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From Champs to Chumps: Latin America Oil Giants Owe $275B

With the current energy economic climate affecting the Latin American Oil Giants, it is a universal concern that with their indebtedness and risky situations they are a threat to the regional economy.  The majority of these companies have garnered their current economic woes during the previous decade when oil price were high.  Now, state leaders…

Colombia’s Ecopetrol reports $1.26 bln loss in 2015

As the price of oil continues to fluctuate, Colombia’s Ecopetrol reported a loss of $1.26 billion in 2015, citing plunging oil prices, in-country rebel attacks and new accounting requirements.  This amounts to a 170 percent decline from the company’s 2014 profits. by Julia Symmes Cobb, Reuters, March 6, 2016 Colombia’s state-controlled oil producer Ecopetrol on Sunday…

Nuclear Energy Will Give Bolivia a New Status, Asserts Minister

Although the use of nuclear energy has been much more scrutinized in the last decade, Bolivia’s Minister of Hydrocarbons and Energy announced the construction of a specialized center that will bring prominence to the South American country.  Bolivia and Russia will be working together to build the Center of Investigation and Development in Nuclear Technology…

Deepening default fears cast shadow over Venezuela’s oil flows

A major concern of oil market participants is the unheard of possibility of a major oil producing company defaulting on its debts.  PDVSA will be hard-pressed to meet its 5.2 billion payments in Fall of 2016, considering that the Venezuelan government exhausted their majority of cash reserves.  Experts are closely watching how a company’s default…

CERAWeek: Latin America looks at more opportunities

Three major oil and gas companies of Latin America, Pemex, Ecopetrol, and Petrobras, met during this year’s CERA Week in Houston, TX. Their discussions included the current challenges facing oil and gas companies as lower oil prices dominate and how they continue to move forward with opportunities. Pemex is currently looking forward to partnering with…

Pemex CEO Emilio Lozoya Resigns After Three Years of Losses

The Pemex storm gets even more complicated, CEO Emilio Lozoya will be stepping down. President Enrique Pena Nieto has appointed Jose Antonio Gonzalez Anaya, a trained economist, as Lozoya’s replacement. by Adam Williams, Bloomberg, Feb. 08, 2016 Emilio Lozoya resigned as Petroleos Mexicanos’ chief executive officer after the oil giant failed to reverse falling output and…

Chile to provide gas to Argentina in winter months; Enap and YPF will increase production in Magallanes

Starting May 2016, Chile will be supplying Argentina with 5.5 million cubic feet of natural gas every day, accounting for 20% of Argentina’s imports. Chile will also invest $200 million dollars in the Incremental Project of the Magallanes Area. by MercoPress, Feb. 01, 2016 The accord was sealed under the agreements signed between Energy Minister…

America Supplies OPEC With Oil Freed From 40-Year Export Ban

Venezuela was the first South American country to purchase oil from the U.S since the oil bans were lifted. Last January, PDVSA refinery in Curacao received 548,000 barrels of light crude coming in from West Texas. by Sheela Tobben and Lucia Kassai, Bloomberg, Feb. 2, 2016 The U.S. is now supplying OPEC with crude oil,…

New campuses will deal with oil industry challenges – Mexico

Mexico’s National Petroleum Institute (IMP in Spanish) recently announced the creation of campuses accross the country that will help deal with the industry challenges. Ready to be inaugurated this year is the Centro de Tecnologia para Aguas Profundas, opening in Veracruz it will be focused on areas of drilling, risks, equipment and systems. Ernesto Rios…

Brazil plans to extend oil rights to foster investment

In an effort to trigger Brazil’s oil sector, the country’s government is taking new measurements that could get up to $130 billion in investments. Some of the measurements include extension of exploration rights, new auctions and a special customs regime. by Silvio Cascione, Reuters, Jan. 29, 2016 Brazil plans to extend oil exploration rights in…

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