NOCs

Incredible rates of growth in fuel switching and infrastructure development allowed China to go from first time LNG importer to a short stint as the world’s largest in 2021. 

Oil and gas companies had a record year in 2022 and continued to improve their positions in the eyes of investors. In a new report, credit ratings analysts at Moody’s Investors Services said upgrades in the oil and gas industry far outpaced downgrades in 2022, mainly because of considerable debt reduction policies at companies across…

Colombia’s Ecopetrol SA kept adding oil and gas production in the third quarter. In an earnings call last month, CEO Felipe Bayón cited deepwater gas discoveries in the Caribbean in the Gorgon-2 with partner Shell plc, and another find by subsidiary Hocol SA in Cordoba department. He said this reiterates “Colombia’s potential for gas, the…

National oil companies (NOCs) in Latin America enjoyed record profits in the second quarter on the back of high oil and gas prices, but they remain under pressure from governments facing economic crises. The high oil and gas price environment “has come with a downside which is that in the domestic market, it is very…

Despite the bullish outlook for oil and natural gas prices, Moody’s Investors Service has downgraded the corporate family rating (CFR) of Mexican state oil company Petróleos Mexicanos (Pemex) to B1 from Ba3. The action “was prompted by the downgrade of Mexico’s rating, given the critical importance of the government’s financial strength and support in the…

The $1 billion-plus investment arm of the Oil & Gas Climate Initiative (OGCI), established by the CEOs of a dozen energy majors, said its portfolio companies have cut their direct carbon emissions by half since 2019. The decarbonization investor arm, OGCI Climate Investment (OGCI CI), said the 23 Catalyst Fund I portfolio companies realized a…

Brazilian national oil company Petróleo Brasileiro (Petrobras) saw falling natural gas demand and the need for fewer liquefied natural gas (LNG) cargoes in the first quarter as rainfall replenished the nation’s reservoirs. Natural gas demand dropped to 67 million cubic meters/day (MMm3/d) in the first quarter, compared to 81 MMm3/d in the same period last…

Mexico’s government is doing all it can to boost the fortunes of troubled state oil and gas giant Petróleos Mexicanos (Pemex), with the Finance Ministry again reducing the firm’s profit-sharing duty and injecting $3.5 billion to reduce debt. “Pemex is strategically important for the country, not only in its function as a provider of goods…

Colombia’s state oil company Ecopetrol SA has recovered from a production blip in the second quarter and is upping capital expenditures (capex) for 2022 executives said during a recent conference call. Months of anti-government protests starting in late April hampered oil and gas activity in the country in the first half of this year. However,…