(World Bank, 21.Jul.2020) — Estimates from satellite data show global gas flaring increased to levels not seen in more than a decade, to 150 billion cubic meters (bcm), equivalent to the total annual gas consumption of Sub-Saharan Africa. The 3% rise, from 145 billion cubic meters (bcm) in 2018 to […]
Tag: USA
Venezuela Is Quietly Ramping Up Oil Production
(Oilprice.com, 31.Dec.2019) — If anyone is to ever write a guidebook on political survival, the skills of Venezuelan President Nicolás Maduro would certainly top the contemporary charts. This autumn went relatively well for the besieged leader as the political headlines drifted towards the US-China trade wars, OPEC+ production cuts and […]
Venezuela Oil Output Rises
(Reuters, 10.Dec.2019) — Venezuela’s crude output in November jumped more than 20% from the prior month to the highest level since the United States tightened sanctions on state oil company PDVSA in August, two people with knowledge of PDVSA data said this week. November output averaged between 926,000 barrels-per-day (bpd) […]
LatAmNRG Chart Analysis: Venezuela’s R/P Rises As Oil Output Plunges
(Energy Analytics Institute, Pietro D. Pitts, 24.Nov. 2018) — Venezuela is suffering a complete meltdown across all sectors. The Venezuelan oil sector, which generates upwards to 95% of the country’s foreign currency revenues, is in a precarious state to say the least as oil output continues its downward trend. Interesting […]
EDP Energias do Brasil To Host Management Gathering In NYC
(EDP Energias do Brasil, 22.Nov.2018) — EDP Energias do Brasil S.A. will host a Management Meeting on Monday, November 26, 2018 at Omni Berkshire Place New York (21 East 52nd Street at Madison Avenue). This event, held for analysts and institutional investors, will feature presentations by Miguel Setas (CEO), Henrique […]
Weatherford Reports Higher Activity Levels In Argentina and Mexico
(Energy Analytics Institute, Ian Silverman, 29.Oct.2018) — Weatherford International plc reported Western Hemisphere 3Q:18 revenues of $762 million were down $7 million, or 1%, sequentially, and down $5 million, or 1%, year-over-year, the company reported in an official statement. Compared to the second quarter of 2018, revenues in Canada improved […]
Venezuela To Make $949mn Bond Payment To Keep Citgo Assets
(OilPrice.com. Tsvetana Paraskova, 26.Oct.2018) — Although Venezuela is regularly delaying or avoiding bond payments and is behind on billions of U.S. dollars in such payments, it is preparing to make a rare US$949-million payment on one bond, because that bond is backed by a stake in its key U.S. asset, […]
Bondholders Raise Hopes Venezuela Will Pay Up On Due Debt
(Ft.com, Gideon Long, 25.Oct.2018) — In a month in which emerging market government bonds have been hammered by the prospect of US rate increases, geopolitical risk and fears of a US-China trade spat, one bond — in crisis-racked Venezuela of all places — has rallied to record highs. The 2020 […]
PDVSA Prepares To Make $949 Mln Payment On Citgo-Backed Bond
(Bloomberg, 24.Oct.2018) — Petroleos de Venezuela SA’s plan to make a $949 million bond payment would mark a rare exception for Nicolas Maduro’s regime as it tries to hold on to the crown jewel of its U.S. assets. Venezuela’s state-run oil company is preparing to make the coupon and partial […]
President-elect Lopez Obrador Slams Pemex For Crude Import Plan
(Reuters, 23.Oct.2018) — Mexico’s president-elect Andres Manuel Lopez Obrador on Tuesday criticized state-run Pemex’s plan to import U.S. light crude from refiner Phillips 66, calling it a sign of the country’s failed economic policies. Pemex is set to begin crude imports in November, for the first time in over a […]
Phillips 66 Wins Tender To Sell U.S. Bakken Crude To Pemex -Traders
(Reuters, 22.Oct.2018) — Refining firm Phillips 66 was awarded a tender to supply Mexico’s Pemex with at least four 350,000-barrel cargoes of U.S. Bakken crude for delivery from November through December, traders with knowledge of the offer’s results said on Monday. The purchase will mark the state-run company’s first crude […]
Venezuelan Oil Port Repairs Delayed, Crude Exports Fall: Sources
(Reuters, Marianna Parraga, 2.Oct.2018) — Repairs to a dock at Venezuela’s main oil export port will take at least another month to complete following a tanker collision more than a month ago, further restraining the OPEC member nation’s crude exports, according to sources and shipping data. A minor incident in […]
Pemex to Import U.S. LLS Crude for Oct Delivery
(Reuters, 1.Oct.2018) — Mexico’s state-run Pemex has launched a tender to buy 350,000 barrels of U.S. Light Louisiana Sweet (LLS) crude for October delivery, according to a document seen by Reuters on Monday, a deal that marks the first crude imports in over two decades. Pemex, which plans to use […]
Pemex Plans up to 100,000 b/d of Light Crude Imports, Says CEO
(Reuters, David Alire Garcia, Marianna Parraga, 26.Sep.2018) — Mexican state-run oil company Pemex expects to begin importing up to 100,000 barrels per day of light crude oil, likely from the United States, from late October and at least until the end of November, its chief executive said on Wednesday. “A […]
