(Reuters, 19.May.2020) — Argentina’s government set the local crude oil reference price at $45 per barrel on Tuesday in a bid to protect the country’s hard-hit sector from the impact of the coronavirus pandemic and low global prices. Reuters reported in April that Argentina was planning to set a higher […]
Tag: COVID-19
UPM Finalizes Items With New Uruguayan Government
(UPM, 15.May.2020) — UPM is proceeding at full speed with its investment project in Uruguay and has taken several steps forward. UPM and the new Government of Uruguay have signed a memorandum of understanding on pending items related to UPM’s growth project in Uruguay that will further strengthen the implementation […]
Petrobras Comments On Internal Event News
(Petrobras, 8.May.2020) — Petrobras in view of the news published today in the media regarding the meeting held on 05/06/2020 by the Executive Board in an internal event with the company’s employees, clarifies that it has been keeping the market informed about the actions on resilience adopted due to the […]
Petrobras Reaches Oil Export Record In April
(Petrobras, 4.May.2020) — Petrobras exported 1 million barrels of oil per day in April. This represents a new oil export record and contributes to strengthening the company’s cash flow. The previous record was 771 thousand barrels per day, set in December 2019. The result occurs in a challenging period of […]
Statement From Guyana’s DOE Director Mark Bynoe
(DOE, 4.May.2020) — Good morning ladies and gentlemen I am coming to you at a very interesting time in our country’s history given the furore over our national and regional elections, and the instability created in world market due largely to over-supply of crude and us being in the throes […]
Global LNG Demand Resilient Amid COVID-19
(IHSMarkit, 30.Apr.2020) — The COVID19 pandemic has led to lockdowns across the globe and severe downgrades for short-term macroeconomic indicators. A major re-evaluation is needed for the supply and demand of each traded commodity and LNG is no exception. It is clear that natural gas demand will be negatively affected, […]
Petrobras Powers Past Oil Glut On China Sales
(Bloomberg, 29.Apr.2020) — Petrobras, Brazil’s state-controlled oil giant, is plowing through a global oil glut expecting that exports to China will soon rebound, and with extensive storage capacity helping it endure in the meantime. Demand destruction from the Covid-19 pandemic has prompted producers globally to shut in barrels nobody wants. […]
Mexican Oil Platforms Cut Staff Over Coronavirus
(Reuters, 26.Apr.2020) — Mexico has begun removing staff from Gulf of Mexico oil platforms to limit the spread of the coronavirus, leaving essential personnel on board, state oil firm Petroleos Mexicanos (Pemex) said on Sunday. Pemex said in a statement that workers had started coming off the rigs as Mexico […]
Argentina Sets Stage for Debt Offer With $50Bn Filing
(Bloomberg, 15.Apr.2020) — Argentina registered to issue more than $50 billion in new debt as it prepares to make a painful restructuring offer to holders of its sovereign bonds. The filing to the U.S. Securities and Exchange Commission gives an inkling of how much in new securities the country anticipates […]
Pemex Platform Worker Infected With Coronavirus
(Reuters, 13.Apr.2020) — At least one worker at Mexican state oil company Pemex’s Abkatun-A processing center, in shallow waters in the Gulf of Mexico, has been diagnosed with coronavirus, two people with knowledge of the matter told Reuters. At the end of last week, executives from Abkatun-A reported internally that […]
CSI Compressco Provides Financial And Ops Update
(CSI, 13.Apr.2020) — CSI Compressco LP announced that, in light of the current, significant macroeconomic uncertainty resulting from the recent decline in oil prices and the ongoing COVID-19 pandemic, it is withdrawing its previously issued financial guidance for full year 2020, which should no longer be relied upon. The Partnership […]
YPF Slashes Vaca Muerta Output: Rio Negro Reports
(Reuters, 9.Apr.2020) — Argentine state energy firm YPF has cut production by around half at its giant Vaca Muerta shale development Loma Campana due to a slump in demand amid the global coronavirus pandemic and a nationwide lockdown, local media reported on Thursday. Loma Campana is the most important development […]
WoodMac On OPEC+ Production Plan
(WoodMac, 9.Apr.2020) — As OPEC+ agreed at cut of 10 million b/d, WoodMac’s Ann-Louise Hittle said: “A 10 million b/d cut would be very supportive of price over the second quarter. “Even a 5 million b/d reduction would see oil prices in the low $30s. It would ease pressure on […]
Brief Intro Remarks By OPEC Secretary General
(OPEC, 9.Apr.2020) — Delivered by HE Mohammad Sanusi Barkindo, OPEC Secretary General, at the 9th (Extraordinary) OPEC and non-OPEC Ministerial Meeting, 9 April 2020, via webinar. Excellencies, Over the course of the last few months, COVID-19 has pervaded almost every aspect of life. We see it in the lockdowns initiated […]
S&P Changes Petrobras’ Rating To Stable
