LATINPETROLEUM LATAM NRGProspector
4Q:15
Petrobras Negotiates Financing With Export Credit Agencies
Pemex Receives License To Trade Crude Oil With The United States
Ecopetrol Announces $4.8 Billion Investment Plan For 2016
Profile/History Brief: The Orinoco Oil Belt Was Discovered 80 Years Ago PDVSA And Eni President Meet To Discuss Venezuela Oil Sector Fitch Warns Of Venezuela's PDVSA Liquidity
LATAM RIG COUNTS
IN THIS ISSUE 1.Jan.2016
SHORT 20-PG VERSION OF LATAM NRGPROSPECTOR ORIGINAL 51-PG VERSION AVAILABLE VIA SUBSCRIPTION ON THIS PAGE: ORIGINAL TABLE OF CONTENTS
5-6 ….. EXECUTIVE SUITE Profile: Carlos Pareja Yannuzzelli, Ecuador's Minister Of Hydrocarbons.
6-7 ….. COMPANY BRIEFS Grupo Idesa, International Frontier Resources (IFR) and First titan corp.
7-10 ….. HEARD ON THE STREET / TWEETS
Petrobras Says New Well Confirms Deep Water Oil Find In Potiguar Basin's Pitu Area Azilat Acquires OGX's Stakes In 2 Blocks Offshore Brazil Ecopetrol Announces $4.8 Billion Investment Plan For 2016 Pemex And Global Water Development Partners Agree On The Creation Of A Joint Venture PDVSA And Eni President Meet To Discuss Venezuela Oil Sector
40-45 ….. NRG UPDATE: LATAM Countries covered: Argentina, Bolivia, Chile, Mexico and Venezuela
ECU says it's seeking 30% reduction in payment awarded to Occidental; VEN is seriously considering shipping its natural gas to TTO for processing and conversion into LNG; and VEN was expected to produce 500 MMcf/d of natural gas by year-end 2015.
46 ….. DIVESTMENT TRACKER 46 ….. EQUITY/DEBT TRACKER 47 ….. M&A TRACKER
10-12 ….. RATING UPDATES
48-50 ….. ROTARY RIG TRACKER
Fitch Warns Of Venezuela's PDVSA Liquidity; Moody's Assigns Baa3/Aa1.Br Ratings To Comgas´ Brl500 Million Unsecured Non-Convertible Debenture
LatAm oil, gas and misc. breakdown LatAm land (onshore) and offshore breakdown
12-40 ….. NRG REEL: LATAM
ON THE COVER …
Petrobras Negotiates Financing With Export Credit Agencies Profile/History Brief: The Orinoco Oil Belt Was Discovered 80 Years Ago Pemex Receives License To Trade Crude Oil With The United States Argentina Shale Poised For Boom With 'Super Well' And Pro-Industry President
Shell petrol station in Sao Paulo, Brazil. Photo credit: LatinPetroleum.com
ABBREVIATIONS HYDROCARBON SECTOR B/d: Barrels per day Bbls: Barrels Bcf: Billion cubic feet Bcfe: Billion cubic feet equivalent Bcm: Billion cubic meters Bln: Billion Boe/d: Barrels per day equivalent EHCO: Extra heavy crude oil E&P: Exploration and Production Faja: Venezuela’s Orinoco heavy oil belt Ft: Feet JV: Joint venture LNG: Liquefied natural gas LPG: Liquefied petroleum gas M3: Cubic meters M2: Square meters M: Meters Mbbls: Thousands of barrels Mcf: Thousand cubic feet Mcfe: Thousand cubic feet equivalent MMbbls: Millions of barrels MMBtu: Millions of British thermal units MMcm: Million cubic meters MMcf: Million cubic feet MMcfe: Million cubic feet equivalent Mscf: Thousands of standard cubic feet MMscf: Millions of standard cubic feet MMscf/d: Millions of standard cubic feet per day MTPA: Million tons per annum MTPY: Million tons per year NGLs: Natural gas liquids PPM: Parts per million Tcf: Trillion cubic feet Tcfe: Trillion cubic feet equivalent Tcm: Trillion cubic meters WTI: West Texas Intermediate Note: All monetary figures are in USA dollars unless stated otherwise.
FINANCIAL CAPEX: Capital expenditures DD&A: Depreciation, deletion and amortization LOI: Letter of Intent MOU: Memoranda of Understanding YE: Year end WI: Working interest STATE OIL ENTITIES (COUNTRY) ANCAP: Administración Nacional de Combustibles, Alcoholes y Portland (Uruguay) Cupet: Cubapetróleo (Cuba) Ecopetrol: Empresa Colombiana de Petróleos S.A. (Colombia) ENAP: Empresa Nacional de Petróleo (Chile) Eni SpA: Ente Nazionale Idrocarburi (Italy) PDVSA: Petróleos de Venezuela S.A. (Venezuela) PEMEX: Petróleos Mexicanos (Mexico) Petrobras: Petróleo Brasileiro S.A. (Brazil) PetroEcuador: Ecuador PetroPeru: Peru Petrotrin: Petroleum Company of Trinidad & Tobago Ltd. YPFB: Yacimientos Petrolíferos Fiscales Bolivianos (Bolivia) OTHER OIL & GAS ORGANIZATIONS API: American Petroleum Institute EIA: Energy Information Administration MEEI: Ministry of Energy and Energy Industries (Trinidad and Tobago) MENPET: Ministry of Energy and Petroleum (Venezuela) OPEC: Organization of Petroleum Exporting Countries REGIONAL INITIATIVES ALBA: Bolivarian Alternative for America CELAC: Community of Latin America and Caribbean states Petrocaribe: Petrocaribe oil initiative
LATAM/CARIBBEAN COUNTRIES
ALL OTHER COUNTRIES
ARG: Argentina ARW: Aruba BHS: Bahamas BRB: Barbados BLZ: Belize BOL: Bolivia BRA: Brazil CYM: Cayman Islands CHL: Chile COL: Colombia CRI: Costa Rica CUB: Cuba DMA: Dominica DOM: Dominican Republic ECU: Ecuador FLK: Falkland Islands (Malvinas) GUF: French Guiana GLP: Guadeloupe GTM: Guatemala GUY: Guyana HTI: Haiti HND: Honduras JAM: Jamaica MTQ: Martinique MEX: Mexico NIC: Nicaragua PAN: Panama PRY: Paraguay PER: Peru PRI: Puerto Rico KNA: Saint Kitts and Nevis LCA: Saint Lucia VCT: Saint Vincent and the Grenadines SUR: Suriname TTO: Trinidad and Tobago URY: Uruguay VEN: Venezuela VGB: Virgin Islands (British) VIR: Virgin Islands (USA)
