LATAMNRG PROSPECTOR VOL 13 2019 YPFB To Invest $1.45 Billion In 2019 To Boost Gas Reserves Pemex Says Gas Production Up 1.8% M-OM, Down 5.2% Y-O-Y
Exmar’s Tango FLNG To Commence During 2Q:19 In Bahia Blanca
Petrobras Signs Revolving Credit Facility Of $3.25 Billion
Venezuela’s Oil Production In Jeopardy After New Blackout
Petrobras Announces Changes In Diesel Pricing
ENERGY ANALYTICS INSTITUTE | LATAMNRG PROSPECTOR | HOUSTON • CARACAS
Energy Analytics Institute’s weekly LatAmNRG prospector and select highlights from the week. Read the full stories online 24/7 at www.energy-analytics-institute.org
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ARGENTINA Exmar’s Tango FLNG To Commence During 2Q:19 In Bahia Blanca (Exmar, 28.Mar.2019) — Exmar announced its Tango FLNG will start its gas liquefaction operations in the second quarter of 2019, at which time a significant portion of the restricted cash under the financing of Tango FLNG will be released. Tango FLNG in Bahia Blanca
Energy Analytics Institute (EAI) is a Houston-based private organization focused on provided integrated services related to the Latin American and Caribbean upstream, downstream and midstream petroleum sectors. I. EAI’s primary focus related to the Latin American and Caribbean petroleum sectors is to assist businesses establish and nurture relationships with other businesses or consumers by facilitating integrated business-to-business (B2B) and business-to-consumer (B2C) solutions. II. EAI also organizes timely forums, seminars or executive speaking engagements related to the Latin American and Caribbean petroleum sector covering topics relevant to the upstream, midstream and downstream sectors. III. EAI also provides unbiased breaking news, among project updates, related to the Latin American and Caribbean petroleum sectors covering countries small and big from Jamaica and Trinidad and Tobago in the Caribbean to Guyana, Bolivia and Peru in South America and bigger regional players including Mexico, Colombia, Venezuela, Brazil and Argentina. CONTACT / FOLLOW US: Twitter: @EAI_USA and @EAI_LatAm E. news@energy-analytics-institute.org E. webmaster@energy-analytics-institute.org W. www.energy-analytics-institute.org
The Tango Floating Liquefaction barge (Tango FLNG) arrived in Bahia Blanca Argentina on 4 February 2019. The Tango FLNG is already installed and safely moored in Bahia Blanca, Argentina, only two-and-a-half months after contract signing. The installation and commissioning of the unit has started on arrival and EXMAR’s management remains comfortable that the unit will be able to start its gas liquefaction operations in the second quarter of 2019 at which time a significant portion of the restricted cash under the financing of Tango FLNG will be released. The yearly production of about 500,000 tons LNG will account for an estimated annual EBITDA of $43 million per year with a potential upside depending on the market environment and the actual production of the unit. Agreement With Bank Of China Exmar reached an agreement in principle with Bank of China, financing Tango FLNG under a Loan Facility, to partially release cash currently trapped in a Debt Service Reserve Account to secure the Loan Facility. Following the execution of this agreement in principle, approximately $40 million restricted cash is expected to become available in May 2019 (ie after the collection of the first hire payment from YPF is expected) and an additional $13 million of restricted cash is expected to become available after one year of operations of Tango FLNG. The documentation is being prepared and will be executed once the final approval of the China Export and Credit Insurance Corporation, Sinosure has been obtained
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Dapsa To Invest $30 Million To Launch 350 Service Stations In Argentina
Argentina Planning Gas Pipelines, Seeking Upstream Investors
(Energy Analytics Institute, Aaron Simonsky, 26.Mar.2019) — Dapsa, or La Destilería Argentina de Petróleo, announced plans to invest $30 million to launch a network of 350 service stations in 12 provinces in Argentina with aim to control 2.5% of the national fuel market.
(Oil & Gas Journal, Paula Dittrick, 25.Mar.2019) — Argentina plans to build natural gas pipelines and hopes to attract more oil and gas investment for the Vaca Muerta shale play in the Neuquen basin, according to Argentina Energy Minister Gustavo Lopetegui.
The network will be composed of 125 stations to be acquired from the liquidated Oil Combustibles as well as the so-called “white stations,” to which it already supplies. The initiative is slated to commence in May and the company plans to have a presence in Buenos Aires, Santa Fe, Entre Rios, Corrientes, Misiones, Chaco, Cordoba, Catamarca, Santiago del Estero, Tucumán, Mendoza and San Juan, reported online media Clarín. The investments will be spread over the next 24 months to brand some 50 stations under its name in 2019, and to reaching 150 in 2020, and finally reaching 350 by 2021.