(Petrobras, 7.Apr.2020) — Petrobras informs that S&P Global Ratings Agency (S&P) has changed the company’s global credit rating outlook from positive to stable, and has kept the risk level (rating) of corporate debt at “BB-“. Yesterday the agency revised Brazil’s global credit rating outlook to stable due to the impact […]
Petrobras Says S&P Changes Global Rating Perspective
(Petrobras, 7.Apr.2020) — Petrobras informs that S&P Global Ratings Agency (S&P) has changed the company’s global credit rating outlook from positive to stable, and has kept the risk level (rating) of corporate debt at “BB-“. Yesterday the agency revised Brazil’s global credit rating outlook to stable due to the impact […]
EP PetroEcuador Suspends Operations At La Libertad
(Energy Analytics Institute, Piero Stewart, 3.Apr.2020) — State oil company EP PetroEcuador announced plans to suspend activities at the La Libertad refinery located in Santa Elena province for 14 days, effective Saturday 4 April 2020, to safeguard the health of its employees. Approximately 63 technician and operative employees at the […]
‘Dead Cow’ Oil Play Set To Be Next Permian Is Now Dead
(Bloomberg, 1.Apr.2020) — Just a bit more than 3 weeks ago, the head of Argentina’s state-run driller outlined an aggressive $1.8 billion spending plan for 2020 in the country’s Vaca Muerta shale region, based on $60-a-barrel crude. With global prices starting the year above $68, it wasn’t unrealistic. Now, all […]
Caribbean Facing Less Bright Future For Oil And Gas
(Jamaica Gleaner, 29.Mar.2020) — Just a few weeks ago it was possible for Trinidad & Tobago’s Prime Minister, Dr Keith Rowley, to indicate in a major speech, that the Caribbean as whole had a potentially very bright future as a major western hemisphere oil and gas supplier. He had good […]
Citgo Foundation To Support Covid-19 Efforts In Venezuela
(Citgo, 26.Mar.2020) — The Simón Bolívar Foundation Inc. (SBF), the non-profit, private foundation of Citgo Petroleum Corporation, is launching a special round of its small grants program to help alleviate the damaging effects of the Covid-19 crisis in Venezuela. Non-profit organizations working in Venezuela are critical right now, given the […]
Petrobras Cuts Capex, Output By 100,000 B/D
(Petrobras, 26.Mar.2020) — Petrobras hereby provides an update to the market on the measures that have been taken by the company in view of the impacts of the COVID-19 (coronavirus) pandemic and the oil prices shock. The company announced a range of measures to preserve the health of its employees […]
YPF Inks Deals With Ministries For Truckers
(Energy Analytics Institute, Aaron Simonsky, 25.Mar.2020) — YPF President Guillermo Nielsen signed an agreement with the representatives from Argentina’s ministries of Transportation, Security, Health, Interior and Agriculture, Livestock and Fisheries; the National Commission for Transport Regulation; and the National Federation of Truck Workers, among other entities of the sector, to […]
IMF Managing Dir. Kristalina Georgieva On Argentina
(IMF, 20.Mar.2020) — At the request of the Argentine authorities and reflecting close collaboration with them, the International Monetary Fund (IMF) released today a technical note prepared by IMF staff on Argentina’s public debt sustainability. The technical note sets out staff’s views on a feasible macroeconomic framework and on Argentina’s […]
Petrobras Reduces Workforce Amid Virus
(S&P Global Platts, 17.Mar.2020) — Brazilian state-led oil company Petrobras slashed administrative staff by at least 50%, including at operations units such as refineries and production facilities, amid expanding efforts across Latin America’s biggest country to limit social contact and avoid dissemination of COVID-19. “The measure seeks to contribute to […]
Ecopetrol Cuts CAPEX And Other Expenses, Costs
(Ecopetrol, 17.Mar.2020) — Ecopetrol S.A. informs that in an extraordinary session held on March 16, its Board of Directors adopted a set of actions to address the challenging market conditions, which have resulted, among other matters, in a 40% decline in the Brent crude price as compared to the end […]
Economic Fallout From Virus Felt In Venezuela
(ABC News, 16.Mar.2020) — Nicolás Maduro’s government on Monday banned gasoline sales in two states as part of a broader lock-down to stem panic buying by Venezuelans accustomed to hoarding basic goods whenever there’s a hint of turmoil. But his orders, which explicitly prohibit lines outside gas stations, were largely […]
Pemex Received First Payment From Its Hedge
(Bloomberg, 12.Mar.2020) — Petroleos Mexicanos received its first payment from its annual oil hedge, as prices fell the most in three decades amid a producer battle for market share, and the fast-spreading coronavirus. Pemex protected its 2020 oil exports at an average of $49 a barrel, receiving the first payment […]
Coronavirus’ Greatest Upstream Impact: On Prices
(WoodMac, 27.Feb.2020) — The upstream oil and gas sector’s biggest commercial fear from the Coronavirus (COVID-19) epidemic is its impact on demand and prices. Only a small proportion of global supply comes from the worst-affected regions. Manufacturing shutdowns and shipping bottlenecks are causing project delays. Vessels and other large components […]