AGO: Angola CAN: Canada CHN: China EGY: Egypt ESP: Spain IND: India IRQ: Iraq IRN: Iran JPN: Japan LBY: Libya NGA: Nigeria RUS: Russian Federation SYR: Syria USA: United States of America
EXECUTIVE SUITE PROFILE: CARLOS PAREJA YANNUZZELLI, ECUADOR'S MINISTER OF HYDROCARBONS Engineer Carlos Pareja Yannuzzelli is Ecuador's Minister of Hydrocarbons. A Chemical Engineer, he holds a Doctor Honoris Causa from the Technical University of Manabi in Ecuador. [OPEC, 15.Dec.2015] PROFILE: ENG EULOGIO DEL PINO, VENEZUELA'S MINISTER OF HYDROCARBONS Engineer Eulogio Del Pino has been appointed the People's Minister of Petroleum and Mining for Venezuela. A Geophysical Engineer, he studied at the Central University of Venezuela. He attained a Master's in Oil Exploration from Stanford University, Palo Alto, California, in the U.S.A. His professional career started at Venezuela's Intevep in 1979. In 1990, he became Technical Manager for Latin America at Western Atlas. [OPEC, 15.Dec.2015] PETROBRAS SAYS ANTÔNIO SÉRGIO OLIVEIRA SANTANA ELECTED SERVICES AND CORPORATE AFFAIRS DIRECTOR On 18.Dec.2015, the Petrobras Board of Directors elected Human Resources Executive Manager, Antônio Sergio Oliveira Santana, to the post of Services and Corporate Affairs Director, a position that he was already occupying on an interim basis. [Petrobras, 18.Dec.2015] PETROBRAS SAYS LUIZ NELSON GUEDES DE CARVALHO ELECTED CHAIRMAN OF THE BOARD On 18.Dec.2015, the Petrobras Board of Directors elected Director Luiz Nelson Guedes de Carvalho to the post of Chairman of the Board, his term of office to run until 31.Jan.2016. [Petrobras, 18.Dec.2015] PETROBRAS CHAIRMAN ON LEAVE RESIGNS Petrobras' Chairman, Mr. Murilo Pinto de Oliveira Ferreira, who has been on leave of absence since 14.Sep.2015, has just resigned. [Petrobras, 30.Nov.2015]
PETROBRAS REPORTS ON RESIGNATION OF PETROBRAS ALTERNATE BOARD MEMBER MR. DAN ANTONIO MARINHO CONRADO Petrobras announces that Mr. Dan Antonio Marinho Conrado has resigned today, for personal reasons, from both his positions as alternate board member of Petrobras, and as board member of Petrobras Distribuidora S.A. [Petrobras, 13.Nov.2015] PETROBRAS ANNOUNCES NEW BOARD CHAIRMAN APPOINTED FOR PETROBRAS DISTRIBUIDORA On 4.Nov.2015, the Board of Directors of Petrobras' wholly-owned subsidiary Petrobras Distribuidora-BR approved the appointment of Segen Farid Estefen as Board Chairman, to continue in office until 31.Jan.2016. [Petrobras, 4.Nov.2015] RESIGNATION OF PETROBRAS BOARD OF DIRECTORS MEMBER MR. CLOVIS TORRES JUNIOR Petrobras announces that Mr. Clovis Torres Junior resigned on 3.Nov.2015, for personal reasons, from both his positions as a board member of Petrobras and as a chairman of Petrobras Distribuidora S.A. [Petrobras, 3.Nov.2015] ECOPETROL NAMES NEW EXECUTIVE VICE PRESIDENT AND CORPORATE INTERNAL AUDIT DIRECTOR Ecopetrol's Board of Directors, during its ordinary meeting on 20.Nov.2015, elected the engineer Felipe Bayon Pardo as the new Executive VP of Ecopetrol. Mr. Bayon graduated with a degree in mechanical engineering from the University of Los Andes in 1989 and has more than 24 years of experience in the oil and gas industry. [Ecopetrol, 24.Nov.2015]
COMPANY BRIEFS GRUPO IDESA Grupo Idesa is one of the largest Petrochemical groups in Mexico, for over 55 years Grupo Idesa has produced and distributed different goods and services that provide products which are part of people's daily lives. Grupo Idesa is integrated by four business segments -Petrochemicals, Distribution, Logistics and Construction Systems -with national presence and international reach. The company employs around 1,500 people.
INTERNATIONAL FRONTIER RESOURCES (IFR) IFR is a publicly traded company with interests in oil and gas resource projects in Canada and the U.S.A. IFR through its Mexican subsidiary, Petro Frontera S.A.P.I de CV (Frontera) and strategic joint ventures, is advancing the development of petroleum and natural gas assets in Mexico. FIRST TITAN CORP. First Titan Corp., through its wholly owned subsidiary, First Titan Energy, LLC, is committed to the exploration and development of oil and natural gas resources around the globe.
HEARD ⁄ TWEETS BOLIVIA * BOL will host the Fourth Gas Exporting Countries Forum Gas Summit in 2017. * British Gas is looking to invest $130 mln in BOL's Tarija Department. * BOL is to consider offering incentives with oil between $30-$55/bbl. * BRA doesn't see BOL as a natural gas provider but more so as a partner in the electric sector. CHILE * CHI's ENAP expects to invest $150 mln in its 104 Mb/d capacity Aconcagua refinery in Valparaiso. COLOMBIA * COL seems to be advancing with construction of its first regasification plant to be located in Cartagena, says Colombia's Petroleum Association (ACP). ECUADOR * PetroEcuador says the #1 non-catalytic unit at the Esmeraldas Refinery is now working at 100% of its 55 Mb/d capacity. * ECU says it's seeking 30% reduction in payment awarded to Occidental.
