Energy Analytics Institute’s NRGBriefs: September 2022

(Energy Analytics Institute, 26.Sep.2022) — Energy briefs as well as others related to finance and politics during September 2022 including EXMAR closing the sale of the floating liquefaction barge Tango FLNG to Eni; the Venezuelan government officially regaining control of the petrochemical company Monómeros, a subsidiary of the state-owned PDVSA; Kootenay Silver Inc. (TSXV: KTN) announcing the newest batch of results from its Phase 4 drilling program at Columba high-grade silver project in Chihuahua State, Mexico; the Maersk Voyager high-spec ultra-deepwater drillship is currently mobilizing for a drilling campaign offshore Suriname with Shell; and Venezuela recording 110,631 power outages between Jan.-Aug. 2022; and more.

AFRICA

Senegal

B2Gold Corp. (TSX: BTO) ( NYSE: BTG) (NSX: B2G) announced add’l positive exploration drilling results from the Anaconda Area, located ~25km north of the Fekola Mine, confirming continuity of the Mamba Main Zone, which remains open down plunge. The Anaconda Area, comprised of the Menankoto and Bantako North permits, forms part of the Fekola complex, which also includes the Fekola Mine and the adjacent Cardinal Zone, the Bakolobi permit, and the Dandoko permit (subject to completion of the Oklo Resources Ltd. transaction), B2Gold announced 15 Sep. 2022 in an official stmt.

EUROPE

Belgium 

EXMAR announced a 5-yr charter deal of the regasification barge Eemshaven LNG w/ Gasunie delivering hire income as from Mid-Aug. 2022.

France

— Europe’s search for gas supplies in the wake of Russia’s invasion of Ukraine is being stymied by buyers’ unrealistic demands, news agency Bloomberg reported 24 Sep. 2022, citing TotalEnergies SE’s CEO.

LATIN AMERICA AND THE CARIBBEAN

Argentina

— Argentina’s Minister of the Economy Sergio Massa boasted the following after a trip to North America to visit w/ US officials and executives: debt relief agreements, lithium mining and production, auto manufacturing, energy industry, and tech access as part of a comprehensive and aggressive plan to bolster Argentina’s economy, the Instituto Nacional de Promocion Turistica announced 14 Sep. 2022 in an official stmt.

— The Argentine gov’t forecast inflation to reach 60% in 2023 although economists see it reaching 100%, US new agency Bloomberg reported on 15 Sep. 2022. In 2023, the gov’t sees 2% economic growth.

EXMAR closed the sale of the floating liquefaction barge Tango FLNG to Eni for a value in range of $572mn-$694mn and also announced the repayment of the Tango FLNG financing to Bank of China and repayment of the Sequoia loan, the co. announced 9 Sep. 2022 in an official stmt.

RELATED STORY: EXMAR Reveals Half-year 2022 Results

Brazil

— The FPSO Brazil Congress 2022 is right around the corner. 7-9 Nov. 2022, Rio Palace Othon, Rio de Janeiro, Brazil. More details here.

Colombia

— The Venezuelan gov’t officially regained control of the petrochemical co. Monómeros, a subsidiary of the state-owned PDVSA and located in Colombia. The co. has been managed by Venezuela’s opposition and Juan Guaidó since 2019, the daily El Espectador reported 20 Sep. 2022, citing Communications Minister Freddy Ñáñez.

— Colombia’s President Gustavo Petro reconfirmed the need to increase gasoline and diesel prices to balance the deficit foreseen in the Fuel Stabilization Fund (Fepc by its Spanish acronym). The adjustments could start in Oct. 2022, the daily El Tiempo reported on 16 Sep. 2022, citing Colombia’s Finance Minister José Antonio Ocampo. Although the magnitude of the adjustment hasn’t yet been defined, Ocampo said the increase could be around “400 pesos per month” and said it would increase gradually in 2023.

— Colombia’s President Gustavo Petro says there’s a need to increase the price of gasoline in the Andean country. “The fuel price stabilization deficit due to non-payment by the previous government of Iván Duque is 10 billion (pesos) per quarter (about $2.3mn). That is almost 40 billion annually (about $9.200mn)… almost half of the national budget deficit [and] produced by not raising the price of gasoline,” Petro announced 11 Sep. 2022 in a series of Twitter posts.

— Colombia is preparing to live a new period of diplomatic and commercial relations w/ its neighbor Venezuela, journalist Jorge Sáenz w/ the daily El Espectador reported on 11 Sep. 2022, adding that however the road would likely be plagued w/ difficulties. Deterioration of the varied infrastructure reveals the degree of distance between the two countries, Sáenz said, again adding that repairing relations will require a lot of time and growing investment, more on the Venezuelan side than on the Colombian side.

— Colombia’s President Gustavo Petro announced the country’s Ministry of Mines and Energy would assume the functions of the Energy and Gas Regulation Commission (CREG by its Spanish acronym), according to reports 9 Sep. 2022 by the daily El Espectador.