Ingener To Build Infrastructure For Neuquen Wind Park (Energy Analytics Institute, Aaron Simonsky, 25.Mar.2019) — Uruguayan company Ingener will build the electrical infrastructure for the 125 megawatt Neuquen wind park “Los Meandros” for the Chinese company Envision Energy. The park was awarded in Round 1.0 of the Renovar program. Over the next 12 months, and in consortium with Milicic, Ingener will carry out the civil and electro-mechanical activities for the wind park to be located in the vicinity of Plaza Huincul, reported online media Clarín.
Analysts estimate Vaca Muerta needs investments of $510 billion/year to boost production compared with current investments of about $4.3 billion/year.
BOLIVIA Bolivia Could Double Gas Reserves By 2025, Sanchez Says (Energy Analytics Institute, Ian Silverman, 25.Mar.2019) — Bolivia’s Hydrocarbon Minister Luis Alberto Sanchez said that if current exploration success rates continue, that the country could double its gas reserves to around 20 trillion cubic feet (Tcf) by 2025 compared to 10.7 Tcf today, reported Bolivia’s Information Agency (ABI).
YPFB To Invest $1.45 Billion In 2019 To Boost Gas Reserves (Energy Analytics Institute, Ian Silverman, 24.Mar.2019) — Bolivia’s state oil company YPFB will invest $1.45 billion in 2019 across the hydrocarbon productive chain, but primarily on exploration activities to boost sagging gas reserves and production, reported Bolivia’s Information Agency (ABI).
Ingener will be responsible for “the engineering, supplies, construction and commissioning of the sectioning of the 132 kV substation line that connects the substations Arroyito and Plaza Huincul, operated by the local distributor EPEN.
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YPFB To Incorporate 4 MMcm/d Of Gas In 2019
BRAZIL
(Energy Analytics Institute, Ian Silverman, 24.Mar.2019) — YPFB expects to incorporate 4 million cubic meters per day (MMcm/d) of new natural gas production into the Bolivia’s overall production totals sometime during 2019.
Petrobras Fines Bolivia For Failing To Meet LNG Deliveries
With these volumes, Bolivia’s gas production will rise to around 60 MMcm/d from 56 MMcm/d, reported Bolivia’s Information Agency (ABI), citing Bolivia’s President Evo Morales.
(Reuters, Marta Nogueira, 26.Mar.2019) — Brazilian staterun oil company Petrobras has fined Bolivia’s state oil company YPFB after it failed to deliver liquefied natural gas (LNG) volumes secured under a contract through the Bolivia-Brazil pipeline during 2018, a Petrobras executive said on Tuesday.
Bolivia Aims To Boost Electricity Supply To 6,000MW By 2025 (Energy Analytics Institute, Ian Silverman, 24.Mar.2019) — Bolivia’s President Evo Morales announced that the country’s electricity supply could rise to 6,000 megawatts (MW) by 2025 with execution of numerous projects. “This year we will reach more than 3,000 MW,” reported Bolivia’s Information Agency (ABI), citing Morales.
Officials From Bolivia And India To Meet This Week (Energy Analytics Institute, Ian Silverman, 24.Mar.2019) — Bolivia is awaiting arrival of India’s President Ram Nath Kovind, who will make an official visit to Bolivia's Santa Cruz on March 28 and 29 to strengthen bilateral relations and sign agreements of mutual benefit, reported Bolivia’s Information Agency (ABI).
Iñiguazu Block Potential: 1.2 Tcf And 44 MMbbls, Says YPFB (Energy Analytics Institute, Ian Silverman, 22.Mar.2019) — YPFB says that in the Iñiguazu Block alone that potential is estimated at 1.2 Tcf of natural gas and approximately 44 million barrels (MMbbls) of liquid hydrocarbons, the company announced in an official statement on its website.
Marcelo Cruz, the executive manager of gas and energy at Petroleo Brasileiro SA, declined to reveal the value of the fine, citing confidentiality, but confirmed that it was a “relevant” amount.
Petrobras Expects Bolivian Gas For 2-4 Years More (Argus,26.Mar.2019) — Brazilian state-controlled Petrobras expects to continue to receive natural gas from Bolivia for up to four more years after its supply contract with its Bolivian counterpart YPFB expires on 31 December 2019. In the 1996 contract between the two parties, Petrobras agreed to buy a total volume of 201.9bn m³, of which 38bn m³ is yet to be delivered.
