute will become effective after its publication in the Official Gazette of the Federation. This is one […]
Petrobras to Spend $130.5 Bln Between 2015-2019
(Petrobras, 29.Jun.2015) – On 26.Jun.2015, the Board of Directors of Petrobras approved the 2015–2019 Business and Management Plan. The plan earmarks investments of $130.3 billion for 2015-2019. The investment portfolio prioritizes oil exploration and production (E&P) in Brazil, especially in the pre-salt. Of the total amount, 83% ($108.6 billion) will […]
Swire Secures Contract with Weatherford Brazil
(Swire Oilfield Services, 29.Jun.2015) – Swire Oilfield Services secured an exclusive five year contract with Weatherford International plc in Brazil. “This is a great reward for the team’s efforts in growing the business in Brazil and we are proud to support Weatherford’s activities,” said Marcelo Nacif, Swire General Manager in […]
Petrobras Updates on NY Lawsuit
(Petrobras, 25.Jun.2015) – Petrobras announced that on 25.Jun.2015, a hearing was held before the federal court in New York regarding the motion to dismiss presented by Petrobras in the class action lawsuit in which the company is a defendant. The purpose of the motion to dismiss is for the federal […]
Moody’s Maintains Ecopetrol Rating at Baa2
(Ecopetrol S.A., 25.Jun.2015) – Ecopetrol S.A. reported that the credit rating agency Moody’s Investors Service has maintained Ecopetrol’s long term international rating at Baa2 with a stable outlook. Moody’s mentioned that “the rating affirmation was based on Ecopetrol’s solid business strategy, now focused on expanding exploration activities to increase reserves […]
Ecopetrol Presents Details of Distribution Proposal
(Ecopetrol S.A., 24.Jun.2015) – Ecopetrol S.A. at the direction of the Finance Superintendence, hereby publishes the earnings distribution proposal that was approved by the Shareholders Assembly of 26.Mar.2015. Accordingly, regarding the capitalization of the occasional reserve by means of an increase in the nominal value of each of our shares […]
Gran Tierra Announces CAPEX, Colombia Focus
(Gran Tierra Energy Inc., 24.Jun.2015) – Gran Tierra Energy Inc. announced an increased 2015 capital program. The increased capital is intended to provide accelerated development drilling at the company’s core producing assets in the Putumayo Basin in Colombia, specifically the Moqueta and Costayaco fields on the Chaza Block. In addition, […]
Moody’s Affirms Ecopetrol Rating
(Moody’s, 23.Jun.2015) – Moody’s affirmed Ecopetrol S.A.’s Baa2 ratings and assigned a Baa2 rating to the company’s up to $1.5 billion in proposed notes due 2026. The proposed securities are senior unsecured and pari passu with Ecopetrol’s other senior foreign currency debt, which is also rated Baa2. Proceeds from the […]
Moody’s Changes PBF Rating Outlook
(Moody’s, 22.Jun.2015) – Moody’s Investors Service changed PBF Holding Company LLC’s rating outlook to positive from stable. Moody’s also affirmed PBF’s Ba3 Corporate Family Rating (CFR), Ba3-PD Probability of Default Rating, and Ba3 senior secured notes ratings following its announced acquisition of the Chalmette refinery. “PBF’s positive rating outlook reflects […]
Fitch Affirms Ecopetrol Ratings
(Ecopetrol S.A., 22.Jun.2015) – Fitch Ratings affirmed Ecopetrol S.A.’s foreign and local currency Issuer Default Ratings at ‘BBB’ and ‘BBB+’, respectively. Concurrently, Fitch has affirmed the company’s national scale short and long-term ratings of ‘F1+(col) and ‘AAA(col). The Rating Outlook for all ratings is Stable. According to Fitch, “Ecopetrol’s ratings […]
Pemex Attends Contingency at Akal-H Platform
(Pemex, 22.Jun.2015) – Specialized Pemex staff is taking care of the oil and gas leakage incident that occurred in the satellite platform Akal-H in the Campeche Sound. Fortunately, there are no injuries to report. The three workers carrying out a routine inspection were evacuated in a timely and secure manner […]
Harvest Announces $32.2 Mln Funding
(Harvest Natural Resources, Inc., 19.Jun.2015) – Harvest Natural Resources, Inc. announced that CT Energy Holding SRL, a Venezuelan-Italian consortium, has agreed to purchase from Harvest senior secured notes, convertible notes and warrants. “CT Energy Holding’s funding addresses our liquidity requirements for the near and medium term and will enable us […]
Harvest Enters Relationship with CT Energy
(Harvest Natural Resources, Inc., 19.Jun.2015) – On 19.Jun.2015, Harvest Natural Resources, Inc. entered into a strategic relationship with CT Energy and CT Energia Holding, Ltd., an international energy trading firm, designed to maximize the long-term success and value of Harvest’s Venezuelan operations and its 20.4% investment in Petrodelta. Under the […]
Venezuela Eyes Gas Exports, LNG
(Energy Analytics Institute, 18.Jun.2015) – Petroleos de Venezuela SA (PDVSA) plans to boost investments in the Venezuelan natural gas sector over the next five years in order to almost double production to meet increasing domestic demand, reduce its reliance on fuel imports and eventually export excess gas volumes to generate […]
ExxonMobil Sells Share of Chalmette Refinery in Louisiana
(Exxon Mobil Corporation, 18.Jun.2015) – ExxonMobil reached an agreement with PBF Energy Inc. for the sale and purchase of its 50% interest in Chalmette Refining, LLC in Chalmette, Louisiana. “This decision is the result of a strategic assessment of the site and how it fits with our large US Gulf […]