* Rafael Correa says that a 1.6% reduction in world oil production could translate into 'significant' recuperation of oil prices. MEXICO * PEMEX to invest $23 bln in its six refineries in MEX, reports Notimex, citing MEX's President Enrique Peña Nieto. TRINIDAD AND TOBAGO * TTO's Energy Minister Nicole Olivierre says the country's prime minister is interested in meeting with VEN's President Nicolas Maduro, during speech at the III Gas Exporting Countries Forum in Tehran. * Seems VEN is seriously considering shipping its natural gas to TTO for processing and conversion into LNG. VENEZUELA * As rig counts in LatAm plummet, VEN is bringing on rigs to boost heavy oil output for mixing with domestic light oil as part of a strategy to produce an export blend as well as process more crude at the Isla refinery in Curaçao. * VEN was expected to produce 500 MMcf/d of natural gas by year-end 2015. * Officials from VEN seek dollars/euros from many foreign investors to commercialize the country's abundant natural resources yet seek loans from China which are paid back with oil and other things (islands, access to mineral mines and other concessions, etc.). * PDVSA continues to flare valuable natural gas that could be reinjected into heavy oil reservoirs or used to fuel industrial and commercial sectors. * Utilization rates at PDVSA's 955 Mb/d capacity Paraguaná refining complex fell to 48% on Jan. 8 vs 59% on Dec. 9 as availability of light oil supplies declines. * VEN's opposition should think twice and seriously when it reviews agreements between PDVSA and China since China is the only country lending billions to VEN.
RATING UPDATES FITCH WARNS OF VENEZUELA'S PDVSA LIQUIDITY FItch Ratings has affirmed PDVSA's foreign and local currency Issuer Default Ratings (IDRs) at 'CCC'. Fitch has also affirmed the rating for approximately $30 bln of senior unsecured debt outstanding at 'CCC/RR4'. Concurrently, Fitch has affirmed PDVSA's national long-term rating at 'AA(ven)'. [Fitch Ratings, 19.Dec.2015] MOODY'S REVIEWS ON PETROBRAS' RATING Moody's revised Petrobras' debt rating from Ba2 to Ba3, with a negative outlook. According to Moody's, this revision reflects the higher refinancing risks due to deteriorating industry conditions, difficulties in implementing the divestment plan, high debt amortization in the coming years and the perspective for the company’s negative cash flow. [Petrobras, 10.Dec.2015]
NRG REEL TOP FINANCIAL PETROBRAS OFFERS CLARIFICATION ON NEWS: HEDGE ACCOUNTING Petrobras clarifies that the value protected by the hedge accounting is comfortably below the predicted value for their export earnings. The estimates of exports are periodically reviewed in order to ensure consistency between the accounting hedge and expected revenues. [Petrobras, 11.Dec.2015] PETROBRAS: CLARIFICATION ABOUT THE LOAN AGREEMENT WITH BANCO DO BRASIL As announced to the market in a statement filed (30.Sep.2015) with the Brazilian Securities and Exchange Commission (CVM), Petrobras has taken out a loan through an Export Credit Note from Banco do Brasil. Petrobras clarifies that this is not a new isolated transaction, but rather the replacement of a dollar-denominated debt with a debt in Brazilian reais, together with a term extension. The company also emphasized this transaction was advantageous compared with other options available in the market. [Petrobras, 1.Oct.2015]
PETROBRAS NEGOTIATES FINANCING WITH EXPORT CREDIT AGENCIES Petrobras announces that within its strategy to diversify sources of financing, it has concluded negotiations with Export Credit Agencies from Italy – SACE, the United Kingdom - UK Export Finance (UKEF), Japan - Nippon Export and Investment Insurance (NEXI) and Austria - Oesterreichische Kontrollbank AG (OeKB). [Petrobras, 16.Nov.2015] PETROBRAS COMPLETES SALE OF SHARES IN GASPETRO On 28.Dec.2015 Petrobras completed the sale of its 49% interest in Petrobras Gás S.A. (Gaspetro) to Mitsui Gás e Energia do Brasil Ltda (Mitsui-Gás). Gaspetro is a holding company consolidating Petrobras’ interests in state natural gas distributors. [Petrobras, 29.Dec.2015] HARVEST NATURAL RESOURCES RECEIVES CONTINUED NOTICE LISTING FROM NYSE Harvest Natural Resources, Inc. announced that on 2.Dec.2015, the company received notification from the New York Stock Exchange (NYSE) that the company had fallen below the NYSE's continued listing standard, which requires a minimum average closing price of $1/share over 30 consecutive trading days. [Harvest Natural Resources, Inc., 4.Dec.2015] PEMEX STATEMENT TO MOODY’S CREDIT RATING REVISION With regard to announcement in which Moody's confirms a lower credit rating for Pemex, which had been anticipated 25.Aug.2015, Pemex states the following: -The rating announced by Moody's is similar to the ratings given to Pemex by other international rating agencies (Standard & Poor’s and Fitch), which remain unchanged since 2013. These rating agencies have lowered the rating of other major oil companies due to the adverse conditions in the international environment. [Pemex, 24.Nov.2015] PEMEX ISSUES SECURITIES FOR 600 MILLION SWISS FRANCS As part of its approved financing program for 2015, Pemex issued 600 mln Swiss francs (CHF) in debt in the foreign market due in five years, maturing in Dec.2020 with a 1.5% coupon. [Pemex, 19.Nov.2015]
