LatAmNRG eBrief: Jan. 16 2019 by Energy Analytics Institute (EAI)

Tune in to Energy Analytics Institute's LatAmNRG Dashboard to watch, read, and/or listen to the latest upstream, downstream and midstream news from the LAC region.

Venezuela's President Nicolas Maduro

Venezuela Producing 1.137 MMb/d, Says EnergyNomics Oil production in the OPEC country has decreased 58% during the tenure of Venezuela’s President Nicolás Maduro to 1.137 million barrels per day (MMb/d), which is equivalent to the country’s production in 1947.

The fall is of the exact percentage magnitude as that of the economic fall during the same time, announced EnergyNomics President Carlos Rossi in an emailed report to clients. In recent months, the rate of decline in production has accelerated, he added. Venezuela’s Maduro Aims To Lift Oil Production To 5 MMb/d By 2025 Venezuela’s President Nicolás Maduro announced plans to focus on efforts to raise crude oil production in the OPEC member country to 5 million barrels per day (MMb/d) by 2025. Venezuela continues to suffer a corruption-induced economic collapse with has severely affected the country’s oil sector and its ability to stop production declines, let alone maintain or boost oil production. “Personally, I’ll assume leadership of the oil industry as of today, and ask for the maximum support of the oil workers to achieve it,” announced Maduro in a broadcast on Venezuelan state television. Venezuela’s Crisis Threatens U.S. Control Over Oil Prices The Russian bear is on the prowl once again as President Putin seeks to expand Moscow’s influence and bolster the one-time superpower’s global influence while proving to constituents he can restore Russia’s superpower mantle.

ANDEAN REGION Frontera Energy Provides Update On Colombia, Peru And Guyana Frontera Energy Corp. delivered estimated 2018 NorPeruano pipeline production of 70,999 boe/d before royalties (63,180 boe/d after royalties), within the revised 2018 production guidance of 70,000 to 72,000 boe/d before royalties (63,000 to 65,000 boe/d after royalties). Subsequent to the company providing updated guidance, pipeline disruptions shut down production in Peru on Block 192 during Dec. 2018 and impacted annual production before royalties by approximately 875 bbl/d before royalties (745 bbl/d after royalties). Fourth quarter 2018 estimated production of 71,850 boe/d before royalties (63,835 boe/d after royalties), was 8.2% higher than production in the

third quarter of 2018. Frontera Energy Says Block 192 In Peru Remains Shut In Frontera Energy Corp announced that production from Block 192 in Peru remains shut in with the contract in force majeure as a result of community disputes relating to the NorPeruano pipeline in areas outside of Block 192. It is now expected that the contract relating to Block 192 will be extended to at least Nov. 2019, from Sep. 7, 2019 previously.

SOUTHERN CONE Caribbean FLNG Barge Expected In Argentina In EarlyFeb. 2019 The Caribbean FLNG barge is expected to arrive to Argentina on Feb. 3 to process Event in Bolivia with Evo Morales and executives from YPFB and Repsol. excess gas for export during the country’s winter period, announced online media Clarín. It is anticipated the barge will commence production in 2Q:19. YPFB Says Boyuy X-2 Well Reaches 7,860 Meters In Bolivia The Boyuy X-2 well, jointly drilled by YPFB and Repsol E&P Bolivia, reached a total drilling depth of 7,860 meters, and in so doing now ranks amongst the deepest wells drilled in the world. The well also confirmed existence of Huamampampa formation, Bolivia’s state entity YPFB announced in an official statement. Morales Says Bolivia To Commence Mutún Industrialization Bolivia plans to jump start activities next week related to the industrialization of the Mutún iron plant, located in Puerto Suárez, Santa Cruz, in the eastern part of Bolivia, reported online media La Razón. Bolivia Eyes Ilo Port For Liquefaction Plants Bolivia expressed interest in investing in the Peruvian port Ilo for the construction of fuel storage and liquefaction plants for the export of gas, reported online media

La Razón. Petrobras Updates On Changes To Board Of Directors Petrobras received communication from its controlling shareholder, as assured by Petrobras By-Laws and Brazilian legislation, with the nomination of three new members to the Petrobras Board of Directors, Eduardo Bacellar Leal Ferreira, John Milne Albuquerque Forman and João Cox. Petrobras Aims To Exercise Pre-emption Right In Sixth Bidding Round Petrobras formally expressed to the National Energy Policy Council (CNPE) interest to exercise the pre-emption right for the 6th Bidding Round of exploration blocks under the production sharing regime, pursuant to Law 12,351/2010 and Federal Decree 9.041/2017. Petrobras Reports Suspension Of Injunction Related To Divestments Petrobras, following the press released on Dec. 20, 2018, informs that the injunction rendered by Minister Marco Aurélio Mello on Dec. 19, (ADI No. 5942), was suspended by the President of the Federal Supreme Court, Minister Dias Toffoli, until its judgment by the plenary.

Evo Morales

CARIBBEAN / MEXICO Mexican Oil Theft Even Reached Drilling Rigs, President Says Mexican President Andres Manuel Lopez Obrador said widespread fuel theft extended to oil drilling platforms and he pledged to take actions to alleviate shortages sparked by his crackdown on gasoline thieves. Trinity Exploration & Production Provides 4Q:18 Ops Update Trinity Exploration & Production plc provided a 4Q:18 operational update related to its activities in Trinidad and Tobago. [New Fortress’ $189 Million Power Plant On Track In Jamaica] Managing director of JAMALCO, Austin Mooney, says construction of the bauxite/alumina company’s $189-mln gas-fired cogeneration power plant by New Fortress Energy is on track for completion by Feb. 2020.

FINANCIAL HIGHLIGHTS Uruguay Bonds Uruguay says maximum purchase amount global bons is (i) US$0 principal amount for the 2022 bonds, (ii) US$158,609,416 principal amount for the 2024 bonds, and (iii) US$227,988,716 principal amount for the 2027 bonds. Frontera Energy Updates On Shareholder Enhancement Initiatives Frontera Energy Corp. announced that as at Jan. 14, 2019 it has repurchased for cancellation 2,062,885 shares at an average cost of C$14.20 per share for a total of C$29.3 million ($22.2 million). Frontera Energy To Hold Investor and Analyst Day Feb. 7 In Bogota Frontera Energy Corp. will host an investor and analyst day on Thursday Feb. 7, 2019 from 8 a.m. until 4 p.m. in Bogota which will be webcast via the company’s website. Those wishing to participate in the webcast should preregister for the event using the link on the company’s website www.fronteraenergy.ca. Alvopetro Commences Trading on the OTCQX Market

Alvopetro Energy Ltd. announces that its common shares are now trading on the OTCQX® Best Market, a U.S. market operated by OTC Markets Group (OTCQX: OTCM), under the symbol “ALVOF”.

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