(Energy Analytics Institute, 10.Mar.2022) — Energy briefs including Ecuador’s state-owned EP PetroEcuador laying out plans for investments of $12bn to almost double production to 804,323 boe/d by2026; Venezuela’s VP Delcy Rodriguez traveling to participate in meeting w/ Russia’s Foreign Minister Sergey Lavrov to “reaffirm friendship bonds and deepen strategic cooperation; Venezuela’s Directorate Against Organized Crime recoveing 300,000 tons of strategic material in Anzoátegui state belonging to state oil and gas giant PDVSA; and more.
LATIN AMERICA AND THE CARIBBEAN
Ecuador
— Ecuador’s EP PetroEcuador seeks to boost production to 804,323 boe/d in 2026 vs an estimated 509,417 boe/d in 2022, according to the co.’s General Manager Ítalo Cedeño.
The plan entails investments of around $12bn to come through joint operations w/ consortiums in association w/ private cos. that invest “their capital and technology” in the co.’s oil fields in the Amazon and Coast, the state-owned co. announced 10 March in an official statement, citing Cedeño.
Mexico
— Grupo Aeroportuario del Sureste, S.A.B. de C.V. (NYSE: ASR; BMV: ASUR) (ASUR), a leading int’l airport group w/ ops in Mexico, the US, and Colombia, announced on 10 Mar. 2022 that its General Annual Ordinary Shareholders’ Meeting will be held on 20 Apr. 2022.
— Mexico’s state owned Petróleos Mexicanos (Pemex) said 10 Mar. 2022 in an official stmt that its fuel prices would not increase above inflation, despite the int’l oil crisis brought about by Russia’s invasion of Ukraine. “Pemex rejects speculation on this issue and [reiterated that] the federal government has decided that part of the resources generated by the increase in international oil prices would continue to be used to maintain the country’s fuel subsidy… so that there are no increases.”
Venezuela
— Venezuela’s VP Delcy Rodriguez traveled to participate in meeting w/ Russia’s Foreign Minister Sergey Lavrov to “reaffirm friendship bonds and deepen strategic cooperation,” Venezuela’s Foreign Relations Minister Felix Plasencia said 10 Mar. 2022 on Twitter.
– Officials from Venezuela’s Directorate Against Organized Crime (DCDO by its Spanish acronym) arrested four men involved in the theft of 300,000 tons of strategic material in Anzoátegui state that belonged to state oil and gas producer PDVSA, the website Tuperiodico reported 10 Mar. 2022. Materials recovered included pipes, pressure valves, drill bits, perforators and metal bars.
NORTH AMERICA
US
— US natural gas production is at a record high. In fact, the U.S. was a net exporter of petroleum and petroleum products in each of the last two years, and will be a net exporter of natural gas for years to come, The White House announced 10 Mar. 2022 on Twitter.
— US oil production is approaching record highs and “we pumped more oil in Biden’s first year than Trump’s first year,” Biden announced 10 Mar. 2022 on Twitter. “Oil production is projected to be up more than 1M barrels/day from January to December this year, and to rise nearly 700K barrels/day over the next year.”
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By Ian Silverman, Aaron Simonsky and Piero Stewart. © Energy Analytics Institute (EAI). All Rights Reserved.