PBF ENERGY COMPLETES ACQUISITION OF THE CHALMETTE REFINERY AND RELATED LOGISTICS ASSETS PBF Energy Inc. announced that its subsidiary has successfully completed its acquisition of Chalmette Refining, LLC, consisting of the 189,000 b/d Chalmette Refinery and related logistics assets, from ExxonMobil and PDV Chalmette, LLC. The purchase price for Chalmette Refining, LLC, was $322 mln, plus working capital. With the acquisition, PBF Energy has increased its total throughput capacity to over 725,000 b/d. Including PBF's pending acquisition of the Torrance refinery, PBF Energy will increase its total throughput capacity to approximately 900,000 b/d, making it the fourth largest independent refiner in North America. [PBF Energy Inc., 2.Nov.2015] GRAN TIERRA ENERGY INC. ANNOUNCES THIRD QUARTER 2015 RESULTS Gran Tierra Energy Inc. announced its financial and operating results for the quarter ended 30.Sep.2015. All dollar amounts are in U.S.A. dollars unless otherwise indicated. Colombia Chaza Block, Putumayo Basin (Gran Tierra 100% WI and Operator) Following the renewed corporate focus on Colombia, the company mobilized two drilling rigs in the third quarter and commenced its ten well development drilling program in its core Putumayo assets. In Costayaco, Gran Tierra spud the CYC 25D well on the 11th of August and recently completed the well as a multi-zone producer. Selective testing of the zones is ongoing to evaluate the optimal production configuration.The rig has moved off location and spud the CYC 26 well on the 27.Sep.2015. Currently, drilling is progressing faster than anticipated and the well is expected to be completed as a production well. [Gran Tierra Energy Inc., 3.Nov.2015]M
TOP PETROLEUM PROFILE/HISTORY BRIEF: THE ORINOCO OIL BELT WAS DISCOVERED 80 YEARS AGO Eight decades ago, on 1.Jan.1936, the drilling for La Canoa - 1 well was completed. This marked the start of exploitation of the Orinoco Heavy Oil Belt, also known as the Faja, the largest accumulation of hydrocarbons in the world with proven reserves of 270 bln bbls. [PDVSA, 1.Jan.2016]
VENEZUELA'S PDVSA SEEKS TO SECURE OIL IMPORTS FOR CRUDE BLENDING PDVSA is looking to step up its imports of light crude oil next year for domestic blending purposes. The imported oil will be used to blend with the OPEC Member Country’s abundant heavy and extra-heavy crude resources, which are found in the nation’s massive Orinoco Oil Belt. [OPEC, 15.Dec.2015] PEMEX GAINED A FOOTHOLD IN THE USA’S GAS STATION MARKET Pemex has entered the U.S.A.' gas station market with the opening of 5 stations in the city of Houston, Texas. These Pemex gas stations are owned by private investors (franchisees), who will determine the fuel's selling prices according to Houston´s market conditions. [Pemex, 3.Dec.2015] PEMEX RECEIVES AWARD FOR BEST STATE OIL COMPANY OF THE YEAR The Oil & Gas Council, the largest and most influential executive business network of oil and gas in the world, awarded in London, England, the prize as the best state oil company of the year to Pemex. [Pemex, 18.Nov.2015] PETROBRAS LAUNCHES NEW CHANNEL FOR REPORTING ALLEGATIONS Petrobras' new channel for reporting allegations began operating on 18.Nov.2015. Structured to function 24 hours a day, with services in Portuguese, English and Spanish, the channel will enable allegations to be submitted via the website or by phone. The allegations will be received by an independent specialist company. The new channel is part of a series of measures that Petrobras is adopting in order to enhance and strengthen its governance. [Petrobras, 18.Nov.2015] NORWEGIAN PRINCE VISITS PETROBRAS ROBOTICS PROJECT IN PARTNERSHIP WITH STATOIL On 17.Nov.2015, Haakon, the Crown Prince of Norway and his entourage visited the Petrobras Research Center, where they saw a demonstration performed under simulated industrial conditions of Doris, a robot prototype funded by Petrobras and Norwegian oil company Statoil. [Petrobras, 16.Nov.2015]
LOZOYA INAUGURATED THE FIRST INTERNATIONAL CONGRESS AND EXHIBITION ON HYDROCARBON, OIL AND PETROCHEMICALS' LOGISTICS During the inauguration the First International Congress and Exhibition of Hydrocarbons, Oil and Petrochemicals' Logistics the CEO of Pemex, Emilio Lozoya, said that Pemex is embarking on a new path, operating in a manner "more open to the market, more open to the world." [Pemex, 15.Nov.2015]
BRAZIL
PEMEX RECEIVES LICENSE TO TRADE CRUDE OIL WITH THE UNITED STATES The US government issued a license for Pemex International Trade (PMI) in order to enable the proposed exchange to import light crude oil for processing in the national refining system, in exchange for the export of Mexican heavy crude for high conversion refineries in the northern coast of the Gulf of Mexico in the US. [Pemex, 28.Oct.2015]
PETROBRAS SAYS OIL AND NATURAL GAS PRODUCTION IN OCTOBER UP 1.6% Petrobras' average oil and natural gas production in Oct.2015, both in Brazil and abroad, reached 2.76 MMboe/d, up 1.6% compared to 2.72 MMboe/d in Sep.2015 Domestic production of oil and natural gas averaged 2.57 MMboe/d in Oct.2015, up 1.6% to 2.53 MMboe/d in Sep.2015). [Petrobras, 17.Nov.2015]
PEMEX AND THE PNUD ENDORSE THEIR COMMITMENT TO STRENGTHEN BEST PRACTICES IN TERMS OF SOCIAL INCLUSION Pemex and the United Nations Development Programme (UNDP) in Mexico reaffirmed their commitment to strengthening the Institutional Social Inclusion Strategy and consolidate best practices in terms of inclusion, equality and non-discrimination. [Pemex, 19.Oct.2015] WITH MEXICO NOW IMPORTING U.S. OIL, FTTN SEES CHANCE TO MAKE BIG IMPACT IN NEW ARENA Recent data indicates that the U.S. has now become a net exporter of oil to petroleum-rich Mexico for the first time in 20 years, an oddity First Titan Corp. believes represents a way to get into a potentially lucrative market at the most opportune time. [First Titan Corporation, 15.Oct.2015]
ARGENTINA ARGENTINA SHALE POISED FOR BOOM WITH 'SUPER WELL' AND PRO-INDUSTRY PRESIDENT The discovery of a 'super well' in Argentina's prized Vaca Muerta shale and the presidential victory of a pro-industry candidate raises the stakes in this market-defying venue and positions the only junior on the scene for massive gains. [YPF, 10.Dec.2015]
PETROBRAS' OIL AND GAS PRODUCTION IN PRESALT UP 1.8% IN NOVEMBER In Nov.2015, oil and natural gas production operated by Petrobras in the pre-salt layer increased 1.8% from the previous month, reaching a daily average of 1.023 MMboe/d, up from 1.005 MMboe/d in Oct.2015. [Petrobras, 15.Dec.2015]
