(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 […]
WPX Completes Exit of International Interests
(WPX Energy Inc., 29.Jan.2015) – WPX Energy completed the disposition of its international interests upon the successful merger of Apco Oil and Gas International (APAGF) with a subsidiary of privately held Pluspetrol Resources Corporation. WPX is receiving approximately $294 million. “We continue to execute, strengthen our financial position and implement […]
Apco Shareholder’s Approve Pluspetrol Merger
(Apco Oil and Gas International Inc., 26.Jan.2015) – Apco Oil and Gas International Inc. announced that its shareholders, at an extraordinary general meeting held on January 26, 2015, approved the proposal to adopt the previously announced merger agreement, dated October 2, 2014, pursuant to which Pluspetrol Resources Corporation will acquire […]
BPZ Reports New Output from Albacora Well
(BPZ Resources, Inc., 22.Jan.2015) – BPZ Energy provided initial production rates from the Albacora A-27D development well at offshore Block Z-1. The company holds a 51% participation in Block Z-1 and all referenced well production in this release. The A-27D well was drilled to a total measured depth of approximately […]
Caribbean Rex Finds Oil In Trinidad
(Rex International Holding Ltd., 21.Jan.2015) – Rex International Holding Limited (Rex International Holding or the Company, and together with its subsidiaries, the Group), one of the largest companies listed on the Catalist of the Singapore Exchange Securities Trading Limited, announced that its 98.4 percent-owned license-holding company Caribbean Rex Limited (Caribbean […]
Mood’s Downgrades Construtora Andrade Gutierrez
(Global Credit Research, 21.Jan.2015) – Approximately $500 million of rated debt affected. Moody’s Investors Service (Moody’s) downgraded to Ba2 from Ba1 the corporate family rating assigned to Construtora Andrade Gutierrez S.A. (CAG) and the rating of its guaranteed notes issued by Andrade Gutierrez International S.A. (AGInt). The outlook for all […]
Gran Tierra Completes Drilling in Peru
(Gran Tierra Energy Inc., 20.Jan.2015) – The Bretaña Sur appraisal well completed drilling operations on the L4 lobe on the Bretaña field and encountered approximately six feet of oil pay above the oil-water contact in the Vivian Sandstone Reservoir. This oil column is less than what was estimated by Gran […]
Gran Tierra Comments on South America Output
(Gran Tierra Energy Inc., 20.Jan.2015) – Gran Tierra Energy Inc. said crude oil and natural gas production from continuing operations averaged approximately 25,200 barrels of oil equivalent per day (BOEPD) gross working interest (WI) in 2014, or approximately 19,300 BOEPD net after royalties (NAR) before adjustment for inventory changes and […]
Gran Tierra Updates on Chaza Block Activities
(Gran Tierra Energy Inc., 20.Jan.2015 – Gran Tierra Energy Inc. provides an operations update on its activities in the Chaza Block in the Putumayo Basin in Colombia. The EslabĂłn Sur exploration well reached a true vertical depth of 9,708 feet. Mud log and electric log data acquired during and after […]
Gran Tierra to Drill Putumayo-1 Block Well
(Gran Tierra Energy Inc., 20.Jan.2015 – Gran Tierra Energy Inc. provided an operations update on its activities in Colombia. Work continues at the Vonu-1 exploration well location, which will target the same Cretaceous sandstones encountered at the Costayaco and Moqueta discoveries. Gran Tierra expects to begin drilling this well in […]
Harvest Files Arbitration Request Against Venezuela
(Harvest Natural Resources, 16.Jan.2015) – Harvest Natural Resources, Inc. announced that its affiliates, HNR Finance B.V. (Harvest BV) and Harvest Vinccler S.C.A. (HVSCA), submitted a Request for Arbitration against the Government of the Bolivarian Republic of Venezuela before the International Centre for Settlement of Investment Disputes (ICSID) regarding Harvest BV’s […]
McDermott to Install Pemex’s Ayatsil Platform
(McDermott International, Inc., 6.Jan.2015) – McDermott International, Inc. has been awarded a contract to install the offshore jacket, deck and piles for the Ayatsil-A drilling platform for PEMEX Exploracion y Produccion (PEMEX) in the Bay of Campeche Ayatsil field offshore Mexico. The value of the award is included in McDermott’s […]
Apco Obtains Concession Extension in Argentina
(Apco Oil and Gas International Inc., 6.Jan.2015) – Apco Oil and Gas International Inc. announced that the Argentine province of Rio Negro has agreed to extend the concession term for the company’s operation in the Entre Lomas concession for 10 years. The Entre Lomas concession is extended to Jan. 21, […]
Harvest Terminates Venezuelan Deal