Chevron Wins Ecuador Rainforest ‘Oil Dumping’ Case
(BBC, 8.Sep.2018) — An international tribunal in The Hague has ruled in favour of the US oil company, Chevron, in an environmental dispute with the government of Ecuador. Chevron had been ordered to pay $9.5bn (£7.4bn) compensation to thousands of residents in Ecuador’s Amazon region. They accused the company of […]
U.S. Co. Wins Contract for Mexico LNG Project
(Natural Gas Intelligence, Peter de Montmollin, 22.Aug.2018) — A U.S. company has secured a long-term contract to build a liquefied natural gas (LNG) import project on the southern tip of Mexico’s Baja California peninsula, a region isolated from the country’s main energy transmission systems. New Fortress Energy (NFE) won a […]
Webinar Panelist Discuss All Things Guyana
(Energy Analytics Institute, Piero Stewart, 15.Aug.2018) – The three promised to return to discuss all things Guyana again in six months as the small South American country eyes first oil in 2020. A three person panel — comprised of Guyana’s Minister of Finance, the Honourable Winston Jordan, Trinidad and Tobago’s […]
Venezuela’s Citgo Refineries At Risk Of Seizure
(Forbes, Robert Rapie, 12.Aug.2018) – In 2007, following Venezuela’s expropriation of billions of dollars of assets from U.S. companies like ExxonMobil and ConocoPhillips, I suggested a potential remedy. Since Venezuela’s state-owned oil company, PDVSA (Petróleos de Venezuela, S.A.) owns the Citgo refineries in the U.S., I felt the companies that […]
Crystallex Cuts Others In Line for Citgo Assets
(Energy Analytics Institute, Jared Yamin, 11.Aug.2018) – Crystallex seems to have cut in line while there are many others already in line for CITGO assets and value. What follows are comments published by Venezuelan oil analyst Francisco Monaldi in a series of tweets related to the legal battle over CITGO: […]
Helmerich & Payne Wins Right to Sue Venezuela
(Energy Analytics Institute, Piero Stewart, 8.Aug2018) – U.S. drilling company Helmerich & Payne won a judgment from the U.S. Court of Appeal to sue Venezuela for the expropriation of the company’s investments in Venezuela. This was only a preliminary jurisdictional issue, not a money judgment, mind you — just the […]
Venezuela’s Oil Production Turning a Corner?
(FoxBusinss, Leia Klingel, 7.Aug.2018) – Oil production by Venezuela’s PDVSA may have started to improve, with the state-owned oil and gas producer reporting that production in the country is averaging 1.5 million barrels per day, as reported by Reuters. As reported by OilPrice.com, according to OPEC secondary sources, Venezuela’s oil […]
US Abandons Sanctions to Avoid Owning Venezuela Collapse
(S&P Global Platts, Brian Shield, 7.Aug.2018) – Just more than a year ago, it was not a question of ‘if’, but ‘when.’ As Venezuela’s leftist leader Nicolas Maduro consolidated power in an election derided as a fraud by the international community, the Trump administration readied exacting sanctions on the South […]
CNH Says Mexico Must Reduce Oil Dependence
(Energy Analytics Institute, Ian Silverman, 13.Jul.2018) – Mexico must reduce its dependence on the United States in regards energy issues. The country can achieve this goal by increasing its refining capacity, reported the daily newspaper La Jornada, citing National Hydrocarbons Commission (CNH by its Spanish acronym) President Juan Carlos Zepeda. […]
Indigenous Groups Await Chevron Payments
(Energy Analytics Institute, Ian Silverman, 12.Jul.2018) – Indigenous groups in Ecuador that were affected by activities of San Roman, California-based Chevron in the country continue to await payment from the oil giant. Ermel Chávez, from the Amazon Defense Front, recently spoke about the issue during a press conference in Ecuador. […]
Venezuela’s Declining Crude Exports Squeeze India’s Refiners
(Reuters, Marianna Parraga, 3.Jul.2018) – Venezuela’s crude shipments to India, its third largest export market, fell 21 percent in the first half of the year, according to internal documents from state-run PDVSA, adding to supply troubles for Indian refiners as they are increasingly pressed to diversify oil imports. Venezuela’s production […]
PetroPiar Ends Preventative Maintenance
(Energy Analytics Institute, Piero Stewart, 3.Jul.2018) – Work on the upgrader concluded four days ahead of schedule, according to Caracas-based PDVSA. Operational activities at the upgrader included substitutions in the naphtha and light vacuum gas oil (LVGO) lines, maintenance of interchangers, internal drum replacements (Demister), and replacements related to the […]
Brazil Output to Reach 5.5 MMb/d: Oddone
(Energy Analytics Institute, Aaron Simonsky, 29.Jun.2018) – “Brazil’s oil production could reach 5.5 million barrels per day by 2027,” ANP General Director Décio Oddone, said during a debate hosted by Washington, DC-based Inter-American Dialogue. ***
Mexico’s Presidential Elections and U.S. Energy Cos