PETROBRAS UPDATES ON NAPHTA AGREEMENT WITH BRASKEM Petrobras announces that with regard to the longterm naphtha supply agreement, the company is still in negotiations with Braskem seeking a balanced and commutative solution for both companies. Supply will not be interrupted until the final agreement. [Petrobras, 16.Dec.2015] PETROBRAS SAYS NEW WELL CONFIRMS DEEP WATER OIL FIND IN POTIGUAR BASIN'S PITU AREA An extension well has confirmed the presence of oil in the Pitu area. The discovery of this accumulation in the deep waters of the Potiguar Basin was first announced on 17.Dec.2013. [Petrobras, 17.Nov.2015] PETROBRAS OIL WORKERS' STRIKE UPDATE Petrobras announced that the unions are considering the proposal made by the company. So far, 10 of the 17 unions have approved the proposal and the strike is set to end in these regions. Nevertheless, demonstrations continue at some plants. Since 9.Nov.2015, the impact on oil output has evened off at around 100,000 b/d, amounting to some 5% of total production in Brazil. Natural gas production has fallen by 1.5 MMcm/d, or 3% of market availability. [Petrobras, 17.Nov.2015]
PETROBRAS OFFERS UPDATE: OIL WORKERS' STRIKE Petrobras announces that most of the unions have approved calling off the strike. The company's production is returning to normal levels, although during the strike, 2.29 MMbbls of oil was not produced and 48.4 MMcm of natural gas was not taken. [Petrobras, 23.Nov.2015]
AZILAT ACQUIRES OGX'S STAKES IN 2 BLOCKS OFFSHORE BRAZIL AziLat Ltd. (AziLt), backed by Seacrest Capital Group, announced it has entered into a transaction with OGX Petroleo e Gas S.A. (OGX), to acquire OGX's full interest in two blocks (the blocks), offshore Brazil. [AziLat Ltd., 19.Oct.2015]
PETROBRAS REPORTS ON DECLARATION OF THE COMMERCIAL VIABILITY OF THE SÉPIA LESTE AREA, IN THE PRE-SALT LAYER OF THE SANTOS BASIN Petrobras filed with the National Oil, Natural Gas and Biofuels Agency (ANP) the Declaration of Commerciality of the oil accumulation in northwest of the Júpiter Discovery Evaluation Plan (PAD) – Block BM-S-24 – in the pre-salt layer of the Santos Basin. [Petrobras, 12.Nov.2015]
PETROBRAS: PRE-SALT OIL AND NATURAL GAS OUTPUT TOPS THE 1 MILLION BARRELS OF OIL EQUIVALENT PER DAY (BOED) Production of oil and natural gas from facilities operated by Petrobras in the pre-salt layer exceeded 1 MMboe/d during Sep.2015, with output averaging 1.028 MMboe/d, and reaching a record level of 1.12 MMboe/d on 15.Oct.2015. [Petrobras, 16.Oct.2015]
PETROBRAS OFFERS CLARIFICATION ON STRIKE Petrobras announced that the strike coordinated by the oil workers’ unions is affecting its operations. On 2.Nov.2015, oil production fell by 273,000 barrels, equivalent to 13% of daily output in Brazil. There was also a shortfall of 7.3 MMcm of natural gas, corresponding to 14% of the volume supplied to the Brazilian market every day. [Petrobras, 4.Nov.2015] PETROBRAS OFFERS CLARIFICATION ON MEDIA REPORTS: ACTION RELATED TO NATURAL GAS SUPPLY TO FAFEN On 23.Oct.2015, a ruling was published on the Public-Interest Civil Action filed in 2006 by the Bahia State Public Energy, Transport and Communication Services Regulatory Agency (AGERBA) related to the supply of natural gas to Petrobras' fertilizer plant in Bahia (Fafen-BA). [Petrobras, 29.Oct.2015] KEPPEL TO COOPERATE WITH BRAZILIAN AUTHORITIES OVER PETROBRAS CONTRACTS Keppel Corp. Ltd. refers to an earlier announcement 9.Feb.2015 in relation to allegations made by Pedro Jose Barusco in Brazil that illegal payments were made by an agent in connection with contracts entered into by certain Keppel entities with Petrobras and/or Sete Brasil. [Keppel Corporation Ltd., 23.Oct.2015]
PETROBRAS TO SEEK STRATEGIC PARTNERSHIP FOR DISTRIBUTION SUBSIDIARY The Executive Board of Petrobras has approved the proposal to find a strategic partner for its whollyowned subsidiary, Petrobras Distribuidora (BR). This decision will be on the agenda for the next meeting of the Board of Directors. [Petrobras, 15.Oct.2015] PETROBRAS: NEW WELLS CONFIRM LIBRA FIELD POTENTIAL The consortium responsible for the Libra oilfield in the Santos Basin pre-salt has completed the drilling of well 3-BRSA-1310-RJS, located in the central area of the block. The new well has revealed the presence of hydrocarbons in a low-porosity reservoir, providing important information for the ongoing appraisal campaign over this extensive area. It is the fourth well drilled in the Libra field. [Petrobras, 15.Oct.2015]
COLOMBIA ECOPETROL ANNOUNCES $4.8 BILLION INVESTMENT PLAN FOR 2016 Ecopetrol reports that its Board of Directors approved the Ecopetrol Group 2016 Investment Plan for $4.8 bln. The approved investment budget is in line with the new corporate strategy, and is attuned to the challenging situation of the international oil market. Accordingly, investments budgeted for 2016 will be 40% less than those that were planned for 2015. [Ecopetrol S.A., 14.Dec.2015]
ECOPETROL GROUP ANNOUNCES ITS RESULTS FOR THE THIRD QUARTER OF 2015 Ecopetrol announced Ecopetrol Group's financial results for 3Q:15 and the nine first months of the year, prepared and filed in Colombian pesos (COP$) and under International Financial Reporting Standards (IFRS) applicable in Colombia. [Ecopetrol S.A., 17.Nov.2015] ECOPETROL ANNOUNCES DECISION ON OPERATION OF RUBIALES FIELD Ecopetrol hereby reports that, as decided by its Board of Directors, Ecopetrol will take over the operation of the Rubiales field following the conclusion of the Rubiales risk participation and Piriri JV contracts on 30.Jun.2016. These JV contracts were signed with Metapetroleum, an affiliate of Pacific Exploration & Production Corp. [Ecopetrol, 26.Oct.2015]