Pemex, STPRM Review Collective Labor Deal
(Pemex, 16.Jun.2015) – PetrĂłleos Mexicanos (Pemex) and the Petroleum Workers’ Union (STPRM, Sindicato de Trabajadores Petroleros de la RepĂşblica Mexicana, for its acronym in Spanish) started negotiations for the revision of the Collective Bargaining Agreement 2015-2017, which will come into force on 1.Aug.2015. Emilio Lozoya, CEO of Pemex, stated that […]
Introduction to IBAMA
(The Brazil Business, Renata Garcia, 16.Jun.2015) — IBAMA is an institute that was created to ensure the preservation and maintenance of the environment. It acts in the protection of Brazilian natural resources. In this article we will understand what IBAMA is and its functions. The Brazilian Institute of Environment and […]
Environmental Protection Key Pemex Element
(Pemex, 14.Jun.2015) – Maintaining or improving competitiveness in the oil industry will increasingly require a better environmental performance. Therefore, environmental protection is currently one of the key elements in the company’s business strategy along the value chain, Emilio Lozoya, CEO of PetrĂłleos Mexicanos (Pemex), stated at the “Pemex-2015 5th Environmental […]
Petrobras Comments on FPSO Cidade de SĂŁo Mateus
(Petrobras, 12.Jun.2015) – Petrobras completes analysis of factors that contributed to accident on 11.Feb.2015, on board FPSO Cidade de SĂŁo Mateus, in EspĂrito Santo. The report is aimed at documenting the analysis of the occurrence, in order to further improve the industry’s safety standards and prevent similar accidents in future. […]
Petrobras Set Record Pre-Salt Production
(Petrobras, 12.Jun.2015) – Petrobras’ pre-salt production in May set two new monthly output records. Production handled by the company, including both Petrobras and partner production, reached a new high of 726,000 b/d, up 1.6% on the Apr.2015 figure (715,000 b/d). This includes Petrobras’ own record output of 519,000 b/d, 3.2% […]
Pemex Finds New Oil Deposits in GOM
(Pemex, 10.Jun.2015) – Emilio Lozoya, CEO of PetrĂłleos Mexicanos, announced the first hydrocarbon discoveries made took advantage of the new tools provided by the Energy Reform. This is the first tangible result in exploration activities, after the approval of the reform in Aug.2014. Taking into account the short period for […]
Mexican Petroleum Congress Opens
(Pemex, 10.Jun.2015) – The Ministry of Energy (SENER), Pedro JoaquĂn Coldwell, opened the 10th Mexican Petroleum Congress at the Guadalajara Expo, which brought together 270 national and international companies with more than eight thousand participants from 12 countries. The event was attended by the CEO of Pemex, Emilio Lozoya, and […]
Pemex, Blackrock Sign MOU to Develop Infrastructure
(Pemex, 6.Jun.2015) – PetrĂłleos Mexicanos and BlackRock signed a Memorandum of Understanding (MOU), in order to accelerate the development and financing of energy infrastructure projects that are considered a strategic priority for Pemex. The agreement was signed by Pemex’s CFO, Mario Beauregard, and the Global Manager of BlackRock Infrastructure, Jim […]
Petrobras Aims to Gas Reduce Faring by 60%
(Petrobras, 5.Jun.2015) – Brazil is now among the countries that best use their natural gas output. By significantly reducing gas flaring on its platforms, in Feb.2015 Petrobras achieved a record 96.5% gas usage rate in its exploration and production activities, considering total production in the fields operated by the company. […]
Moody’s Assigns Ba2 Rating to Petrobras Notes
(Moody’s, 3.Jun.2015) – Moody’s Investors Service assigned a Ba2 rating to Petrobras Global Finance B.V.’s proposed global notes, which will be unconditionally guaranteed by Petrobras. The Ba2 rating on the proposed notes is based on the rating of Petrobras (Ba2 stable). The proposed notes are senior unsecured and pari passu […]
Petrobras Prices Bonds in Int’l Market
(Petrobras, 2.Jun.2015) – Petrobras announced the pricing of its corporate bonds in U.S. dollars with a 100-year term, issued through its wholly owned subsidiary Petrobras Global Finance B.V. and unconditionally guaranteed by Petrobras. The transaction’s completion is planned for 5.Jun.2015 and the terms of issue are as follows: — Issue: […]
T&T Energy Ministry Supports Expansion into Guyana
(Piero Stewart, Special for Energy Now, 1.Jun.2015) – Trinidad and Tobago will seek to capitalise on energy projects in the region as part of broader push outside of the country’s borders, and especially into Guyana, which has recently announced a significant offshore oil discovery. Oil field service companies from Trinidad […]
Pemex Presents Safety, Health Strategy for 2015-2025
(Pemex, 28.May.2015) – Petroleos Mexicanos presented its Safety, Health and Environmental Protection Strategy 2015-2025 (SSPA, for its acronym in Spanish) which outlines actions to strengthen safety and reliability culture of operations in a safe and efficient manner enabling greater productivity. After pointing out that Pemex is on the verge of […]
Colombia’s Ecopetrol Reinvents Itself
(Ecopetrol, 26.May.2015) – Ecopetrol S.A.’s Board of Directors approved a new corporate strategy aimed at guaranteeing the company’s long-term sustainability, in which value generation based on efficient barrels and shareholder return become a priority. Within a complex international price environment, the new strategy defines that Ecopetrol will be focused on […]