LatAm NRG Matters: Highlights, Heard -

(Energy Analytics Institute, 4.Oct.2024) — LatAm NRG highlights, headlines and “heard on the street,” for the week ended 4 Oct. 2024.

LATIN AMERICA

—Argentina: Malaysian energy giant Petronas, which has generated a ton of noise in recent wks about its rumored departure from Argentina LNG, a massive 30 mtpa export project w/ its Argentine counterpart YPF, is supposedly still interested in the project. (Heard on the Street)

—Argentina: YPF continues to search for partners to join in the Argentina LNG project. YPF wants to retain a 25%-30% interest in the project and spread out risks by bringing in more partners. (Heard on the Street)

—Brazil: Petrobras imported LNG from US co. Cheniere amid a drought in the large South American country that has reduced its hydropower capacity, ICIS reports from Mexico City.

—Colombia: Petrobras said the Uchuva-1 and Uchuva-2 wells, renamed Sirius-1 and Sirius-2, have gas potential of 6 Tcf. Petrobras (44.44% WI, operator) is partnered w/ its Colombian counterpart Ecopetrol (55.56%) in the two wells.

—Mexico: Mexico’s president Claudia Sheinbaum said on 1 Oct. 2024 during her inauguration speech that she would lay out plans for state-owned Pemex and CFE sometime next wk. Sheinbaum reiterated that the output plan for Pemex still revolves around a 1.8 MMb/d production level.

—Suriname: State-owned Staatsolie will need to urgently raise capital to assume a 20% interest in blk 58 offshore w/ TotalEnergies and APA Corp. The cos. recently announced a $10.5bn on blk 58 for the project they have dubbed GranMorgu.

—Venezuela: PDVSA Ad Hoc looks to appeal the recent purchase of Citgo Petroleum for $7.3bn by Amber Energy, as granted by a U.S. district court. Amber is backed by investment group Elliott Management LP.

—Venezuela: Blackouts and equipment outages in the OPEC country have impacted Sep. 2024 oil exports, which are down v Aug. 2024. (Heard on the Street)

ET AL.

—Africa: TotalEnergies CEO Patrick Pouyanne plans to visit Mozambique later this mth to meet the country’s new president to discuss the Mozambique LNG project (Heard on the Street)

—Europe: LNG prices at TTF and JKM are rising amid elevated tensions in the Middle East and cooler weather in Europe (Heard on the Street)

—Europe: OPEC+, led primarily by Saudi Arabia and Russia, plans to boost production by around 2.5 MMb/d between Dec. 2024-Dec. 2025.

—Middle East: Iran threatens to attack Israel refineries if Tel Aviv “commits an error,” El Universal in Venezuela reports.