(Energy Analytics Institute, Ian Silverman, 26.Mar.2015) – Ecopetrol continues to be a solid company with many growth opportunities in its different business segments, said Ecopetrol’s outgoing president Javier Genaro Gutiérrez said during his presentation of the company’s financial and operational results “We have made adjustments on all fronts to overcome […]
Ecopetrol to Pay Dividend to Shareholders
(Energy Analytics Institute, Piero Stewart, 25.Mar.2015) – Ecopetrol’s shareholder assembly approved a dividend equivalent to 70 percent of the 7.81 billion peso profit obtained in 2014. The total dividend was for 5.47 billion or 133 pesos per share, of which 4.8 billion was destined for the government and 0.670 billion […]
Ecopetrol Output Around 725 Mb/d
(Energy Analytics Institute, Piero Stewart, 25.Mar.2015) – During the first two months of 2015 Ecopetrol’s production remained around 725 Mb/d primarily due to record production at the Castilla and Chichimene fields located in El Meta, and in the La Cira Infantas field located in Middle Magdalena Medio. This average represents […]
PetroVietnam Evaluates Exit from Venezuela
(Energy Analytics Institute, Jared Yamin 25.Mar.2015) – Vietnam’s state oil company PetroVietnam is evaluating its exit from a Venezuelan heavy oil project where it is partnered with its Venezuelan counterpart PDVSA, reports Reuters, citing an official with PDVSA who requested his identity be withheld. Partners in the PetroMacareo project include: […]
Petrobras Reviews Governance
(Petrobras, 25.Mar.2015) – At a meeting on March 24, 2015, Petrobras’ Executive Board gave the go-ahead for a project to review its corporate governance and organizational management model, based on the new business environment and review of the company’s investment plan. The project will be headed by Senior Management with […]
Argentina Seeks to Import 200MW from Bolivia
(Energy Analytics Institute, Ian Silverman, 24.Mar.2015) – Argentina is considering importing 200 megawatts of energy from Bolivia in 2015, announced Bolivia’s President Evo Morales. The official also announced Brazil was also requesting more energy, without providing details, reported the daily newspaper La Razón. “Perhaps this year we are going to […]
Bolivia Aims to Export Energy to Brazil, Peru
(Energy Analytics Institute, Ian Silverman, 24.Mar.2015) – Bolivia is considering exporting energy to Brazil and Peru, reported the daily newspaper La Razón, citing National Electricity Company (ENDE Corporación) National and Export Development Stratgies Manager Roberto Peredo. ***
Montevideo LNG Plant Ready by YE:16
(Energy Analytics Institute, Aaron Simonsky, 24.Mar.2015) – The LNG regasification plant (called ‘GNL del Plata’ in Spanish) in Montevideo, Uruguay is expected to be ready in November of 2016, reported the daily newspaper El Pais. ***
Worries Surround Montevideo LNG Plant
(Energy Analytics Institute, Aaron Simonsky, 24.Mar.2015) – Officials in Uruguay are worried about difficulties that have translated into delays at the Montevideo LNG regasification plant. “Its a very significant project for the country. We continue to advance but we are worried about the difficulties that have arisen, as the delays […]
Petrobras Libra Consortium 2nd Extension Well
(Petrobras, 24.Mar.2015) – The Libra consortium has finished drilling extension well 3-BRSA-1267-RJS/3-BRSA-1267A-RJS (3-RJS-735/735A). The drilling results confirmed the presence of a hydrocarbon column approximately 200 meters deep in reservoirs with good permeability and porosity characteristics. Informally known as C1, the well is located in the central part of the Libra […]
Coutinho Takes Over Petrobras Board
(Petrobras, 22.Mar.2015) – Economist Guido Mantega resigned on March 23, 2015 from the Petrobras’ Board of Directors, leaving his position as President. The Board approved by majority vote the election of Luciano Galvão Coutinho as the new President. No new board member was elected. Luciano Galvão Coutinho has been a […]
Venezuela to Continue Supply USA With Oil
(Energy Analytics Institute, Piero Stewart, 20.Mar.2015) – Venezuela will continue to supply the USA with its oil. This despite a decree recently signed by US President Barrack Obama against seven military officials, reported Venezuelan state news agency AVN, citing Venezuela’s Oil Minister Asdrúbal Chávez. “We are prepared to confront whatever […]
PetroCaribe Important Instrument for Venezuela