(Harvest Natural Resources, 2.Jan.2015) – Harvest Natural Resources, Inc. announced that the Share Purchase Agreement (SPA) between Petroandina Resources Corporation N.V. (Petroandina), Pluspetrol Resources Corporation B.V. (Pluspetrol), Harvest and HNR Energia B.V., a wholly-owned subsidiary of Harvest, for the purchase of Harvest’s remaining interests in Venezuela for a purchase price […]
Sierra Oil & Gas Announces Commitment of $525 million
(Sierra, 18.Sep.2014) — Sierra Oil & Gas S. de R.L. de C.V., Mexico’s first independent exploration and production company, today announces that it has secured equity commitments of US$525 million. Sierra, headquartered in Mexico City, is led by Ivan Sandrea, a highly experienced E&P executive with an extensive track record […]
Venezuela Sees US shale Boom As Bonus
(Reuters, Dmitry Zhdannikov, 16.Jun.2014) — Venezuela wants to increase oil supplies to the United States to regain some of the market share it lost over the past decade as Caracas sees the U.S. boom in light oil from shale as a chance to raise heavy-crude exports, the country’s oil minister […]
Chevron, YPF Continue Vaca Muerta Development
(Chevron 10.Apr.2014) — Chevron Corporation confirmed that subsidiaries of the company have signed agreements with the Argentine oil company YPF S.A. to continue development of shale oil and gas resources from the Vaca Muerta formation located in the NeuquĂ©n province in Argentina. “This is a significant step in our subsidiaries’ […]
Ecuador, China Advance Refinery Plans
(OGJ, 24.Jan.2014) — China National Petroleum Corp. (CNPC) and the Ecuadorean government have reached an agreement regarding cooperation in a plan to construct a long-delayed refinery on Ecuador’s Pacific Coast. On Jan. 21, Ecuador’s Vice-President Jorge Glas and CNCP Chairman Zhou Jiping reached a joint-approval of the feasibility report for […]
Non-Conventional Extraction Process Explained [Video]
(Energy Analytics Institute, Ian Silverman, 16.Jan.2014) – Argentina’s Vaca Muerta formation in the Neuquén Basin is best known for its shale oil and gas. The process related to the extraction of non-conventional hydrocarbons, or in this case, shale deposits, is explained in this short video in Spanish from YPF. ***
Fact Sheet: Harvest Natural Resources And PetroDelta
(Harvest Natural Resources, 1.Jan.2014) — Venezuela is the largest province of proved oil reserves in the Western Hemisphere, with 297.6 billion barrels of proved oil reserves at year-end 2011 (the most recent year for which data is available). Petrodelta, our 32% equity affiliate in Venezuela, controls approximately 247,113 gross acres […]
Perenco to Buy Petrobras Assets in Colombia
(Energy Analytics Institute, Ian Silverman, 29.Oct.2013) – Petrobras plans to sell its interest in onshore blocks and two pipelines to France’s Perenco for $380 million to focus more attention on projects in Brazil, reported the daily newspaper El Espectador The deal includes interest in: 11 onshore blocks that are producing […]
PDVSA Incorporates New Tankers into Fleet
(Energy Analytics Institute, Ian Silverman, 25.Oct.2013) – PDVSA President Rafael Ramirez speaks to reporters in Puerto la Cruz, Venezuela about introduction of news tankers into fleet. Highlights of the discussion follow: PDVSA incorporates VLCC Ayacucho and Suezmax Rio Arauca tankers, both built in China, into its fleet. The new PDVSA […]
Ramirez Moving Forward with Energy Policy
(Energy Analytics Institute, Ian Silverman, 10.Oct.2013) – Venezuelan President Nicolas Maduro seems to be allowing Oil Minister Rafael Ramirez to take charge of moving forward with the country’s energy policy, which could be a good move since investor may have more confidence in Ramirez or it could be a bad […]
1St Venezuela-India Round-table in Caracas
(Energy Analytics Institute, Ian Silverman, 7.Oct.2013) – The 1st Business Round-table meetings between Venezuelan and Indian companies took place in Caracas from October 7-9, 2013. Highlights from the round-table follow: Venezuelan Oil Minister Rafael Ramirez addressed opening ceremony: Venezuelan-India create working tables to collaborate on development of the six topics/areas: […]
Rafael Ramirez Speech in Caracas
(Energy Analytics Institute, Piero Stewart, 7.Oct.2013) – PDVSA President Rafael Ramirez spoke with journalist in Puerto La Cruz, Venezuela. What follows are excerpts from the discussion. Rafael Ramirez regarding shipments to China: Ramirez: We are currently exporting 640,000 b/d to China and 430,000 b/d to India. We are supplying oil […]
Rafael Ramirez Speech in Puerto La Cruz
(Energy Analytics Institute, Piero Stewart, 4.Oct.2013) – Venezuela’s Oil Minister President Rafael Ramirez spoke with journalist in Puerto La Cruz, Venezuela. What follows are excerpts from the discussion. Rafael Ramirez on the economic sector: Ramirez: We have bonds that we are using to bring in food stuffs to guarantee supply […]