Guyana

— English-speaking Guyana is unsure how to distribute oil properties outside of ExxonMobil‘s blks and postponed a possible auction, news agency Reuters reported 20 Sep. 2022, citing a source close to the matter.

Mexico

— On 6 Sep. 2022, Talesun Solar tied up w/ battery energy storage system (BESS) provider Tecloman, to jointly exhibit at Intersolar Mexico, a solar PV exhibition that attracted 13,000 visitors and 450 exhibitors and brands, Talesun announced 16 Sep. 2022 in an official stmt.

Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) announced an updated mineral resource estimate for its 100% owned La Colorada Skarn deposit in Zacatecas, Mexico. The estimated indicated mineral resource totals 95.9mn tonnes containing 94.4mn ounces of silver, 2.7mn tonnes of zinc and 1.2mn tonnes of lead. In addition, the estimated inferred mineral resource now totals 147.8mn tonnes containing 132.9mn ounces of silver, 3.4mn tonnes of zinc and 1.5mn tonnes of lead. The mineral resource estimate is based on a $45/tonne unit cut-off value and an underground sub-level cave (SLC) mining method followed by processing through a selective flotation beneficiation plant that generates zinc and lead concentrates, Pan American announced 14 Sep. 2022 in an official stmt.

La Colorada Skarn Long Section view with workings (CNW Group/Pan American Silver Corp.)

Kootenay Silver Inc. (TSXV: KTN) announced the newest batch of results from its Phase 4 drilling program at Columba high-grade silver project in Chihuahua State, Mexico. Results from five drill holes are reported here including one hole from D Vein and four holes from F Vein, Kootenay announced 1 Sep. 2022 in an official stmt. The current diamond drill exploration program is planned at 15,000m and designed to step out on mineralized veins along strike and to depth within the target-rich Columba Silver Project. Drilling is currently paused pending assays. The results successfully extend known mineralization beneath existing drilling at both the D Vein and F Vein targets, additional results are awaited.

Puerto Rico

— Puerto Rico is w/o electricity or water and still w/ many areas flooded and even isolated a day after Hurricane Fiona passed across the island, new agency Efe reported on 19 Sep. 2022.

Suriname

— The Maersk Voyager high-spec ultra-deepwater drillship is currently mobilizing for a drilling campaign offshore Suriname w/ Shell, Maersk Drilling said 8 Sep. 2022 in an official stmt.

Venezuela

CAF awaits approval from the gov’t of Nicolas Maduro regarding installation of power generation plants on Margarita Island, the daily El Carabobeño reported 11 Sep. 2022. The Korean-English-Venezuelan co. Wod Ocean is said to have presented a project to replace sections of the underwater pipeline between the states of Sucre and Nueva Esparta, but despite lobbying in Miraflores, no response has been forthcoming to start the work, the daily reported.

— Venezuela’s Minister of Electric Energy Néstor Reverol denounced a supposed “new attack” at the Josefa Camejo Thermoelectric Plant in the coastal state of Falcón, although he stated that electricity service has already been fully restored in the zone, the daily El Carabobeño reported 10 Sep. 2022 citing data from Efe. Reverol said the attack caused an explosion at transformer number two (terminal two) of the plant.

— Venezuela registered at least 25,603 electrical failures in Aug. 2022, up 41.7% vs 18,068 in Aug. 2021, the daily El Carabobeño reported 10 Sep. 2022 citing data provided by the Comité de Afectados por Apagones to Efe. The state w/ the most power outages in Aug. was Zulia (northwest) w/ 3,922, followed by Táchira (west) w/ 2,587, Carabobo (center) w/ 2,565, Mérida (west) w/ 1,908, Miranda (center) w/ 1,678 and Trujillo (west) w/ 1,123. The state w/ the fewest outages was La Guaira (center) w/ 287. Between Jan.-Aug. 2022 there have been 110,631 power outages across Venezuela, according to the data.

NORTH AMERICA

US

— The BODs of PNM Resources ( NYSE: PNM) declared the regular quarterly dividend of $0.3475/shr on the co.’s common stock. The dividend is payable 10 Nov. 2022, to shareholders of record at the close of business 7 Oct. 2022, the co. announced 16 Sep. 2022 in an official stmt.

Nucor Corporation ( NYSE: NUE) said its President and CEO, Leon J. Topalian, has assumed the add’l role of BODs Chair while BODs member Christopher J. Kearney has been named Lead Director of the BODs, both effective 15 Sep. 2022, the co. announced in an official stmt. John H. Walker, a BODs member since 2008 and most recently its Non-Executive Chairman, will continue to serve as a BODs member.

— US Labor Secretary Marty Walsh announced 15 Sep. 2022 over Twitter that after 20+ consecutive hrs of negotiations that the rail cos and union negotiators reached a tentative deal “that balances the needs of workers, businesses, and our nation’s economy.” Walsh also said “the Biden Administration applauds all parties for reaching this hard-fought, mutually beneficial deal. Our rail system is integral to our supply chain, and a disruption would have had catastrophic impacts on industries, travelers and families across the country.”

