(PEMEX, 22.May.2015) – Petróleos Mexicanos carried out, for the third time, an online auction of partial lots of petroleum coke from the “Gral. Lázaro Cárdenas”, refinery located in Minatitlán, Veracruz. Pemex Refining carried out the auction along with the support of Regional Market Makers de México, S. de R.L. de […]
Petrobras Signs $5 Bln Deal with CDB
(Petrobras, 20.May.2015) – On 19.May.2015, Petrobras signed a cooperation agreement with the China Development Bank (CDB) for the years 2015-2016. The deal encompasses funding of $3.5 billion already disbursed, as announced on 1.Apr.2015, and an additional disbursement of $1.5 billion, adding up to $5 billion in 2015. The agreement was […]
Moody’s Covenant on YPF Bond Offering
(Moody’s, 20.May.2015) – Moody’s Investors Service assigned an overall covenant quality score of 3.37 to YPF Sociedad Anónima’s $1,500 million 8.500% Senior Notes due 2025. ***
Petrobras Impairment of Trade Receivables
(Petrobras, 20.May.2015) – Petrobras has provisioned, in its 2014 Financial Statements, an allowance for impairment of trade receivables to cover uncollateralized receivables. In the 1Q:15 financial statements, as disclosed in the note 7.4, the company reported the reversion of part of these allowances in the amount of approximately R$1.3 billion. […]
Harvest Sets CAPEX at $265 Million
(Harvest Natural Resources, Inc., 19.May.2015) – Harvest Natural Resources said that during the first quarter of 2015, Petrodelta drilled and completed four development wells and sold approximately 3.63 million barrels (MMbbls) for an average of approximately 40,377 barrels of oil per day (bo/d), a decrease of 6% over the first […]
Harvest Reports 1Q:15 Results
(Harvest Natural Resources, Inc., 19.May.2015) – Harvest Natural Resources, Inc. (HNR) reported a 1Q:15 net loss of approximately $5.6 million, or $0.13/share diluted, compared with a net loss of $8.0 million, or $0.19/share diluted, for the same period last year. The 1Q:15 results included exploration charges of $1.9 million, or […]
Petrobras Reports Output for April 2015
(Petrobras, 19.May.2015) – Petrobras’ foreign oil and natural gas production in April 2015 was 2.785 (Mmboe/d), in Brazil and abroad, up 0.8% on March 2015, which was 2.764 Mmboe/d. Among this total, 2.596 Mmboe/d were produced in Brazil and 189 Mboe/d abroad. The production of 2.785 Mmboe/d is up 8.8% […]
Petrobras’ New Pre-Salt Record
(Petrobras, 13.May.2015) – Petrobras announces that on April 11, 2015, oil production in the fields it operates in the pre-salt province of the Santos and Campos basins reached the milestone of 800,000 b/d, constituting a new daily production record. Of this volume, around 74% (590,000 b/d) corresponds to Petrobras’ share […]
Ecopetrol Announces 1Q:15 Results
(Ecopetrol, 12.May.2015) – Ecopetrol S.A. reports the Group’s financial results for the 1Q:15, prepared and filed in Colombian pesos (COP$) and on the basis of International Financial Reporting Standards (IFRS). According with the article 3 of the Decree 2784 of 28.Dec.2012, the application date of the new technical framework is […]
Gran Tierra Announces New Executive Appointments
(Gran Tierra Energy Inc., 11.May.2015) – Gran Tierra Energy Inc. announced several new executive appointments effective immediately: Ryan Ellson, Chief Financial Officer; Alan Johnson, Vice President, Asset Management; Lawrence West, Vice President, Exploration; and Jim Evans, Vice President, Corporate Services. “I am delighted to have four key members from the […]
Petrobras Seeks Compensation Against Contractors
(Petrobras, 8.May.2015) – Petrobras has filed joint lawsuits with the Federal Public Prosecutors’ Office for improper conduct against the contractors and executives identified as responsible for irregularities within the scope of the Federal Police’s “Lava Jato” anti-corruption investigation. The lawsuits are on top of a series of measures the company […]
Petrobras Reports New Composition of Committee
(Petrobras, 8.May.2015) – Petrobras’ Board of Directors has unanimously approved the new composition of its Audit Committee, by appointing Directors Luiz Nelson Guedes, Luiz Augusto Fraga Navarro de Britto Filho and Roberto da Cunha Castello Branco as the new members of this Committee. The Board of Directors has also unanimously […]
Gran Tierra Announces Full 1Q:15 Results
(Gran Tierra Energy Inc., 6.May.2015) – Gran Tierra Energy Inc. announced its financial and operating results for the quarter ended 31.Mar.2015. All dollar amounts are in U.S.A. dollars unless otherwise indicated. Earlier this year, Gran Tierra announced significant changes to the company’s leadership, strategic direction and cost structure. Gran Tierra’s […]