Petrobras Signs Revolving Credit Facility Of $3.25 Billion (Petrobras, 28.Mar.2019) — Petrobras signed a Revolving Credit Facility - RCF in the amount of US$3.25 billion, maturing in March 2024, which may be extended for up to two years. The contract, signed with 18 banks, allows the company to make withdrawals from such facility until the month prior to maturity. The contract also provides for the possibility of drawing up to US$1 billion to provide counter-guarantee on bank guarantees in Brazil, focusing on judicial guarantees.
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The Commitment fee for the unused credit facility and the financing cost, in case of withdrawal, will be impacted by the company’s corporate rating, as shown in the table below.
Petrobras, as the firm is known, said in a filing that it had begun the “teaser” phase for the sale of Liquigas Distribuidora SA, which provides potential bidders with basic information about the LPG distribution asset, and paves the way for formal bids.
The transaction will allow greater efficiency in the company's cash management, by enabling the early settlement of existing debts in an amount equivalent to the contracted volume, maintaining the level of liquidity. Moreover, it will increase the capacity to issue judicial guarantees in Brazil. The banks’ performance in this operation is broken down as follows: - Joint Bookrunner: Citibank, Credit Agricole, JPMorgan Chase, Mizuho and The Bank of Nova Scotia; - Senior Mandated Lead Arranger: Bank of China and Intesa Sanpaolo;
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- Mandated Lead Arranger: ABN AMRO, Credit Suisse, Goldman Sachs and HSBC;
Brazil Energy Firm Eneva Announces Secondary Share Offering
- Participants: Commerzbank, Banco Bilbao Vizcaya Argentaria (BBVA), BNP Paribas, Natixis, Banco Santander, Standard Chartered Bank and Bank of America. The transaction is in line with the company’s Resiliency Plan and liability management strategy, which seeks to improve the profile of amortization and cost of debt, considering the deleveraging goal set forth in its 20192023 Business and Management Plan.
Petrobras Kicks Off Second Bid To Sell LPG Gas Unit
(Reuters, 27.Mar.2019) — Brazilian energy firm Eneva SA announced a secondary offering of 49.97 million shares in a securities filing on Wednesday, confirming an earlier Reuters report. The firm, which owns gas-fired power plants and natural gas exploration and production assets in northeastern Brazil, said shareholders Itau Unibanco Holding SA, Uniper Holding GmbH, Banco BTG Pactual SA, Banco Pine SA, and Dommo Austria GmbH, a unit of Brazil’s Dommo Energia SA, plan to sell shares in the offering.
(Reuters, 29.Mar.2019) — Brazilian state-run oil firm Petroleo Brasileiro SA kicked off a second attempt to sell its liquefied petroleum gas (LPG) distribution unit after an initial deal last year was scuttled by antitrust concerns.
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Brazil Development Bank BNDES To Further Reduce Stake In Oil Co Petrobras
The Waterfall Offers were made pursuant to the terms and conditions set forth in the offer to purchase dated March 12, 2019 (as amended or supplemented, the “Offer to Purchase” and, together with the related letter of transmittal, the “Offer Documents”).
(Reuters, 27.Mar.2019) — Brazilian state development bank BNDES will continue to reduce its stake in statecontrolled oil company Petroleo Brasileiro SA as part of its divestment plan, the bank’s CEO Joaquim Levy told journalists on Wednesday.
The following table summarizes the early tender results as of the Early Tender Deadline and the principal amount of Notes that PGF has accepted for purchase:
“To hold a Petrobras stake does not add value to the bank,” he said, using the oil company’s more familiar name.
Brazil Likely To Sign Energy Cooperation Agreement With Israel: Minister (Reuters, 26.Mar.2019) — Brazil is likely to sign an energy sector cooperation agreement with Israel during President Jair Bolsonaro’s visit to the Middle Eastern country later this month, Brazilian Mines and Energy Minister Bento Albuquerque said on Tuesday. Albuquerque said Israel is working in a variety of areas that are of interest, including offshore oil exploration and desalination, but did not give details on what a potential agreement might contain.
