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(Energy Analytics Institute, 31.Mar.2024) — Energy briefs as well as others related to finance and projects during Mar. 2024 including Argentine inflation reaching 13.2% in Feb. 2024 and trailing 12-month inflation reaching 276.2%; Petrobras saying it will not create a new reserve; NextDecade targeting a positive final investment decision (FID) and the start of construction related to Train 4 at its Rio Grande LNG facility in Brownsville; Staatsolie Maatschappij Suriname N.V. signing a LoA w/ PETRONAS and ExxonMobil for further exploration of the gas discovery made in 2020 offshore Suriname; PETRONAS looking to drill the Sloanea-2 appraisal well from Apr. 2024; and more.



— Inflation in Argentina under new president Javier Milei reached 13.2% in Feb. 2024 while the trailing 12-mth avg. was 276.2%, according to initial reports from the govt revealed 13 Mar. 2024 by media outlet LN+.


— Brazilian energy giant Petrobras, in relation to the news published in the media, clarified on 13 Mar. 2024 in an official stmt. that there is no study to create a new reserve.


— PM Brigadier (Ret’d) Mark Phillips emphasized the urgency to integrate renewable energy sources and innovative technologies into existing energy systems across the Americas. Phillips’ remarks came during the 6th Ministerial Meeting of the Energy and Climate Partnership of the Americas (ECPA), held in Santo Domingo, Dominican Republic, the Department of Public Information (DPI) reported 15 Mar. 2024 in an emailed update.

— Guyana’s President Mohamed Irfaan Ali and his Brazilian counterpart Luiz Inácio Lula da Silva engaged in bilateral discussions, the Department of Public Information (DPI) reported 1 Mar. 2024 in an emailed updated. The two leaders examined relations between their countries, reviewed progress in the implementation of previous undertakings and committed to further actions and practical measures to deepen and advance the bilateral cooperation and integration agenda. Ali and Lula noted w/ appreciation the record of achievements already made such as the Takutu Bridge linking the two countries.


Sempra subsidiary Sempra Infrastructure reached a positive FID for development, construction and operation of the Cimarron wind project, the third phase of the Energía Sierra Juarez (ESJ) wind complex. Cimarron will total 320MW of wind capacity, and the project is fully contracted under a 20yr PPA to Silicon Valley Power for the long-term supply of renewable energy to the City of Santa Clara, California.  


PETRONAS will drill the Sloanea-2 appraisal well from Apr. 2024 and a production test will also be carried out. The drilling platform is now drilling the Fusaea-1 exploration well in Blk 52 (Suriname) and already drilled the first part of the Sloanea-2 well in Feb., Staatsolie revealed 4 Mar. 2024 in an official stmt. 


— Opposition deputy José Brito announced on 23 Mar. 2024 is plans to run for the presidency of Venezuela, adding that one of his objectives if he comes to power is to turn the country into the “great petrochemical axis” of LatAm, according to reports from Efe. Brito said he would work on a “national energy agreement to convert Venezuela in the reliable supplier” and leave behind “that failed rentier and extraction model.”

Bloomberg reported on 21 Mar. 2024 that PetroChina Co. is set to receive a cargo of Venezuelan oil, which will be used at its mega refinery in Guangdong, after the US rolled back sanctions on the OPEC producer late last yr. The New York City-based news agency said the cargo of Merey crude is expected to be discharged over the weekend, but the Chinese oil major is unlikely to make further purchases if US sanctions on Venezuela are reinstated, according to people familiar w/ the matter. They asked not to be named because the info. is private.

— Parties from Trinidad and Tobago and Venezuela met in Caracas, Venezuela on 13 Mar. 2024 to commence engagement, discussions and negotiations related to the cross border hydrocarbon field of Manakin/ Cocuina, Trinidad´s energy minister Stuart Young announced over LinkedIn.


Saudi Arabia

The Saudi Arabian Oil Company announced its FY:23 financial results, reporting a net income of $121.3bn, its second-highest ever net income, the co. announced 10 Mar. 2024 in an official stmt.



W&T Offshore, Inc. (NYSE: WTI) announced its participation in a virtual investor event hosted by Water Tower Research on 27 Mar. 2024 at 10:00 AM Central. Investors and other interested parties can access the event by registering in advance here, the co. announced 26 Mar. in an official stmt.

Uranium Energy Corp (NYSE American: UEC) appointed Brent Berg as its SVP of US operations. Berg is a highly qualified mining and mineral processing professional with over 27-yrs of experience in the minerals industry, including over 21-yrs in uranium production in the US and Canada, Uranium Energy revealed 25 Mar. 2024 in an official stmt. 

CERAWeek by S&P Global will be held 18-22 Mar. 2024 in Houston, Texas.

— enCore Energy Corp. (NASDAQ: EU) (TSXV: EU) will ring the Nasdaq Opening Bell on 25 Mar. 2024. Additionally, enCore will host its first Annual Investor Day following the ceremony, and Investor Day presentations by senior management, titled Reducing US Dependence on Foreign Uranium, will be recorded and made available following the event, the co. announced 22 Mar. in an official stmt.

ODL, Inc., a building products supplier, announces the promotion of Denise Quinnette to the role of EVP of Engineering and Product Management. Quinnette will report to ODL’s President and CEO, David Klein, and manage a team of five, ODL said 14 Mar. 2024 in an official stmt.  

NextDecade is targeting a positive FID and commencement of construction of Train 4 and related infrastructure at the Rio Grande LNG Facility in the 2H:24, and subsequently Train 5 and related infrastructure, the co. said 11 Mar. 2024 in an official stmt.

— Uranium Energy Corp (NYSE: UEC), in accordance w/ NYSE requirements, filed its qtrly rpt on Form 10-Q for the qtr ended 31 Jan. 2024 w/ the U.S. SEC, the co. announced 11 Mar. in an official stmt.


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

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