(Energy Analytics Institute, 30.Nov.2023) — Energy briefs as well as others related to finance and projects during November 2023 including PDVSA and the French co. Maurel & Prom inking a first framework agreement; Venezuela to hold referendum related to the Essequibo disputed region between Venezuela and Guyana; Colombia’s National Hydrocarbon Agency (ANH) naming geologist and lawyer Orlando Velandia as its new president; Mexico’s CFE reportedly restoring 93% of the electrical infrastructure along the coast of the southern Mexican state of Guerrero after Hurricane Otis; Stockholm-based Maha Energy is taking a bold step toward Venezuela after the US recently eased sanctions on the OPEC country; Washington expecting a “a peaceful solution” to the territorial dispute between Guyana and Venezuela; and Venezuelan oil and fuel exports to Cuba averaging 32,000 b/d in Oct. 2023; and more.
LATIN AMERICA AND THE CARIBBEAN
Brazil
— Brazil’s Petrobras will host a webcast on 27 Nov. 2023 in the presence of the co.’s executive board to present the new Strategic Plan 2024-2028+ (SP 2024-28+). The event will be presented in Portuguese, w/ simultaneous translation into English, Petrobras said 24 Nov. 2023 in an official stmt.
| SP 2024-28+ Webcast 27 Nov. 2023 (Monday) |
| 6:30pm (Brasília) 4:30pm (New York) 9:30pm (London) Click here to access the link in Portuguese Click here to access the link in English |
Colombia
— Colombia’s National Hydrocarbon Agency (ANH) named geologist and lawyer Orlando Velandia as its new president, the agency announced 29 Nov. 2023 on LinkedIn.
Costa Rica
— Costa Rica issued a $1.5bn 2054 global bond at 7.75% (~95 price). The issuance completes the $3bn legislatively authorized for 2023, BNP Paribas analyst Nathalie Marshik wrote 6 Nov. 2023 in a research note. “The market likely was expecting a 10-yr tenor rather than 31. This is a good strategy in our view, as it took advantage of last week’s treasury rally and recent upgrades (S&P and Moody’s). The duration extension is positive given a cornerstone of the IMF program and government debt management is to substitute local debt for external debt on better terms. While the local yield curve impressively rallied in 2023 on the back of the BCCR’s rate cuts, its maximum maturity is 2036 for a 7.22% yield,” Marshik said.
Cuba
— Venezuelan oil and fuel exports to Cuba fell to 32,000 b/d in Oct. 2023, about 54,000 b/d less than shipments in Sep. 2023, when the Island received about 86,000 b/d, the daily CiberCuba reported 2 Nov. 2023. The arrival of less oil to Cuba is taking a toll on the lives of its population due to blackouts across the island due to a deficit in generation capacity, the daily reported, citing the Electric Union (EU).
Mexico
— Mexico’s Comisión Federal de Electricidad or Federal Electric Commission (CFE) says it has restored 93% of the electrical infrastructure along the coast of the southern Mexican state of Guerrero 10 days after Hurricane Otis struck the region. Otis, a category 5 meteorological phenomenon left 47 people dead and 59 missing, news agency Efe reported 5 Nov. 2023.
Venezuela
–Venezuela will hold a referendum related to the disputed Essequibo region located between Venezuela and Guyana on 3 Dec. 2023, the country’s leaders, from its president to its VP, continue to reiterate on national TV.
— PDVSA and the French co. Maurel & Prom inked a first framework agreement to increase gas and oil production in Lake Maracaibo in western Venezuela, state-owned PDVSA announced 8 Nov. 2023 on X, formerly Twitter. The agreement will result in the reactivation of the mixed co. Petroregional del Lago, SA located in Campo Urdaneta in Zulia state.
— Chevron Corp. named Javier de la Rosa as the co.’s president in Venezuela to lead its ops in LatAm, Bloomberg Línea reported 3 Nov. 2023.
— Washington expects “a peaceful solution” to the territorial dispute between Guyana and Venezuela, while encouraging compliance w/ agreements signed in Barbados between the gov’t of Venezuela’s president Nicolás Maduro and his opponents, Voz of America reported 3 Nov. 2023. These are “two different issues,” according to Voz of America, citing experts.
— It’s reported that PDVSA), epresented by the Ad Hoc Administrative Board, filed a lawsuit before the Court of the state of Delaware to order PDV Holding, Inc. (PDVH), a commercial co. incorporated in the State of Delaware that annuls the shr certificate currently in circulation that represents the entire equity interest of PDVSA represented in 100% of the shrs of PDVH), which PDVSA alleges was lost, stolen or destroyed, and that consequently, is proceeding to issue a stock certificate to replace the previous certificate, in accordance with Title 8, Section 168 of the Delaware Code (the trial), the daily Venezuelan newspaper El Nacional reported 3 Nov. 2023 on its website.
— Stockholm-based Maha Energy is taking a bold step toward Venezuela after the US recently eased sanctions on the OPEC country, signaling that more oil from the country may reach global mkts. Maha has rights to a stake in the Petrourdaneta project, which belongs to Brazilian industrial conglomerate Novonor, Kjetil Solbraekke, CEO of the Swedish firm, told Bloomberg. Maha could eventually take over Novonor’s entire 40% stake in the JJ w/ state-run Petróleos de Venezuela (PDVSA) if the project is successful, Bloomberg reported 2 Nov. 2023, citing Solbraekke.
NORTH AMERICA
US
— Former US president Donald Trump congratulates Argentina’s newly elected president Javier Milei in this video posted by Sky News.
— “The proposed strikes at the Australian LNG export facilities, representing approximately 10% of the global LNG market, garnering significant coverage during the quarter as the market tried to gauge the scale and length of any potential disruption to global flows,” Cheniere Energy EVP and COO Anatol Feygin said 2 Nov. 2023 during the Houston-based co.’s 3Q:23 conf. call.
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By Ian Silverman, Aaron Simonsky and Piero Stewart. © Energy Analytics Institute (EAI). All Rights Reserved.