Petrobras Reports Early Tender Results, Settlement For Cash Tender Offers (Petrobras, 26.Mar.2019) — Petrobras announced early results of its previously announced debt tender offers (the “Waterfall Offers”). As of 5:00 p.m., New York City time, on March 25, 2019 (the “Early Tender Deadline”) holders of US$1,859,033,000 and €368,598,000 principal amount of the outstanding notes of the series set forth in the table below (the “Notes” and each a “series” of Notes), issued by Petrobras’s wholly-owned subsidiary Petrobras Global Finance B.V. (“PGF”), tendered their Notes, pursuant to PGF’s previously announced Waterfall Offers.
PGF has accepted for purchase all Notes validly tendered in the Waterfall Offers on or prior to the Early Tender Deadline. Holders of Notes that validly tendered on or prior to the Early Tender Deadline and whose Notes have been accepted for purchase are entitled to receive the Early Tender Consideration set forth in the table above, which includes an early tender premium, and to receive accrued and unpaid interest. Holders of Notes that are validly tendered after the Early Tender Deadline but on or before the Expiration Date (as defined herein) and whose Notes are accepted for purchase will receive the applicable Late Tender Consideration set forth in the table above, which is equal to the Early Tender Consideration set forth in the table above minus the applicable early tender premium, and to receive accrued and unpaid interest. Notes tendered on or prior to the Early Tender Deadline, which have been accepted for purchase on the Early Settlement Date (as defined herein), will have priority over Notes tendered after the Early Tender Deadline. If the Waterfall Offers are oversubscribed at the Expiration Date, then only a portion of Notes tendered after the Early Tender Deadline may be accepted for purchase pursuant to the proration procedures described in the Offer to Purchase.
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The early settlement date on which PGF will make payment for Notes accepted in the Waterfall Offers is expected to be March 27, 2019 (the “Early Settlement Date”). The total cash payment to purchase on the Early Settlement Date the accepted Notes will be approximately US$2,434,232,110.82 million, based on the U.S. dollar exchange rate described herein, excluding accrued and unpaid interest. Notes that have been validly tendered on or prior to the Early Tender Deadline cannot be withdrawn, except as may be required by applicable law.
represent the exercise of monopoly power, since it owns 98% of Brazil's refining capacity. In this regard, it should be noted that a research covering 163 countries - see Globalpetrolprices.com - reveals that the diesel price to the final consumer in Brazil is 18% lower than the global average, placing it at the 57th position, therefore lower than the prices noted in 106 countries.
The Waterfall Offers will expire at 11:59 p.m., New York City time, on April 8, 2019 (the “Expiration Date”). The exchange rate used to translate Euro to U.S. dollars was US$1.1316 per Euro, the applicable exchange rate as of 2:00 p.m., New York City time on March 25, 2019 as reported on Bloomberg screen page “FXIP” under the heading “FX Rate vs. USD.” PGF has engaged BNP Paribas Securities Corp., Banco Bradesco BBI S.A., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., and Santander Investment Securities Inc. to act as lead dealer managers with respect to the Waterfall Offers, and ABN AMRO Securities (USA) LLC, BBVA Securities Inc. and Commerz Markets LLC to act as co-dealer managers with respect to the Waterfall Offers. Global Bondholder Services Corporation is acting as the depositary and information agent for the Waterfall Offers.
Petrobras Announces Changes In Diesel Pricing (Petrobras, 26.Mar.2019) — Petrobras informs that yesterday its Executive Board approved a change in the frequency of diesel prices adjustment. Diesel prices at the company's refineries, which correspond to around 54% of the final consumer prices, will be adjusted by periods of not less than 15 days. Petrobras will continue to use protection mechanisms, such as hedge with derivatives, aiming to preserve the profitability of its refining operations.
Follow the WOMEN IN ENERGY series online at https://www.instagram.com/energyanalyticsinstitute/ The principles guiding the practice of competitive prices are maintained, such as import parity price (IPP), margins to pay for the risks inherent to the operation and level of market share. Finally, Petrobras informs that its subsidiary Petrobas Distribuidora S.A. (BR) is developing a payment card to implement over an estimated period of ninety (90) days that will enable the purchase of diesel by truckers at a fixed price at the BR branded stations (Truck Driver Card). The Truck Driver Card will serve as an option to protect against price volatility, thus ensuring stability when traveling.
The company will keep complying with import parity prices (IPP), thus refraining from practices that could
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South America Resists Electric Vehicles (Reuters, Marcelo Rochabrun, 26.Mar.2019) — Meeting in Brazil this week, auto executives from Toyota to GM talked up traditional fuel sources like ethanol, natural gas and diesel, underlining how South America’s protected auto market is likely to resist a broader global move toward electric vehicles for years to come. Even as automakers revamp their global businesses to focus on electric cars in Europe, North America and Asia, executives who oversee production in Brazil and Argentina are still prioritizing internal combustion engines - in part because of subsidies for locally plentiful fuels.
