(Energy Analytics Institute, 31.May.2023) — Energy briefs as well as others related to finance and politics during May 2023 including Venezuela planning to issue a license next month to Eni SpA and Repsol SA to export natural gas, Petrobras receiving an arbitration award that fully rejected the claims made by the company against Novonor (formerly Odebrecht), under a confidential arbitration proceeding regarding Braskem‘s shareholders’ agreement; the ‘Transocean Norge’ drilling rig on its current journey through the North Sea; Venezuela saying it can’t pay for much-needed equipment to dredge Lake Maracaibo that’s key to oil exports, hampering Chevron Corp.’s plan to increase shipments; and more.
— On 27 Jul. 2023 at 07 BST (08:00 CEST and 02:00 EDT) Shell plc will release its 2Q:23 results and 2Q:23 interim dividend announcement for 2023, the co. said 26 May 2023 in an official stmt.
— The ‘Transocean Norge’ drilling rig, currently on a journey through the North Sea. This journey will mark the start of a series of operated drilling campaigns for Wintershall Dea, including exploration wells at Adriana/Sabina, Bergknapp and Cuvette, and development wells for Nova, Dvalin North and Maria Phase 2, the co. announced 3 May 2023.
— Frontera Energy Corporation (TSX: FEC) released its 2022 sustainability rpt, announced its 2023 environmental, social and governance (ESG) targets, highlighting its commitment to developing and implementing meaningful actions to strengthen its ESG performance across its business, the co. announced 30 May 2023 in an official stmt.
— Frontera Energy Corporation‘s (TSX: FEC) shareholders elected each of the nominees proposed by mgmt as set forth in the mgmt info. circular dated 30 Mar. 2023. The total no. of shrs represented by shareholders present in person or by proxy at the meeting was 60,340,410, representing ~70.83% of Frontera’s issued and outstanding common shrs, the co. announced 18 May in an official stmt. The directors achieved an avg approval vote of 98.79% from shareholders.
— Gulf Energy Information announced chgs to its leadership structure, effective 1 Aug. 2023. John Royall, who has led the co. (formerly Gulf Publishing Company) as president & CEO for 14 yrs, will move to executive chairman, where he will be responsible for general strategy, as well as financial and legal matters at the board level, the co. announced 30 May 2023 in an official stmt. Andy McDowell, formerly senior vice president of media and an employee of the co. since 2005, will become president.
— Sempra’s (NYSE: SRE) (BMV: SRE) BODs declared a $1.19/shr qtrly dividend on the co.’s common stock payable 15 Jul. 2023, to shareholders of record at the close of business on 5 Jul. 2023, the co. announced 11.May.2023 in an official stmt.
— NextEra Energy Partners, LP (NYSE: NEP) announced that during the 1Q:23 it exercised its option (the buyout right) to purchase 25% of the outstanding minority equity interest in its 2019 STX Midstream convertible equity portfolio financing from a fund managed by EIG, an institutional investor to the global energy sector, subject to post-closing covenants. NextEra provided total cash consideration of approximately $200mn for the equity interest, which exceeds the minimum buyout that was necessary to have occurred prior to June 2023, the co. announced 3 Apr. 2023 in an official stmt.
LATIN AMERICA AND THE CARIBBEAN
— Orvana Minerals is analyzing a strategic option to combine oxides and sulphides in a larger undertaking strategy, the co. announced 12 May 2023 in an official stmt. Fiscal 2023 is being dedicated to enhance the analytics of the sulphides zone of the deposit. Once the oxides – sulphides combined opportunity is understood, a potential infill drilling campaign will be designed, the co. said.
— Petrobras filed, at the Brazilian Securities and Exchange Commission (CVM), its Reference Form 2023, for the year ended 31 Dec. 2022. The reference form is available on the CVM site (www.cvm.gov.br) and on the co.’s site (www.petrobras.com.br/ri), Petrobras announced 30 May 2023 in an official stmt.
— Petrobras, further to the Press Release dated 28 Dec. 2020, informs that it received, on 5 May 2023, an arbitration award that fully rejected the claims made by the co. against Novonor (formerly Odebrecht), under a confidential arbitration proceeding regarding Braskem‘s shareholders’ agreement, the co. announced 9 May 2023 in an official stmt.
— Luminex Resources Corp. (TSXV: LR) (OTCQX: LUMIF) announce drill results from four holes (CU23-23 to CU23-26) that targeted the Cuyes West structure, with hole CU23-25 also intersecting a new breccia pipe discovery underneath the existing Cuyes open pit mineral resource, the co. revealed 18 May 2023 in an official stmt. The co. is now allocating more drill holes to the breccia pipe that has been displaying long mineralized intercepts, with grades increasing as Luminex drills deeper.
— Carlos Slim agreed to purchase a minority stake in a local producer that allows his Grupo Carso SAB to enter the Zama field, one of Mexico’s most promising energy projects, Bloomberg reported 25 May 2023. Grupo Carso is acquiring a 49.9% minority stake in the local unit of Talos Energy Inc. for $125mn. The deal gives Carso a 17.4% stake in Zama, w/ the price implying a minimum valuation of about $250mn for the oil field stake.
— Venezuela plans to issue a license next mth to Eni SpA and Repsol SA to export natgas, Bloomberg reported 12 May 2023, citing Venezuela’s oil minister Pedro Tellechea who also head of state-run Petroleos de Venezuela SA. This after the cos. on 5 May inked deals w/ Venezuela for the export of natural gas liquids—or condensates—to other mkts. It was the first step toward enabling Venezuela to become a natgas exporting country after over 100-yrs of focusing on oil, the new agency said.
— Venezuela says it can’t pay for equipment needed to dredge Lake Maracaibo that’s key to oil exports, hampering Chevron Corp.’s plan to increase shipments, the US-based news agency Bloomberg reported 5 May 2023. Bloomberg said the gov’t sent a letter to Dutch shipbuilder Royal IHC saying it wouldn’t be able to pay for dredging equipment to dig out Lake Maracaibo, noting the OPEC nation is “financially limited” due to economic sanctions, according to a doc. seen by Bloomberg and people familiar w/ the matter, who asked not to be identified because the plan hasn’t been made public.
By Ian Silverman, Aaron Simonsky and Piero Stewart. © Energy Analytics Institute (EAI). All Rights Reserved.