Brought to you by Quest Offshore & Southern Cone Consultants
(Bloomberg) --The deal, as investors from Bogota to New York see it, has all the markings of a cash-strapped federal government forcing a state-run company to bail it out. Ecopetrol SA, Colombia’s biggest oil company, would hand over about $4 billion to the government in exchange for control of another state-sponsored outfit, the electric utility... Continue Reading →
(Reuters) - Mexico’s state oil company Petroleos Mexicanos (Pemex) reported on Friday a fourth-quarter 2020 net profit of 124.28 billion pesos ($6.23 billion), helped by currency appreciation, lower imports and tax benefits. It marked a second consecutive quarter of net profit. “It’s a great achievement,” said Octavio Romero Oropeza, chief executive officer, in a call... Continue Reading →
(Reuters) - Global liquefied natural gas (LNG) demand is expected to almost double to 700 million tonnes by 2040, Royal Dutch Shell said in its annual LNG market outlook. Demand was 360 million tonnes last year, up slightly from 2019’s 358 million tonnes, despite volatility caused by lockdowns during the coronavirus pandemic. Global LNG prices... Continue Reading →
Malaysian state oil firm Petronas fell to a fourth-quarter loss on Friday hurt by lower oil prices and demand. Petronas announced in a virtual briefing a 1.1 billion ringgit ($272 million) loss after tax for the October-December quarter versus a profit of 4.1 billion a year earlier. It was the third straight quarterly loss at... Continue Reading →
(Reuters) - Exxon Mobil Corp’s global oil and gas reserves tumbled by a third last year as the COVID-19 pandemic slammed global oil prices and demand, the company said on Wednesday. The largest U.S. oil producer is reeling from the sharp decline in oil demand and a series of bad bets on projects when prices... Continue Reading →
Petróleo Brasileiro S.A. - Petrobras, following up on the release disclosed on 04/03/2018, informs that it signed today with SPE Miranga S.A., a wholly owned subsidiary of PetroRecôncavo S.A., a contract for the sale of its total stake in nine onshore exploration and production fields, called Miranga Cluster, located in the state of Bahia. The... Continue Reading →
(Reuters) - Colombia’s majority state-run oil company, Ecopetrol, will make up to $15 billion of organic investment between 2021 and 2023, it said on Tuesday, as it reported an 87.3% drop in 2020 net profit. The company will invest $12 billion to $15 billion over the next three years, Ecopetrol said in a statement, averaging... Continue Reading →
(Reuters) - Brazil’s state-controlled oil company Petrobras received only one proposal, from Holland’s SBM Offshore, in a bid to contract construction of the Mero 4 oil platform in the Santos Basin pre-salt, two sources with knowledge of the matter told Reuters. Petrobras’ business plan foresees Mero 4 entering operation in 2025 with a capacity to... Continue Reading →
(Reuters) - Occidental Petroleum Corp on Monday posted a larger-than-expected fourth-quarter loss despite higher oil and gas prices as an asset sale weighed on results. The U.S. producer has slashed jobs and output after the coronavirus pandemic hammered global energy demand, pressuring an energy company that had loaded up on debt in 2019 to acquire... Continue Reading →
(Reuters) - Mexico’s government has granted new fiscal support to Petroleos Mexicanos (Pemex) worth 73.28 billion pesos ($3.54 billion), to help shore up the state oil firm’s finances and crude output. The government published the so-called fiscal stimulus figure in its official gazette on Friday afternoon. Last week, a senior Mexican official told Reuters that... Continue Reading →
Brazil Energy Insight 