CHILE Energy Sector Dynamic And Competitive: Jiménez Says (Energy Analytics Institute, Aaron Simonsky, 26.Mar.2019) — Chile’s Energy Minister Susana Jiménez, during a speech at the Bloomberg New Energy Finance Summit (BNEF) this week in New York, said the Chilean energy sector is today a dynamic and competitive sector, where the investment engine is completely private. In 2018, Chile’s energy sector attracted investment of close to $3.1 billion, and in so doing became the third economic sector in terms of investment in the country, Chile’s Energy Ministry announced in an official statement on its website, citing the minister. “Today, we have 30 generation plants under construction, equivalent to almost 1,900 megawatts of power,” Jiménez said. “It is fundamental that electric transmission accompany these developments. There are 1,351 kilometers of transmission lines under construction, which will require an investment close to $1.7 billion once completed,” she concluded.
Chile Launches Floating Solar Farm On A Copper Mine Tailings Pond (JWN, 29.Mar.2019) — Chile has its first floating solar farm installed and on a brand-new type of site: a tailings pond at a copper mine owned by London, UK-based mining giant Anglo American. Located at Los Bronces mines, north of Santiago, the 84 kWp pilot is expected to generate 153 MWh per year for the company’s energy needs.
COLOMBIA Colombia Sees Gain In Venezuela’s Pain (Bloomberg, 29.Mar.2019) — As neighboring Venezuela collapses, Colombia is hoping to lure oil majors with an unprecedented bidding system: Producers can propose drilling anywhere, at any time, and the country will look into it. The move to permanent oil exploration licensing, from the occasional bidding rounds common to all Latin American countries, is the main element in Colombia’s plan to attract much-needed investment, according to Luis Miguel Morelli, president of the country’s national hydrocarbons agency.
Shell Sells 40 Percent Of Colombian Offshore Blocs To Noble Energy (Reuters, 26.Mar.2019) — Shell sold 40 percent of its participation in two offshore oil exploration contracts in Colombia to Noble Energy, which will also operate the blocs, the government said on Tuesday.
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Colombia recently modified contractual terms for offshore exploration and launched a permanent bidding process in an effort to boost its long-stagnant oil sector.
Women’s Legal Collective Works To Stop Canadian Fracking In Colombia (Rabble.ca, Brent Patterson, 26.Mar.2019) — Colombia could be on the cusp of a dangerous fracking boom that would release carbon pollution into the atmosphere, endanger drinking water, and violate Indigenous rights. Colombia’s government began auctioning concessions for exploration in 2014, and by 2017 the UK-based group War on Want reported “at least forty-three new fracking concessions ha[d] been handed out” to corporations.
-- Joe is a 150 mmboe (P50 - Best Estimate) Upper Tertiary target which has a 43.2% Chance of Success, as estimated in the recently published independent (NI51-101 Compliant) report produced by Gustavson Associates -- Net Cost to Eco for its 15% Working Interest in the Joe Well is expected to be approximately $3 million -- This is significantly less than the expected cost of the first Jethro-Lobe Well, which is estimated at approximately $6.9 million, as the cost of mobilising and demobilising the drilling rig have all been incorporated into the cost of the first well. As announced on 27 February 2019, Eco is fully funded for the 2019 campaign and beyond having current cash of approximately $19 million. The second well is subject to customary Guyana Department of Energy review.
GUYANA Total, Tullow, And Eco Atlantic Approve Second Guyana Well Location (Eco, 29.Mar.2019) — Eco (Atlantic) Oil & Gas Ltd. announced that the partners on the Orinduik Block offshore Guyana approved the drilling budget and the location of the second well of the 2019 drilling program. Highlights: -- The Joe’ prospect has been selected as the second well location by Eco Atlantic (15%), Total E&P Activitiés Pétrolières (25%) and Tullow Guyana B.V. (60%), (Operator). -- The partners have contracted the Stena Forth Drill Ship to drill the Jethro Lobe Well with a spud date scheduled for early June 2019. The rig will move directly after to Joe and begin drilling this second exploration well in mid July 2019 -- The Joe Well is located in approximately 650 meters of water
Colin Kinley, Chief Operating Officer of Eco Atlantic, commented: “The approval, at this stage, of a second well is a clear indication of the partners’ risking of Orinduik. All of the partners support a two well drilling campaign targeting close to 370 million barrels of Gross Prospective Resources (P50 Best) at 43.2% risking, which is well above industry averages anywhere in the world. Both the Upper Tertiary age, Joe and Lower Tertiary age, Jethro are excellent targets and have been selected jointly between our Geoscientific Teams.
