ANP to Release Pipeline Rules, Ecopetrol Cancels Trinity Deal, and Other Updates in the Oil Industry

Strategic Insights -

Brazil's National Petroleum Agency (ANP) will release final rules governing open access on its natural gas pipeline network, formerly controlled by Petroleo Brasileiro (Petrobras). The rules will provide a framework for open access to the pipeline network, allowing other companies to transport natural gas through the system. This move is part of ANP's effort to create a more competitive and transparent market.

Meanwhile, Ecopetrol, the Colombian state oil company, has canceled its association contract with Trinity Gas Corp. due to the company's failure to complete testing on exploratory gas wells. This move follows an investigation by the Securities and Exchange Commission (SEC) that suspended trading of Trinity Gas Corp. on Nasdaq due to allegedly misleading statements about its Colombian gas assets.

Oil workers in Ecuador have expanded their protests against a lack of investment at the country's largest oil refinery, with maintenance, delivery, and administration staff joining the eight-hour stoppage. This move comes after workers at the La Libertad refinery ended their strike after the government promised to seek a strategic partner for modernization.

In Colombia, thousands of people made homeless by the civil war have protested in the riverfront oil town of Barrancabermeja, prompting oil workers to down tools in solidarity and shut down the town. The 24-hour strike halted most business and transportation in the town, although government officials report only a slight drop in output from the Barrancabermeja refinery.

Key Takeaways:

  • ANP will release final rules governing open access on its natural gas pipeline network, allowing other companies to transport natural gas through the system.
  • Ecopetrol has canceled its association contract with Trinity Gas Corp. due to the company's failure to complete testing on exploratory gas wells.
  • Oil workers in Ecuador have expanded their protests against the lack of investment at the country's largest oil refinery.
  • Thousands of people made homeless by the Colombian civil war have protested in the riverfront oil town of Barrancabermeja, prompting oil workers to down tools in solidarity.
  • PDVSA has agreed to reactivate 22 of the 74 oil drilling rigs it had planned to dose after protests by unions.
  • A coalition of environmental, consumer, and human rights groups is asking California to overturn Unocal Corp.'s corporate charter, citing the company's environmental and human rights abuses.
  • Mexico's oil monopoly Petroleos Mexicanos (Pemex) has lowered differentials for crude oil prices, effectively raising the price of its crude from September.
  • Union Pacific Resources Group Inc. (UPR) has agreed to sell interests in certain South Texas oil and gas properties to privately held Collins & Ware Inc. for $148 million.
  • The volume of natural gas in Canadian storage has continued to rise, with stocks jumping nearly 10 Bcf for the week ended September 4.

Statistics:

  • ANP will release final rules governing open access on its natural gas pipeline network within the next two weeks.
  • Ecopetrol has canceled its association contract with Trinity Gas Corp. due to the company's failure to complete testing on exploratory gas wells.
  • 41 packets were bought for a separate contract to act as a consultant on drawing up and carrying out the upstream tender.
  • 4 companies or groups submitted bids for the consulting contract: Expetro/Robertson, Gaffney, CIBC/Exploration Consultants, and Computer Modeling Group.
  • The Barrancabermeja refinery is the country's leading source of gasoline.
  • PDVSA has planned to dose 74 oil drilling rigs.
  • UPR has agreed to sell interests in certain South Texas oil and gas properties to privately held Collins & Ware Inc. for $148 million.
  • The volume of natural gas in Canadian storage has risen to 431.79 Bcf, up from 422.43 Bcf the previous week.

Sources:

  • "ANP to Release Pipeline Rules Within the Next Two Weeks, Brazil's National Petroleum Agency (ANP) says it will release final rules governing open access on its natural gas pipeline network..." - Source not explicitly stated.
  • "Ecopetrol Cancels Trinity Deal Ten months after the Securities and Exchange Commission (SEC) suspended trading of Trinity Gas Corp. on Nasdaq because of allegedly misleading statements about its Colombian gas assets..." - TOD, November 10, 1997, p.9.
  • "Oil Workers Expand Strike Ecuadorean oil workers on Friday increased protests against a lack of investment at the country's largest oil refinery to an eight-hour stoppage by maintenance, delivery and administration staff, unions said..." - Source not explicitly stated.
  • "Thousands of people made homeless by Colombia's civil war protested in its main oil town Thursday, prompting oil workers to down tools in solidarity and virtually shut it down..." - Source not explicitly stated.
  • "PDVSA to Reactivate Rigs After protests by unions, Venezuelan state oil company Petroleos de Venezuela S.A. (PDVSA) has agreed to reactivate 22 of the 74 oil drilling rigs it had planned to dose..." - Source not explicitly stated.
  • "Groups Challenge Unocal Charter A coalition of environmental, consumer and human rights groups is asking California to overturn Unocal Corp.'s corporate charter, contending the oil company pollutes the environment and does business with oppressive governments..." - Source not explicitly stated.
  • "Pemex Lowers Differentials Mexico's oil monopoly Petroleos Mexicanos (Pemex) said Thursday that for October it has lowered the differentials it subtracts from formulas of weighted crude oil benchmarks used to calculate its oil prices..." - Source not explicitly stated.
  • "UPR Sells Texas Properties Union Pacific Resources Group Inc. (UPR), continuing moves to streamline its oil and gas business, said Friday that it agreed to sell interests in certain South Texas oil and gas properties to privately held Collins & Ware Inc. for $148 million..." - Source not explicitly stated.
  • "Canadian Storage Levels Rise The volume of natural gas in Canadian storage continued to rise as stocks jumped nearly 10 Bcf for the week ended September 4..." - Source not explicitly stated.