Bristow Group Inc. (NYSE: VTOL) will present at the 30th Annual Deutsche Bank Leveraged Finance Conference on Tues. 20 Sep. 2022. Bristow’s SVP and CFO Jennifer Whalen is slated to present on at 3:35pm MDT and participate in investor meetings throughout the day, the co. announced 14 Sep. in an official stmt.

— The BODs of APA Corporation (Nasdaq: APA) announced an increase in the co.’s dividend on common shrs from an annualized rate of $0.50/shr to $1/shr, the co. announced 14 Sep. 2022 in an official stmt. The next qtrly dividend is payable on 22 Nov. to stockholders of record on 21 Oct. at a rate of $0.25/shr on the co.’s common stock, up from $0.125/shr.

Orvana Minerals Corp. (TSX: ORV) will attend the Precious Metals Summit in Colorado. Ms. Nuria Menéndez, CFO and Mr. Raúl Álvarez, Director of Exploration and Technical Services, will attend the Precious Metals Summit held at Beaver Creek, Colorado between 13-16 Sep. 2022, the co. announced 12 Sep. in an official stmt. Ms. Menéndez will be presenting on 14 Sep. at 10 (MT).

Salient Midstream & MLP Fund (NYSE: SMM) provided a summary of unaudited statement of assets and liabilities and announced NAV as of 31 Aug. 2022. Shareholders have already approved the reorganization of the fund w/ and into Salient MLP & Energy Infrastructure Fund, a series of Salient MF Trust, the co. announced 8 Sep. 2022 in an official stmt. 8 Sep. was the last day of trading of fund shares on the NYSE. The fund currently anticipates the reorganization will be completed after mkt close of the NYSE on 13 Sep.

The Greenbrier Companies, Inc. (NYSE: GBX) announced that the COO for its manufacturing business, William (Bill) Krueger, has been appointed to president of Greenbrier Manufacturing Operations, effective 1 Sep. 2022, the co. announced in an official stmt. Krueger will be responsible for all new railcar manufacturing operations in the US, Mexico, Brazil, Poland, Romania and Turkey, as well as global design, engineering, sourcing, logistics and quality. He will report to Lorie Tekorius, president and CEO.

Canada

B2Gold Corp. (TSX: BTO) (NYSE AMERICAN: BTG) (NSX: B2G) said its BODs declared a cash dividend for the 3Q:22 of $0.04/shr common (or an expected $0.16/shr on an annualized basis), payable on 29 Sep. 2022, to shareholders of record as of 21 Sep., the co. revealed 12 Sep. in an official stmt. 2022. As part of the long-term strategy to maximize shareholder value, B2Gold expects to declare future quarterly dividends at the same level. This dividend is designated as an “eligible dividend” for the purposes of the Income Tax Act (Canada). Dividends paid by B2Gold to shareholders outside Canada (non-resident investors) will be subject to Canadian non-resident withholding taxes.

GoldHaven Resources Corp. (CSE: GOH) ( OTCQB: GHVNF) (FSE: 4QS) doubled the size of its Smoke Mountain land position from 4,190ha to 8,645ha based on preliminary results from geological, geochemical and geophysical surveys conducted during the 2022 Smoke Mountain summer exploration program, the co. announced 8 Sep. 2022 in an official stmt. GoldHaven’s recently enlarged 8,645ha Smoke Mountain property is strategically situated within an extensive 85km polymetallic belt that is highly prospective for gold-silver-zinc epithermal systems, porphyry copper-gold deposits, as well as gold and silver-rich magmatic-hydrothermal occurrences.

The location of the Smoke Mountain property in the Central BC porphyry-epithermal belt. Note: The deposits, mines, and prospects in this part of BC provide geologic context for the Smoke Mountain property, but these are not necessarily an indication that the Property hosts similar grades or tonnages of mineralization. (CNW Group/GoldHaven Resources Corp.)

Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) will host a call to discuss the co.’s environmental, social and governance performance on 28 Sep. 2022 at 11am ET, the co. announced 6 Sep. in an official stmt. The dial-in numbers are: 1-800-319-4610 (toll-free in Canada and the US) and +1-604-638-5340 (int’l participants) or at https://event.choruscall.com/mediaframe/webcast.html?webcastid=YVTnkPwV

AUSTRALIA

Sims Limited named Philip Bainbridge as an independent non-executive director effective 1 Sep. 2022. Bainbridge’s appointment to a casual vacancy on the BODs will be confirmed by shareholders at the 2022 annual general meeting slated for 8 Nov. 2022, the co. announced 1 Sep. in an official stmt. Bainbridge is currently a non-exec director at Beach Energy Limited and Newcrest Mining Limited. He is also the chairman of the Global Carbon Capture and Storage Institute, and Sino Gas and Energy. Bainbridge was previously the chairman of the Papua New Guinea Sustainable Development Program.

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