MEXICO INTERNATIONAL FRONTIER RESOURCES, THROUGH ITS 50/50 JOINTLY OWNED MEXICAN COMPANY TONALLI ENERGIA, PREQUALIFIES FOR FIRST BIDDING International Frontier Resources Corporation announced that Tonalli Energia, a jointly owned Mexican company, 50% by IFR and 50% by Mexican petrochemical leader Grupo Idesa, has been notified by the Comision Nacional de Hidrocarburos (CNH by its Spanish acronym) that it has prequalified to participate in the first bidding round of the Onshore Blocks of the 'Ronda 1.3' bidding process from the Mexican government. [International Frontier Resources Corporation, 2.Dec.2015] PEMEX AND GLOBAL WATER DEVELOPMENT PARTNERS AGREE ON THE CREATION OF A JOINT VENTURE Pemex and Global Water Development Partners (GWDP), founded by private equity funds operated by Blackstone, agreed on the creation of a joint venture to invest in water and wastewater treatment infrastructure for upstream and downstream facilities in Mexico, with an estimated investment of $800 mln. [PEMEX, 30.Nov.2015]
PEMEX SENDS URGENT NOTICE TO CUSTOMERS AND SUPPLIERS ABOUT CORRUPTION Pemex is categorically unrelated to any alleged relatives of managers of this company who, using their names, have attempted to mislead several people in order to gain personal benefits. [Pemex, 26.Nov.2015] PEMEX SAYS FIRE UNDER CONTROL IN THE ALKYLATION PLANT IN THE SALINA CRUZ REFINERY On 24.Nov.2015 at 10:10 am, a fire broke out in the DA-304 Tower of the alkylation plant at the Ing. Antonio DovalĂ Jaime refinery, which was controlled by the Pemex firefighting brigades. [Pemex, 24.Nov.2015] PEMEX WILL OFFER MARKETING OF HYDROCARBONS FROM ROUND 1.3 OF THE NATIONAL HYDROCARBONS COMMISSION Pemex, through PMI Group, will offer the winning companies of the bidding Round 1.3, carried out by the National Hydrocarbon Commission (CNH), the marketing of hydrocarbons produced in the assigned fields. [Pemex, 24.Nov.2015] PEMEX DECREASED THE ACCIDENT FREQUENCY RATE BY MORE THAN 33% Pemex reduced the annual frequency rate of accidents by over 33%, reaching 0.38 accidents per million man-hours worked, below the international oil and gas sector average. [Pemex, 19.Nov.2015] PEMEX SIGNS AGREEMENTS WITH ICA FLUOR AND ODEBRECHT FOR A RESIDUALS UTILIZATION PROJECT IN TULA Pemex signed agreements with the companies ICA Fluor and Odebrecht for the development of a residuals utilization project for the Miguel Hidalgo refinery in Tula. [Pemex, 16.Nov.2015] PEMEX AND MEXICO'S PETROLEUM WORKERS' UNION SIGN AGREEMENT TO MODIFY PENSION SCHEME Pemex and the Petroleum Workers' Union signed an agreement to modify the applicable pension scheme of all current Union workers of the stateowned productive company. As a result of extensive and respectful negotiations, Pemex CEO Emilio Lozoya and the Secretary General of the Union, Carlos Romero Deschamps, signed the agreement related to the modifications of the pension scheme. [Pemex, 11.Nov.2015]
PEMEX REPORTED FINANCIAL RESULTS AT THE END OF THE 3Q:15 Pemex presented its financial results for the 3Q:15, which reflect the current market conditions having been affected primarily by the reference price of oil and the currency exchange rate of the US dollar against the Mexican peso and other currencies. [Pemex, 28.Oct.2015] PEMEX ESTABLISHES VARIOUS PREVENTIVE ACTIONS BEFORE THE PRESENCE OF HURRICANE PATRICIA In order to safeguard the physical integrity of workers and facilities, Pemex has implemented several preventive measures in their workplaces in the presence of hurricane Patricia. [Pemex, 22.Oct.2015] PEMEX & NINE OTHER MAJOR OIL COMPANIES SPEARHEAD THE OIL & GAS CLIMATE INITIATIVE Pemex participated in the Oil & Gas Climate Initiative (OGCI) which aims to bolster actions that will contribute to reach the agreements of the COP21 on climate change. The meeting, held in Paris, gathered ten major oil & gas companies. Pemex, a National Oil Company (NOC) is the only representative from the Americas. The Initiative is a voluntary effort led by the CEOs of BG Group, BP (UK), ENI (Italy), Pemex (Mexico), Reliant (India), Repsol (Spain), Saudi Aramco (Saudi Arabia), Shell (Netherlands), Statoil (Norway), and Total (France). [Pemex, 16.Oct.2015] THE NEW PRODUCTIVE STATE-OWNED SUBSIDIARY COMPANY PEMEX LOGISTICS BEGAN OPERATIONS The productive subsidiary company (SPC) Pemex Logistics formally began its operations. During the first meeting of the Board of Directors of this company, the Board approved its organic statute, in compliance with the creation agreement published 1.Oct.2015 in the Official Gazette of the Federation. The General Director of the new SPC, Francisco Fuentes Saldaña, said that constitution of Pemex Logistics is of great importance because it integrates the activities of transportation, storage and distribution into one company including gas and refined products pipelines, storage and distribution terminals, as well as LPG, the maritime terminals and all maritime and ground transportation services. [Pemex, 15.Oct.2015]
PEMEX SIGNS MOU WITH DOMINION TECHNOLOGIES FOR ELECTRICITY COGENERATION Pemex, through its subsidiary Pemex Cogeneración, signed a MOU with the company Dominion Technologies to form a company aimed at the joint implementation of cogeneration projects that shall give power to various natural gas regulation and measurement stations (ERMS). [Pemex, 7.Oct.2015] PEMEX INSTITUTES A BODY TO MANAGE RECONSIDERATION RECOURSES IN PROCUREMENT In order to ensure that public resources are administered transparently and efficiently, Pemex constituted the Collegial Instance for the Resolution of Reconsideration Recourses in Procurement. [Pemex, 29.Sep.2015]
VENEZUELA PDVSA AND ENI PRESIDENT MEET TO DISCUSS VENEZUELA OIL SECTOR Venezuela's Oil Minister Eulogio Del Pino and Eni's CEO Claudio Descalzi met in Caracas to discuss various issues, including the current challenging situation of the oil industry caused by the decline in oil prices and the possible future scenarios. The officials also assessed the progress status of the super-giant Perla gas field in the Gulf of Venezuela (operated by Cardon IV, equally held by Eni and Repsol), which started production in Jul.2015, and which is already producing 14 MMcm/d (corresponding to approximately 90,000 boe/d). [ENI, 15.Dec.2015]
