(Energy Analytics Institute, 11.May.2022) — Energy briefs including Argentina’s state-owned YPF delivering strong results during the 1Q:22 and again achieving higher hydrocarbon production; Ecopetrol CEO Felipe Bayón saying the Colombian company will continue to grow in future years; and the Organization of Petroleum Exporting Countries (OPEC) Mohammad Barkindo continuing his visit to Venezuela.
LATIN AMERICA AND THE CARIBBEAN
— Argentina’s YPF delivered strong results during the 1Q:22 and again achieved increase hydrocarbon production while maintaining positive free cash flow (FCF) and advancing in its ambitious investment plan.
— State owned Ecopetrol will continue to grow in future yrs, CEO Felipe Bayón said 11 May 2022 during the co.’s 1Q:22 conf. call w/ analysts, responding to a question about uncertainties the co. and the Colombian oil sector could face under a new Colombian president. Our “portfolio has “diversity in terms of geography and businesses,” Bayon said, adding that Ecopetrol has 250+ opportunities identified which represent 8-10 yrs of activities.
— Secretary General of the Organization of Petroleum Exporting Countries (OPEC) Mohammad Barkindo visited numerous facilities belonging to Petróleos de Venezuela S.A. (PDVSA) during his visit to Venezuela. The official said Venezuela’s recovery was the best he had seen “in the history of the oil industry…. under the most difficult conditions,” PDVSA revealed 11 May 2022 in an official stmt citing the OPEC head. “[Venezuela] has done wonders when hit with the harshest sanctions I have seen in this modern age,” Barkindo said, adding that Venezuela had invented a new successful management model. “We do not wish any country in the world to go through what you have gone through, because there are not many countries that can resist this like Venezuela,” he stressed during discussions w/ Venezuela Petroleum Minister Tareck El-Aissami. Finally, Barkindo expressed pride in visiting Venezuela expressing gratitude to late Venezuelan President Hugo Chávez. “He inspired us. He revived the organization in difficult circumstances when he brought us all together at the Second OPEC Summit in 2000. Now we have President Nicolás Maduro, who protects his legacy,” the stmt said, citing Barkindo.
By Ian Silverman, Aaron Simonsky and Piero Stewart. © Energy Analytics Institute (EAI). All Rights Reserved.