(MarketPlace.org, Lorne Matalon, 22.Jun.2018) – Antonio Godinez Vera makes his living turning golden kernels of Mexican corn into a mash that becomes tortillas. People like Godinez, a small business owner with four employees, are part of a wave that could power Andrés Manuel López Obrador to the Mexican presidency when […]
Venezuela: U.S. Sanctions “An Attack On The Oil Market”
(OilPrice.com, Tsvetana Paraskova, 22.Jun.2018 – The U.S. sanctions against Venezuela are affecting consumers worldwide and are an attack on the oil market, Venezuelan Oil Minister Manuel Quevedo said on Thursday. The minister, speaking at an OPEC International Seminar today—a day before OPEC ministers meet to discuss how much production to […]
North America’s Energy Future on Trial in Mexico
(Brookings, Carlos Pascual, David G. Victor, and Rafael Fernandez de Castro, 5.Jun.2018) – On July 1, Mexicans head to the polls to select their next president. While it has become fashionable to wall Mexican matters away from American politics, in reality the Mexican election could transform the North American community. […]
Citgo Says No to Heating Oil Program
(Energy Analytics Institute, 26.Mar.2017) – Houston-based Citgo Petroleum Corporation, the U.S.-based refinery arm of PDVSA, had to skip out on sending heating oil to citizens in the U.S. northeast under a program dubbed “Joe-4-Oil” amid a continued economic crisis in the oil-rich nation, reported the news agency AP. ***
Venezuela Holds World’s 8th Largest Gas Reserves
(Energy Analytics Institute, Piero Stewart, 11.Mar.2017) – Venezuela, the country with the world’s largest crude oil reserves, also continues to hold the world’s eighth largest accumulation of natural gas reserves (see table below), according to BP’s Statistical Review of World Energy. Top Ten Holders of Natural Gas Reserves Worldwide Rank […]
Citgo Without CEO After Martinez Leaves
(Energy Analytics Institute, Piero Stewart, 17.Feb.2017) – Citgo Petroleum Corporation has yet to the report on a possible replacement to head the company after its CEO and President Nelson Martinez was appointed as Venezuela’s Oil Minister by the country’s President Nicolas Maduro. The appointment leaves Citgo, the Houston-based refining arm […]
Ecopetrol Successfully Prices Int’l Bond for $500 Mln
(Ecopetrol S.A. 10.Jun.2016) – Ecopetrol S.A. reports that, on June 8, 2016, based on the authorization granted by the Ministry of Finance and Public Credit (Resolution 1657 of June 7, 2016) to subscribe, issue and place External Public Debt Bonds in the international capital markets, it reopened its 2023 Bond […]
Executive Profile: YPF New CEO Ricardo Darré
(Energy Analytics Institute, Jared Yamin, 6.Jun.2016) – Ricardo Darré will assume the position of CEO at YPF on July 1, 2016, taking over the helm from the interim CEO. Darré graduated from the Buenos Aires Technology Institute (ITBA by its Spanish acronym) with a specialization in mechanical and industrial engineering, […]
Petrobras Issues $6.75 Billion in Global Notes
(Petrobras, 17.May.2016) – Petrobras issued $6.75 billion of 5 and 10 year Global Notes through its wholly-owned subsidiary Petrobras Global Finance B.V. (PGF). The transaction was priced on May 17, 2016 and the terms of the notes issued are as follows: The order book was 2.75x and 3.0x oversubscribed in […]
Petro San Félix Cos Study Swapping Coke
(Energy Analytics Institute, Piero Stewart, 16.May.2016) — A number of international and national coke processing companies visited the Petro San Félix solids terminal located in the José Antonio Anzoátegui Industrial Complex (CIJAA by its Spanish acronym) with the intention to study the potential to swap green coke for calcined coke. […]
Venezuela Oil Sector Viable with $40/bbl
(Energy Analytics Institute, Piero Stewart, 15.Sep.2015) – “A $40 per barrel oil price is not a low price for Venezuela,” says Ramon Espinasa, oil economist at the Inter-American Development Bank (IDB), from Washington during an interview broadcast by Venezuelan radio station 99.9 FM. Venezuela’s oil sector is able to maintain […]
PDVSA Output to Likely Fall in Default Scenario
(Energy Analytics Institute, Piero Stewart, 14.Sep.2015) – In terms of a much talked about default, PDVSA would continue to function but the levels of output will likely decline due to a lack of investment and could see an increase in accidents at the company, said EnergyNomics President Carlos Rossi in […]
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 […]
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% […]
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. ***
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 […]
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 […]
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 […]
Venezuela Seizes Helmerich & Payne Rigs
(TulsaWorld, Rod Walton, 2.Jul.2010) – The action comes amid a payment dispute in which the company left the equipment idle. Helmerich & Payne’s 52-year business relationship with Venezuela came to at least a temporary end Thursday as President Hugo Chavez’s government seized 11 rigs owned by the Tulsa contract drilling […]