(Energy Analytics Institute, Piero Stewart, 20.Mar.2015) – Petrocaribe is an important instrument that has allowed our Caribbean brothers to overcome their problems, reported Venezuelan state news agency AVN, citing Venezuela’s Oil Minister Asdrúbal Chávez. “Its a true integration initiative for the people that is not aimed at exploiting them, but […]
Venezuela to Defend Oil Price Strategy
(Energy Analytics Institute, Jared Yamin, 20.Mar.2015) – Venezuela plans to continue defending a strategy within OPEC that favors higher oil prices versus a strategy based on volumetric production, reported Venezuelan state new agency AVN, citing Venezuela’s Oil Minister Asdrúbal Chávez. There are around 2 million barrels of excess oil on […]
Olinda to Drill Kangaroo West1 Well
(Karoon Gas Australia Ltd., 20.Mar.2015) – Karoon Gas Australia Ltd.’s disclosed that the Kangaroo-2 appraisal well, located in exploration Block S-M-1165, confirmed a 820 foot (250 meter) gross or 443 foot (135 metre) net oil column in Paleocene and Maastrichtian aged reservoirs, announced November 26, 2014. Karoon is the operator […]
Petrobras Sets New Pre-Salt Records
(Petrobras, 19.Mar.2015) – Petrobras output from the Santos and Campos basin pre-salt clusters reached record levels in February. On 26 of the month, records were broken for own output, which rose to 555,000 barrels per day (bpd), and for output from concessions operated for other companies (including operations run for […]
CGG Lands Anadarko Seismic Deal in Colombia
(CGG, 19.Mar.2015) – France’s CGG has been awarded a contract by a subsidiary of Anadarko Petroleum Corporation to acquire and process a 6,299-square mile (16,314square kilometers) 3D seismic survey on the Caribbean coast offshore Colombia. The survey will be the largest marine seismic program ever acquired in Colombia and follows […]
Petrobras Breaks Record in Sergipe-Alagoas Basin
(Petrobras, 18.Mar.2015) – Petrobras set a new national record, drilling under a water column (distance between the water surface and the seabed) of 2,990 meters. This was achieved in February in the Moita Bonita area of SergipeAlagoas Basin, 92 km off the coastal city of Aracaju. Only six exploration wells […]
Bolivia Wants to Build Relations with the USA
(Energy Analytics Institute, Ian Silverman, 15.Mar.2015) – We want to build relations with the United States based on respect, announced Bolivia’s Vice President Alvaro García Linera. “When we got into to power, we had open relations with the United States which were friendly and based on confidence. We would like […]
Pacific Rubiales, Ecopetrol Extend Contract
(Pacific Rubiales Energy Corp, 14.Mar.2015) – Pacific Rubiales Energy Corp. and Ecopetrol, S.A. have agreed not to extend the Rubiales and Pirirí Field Association Contracts, expiring in June 2016 . Ecopetrol will evaluate different alternatives for the operation of the Rubiales Field. Meanwhile, Pacific Rubiales will consider submitting a new […]
USA Downplays Reducing Venezuela Oil Imports
(Energy Analytics Institute, Jared Yamin, 13.Mar.2015) – The United States is not contemplating applying any measures against Venezuela’s petroleum sector, according to the daily newspaper El Universal, citing an U.S. official who requested anonymity. “The sanctions against the military officials does not have an impact on the Venezuelan economy nor […]
Petrobras Receives $157 Mln via “Operação Lava Jato”
(Petrobras, 13.May.2015) – Petrobras CEO Aldemir Bendine participated in a ceremony to return to Petrobras sums recovered through the Federal Police’s “Operação Lava Jato” anti-corruption investigation. At the event, a symbolic handover of R$157 million to the company took place, in reference to the sums retrieved by the Federal Public […]
Owens-Illinois Wins Venezuelan Arbitration
(Owens-Illinois, Inc., 12.Mar.2015) – Owens-Illinois, Inc. reported that its Dutch subsidiary, OI European Group B.V. (OIEG), has prevailed in an international arbitration against Venezuela. OIEG has been awarded more than $455 million for Venezuela’s unlawful expropriation of OIEG’s majority interest in two plants in Venezuela. The award was issued March […]
Gran Tierra Provides Business, Ops Update
(Gran Tierra Energy Inc., 12.Mar.2015) – Gran Tierra Energy Inc. announced cost reductions in line with its strategy to preserve its strong balance sheet and maximize potential for future growth. All dollar amounts are in United States (U.S.) dollars unless otherwise indicated. In addition to recently announced reductions in 2015 […]
Petrobras Early Production System in Buzios Field