NRG BRIEFS ARGENTINA (ARG) ARGENTINA TO MAINTAIN FOCUS ON GAS SECTOR WITH PRIVATE INVESTORS Argentina's newly elected President Mauricio Macri and his government are expected to continue developing the country's hydrocarbon sector with the assistance of private investors in a move to resolve the country's energy deficit, reported the daily newspaper El Diario, citing former Energy Minister Álvaro Ríos. [LatinPetroleum.com, 11.Dec.2015]
BOLIVIA (BOL) YPFB EXECUTED 77% OF ITS PLANNED BUDGET IN 2015 Bolivia's state oil company YPFB executed 77% of its planned budget in 2015, reported the daily La Razón, citing Bolivia's VP Álvaro García. [LatinPetroleum.com, 7.Jan.2016] BOLIVIA COULD IMPLEMENT INCENTIVE LAW FOR PROJECTS Bolivia could implement an incentive law for projects to attract investments to the petroleum sector, reports the daily newspaper El Diario, citing Bolivia Hydrocarbon Chamber President Claudia Cronenbold. [LatinPetroleum.com, 16.Nov.2015] BOLIVIAN EXPLORATION SUCCESS 30% IN TRADITIONAL ZONES The exploration success rates in traditional areas in Bolivia such as Tarija, Cochabamba, Chuquisaca and Santa Cruz is 30%, reports the daily newspaper El Diario, citing Jubileo Foundation analyst Raúl Velásquez. In non-traditional areas the exploration success rate is close to 20%, he said. [LatinPetroleum.com, 30.Nov.2015] BOLIVIA'S HYDROCARBON REVENUES DOWN NEARLY 30% IN 2015 Bolivia's hydrocarbon revenues have fallen $3.5 bln in 2015 compared to $5.4 bln in 2014, reports the daily newspaper El Diario, citing information from YPFB President Guillermo Achá. The reduced sales of natural gas to Argentina and Brazil mean that contributions to the country's government coffers will be down nearly 30%. [LatinPetroleum.com, 2.Dec.2015] BOLIVIA HYDROCARBON EXPORTS DOWN OVER FIRST TEN-MONTHS OF 2015 The export of Bolivian hydrocarbons fell 39% between Jan.-Oct.2015, reported the daily newspaper El Diario, citing data from the country's National Statistics Institute (INE). Exports of LPG fell by 62% during the ten-month period, according to the INE data. [LatinPetroleum.com, 3.Dec.2015]
BOLIVIA TO RESPECT GAS CONTRACT WITH ARGENTINA Bolivia plans to respect the natural gas contract it has with neighbor Argentina, reports the daily newspaper La Razón, citing Bolivia's President Evo Morales. "They need us and we need Argentina as well," said Morales. [LatinPetroleum.com, 3.Dec.2015] BOLIVIA GAS CONTRACT WITH BRAZIL EXPIRES IN 2019 Bolivia's natural gas purchase and sales contract with Brazil establishes a maximum export volume of 30.08 MMcm/d to Brazil until 2019 as well as an additional 2.24 MMcm/d destined for the Mario Covas thermoelectric plant in Cuiabá until 2016, reports the daily newspaper El Diario. [LatinPetroleum.com, 2.Dec.2015] BOLIVIA TO SIGN AGREEMENT WITH RUSSIA'S GAZPROM Officials from Russia's Gazprom are expected to visit Bolivia in 2016 to sign an agreement with Bolivia's government in order to realize exploration activities in new hydrocarbon blocks in the country, reports the daily newspaper La Razón. Gazprom is interested in increasing its activities in Bolivia, reported the daily, citing Russia's Ambassador to Bolivia Alexey Sazonov. [LatinPetroleum.com, 9.Dec.2015] BOLIVIA AWAITS ELECTRIC AND HYDROCARBON INVESTMENTS OF $57 BLN OVER TEN-YEARS Bolivia expects combined electric and hydrocarbon sector investments to reach $57 bln over the next ten-years, reports the daily newspaper El Diario, citing the country's Hydrocarbon minister Luis Alberto Sánchez. [LatinPetroleum.com, 2.Dec.2015]
BOLIVIA TO INVEST $200 MLN TO BUILD FOUR WIND PARKS IN 2016 Bolivia will invest $200 mln to build four wind parks in 2016 to generate electricity, reported the daily newspaper La Razón, citing National Electricity Company (ENDE by its Spanish acronym) Executive President Eduardo Paz. The projects will be located in the regions of Warnes, San Julián and Las Brechas in the Santa Cruz department and La Ventolera in the Tarija department. [LatinPetroleum.com, 2.Dec.2015] GAFFNEY SAYS 75% OF MARGARITA-HUACAYA RESERVES BELONG TO TARIJA DEPARMENT Consulting firm Gaffney, Cline & Associates certified that 75.1% of the reserves from the Margarita-Huacaya field belong to the Tarija department and 24.9% belong to the Chuquisaca department, reported the daily newspaper El Diario. [LatinPetroleum.com, 11.Dec.2015]
CHILE (CHI) ENAP PLANS TO SHUT ACONCAGUA REFINERY FOR MAINTENANCE TURNAROUND Chilean state refiner ENAP is in plans to shut its 104 Mb/d refinery located in Aconcagua for a maintenance turnaround. A company is also expected to stop operations at its refinery on 910.Oct.2015. The planned stoppage is expected to be for nearly 6 weeks. [LatinPetroleum.com, 10.Oct.2015]
COLOMBIA (COL) ECOPETROL TO LAUNCH PILOT HEAVY OIL PROJECT TO REDUCE VISCOSITY OF HEAVY OILS IN LOS LLANOS Colombia's state oil company Ecopetrol plans to launch a pilot heavy oil project with capacity to process 200 Mb/d, reports the daily newspaper Portafolio.co. [LatinPetroleum.com, 13.Nov.2015]
ECUADOR (ECU) EP PETROECUADOR CHANGES GEODESIC DOMES ON SIX OIL STORAGE TANKS EP PetroEcuador is realizing the work as part of its integral maintenance and repair process, according to a statement posted to the state oil company's website. In the first phase, the company plans to renovate 38 of the 65 exisiting storage tanks located at the Esmeraldas Refinery. [LatinPetroleum.com, 6.Jan.2016]
MEXICO (MEX) PEMEX PLANS TO INVEST $23 BLN IN ITS SIX REFINERIES IN MEXICO Mexico's President Enrique Peña Nieto announced that Pemex would invest $23 bln in its six refineries which comprise the country's national refining system, according to reports by Notimex. [LatinPetroleum.com, 8.Dec.2015]
