LatAm NRG Matters: Highlights, Heard

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(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. 

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By Editors at Energy Analytics Institute. © Energy Analytics Institute (EAI). All Rights Reserved. More online at www.Energy-Analytics-Institute.org

ENERGY ANALYTICS INSTITUTE (EAI) https://energy-analytics-institute.org/nrg-dashboard/

Energy Analytics Institute (EAI) is a Houston-established private organization and a leader in energy news coverage for Latin American and the Caribbean in general and Venezuela in particular.

EAI also focuses on assisting businesses establish and nurture relationships with other businesses or consumers by facilitating integrated B2B and B2C solutions either one-to-one or via hosted forums, seminars or executive speaking engagements.

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