(Petrobras, 12.Mar.2015) – On March 10, 2015 Petrobras started up its early production system in the Santos Basin’s Buzios field. This will be the first large-scale long-term production run in the Rights’ Transfer area, to be handled by FPSO Dynamic Producer, tied back to well 2-ANP-1RJS. Average output will be […]
Colombia Inaugurates Electric Charging Station
(Energy Analytics Institute, Piero Stewart, 10.Mar.2015) – Colombia inaugurated its first electronic car charging station in Bogotá. The station will be located in the Unicentro Mall and will offer service 24 hours a day, 7 days a week. The station required an investment of close to $230 million, reported the […]
BPZ Begins Voluntary Chapter 11 Proceeding
(BPZ Resources, Inc., 9.Mar.2015) – BPZ Resources, Inc. announced that it has filed a voluntary petition in the United States Bankruptcy Court for the Southern District of Texas seeking relief under the provisions of Chapter 11 of Title 11 of the United States Bankruptcy Code (the “Bankruptcy Code”). None of […]
Venezuela Opening Ops to Nicaragua, Caribbean
(Energy Analytics Institute, Piero Stewart, 9.Mar.2015) – “We are advancing with Nicaragua and opening up possibilities to the rest of the Caribbean,” said Venezuela’s Oil Minister Asdrubal Chavez on state television, referring to Nicaragua and other Petrocaribe member countries participating in activities in Venezuela’s Orinoco heavy oil belt or Faja. […]
Maduro Says Caribbean Must be Together
(Energy Analytics Institute, Piero Stewart, 6.Mar.2015) – Venezuela’s President Nicolas Maduro says the Caribbean region has to always be together. “Petrocaribe is our road of respect, solidarity, brotherhood, the union to march together. The Caribbean has to always be together,” said Maduro during a broadcast on Venezuelan state television. ***
Petrobras Reports on Appointment of Plaintiff
(Petrobras, 6.Mar.2015) – Petrobras announces that on March 4, 2015, the presiding judge appointed Universities Superannuation Scheme, Ltd. as the lead plaintiff in the Class Action filed against Petrobras in the New York federal court. A conference call between the presiding judge, Petrobras and the lead plaintiff will take place […]
Ecopetrol Board Appoints Echeverry as CEO
(Ecopetrol, 6.Mar.2015) – Ecopetrol announces that its Board of Directors appointed Mr. Juan Carlos Echeverry as the new CEO of the company, effective April 6, 2015. With extensive knowledge of economics, the ability to lead processes of change, experience in public administration and prior experience as member of the Board […]
Venezuela Financial Scheme for Uruguayan Oil
(Energy Analytics Institute, Jared Yamin, 3.Mar.2015) – Venezuela announced a financing scheme for oil shipments to Uruguay, according to a decree revealed on March 2, 2015 in Venezuela’s Official Gazette newspaper. Over the short-term 90 days, the payments for the shipments generate interest at a flat 2 percent. Over the […]
Moody’s Comments on Braskem
(Global Credit Research, 3.Mar.2015) – Moody’s Investors Service comments that Braskem S.A. announcement of a third extension of its naphtha supply contract with Petroleo Brasileiro S.A. (Petrobras) is credit negative because it fails to set the final conditions for Petrobras long-term contract, although it reduces fuel supply risk. ***
BPZ Repayment of Convertible Bond Principal
(BPZ Resources, Inc., 2.Mar.2015) – BPZ Resources, Inc. announced it will exercise a provision under the bond indenture for the 6.5% Convertible Notes due March 1, 2015. The bond has an outstanding principal amount of $60 million, whereby the company will avail itself of the 10-day grace period provided for […]
Petrobras Contract with Independent Auditor
(Petrobras, 2.Mar.2015) – Petrobras announces that its Board of Directors, on a meeting on February 27, has approved a contract with PricewaterhouseCoopers Auditores Independentes for the provision of accounting audit services for the years 2015 and 2016. ***
Technip Wins Lula Alto Contract In Brazil
(Technip S.A., 2.Mar.2015) – Technip was awarded a major contract from Tupi BV, a consortium composed of Petrobras Netherland BV (PNBV, 65% WI), BG (25% WI) and Galp (10% WI), for the ongoing development of the Lula Alto field, located in the Santos Basin pre-salt area, Brazil. This contract covers […]
Petrobras Reveals Divestement Plan Review
(Petrobras, 2.Mar.2015) – Petrobras announced that its Executive Board, on a meeting on February 26, 2015, has approved the company’s two-year (2015/2016) divestment plan. Divestitures total $13.7 billion, and include Exploration & Production assets in Brazil and abroad (30%), as well as assets in the Downstream (30%) and Gas & […]
