(Energy Analytics Institute, 28.Apr.2022) — Energy briefs including Venezuela’s inability to develop its gas sector presenting a massive opportunity for neighboring Trinidad and Tobago with its already well-established gas economy and massive four-train Atlantic LNG export complex; Paris-based TotalEnergies reporting 1Q:22 financial results; and Spanish oil giant Repsol reporting production gains in Venezuela and Peru during the 1Q:22.
LATIN AMERICA AND THE CARIBBEAN
— Energy Analytics Institute (EAI) Quick Takeaway: Venezuela’s inability to develop its gas sector presents a massive opportunity for neighboring Trinidad and Tobago. The small twin-island country could easily tap into Venezuelan gas supply to feed its Atlantic LNG export complex as well as ammonia and methanol plants that lack gas. Venezuela’s large non-associated gas reserves offshore from Plataforma Deltana to Mariscal Sucre were originally envisioned to supply the Complejo Gran Mariscal de Ayacucho (CIGMA) export plant in eastern Sucre state. But, the collapse of that project coupled w/ ongoing financial issues within state owned PDVSA has opened the door for Venezuela to reconsider sending gas to Trinidad for commercialization. Financially it makes sense for both countries. However, US sanctions imposed on Venezuela’s oil sector in early 2019, coupled w/ ongoing political stalemate, complicate plans for Caracas and Port of Spain to make that gas “love connection.”
— Paris-based TotalEnergies released 1Q:22 financial and operational details including updates on projects in Africa and Latin America.
— Repsol reported on 28 Apr. 2022 that upstream production averaged 558 Mboe/d in the 1Q:22, 80 Mboe/d lower YOY primarily as a “consequence of the sale of producing assets in Malaysia, Russia, Ecuador, Norway, Vietnam and Algeria, the cease of production in Spain, the negative PSC effect mainly in Bolivia due to higher oil and gas prices, the stoppage of production in Libya due to force-majeure and the decline in producing assets. These were partially compensated by higher production in Venezuela and Peru and the acquisition of Rockdale in Marcellus (USA),” the Spanish co. said.
— Höegh LNG Partners LP (NYSE: HMLP) advises its 2022 annual mting will be held on 9 Jun. 2022. The record date for voting at the event, at which a member of the BODs of the partnership will be elected, is 9 May, Höegh LNG Partners announced 28 Apr. 2022 in an official stmt. The annual event will take place at Appleby, Canon’s Court, 22 Victoria Street, Hamilton, HM12, Bermuda at 4pm local time.
By Ian Silverman, Aaron Simonsky and Piero Stewart. © Energy Analytics Institute (EAI). All Rights Reserved.