Barbados And BHP Billiton Sign Exploration Licenses
(BHP, 30.Apr.2015) — The Government of Barbados and BHP Billiton today signed exploration licences for two offshore blocks, Carlisle Bay and Bimshire. These blocks are approximately 40 kilometres southeast of the island nation, total about 5,000 square kilometres and are located in waters ranging from approximately 1,200 to 2,000 metres […]
Moody’s Assigns Rating to Raízen Energia
(Moody’s, 30.Apr.2015) – Moody’s América Latina assigned a Baa3 global scale and Aaa.br national scale ratings to Raízen Energia S.A.’s proposed BRL 500 million senior unsecured CPR-F (Cédulas de Produto Rural Financeiras) due 2021 and guaranteed by Raízen Combustíveis S.A. The outlook for the rating is stable. The rating of […]
Petrobras Completes Third Sergipe Basin Well
(Petrobras, 29.Apr.2015) – Petrobras finished drilling well 3-BRSA-1296-SES (ANP nomenclature) in the Sergipe Basin’s ultra-deep waters, in concession BM-SEAL-10, block SEAL-M499. The test results confirmed the presence of light oil (higher market value) and good reservoir porosity and permeability. The well was drilled to a depth of 6,060 m. It […]
Petrobras Seeks Assist of Federal Prosecutors Office
(Petrobras, 28.Apr.2015) – On 24.Apr.2015, Petrobras submitted a request to assist the Federal Prosecutors Office in seven criminal lawsuits related to Operação Lava Jato (Operation Car Wash), in which the company is the defendant. These lawsuits have been filed at the 13th Federal Court in Curitiba (Paraná state). This indicates […]
Moody’s Confirms Petrobras Argentina Notes
(Moody’s, 28.Apr.2015) – Moody’s Latin America Agente de Calificación de Riesgo confirmed the Ba2/Aaa.ar global scale rating and national scale rating on Petrobras Argentina S.A.’s (Petrobras Argentina) $300 million in guaranteed Series S notes (CUSIP 71646JAB5). The rating action reflects Moody’s Investors Service’s rating action on 27.Apr.2015 of confirming Petrobras’ […]
Petrobras Reports Audited Results for 2014
(Petrobras, 23.Apr.2015) – Petrobras presented a loss of R$21.6 billion for the year 2014, mainly due to an asset impairment charge of R$44.6 billion, a write-down of improperly capitalized additional spending within the scope of the Federal Police’s “Operação Lava Jato” anticorruption probe (R$6.2 billion), a provision for losses from […]
Wison Delivers Stick Batches to RPLC Project
(Wison Offshore & Marine Ltd., 21Apr.2015) – Wison Offshore & Marine Ltd. announced the delivery of its first batch of stick built for the key modularized components construction of the Petroleos De Venezuela, S.A.(PDVSA) Puerto La Cruz refinery project, achieving an important project milestone which demonstrated the strong capabilities of […]
Baker Hughes Announces 1Q:15 LatAm Results
(Baker Hughes Incorporated, 21.Apr.2015) – Baker Hughes Incorporated announced results for the first quarter of 2015. Latin America revenue was $493 million for the 1Q:15, down $37 million, or 7%, compared to the 1Q:14. The drop in revenue can be attributed to activity declines in the Andean area, as reflected […]
Karoon Confirms Find at Echidna-1 Well
(Karoon Gas Australia Ltd., 21.Apr.2015) – Karoon Gas Australia Ltd. announced that a 699 foot (213 meter) gross oil column has been confirmed in the Echidna-1 exploration well in Block S-M-1102, Santos Basin offshore Brazil from wireline pressure data across the Paleocene and Maastrichtian aged reservoir intervals. Physical oil samples […]
Petrobras Approves Loan for Contracts
(Petrobras, 17.Apr.2015) – Petrobras has approved the following contracts: — R$ 4.5 billion export note with Banco do Brasil through its subsidiary BR Distribuidora for a 6-year period. — R$ 2 billion standby loan with Caixa Econômica Federal for a 5-year period. — R$ 3 billion standby loan with Bradesco […]
Petrobras Divestments Exclude Pre-salt Assets
(Petrobras, 15.Apr.2015) – Petrobras’ approved divestment plan does not contain pre-salt assets. As reported in a Material Fact on 2.Mar.2015, Petrobras has approved a divestment plan with a total value of $13.7 billion for 2015 and 2016. This plan is part of the company’s financial plan, which aims to reduce […]
Subsea 7 Signs $200 Mln Contract in Brazil
(Subsea 7 S.A., 14.Apr.2015) – Norway’s Subsea 7 S.A. was awarded a contract worth approximately $200 million with a duration of approximately 2-years. “This new contract for Seven Seas maintains our solid presence in the market for PLSVs in Brazil. We are proud to provide continuous service to Petrobras as […]