VENEZUELA (VEN) VENEZUELA NOT PLANNING TO FLOOD OIL MARKET IN 2019 WITH OUTPUT PLANS ''Venezuela is developing production capacity to reach 6 million barrels per day in 2019. This doesn't mean that Venezuela will place 6 million barrels per day in the international market,'' said PDVSA Radio host John Prato during an interview broadcast via PDVSA radio titled "282 Tiempos Petroleros." [LatinPetroleum.com, 15.Nov.2015] VENEZUELA'S OIL MINISTER EULOGIO DEL PINO HOLDS DISCUSSIONS WITH COLLEAGUES IN VIENNA Venezuela's Oil Minister and the also President of PDVSA Eulogio Del Pino held numerous discussions with his OPEC colleagues from Iran, Algeria, and Ecuador during meetings held in Vienna, Austria in Dec.2015, reports PDVSA in a statement on its website. [LatinPetroleum.com, 3.Dec.2015]
PDVSA AIMS TO EXPORT INITIAL NATURAL GAS TO COLOMBIA IN JANUARY 2016 PDVSA expects to export its initial natural gas molecules to Colombia in Jan.2016, PDVSA Gas President Anton Castillo said in a personal interview in Caracas. [LatinPetroleum.com, 5.Oct.2015] VENEZUELAN GAS PRODUCTION OFFSHORE COULD ALSO BE DESTINED FOR CUBA AND JAMAICA Natural gas production from the Cardon IV block offshore Venezuela's western region will initially be destined to cover domestic demand with excess volumes being destined for Colombia via pipeline and potentially Cuba and Jamaica, according an official with Cardon IV project who could not be named since he is unauthorized to speak with the media. [LatinPetroleum.com, 18.Oct.2015] VENEZUELA, JAMAICA TO FORTIFY BILATERAL TIES Countries to strengthen bilateral investments in tourism and commerce, reports the daily El Universal, citing details from meetings between Venezuela's Foreign Minister Delcy Rodriguez and Jamaica's Energy Minister Phillip Paulwell. [LatinPetroleum.com, 15.Nov.2015] VENEZUELAN OPPOSITION WANTS TO END $15 BLNA-YEAR GASOLINE SUBSIDY Venezuela's newly elected opposition supermajority in the National Assembly plans to end the country's 17 year old gasoline subsidy during the 1Q:16, reports daily newspaper El Universal. In 2014, the gasoline subsidy in Venezuela generated annual costs of $15 bln for PDVSA, according to figures in mid-2014 revealed by then PDVSA President Rafael RamĂrez. Venezuela's gasoline sales for 0.070 bolivars/liter for the 91 Octane grade and 0.097 bolivars/liter for the 95 Octane grade, however, the production costs are close to 2.40 bolivars/liter and 2.70 bolivars/liter, respectively. [LatinPetroleum.com, 25.Nov.2015]
VENEZUELA'S CORPOELEC TO INSTALL 20 MW GENERATOR IN ZULIA STATE Venezuela's Corpoelec has reportedly transported a 20 megawatt generator from the Termozulia Plant, located in the General Rafael Urdaneta Thermoelectric Complex, to the San Lorenzo Plant on the Eastern Coast of Maracaibo Lake in Zulia state where it will be installed, reports daily newspaper Panorama, citing Corpoelec General Manager Neuro Leal. [LatinPetroleum.com, 19.Dec.2015]
M&A TRACKER BUYER
TARGET
AMOUNT ($ MLN)
SUMMARY
PBF Energy Inc.
Chalmette Refining, LLC
$322 mln
Pluspetrol Black River Corporation
Apco Oil and Gas International Inc. CGE
$470 mln
ExxonMobil and PDVSA reached an agreement with PBF Energy Inc. for the sale and purchase of their 100% in Chalmette Refining, LLC in Chalmette, Louisiana. An all-cash transaction
Harvest Natural Resources
$400 mln
Grupo Gas Natural Fenosa (GNF)
Pluspetrol
$3.3 bln
GNF is an indirect owner of Electricarine, among other companies while CGE, via Gasco, controls 20.5% of Colombia's LPG market. On 16.Dec.2013 ARG’s Pluspetrol agreed to buy Harvest's Petrodelta stake for $400 mln in two cash transactions: $125 mln (Dec.2013) and $275 mln (pending). [Harvest Natural Resources]
LATIN AMERICA RIG COUNT TRACKER ROTARY RIG COUNT Oil
Gas
Misc.
LatAm
Land
O⁄S
LatAm
Dec.2012 Dec.2013 Dec.2014
352 364 329
57 49 40
5 4 0
414 417 369
341 341 287
73 76 82
414 417 369
Jan.2015 Feb.2015 Mar.2015 Apr.2015 May.2015 Jun.2015 Jul.2015 Aug.2015 Sep.2015 Oct.2015 Nov.2015 Dec.2015
319 307 315 296 302 288 289 297 294 272 260 242
31 26 34 26 23 25 23 20 24 20 23 25
1 22 2 3 2 1 1 2 3 2 1 3
351 355 351 325 327 314 313 319 321 294 284 270
272 283 284 261 258 252 259 266 265 239 232 213
79 72 67 64 69 62 54 53 55 55 52 57
351 355 351 325 327 314 313 319 321 294 284 270
Source: Baker Hughes
ROTARY RIG COUNT (LAND, OFFSHORE)
Argentina Bolivia Brazil Chile Colombia Costa Rica Ecuador Mexico Peru Trinidad Venezuela Other Total LatAm Source: Baker Hughes
Dec.2015 Land O⁄S
Nov.2015 Land O⁄S
Oct.2015 Land O⁄S
Sep.2015 Land O⁄S
90 5 17 1 11 0 2 18 2 2 63 2 213
100 7 18 2 15 0 4 14 1 3 66 2 232
104 5 16 1 19 0 6 15 1 4 66 2 239
109 6 19 2 26 0 11 16 1 4 70 2 266
1 0 21 0 1 0 0 24 0 5 5 0 57
1 0 18 0 0 0 0 24 0 5 4 0 52
1 0 20 0 1 0 0 23 0 5 5 0 55
1 0 21 0 0 0 0 23 1 4 5 0 55
ROTARY RIG COUNT (OIL, GAS, MISC.)
Argentina Bolivia Brazil Chile Colombia Costa Rica Ecuador Mexico Peru Trinidad Venezuela Other Total LatAm
Oil
Dec.2015 Gas Misc.
LatAm
81 2 36 0 11 0 2 36 2 3 67 2 242
10 3 2 1 1 0 0 3 0 4 1 0 25
92 5 38 1 12 0 2 42 2 7 68 2 270
0 0 0 0 0 0 0 3 0 0 0 0 3
Oil
Nov.2015 Gas Misc.
LatAm
91 4 34 0 15 0 4 35 1 4 70 2 260
10 3 2 2 0 0 0 2 0 4 0 0 23
101 7 36 2 15 0 4 38 1 8 70 2 284
LatAm 110 6 40 2 26 0 11 39 2 8 75 2 321
0 0 0 0 0 0 0 1 0 0 0 0 1
Source: Baker Hughes
ROTARY RIG COUNT (OIL, GAS, MISC.)
Argentina Bolivia Brazil Chile Colombia Costa Rica Ecuador Mexico Peru Trinidad Venezuela Other Total LatAm Source: Baker Hughes
Oil
Oct.2015 Gas Misc.
LatAm
Oil
Sep.2015 Gas Misc.
96 3 34 0 20 0 6 35 1 5 70 2 272
9 2 2 1 0 0 0 1 0 4 1 0 20
105 5 36 1 20 0 6 38 1 9 71 2 294
99 2 38 0 26 0 11 35 2 5 74 2 294
11 4 2 2 0 0 0 1 0 3 1 0 24
0 0 0 0 0 0 0 2 0 0 0 0 2
0 0 0 0 0 0 0 3 0 0 0 0 3
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