LatAm hydrocarbons roundup
Colombia-focused junior Gran Tierra Energy widened its net loss to US$45mn in the first quarter from US$44.9mn in 1Q15.
President and CEO Gary Guidry cited in a statement that Brent crude averaged US$33.70/b during the quarter, down 23% from 4Q15.
Gross working interest hydrocarbon production before royalties averaged 25,610boe/d, up from 24,015boe/d.
Due to the Canadian firm's strong working capital position and net proceeds from an April 2016 debt issuance, "we are confident that Gran Tierra can effectively allocate capital to develop and grow reserves and add value through acquisitions in the current low oil price environment," Guidry said.
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Natural gas exports from Chile to Argentina will begin in late May, per a bilateral agreement announced earlier this year.
While gas from Chile's northern Mejillones and central Quintero LNG terminals was set to begin flowing to Argentina at the start of the month, the governments are still negotiating the terms of transport contracts with private firms, according to a report by Chilean paper Diario Financiero.
Engie is the frontrunner to handle the dispatch of gas from Mejillones, according to industry sources cited in the report.
Talks for the Quintero contract are less advanced, the report said, and involve Chilean national oil company Enap, power generator Endesa Chile and pipeline operator GasAndes.
Enap and Endesa each hold a 20% ownership stake in the Quintero terminal.
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Moody's Investors Service upgraded its global local currency rating for Argentina-focused oil company Pan American Energy (PAE) to 'B1' from 'B2.'
"The ratings upgrade was triggered by the rating upgrade of the government of Argentina to B3 from Caa1, on April 15, and by Moody's expectation that PAE will maintain a solid credit profile for its rating category in the foreseeable future," said senior credit officer Mymia Almeida.
BP and Bridas Corporation respectively control stakes of 60% and 40% in PAE, which is Argentina's second-largest producer of oil and gas by volume.
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News in: Oil & Gas (Chile)
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Other projects in: Oil & Gas (Chile)
Get critical information about thousands of Oil & Gas projects in Latin America: what stages they're in, capex, related companies, contacts and more.
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Founded in 2002, GeoPark Ltd. is a Latin America-focused oil and gas explorer and operator with operations in Chile, Colombia, Brazil and, on a smaller scale, Argentina. The com...
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The description contained in this profile was taken directly from an official source and has not been edited or modified by BNamericas researchers, but may have been automatical...