Opinion Favors Sale of Ecopetrol Stake in Eléctrica
(Ecopetrol S.A., 14.Apr.2015) – Ecopetrol S.A. announced that pursuant to the procedures required by Law 226 of 1995, the Council of Ministers has issued an opinion in favor of the planned sale of Ecopetrol’s equity stake in Interconexión Eléctrica S.A. E.S.P. which was approved by Ecopetrol’s Board of Directors. Ecopetrol’s […]
Ecopetrol Reports on Authorization from Ministry
(Ecopetrol S.A., 14.Apr.2015) – Ecopetrol S.A., as part of the procedures required for keeping available debt alternatives to finance its investment plan, has obtained authorization from the Ministry of Finance and Public Credit, pursuant to Resolution 0928 of 10.Apr.2015, to arrange for debt issuances in international capital markets in an […]
Seaway Signs Perla Gas Deal
(Seaway Heavy Lifting, 9.Apr.2015) – Seaway Heavy Lifting entered into a contract with Cardon IV in Venezuela for transportation and installation of the Perla project gas production platforms complete with tie-in of the subsea infrastructure. The Perla development consists of 3 gas production platforms connected to the shore landing near […]
Venezuelan Oil Attractive to ‘Imperial Politics’
(Energy Analytics Institute, 8.Apr.2015) – “Venezuela is attractive to imperial politics because of the size of its petroleum reserves,” Venezuela’s Electric Energy Minister Jesse Chacon said in broadcast on state television. ***
LNG Projects Nixed Amid Low Oil
(Moody’s, 7.Apr.2015) – LNG suppliers are curtailing their capital budgets, amid low oil prices and a coming glut of new LNG supply from Australia and the U.S.A., Moody’s Investors Service said in its report, “Lower Oil Prices Cause Suppliers of Liquefied Natural Gas to Nix Projects.” Moody’s says low LNG […]
CB&I Awarded Tank Contract in Venezuela
(CB&I, 1.Apr.2015) – CB&I was awarded a contract for approximately $60 million for the engineering, procurement, fabrication and construction of storage tanks in Venezuela. “CB&I has a long history in Venezuela for providing reliable storage solutions at the highest quality,” said Luke Scorsone, President of CB&I’s Fabrication Services operating group. […]
PetroPerú to Skip Contracts for Lotes III and IV
(Energy Analytics Institute, Layla Benitez-James, 1.Apr.2015) – Petroperú will not participate in the licenses contracts for the exploitation of hydrocarbons in Lotes III and IV. The company decided not to participate in the contracts since the minimum investment demanded by the partner Graña y Montero was 30%, reported the daily […]
ANCAP Says Will Not Reduce Fuel Prices
(Energy Analytics Institute, Aaron Simonsky, 1.Apr.2015) – ANCAP will not reduce fuel prices in April due to the appreciation of the dollar. According to analysts, ANCAP has a margin of 8 percent in terms of the price of fuels since they are referenced to the price of crude oil, reported […]
Economist Comments on Venezuela Exchange Controls
(Energy Analytics Institute, Ian Silverman, 30.Mar.2015) – “The exchange controls don’t have an economic justification and is used only as a form of political domination,” reported the daily Quinto Día, citing Victor Alvarez. ***
Venezuela Spends $444 Mln on Electric Projects
(Energy Analytics Institute, Piero Stewart, 31.Mar.2015) – Venezuela’s electric energy sector incurred investments of $444 million and 518 million Venezuelan bolivars in 2014 on three projects in Venezuela’s western region, the country’s electric energy minister Jesse Chacón said in Caracas on January 30, 2015 during an electric sector conference at […]
Venezuela, San Cristobal and Nieves Talk Energy
(Energy Analytics Institute, Piero Stewart, 31.Mar.2015) – Venezuela’s foreign minister Delcy Rodríguez met with San Cristobal and Nieves Prime Minister Timothy Harris to discuss bilateral relations. The official also reviewed agreements signed between both countries and advances in the energy sector related to alternative energies, infrastructure, and housing. The officials […]
Venezuela, Antigua and Barbuda Discuss Energy
(Energy Analytics Institute, Jared Yamin, 31.Mar.2015) – Venezuela’s Foreign Minister Delcy Rodríguez met with Antigua and Barbuda Prime Minister Gaston Browne to discuss bilateral trade and energy matters. Antigua and Barbuda has capacity to store 1.5 million barrels of oil and refined products. ***
Petrobras Reports Sale of Assets in Argentina
(Petrobras, 31.Mar.2015) – The Board of Directors of Petrobras Argentina (PESA) approved the sale of all of its assets in the Austral Basin (province of Santa Cruz) to Compañia General de Combustibles S.A. (CGC) for $101 million. PESA assets involved in the deal include 26 onshore exploration and production concessions, […]
