NRGBriefs: YPF’s 4Q:21 and FY:21 Webcast; Citgo Sales Process Moving Forward

(Energy Analytics Institute, 2.Mar.2022) — Energy briefs including Frontera spudding its first exploration well in the Espejo Block in Ecuador; Argentina’s YPF holding its 4Q:21 and FY:21 webcast to discuss financial and operational results; Exxon updating on its operations offshore Guyana during its virtual Investor Day 2022 webcast [PDF download]; and a Delaware judge saying he would not wait for an official signoff from Washington to continue organizing the sales process for shares of Houston-based refiner Citgo, which is owned by Venezuela’s state oil giant PDVSA.



— Argentina’s state oil giant YPF will release its financial results early on 4 Mar. 2022 and conduct a webcast to discuss its 4Q:21 and FY:21 financial and operational results.


Ecopetrol and Shell continue to move forward w/ activities offshore Colombia related to the drilling of the Gorgon-2 appraisal well, which is slated to spud in 1Q:22, Ecopetrol announced 2 Mar. 2022 in an official stmt. “This well is key in defining possible developments regarding this discovery and to enable other exploratory opportunities that have been identified in the area,” the state-owned oil producer said.


Frontera revealed 2 Mar. 2022 in an official stmt that in Ecuador’s Espejo blk that it anticipates acquiring 60 km2 of 3D seismic followed by the spud of its 1st exploration well in the blk in the 2H:22.


Exxon said the following about its offshore Guyana developments: Liza Phase I was producing above capacity; Liza Phase II flowed first oil in Feb. 2022 and is ramping up production; Payara (the third development offshore) remains on schedule for 2024 start-up; the development plan for Yellowtail (the fourth development offshore) has been submitted to gov’t for approval and is still on track for a 2025 start up; and finally that it is progressing the country’s first gas-to-energy project to utilize associated gas offshore. Since 2015, the co. has spent $600mn locally in Guyana w/ approximately 1,000 local suppliers, co. executives said 2 Mar 2022 during the Exxon Investor Day 2022 virtual webcast


— The avg. industrial capacity utilized in Venezuela is amongst the lowest in the South America, Conindustria revealed 2 Mar. 2022 in an official study. Venezuela’s capacity sits at just 27% vs Brazil (81%), Colombia (81%) and Argentina (66%). Factors impacting production capacity in Venezuela include: low national demand (88%), competition from imports (68%), lack of financing (65%), excessive taxes (53%) and a scarcity of fuel and gasoline for transport and other operations (44%). Conindustria reported that 58% of the industrial cos. utilize electric plants that run on gas, diesel or gasoline while 42% receive energy from the national electric system (or SEN by its Spanish acronym), according to documents seen by Energy Analytics Institute (EAI).



— A judge in Delaware said he would not wait for an official signoff from Washington to continue organizing the sales process for shares of Houston-based refiner Citgo as defunct Canadian miner Crystallex looks to collect a $1.2bn arbitral award against Venezuela, Law360 announced 2 Mar. 2022 on its website. It should be noted that the administration of US President Joe Biden stated earlier this yr that it would continue to shield Citgo from such a sales process for the remainder of 2022.


By Ian Silverman, Aaron Simonsky and Piero Stewart. © Energy Analytics Institute (EAI). All Rights Reserved.