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“Our recently updated CPR report included a billion barrel increase in Gross Unrisked Prospective Resources to 3,981.9 MMBOE. The evaluation of the Orinduik Block is ongoing and we are confident in our ability to prove up oil in the Tertiary aged section that has already been derisked by our neighbours on the Stabroek Block with the Hammerhead discovery. We have developed an excellent geological and geophysical model that we continue to build on together with our Partners.”
RT America’s Michele Greenstein joins Scottie Nell Hughes to explain how oil discoveries have reignited a long-standing border disputes between Guyana and Venezuela and have led to unexpected changes in Guyanese parliament through a “no confidence” vote that has appealed at the Caribbean Court of Justice.
TRINIDAD GlobalData: Trinidad’s Higher Royalties May Backfire (Kallanish Energy, 27.Mar.2019) — The introduction of a higher royalty for asset bidders by Trinidad and Tobago may prove counterproductive long-term, Kallanish Energy learns. Analytics company GlobalData said in a note published Monday the imposition of a 12.5% fee on offshore bid rounds could compromise the attractiveness to investors and the state’s share of future production.
Gil Holzman, President and CEO of Eco Atlantic, added: “With the selection by the Orinduik Partners of the second well target for our 2019 drilling campaign, we are now set for a transformational period in the life of our company. With exceptional Partners, a strong cash balance, and an inventory of many high impact drilling targets in the most exciting oil province in the world, we hope to deliver significant value to shareholders in the near term. I take special pride in our ability to deliver and meet our professional objectives, bringing the company to such an exciting stage.”
Political Shakeup In Oil-Rich Guyana (RT, 27.Mar.2019) — A political shakeup in oil-rich Guyana, which neighbors OPEC’s Venezuela, in South America.
The fee, which was not previously applicable to the Production Sharing Agreement (PSA), may raise the fiscal burden. “Alternatively, interested parties may seek to offer relatively lower profit oil sharing bids for future contracts to offset these higher royalty payments, which could end up yielding less overall revenue for the government,” said oil and gas analyst Toya Latham, in a statement.
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MEXICO Pemex Says Gas Production Up 1.8% M-O-M, Down 5.2% Y-O-Y (Energy Analytics Institute, Jared Yamin, 25.Mar.2019) — Mexico’s state oil company Pemex reported that monthly production of associated and non-associated natural gas, excluding nitrogen, rose 1.8% month-over-month to 3.8 billion cubic feet per day (Bcf/d) in February 2019 compared to 3.7 Bcf/d in January 2019, but fell 5.2% yearover-year compared to 4 Bcf/d in February 2018. See Annex 1: Pemex Pemex’s gas production associated with that of oil represented 74% of total production during the most recent month, while non-associated gas production represented the remaining 26%. This breakout has remained relatively steady over the last year.
He did not give any further details. Venezuelan oil minister and president of state-run oil company PDVSA, Manuel Quevedo, said this month that Venezuela might divert oil originally bound for the United States to Russia’s Rosneft or other destinations due to U.S. sanctions.
Venezuela’s Oil Production In Jeopardy After New Blackout (Oilprice.com, Julianne Geiger, 26.Mar.2019) — Venezuela is once again finding itself in the dark in another massive power outage, according to Aljazeera, weighing further on the South American country that is struggling to maintain its oil output and oil exports amid US sanctions. Venezuela, in dire need of its oil revenues that are withering on the vine, may be home to the world’s largest oil reserves, but the Maduro regime is likely finding that fact of little consolation these days.
The bulk of Pemex’s gas production, or nearly 60%, is concentrated offshore, while the remaining is concentrated onshore in northern and southern regions of the country. Despite the slight up tick in gas production, Mexico is forced to import significant gas piped in from Texas to meet strong domestic demand.
VENEZUELA Russian Minister To Discuss Ways To Boost Venezuela’s Oil Exports (Reuters, 29.Mar.2019) — Russian Energy Minister Alexander Novak said on Friday he planned to discuss with his Venezuelan counterpart ways to increase oil exports from Venezuela.
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ANEXO 1: PEMEX
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ANEXO 1: PEMEX
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