Court Enters Default Against Venezuela
(Gold Reserve Inc., 30.Mar.2015) – Gold Reserve Inc. reported on developments in the proceedings instituted in the U.S. District Court for the District of Columbia to confirm the $740 million arbitral award dated 22.Sep.2014 rendered against the Bolivarian Republic of Venezuela. On 27.Mar.2015, the Court entered a default against Venezuela […]
LatAmNRG: Heard on the Street 1Q:15
(Energy Analytics Institute, 30.Mar.2015) – Information in this section, provided by Energy Analytics Institute editors and reporters, is hearsay and thus should be treated as such. REGARDING COLOMBIA * A small group of Venezuelans are interested in acquiring an interest in Colombian oil company Pacific Rubiales. REGARDING VENEZUELA * To […]
EAI brief: Venezuela’s Asdrúbal Chavez comments on oil diversification
HOUSTON, TEXAS (By Energy Analytics Institute, Ian Silverman, 29.Mar.2015, Words: 50) – “PDVSA has completely diversified its oil markets, conquering spaces in Asia, India, Europe and South America, among others, and with a great presence and possibilities to grow,” reported the daily newspaper El Universal, citing Venezuela’s Oil Minister Asdrúbal […]
Commandos Attack Monagas Pumping Station
(Energy Analytics Institute, Piero Stewart, 29.Mar.2015) – PDVSA announced an armed commando group attacked its Tejero Operating Center installations located in the Punta de Mata Eastern Executive Division in Monagas. The group cut off cables that lead to the pumping station, generating a flooding at the storage tanks, which can […]
Ecopetrol Amends Rules, Procedures
(Ecopetrol S.A., 28.Mar.2015) – Ecopetrol S.A. hereby reports that, at the shareholders’ meeting held on March 26, 2015 , the following amendments to the rules and procedures governing our shareholders’ meetings were approved in order to implement the corporate governance practices recommended by the Superintendence of Finance in the New […]
Petrobras’ Board Election
(Petrobras, 27.Mar.2015) – The Petrobras Annual Shareholders’ Meeting scheduled for April 29, 2015 will elect new members of the Board of Directors and Fiscal Council. Petrobras has not yet completed the preparatory work on the company’s third quarter 2014 and annual 2014 financial statements for examination by independent auditors, approval […]
Petrobras’ Withdrawal Plan from Okinawa
(Petrobras, 27.Mar.2015) – Petrobras has decided to initiate its plan for withdrawing from Okinawa, Japan. The plan involves closing down the refining activities of the Nansei Sekiyu refinery (NSS). To maintain supplies to the island of Okinawa, NSS will continue to operate the maritime cargo terminal until the end of […]
Mexico Sweetens Terms to Entice Development
(First Titan Corp., 26.Mar.2015) – As First Titan Corp. targets undervalued energy assets across North America for acquisition and development, Mexico is sweetening its tax terms to help attract energy companies south of the border. The Financial Times reported this month that the country is holding its first competitive tender […]
Terrorist Acts Affect Ecopetrol in 2014
(Energy Analytics Institute, Piero Stewart, 26.Mar.2015) – External issues deprived Ecopetrol of the ability to produce 64,000 barrels per day (b/d) in 2014 as follows: An estimated 28,000 b/d was not produced due to community protests; 13,000 b/d was not produced due to terrorist acts on oil installations while 9,000 […]
Venezuelan, Russian Oil Ministers Meet in Moscow
(Energy Analytics Institute, Jared Yamin, 26.Mar.2015) – Venezuela’s Oil Minister Asdrúbal Chávez met with his Russian counterpart Alexander Novak in Moscow. The officials discussed bilateral projects and evaluate the progress of such developments. This is the fourth meeting between both officials since December 2014, reported the daily newspaper El Universal. […]
Venezuela Seeks Disqualification of ICSID Judges
(Energy Analytics Institute, Jared Yamin, 26.Mar.2015) – Venezuela presented a letter to the ICSID court requesting the dismissal of judge Kenneth Keith. Keith is the president of the arbitration tribunal in the case brought to the court by ConocoPhillips in its wrongful expropriation case against the government of Venezuela which […]
Ecopetrol Amends Bylaws at Assembly
(Ecopetrol S.A., 26.Mar.2015) – Ecopetrol S.A. hereby reports that, at the Shareholders’ General Assembly held on March 26, 2015, the following changes were made to its bylaws: The following corporate governance practices recommended by the Superintendence of Finance in the New Code of Corporate Best Practices of Colombia have been […]