(Energy Analytics Institute, 1.Nov.2024) — LatAm NRG highlights, headlines and “heard on the street,” for the week ended 1 Nov. 2024.
—Argentina: Citigroup downgraded Pampa Energia to neutral from buy, adjusted its price target to $75/shr v $58/shr; Citigroup also upgraded YPF to buy from neutral, adjusted its price target to $33/shr v $24/shr.
—Colombia: Ecopetrol and Petrobras rec’d clearance to continue w/ exploration activities offshore Colombia.
—Colombia: Ecopetrol president Ricardo Roa said the co. would not need to import add’l gas in 2025.
—Cuba: The National Hurricane Center continues to monitor multiple areas for tropical development. In particular an area in the SW Caribbean has a high (70%) chance of development.
—Cuba: Due to the energy crisis impacting the island-nation, the US Embassy in Habana has suspended all nonessential activities.
—Ecuador: Ecuador will not extend the contract to OCP Ecuador SA as it relates to the co. operating the ‘Oleoducto de Crudos Pesados’ or heavy oil pipeline, known as OCP by its Spanish acronym.
—Guyana: Following scheduled work on Liza Phase 1 and Liza Phase 2 to facilitate the gas-to-energy project tie-in, ExxonMobil looks to ramp back up to record gross production levels in Sep., SVP and CFO Kathy Mikells said this wk.
—Mexico: Pemex’ previous purchase of the Deer Park refinery in Houston, TX from Shell was a big mistake, Baker & Associate head George Baker said this wk during the podcast ‘LatAmNRG matters.’
—Mexico: Pemex and CFE were reinstated by Mexico’s President Claudia Sheinbaum as public cos., chged from productive cos.
—Mexico: Mexico has designated lithium developments as a strategic area while continuing to invite private investors into the country.
—Mexico: Pemex looks to maintain liquid production at around 1.8 MMb/d (including condensates) and boost nat gas production to 4.5 Bcf/d.
—Mexico: Pemex looks to ensure production continuity by reactivating exploration in conventional fields in the deep GOM in the southeastern basins and in oil and gas fields in the northern Veracruz Basin.
—Venezuela: The 3rd edition of the Caracas Gas Forum 2024 on 7 Nov. will address nat gas issues impacting Venezuela and development of its offshore gas reserves and importantly recent gas deals w/ neighboring twin-island nation Trinidad and Tobago.
ET AL.
—Canada: Canadian Natural, Cenovus curtail gas drilling amid weak prices
—US: ExxonMobil reported record production of over 1.4 MMboe/d in the Permian in the 3Q:24.
—US: Total U.S. shale gas production in the Jan.-Sep. period of 2024 fell by about 1% v the same Jan.-Sep. period in 2023, the EIA said, driven primarily by declines in production in Haynesville and Utica.
—US: Oil production in the US hit another record, adding to supply worries.
—US: Chevron eyes asset divestments of $10bn-$15bn between 2024-2028.
—US: Chevron cleared a Federal Trade Commission antitrust review of its pending merger w/ Hess Corporation, satisfying a key closing condition for the transaction.
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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