Ecopetrol Releases 4Q:14, YE:14 Results
(Ecopetrol S.A., 2.Mar.2015) – Ecopetrol announces its results for the fourth quarter of 2014 and the full year 2014. – Net proven reserves of crude oil, condensate and natural gas owned by the company, including its interest in affiliates and subsidiaries, as of December 31, 2014, were 2,084 million barrels […]
Guyana Suggest Venezuela Desist Actions
(Guyana Foreign Affairs Ministry, 28.Feb.2015) – Guyana’s Ministry of Foreign Affairs wishes to inform that consequent upon a communication being sent from the Venezuelan Foreign Minister to the Country Manager of Esso Exploration and Production Guyana Limited objecting to the despatch of a rig to proceed with the exploration of […]
Petrobras Credit Rating Downgrade
(Petrobras, 27.Feb.2015) – Regarding the downgrade to Petrobras’ debt rating announced on February 24, 2015 by Moody’s, the company emphasizes that it is working to guarantee the transparent and accurate disclosure of its 2014 financial results as soon as possible. Furthermore, Petrobras is implementing a series of measures aimed at […]
Harvest Receives Listing Notice from NYSE
(Harvest Natural Resources, Inc., 18.Feb.2015) – Harvest Natural Resources, Inc. announced that on February 13, 2015, the company received notification from the New York Stock Exchange (NYSE) that it had fallen below the NYSE’s continued listing standard, which requires a minimum average closing price of $1 per share over 30 […]
Chevron Reaches Settlement in Ecuador
(Chevron, 6.Feb.2015) – Chevron Corporation reached a settlement agreement with James Russell DeLeon, the principal funder of the fraudulent lawsuit against Chevron in Ecuador. Chevron brought claims against DeLeon in Gibraltar, where DeLeon maintains a residence, for his role in funding and advancing the fraudulent lawsuit. In the settlement, DeLeon […]
Petrobras Names New CEO, Executive Officers
(Petrobras, 6.Feb.2015) – Petrobras informs that its Board of Directors, in a meeting, has approved with majority vote the election of Aldemir Bendine as CEO of Petrobras replacing the current CEO, Maria das Graças Silva Foster. Maria das Graças Silva Foster is also leaving the Company’s Board of Directors, which […]
Moody’s Rates YPF’s Proposed Global Notes
(Global Credit Research, 4.Feb.2015) – Moody’s Investors Service assigned a Caa1 global foreign currency rating to YPF Sociedad Anonima’s (YPF)’s proposed $750 million in aggregate in addons to its outstanding 8.875% $587 million notes due in 2018 and 8.750% $1,000 million notes due in 2024. Both series were issued in […]
Petrobras Reports New Campos Basin Find
(Petrobras, 4.Feb.2015) – Petrobras announced the discovery of new oil accumulations in concession BM-C-35 (exploratory block C-M-535), located in the Campos Basin postsalt layer. The discovery was made while drilling well 1BRSA-1289-RJS (ANP nomenclature) / 1-RJS-737 (Petrobras nomenclature), informally known as Basilisco. The well is situated some 143km from the […]
Gran Tierra Announces YE:14 Reserves
(Gran Tierra Energy Inc., 2 Feb.2015) – Gran Tierra Energy Inc. announced the results of an independent reserve evaluation of the company’s reserves by Gran Tierra Energy’s qualified reserve evaluator GLJ Petroleum Consultants Ltd. (GLJ) effective December 31, 2014. Through continued strong reservoir management and appraisal drilling in Colombia and […]
Gran Tierra Announces Changes to Board
(Gran Tierra Energy Inc., 2.Feb.2015) – Gran Tierra Energy announced that the employment of its Chief Executive Officer and President Mr. Dana Coffield has been terminated. Coffield tendered his resignation from the Board of Directors, effective February 2, 2015. Coffield’s resignation from the Board of Directors was not the result […]
Harvest Withdraws Venezuelan Arbitration Request
(Harvest Natural Resources, 29.Jan.2015) – Harvest Natural Resources, Inc. announced that its affiliates, HNR Finance B.V. (Harvest BV) and Harvest Vinccler S.C.A. (HVSCA), have withdrawn without prejudice a Request for Arbitration (the Arbitration Request) against the Government of the Bolivarian Republic of Venezuela before the International Centre for Settlement of […]
Apco Completes $470 Mln Merger
(Apco Oil and Gas International Inc., 29.Jan.2015) – Apco Oil and Gas International Inc. completed its merger with Pluspetrol Black River Corporation, a wholly-owned subsidiary of Pluspetrol Resources Corporation, in an all-cash transaction with an equity value of approximately $427 million. In connection with the transaction, Apco will be delisted […]