Sources: Rio Tinto is in negotiations to purchase lithium miner Arcadium.
Rio Tinto is in talks with Arcadium to purchase its lithium mine, according to three sources who have direct knowledge of these negotiations. This would make Rio Tinto the third largest producer of battery metal for electric vehicles. One source said that talks have continued and been ongoing in London during the LME Week Conference. According to a second source, an offer should be forthcoming in the near term. The sources stated that talks are continuing and could not necessarily lead to a deal.
First Commercial Cargo Loaded from Tango FLNG
Argentine oil company YPF SA has loaded its first commercial liquefied natural gas (LNG) cargo for export from a new floating facility, trade sources said on Friday.Argentina's export joins a wave of new supply flooding the spot market which has depressed Asian spot prices to their lowest in a decade for this time of the year.The state-owned firm issued a tender which closed on Nov. 6 to sell 2.1 trillion British thermal unit (Tbtu) of LNG for loading from FLNG Tango…
Equinor,YPF Pact on Argentina Wind Power
Norwegian multinational energy company Equinor ASA and Argentine power producer YPF Luz have joined for the development of the Cañadón León wind farm in Santa Cruz in Argentina.As per agreement, a subsidiary of Equinor will subscribe to shares in Luz del León. The shareholders of YPF Luz are YPF S.A and an affiliate of General Electric.The agreement establishes that Equinor will have a 50% stake of Luz del León, with an equity contribution of USD 30 million.
Exmar Commissions Tango FLNG
Belgian owner and operator of gas carriers Exmar has completed the commissioning of the 16,100 cbm Tango floating liquefaction unit (FLNG).The performance acceptance tests has been successful, the first cargo has been offloaded and will be exported out of Argentina, said a release from the provider of specialized floating assets.With this first shipment the start-up of the Tango FLNG is accomplished in a record time following the contract signing in November 2018 and delivery acceptance of the unit in Bahia Blanca in February 2019.
Wintershall Wins Argentina Offshore Bid
Germany's largest crude oil and natural gas producer Wintershall won the bidding process for two blocks in the promising Malvinas Basin off the coast of Tierra del Fuego as part of the “Costa Afuera” licensing round.In addition to the CMA-1 exploitation concession, with this award, the company will participate in further offshore exploration projects in Argentina. The exploration licenses are located approximately 300 km off the southeast coast of Argentina.Wintershall will hold a 27 percent interest in the licenses MLO-114 and MLO-119.
ExxonMobil Wins 3 Blocks Off Argentina
U.S. oil major Exxon Mobil Corp said that its unit and an affiliate of Qatar Petroleum had won three exploration blocks offshore Argentina.ExxonMobil has increased holdings in Argentina after its subsidiary ExxonMobil Argentina Offshore Investments B.V. and an affiliate of Qatar Petroleum won three exploration blocks during Argentina’s first offshore bid round.The award adds approximately 2.6 million net acres to its existing holdings in Argentina…
Argentina's Energy Chief Quits
Argentina's energy secretary resigned on Friday, the government said in a statement, less than 24 hours after news leaked that the administration of President Mauricio Macri plans to increase electricity prices by an average 35 percent next year.Higher power bills are sure to be unpopular as they would hit families already struggling with 47 percent inflation and a shrinking economy that has caused job losses and an increase in poverty.The…
Argentina to Export First LNG in 2019
Argentina is due to begin exports of liquefied natural gas from a part of its vast Vaca Muerta shale gas resource next year through a floating LNG liquefaction (FLNG) vessel provided by Exmar, the Belgian shipping company said on Wednesday.The operations, due to start in the second quarter of 2019, will introduce Argentina into the small club of around 20 countries exporting LNG while the FLNG will be only the world's fourth and the…
YPF to Spend Billions to Boost Oil and Gas Output
Argentina's state-controlled oil company, YPF, will significantly boost oil and gas production, investing between $4 billion and $5 billion per year through 2022, Chief Executive Daniel Gonzalez told Reuters on Friday.It plans to raise production by between 5 percent and 7 percent per year, with the largest increase in the Vaca Muerta formation, one of the world's largest reserves of shale oil and gas.The company intends to invest $3.6 billion on infrastructure in Vaca Muerta over the next five years…
Peru Suspends Natural Gas Exports, Imposes Fuel Rationing
Peru has suspended exports of natural gas and will impose fuel rationing due to technical issues at Argentine energy company Pluspetrol's operations in the country, it said on Thursday.Peru, one of South America's largest producers of natural gas, declared an emergency to direct all natural gas supplies for domestic consumption, citing a drop in production at Pluspetrol's Las Malvinas plant in the Camisea gas fields in southern Peru.The Camisea consortium…
Excelerate, TGS Join for Argentina LNG Export Study
Excelerate Energy and Transportadora de Gas del Sur (TGS) have provisionally agreed to jointly assess the viability of an LNG liquefaction and export project at Bahia Blanca in Argentina.Argentina currently imports liquefied natural gas (LNG) through two floating import terminals, particularly during the country's peak winter consumption.The successful development of Argentina's shale gas reserves resulted in a potential excess of natural gas during the summer months.
Fate of Argentine Biodiesel Industry Hinges on EU Sanctions
Argentina's biodiesel industry is at risk after the European Union threatened to impose tariffs on imports from the South American country, following accusations that the nation unfairly subsidized its biofuel sector. The threat of tariffs has halted Argentine biofuel sales to the EU, industry sources told Reuters, adding that imposing a tax would leave 85 percent of the country's biofuel exports without a viable market and may force suppliers to close shop.
Argentine Invites Oil Companies to Submit Offshore Proposals
Argentina has called on oil companies to submit proposals for offshore exploration areas, the country's official gazette said on Friday, looking to exploit under-explored parts of the country's continental shelf and other potential oil basins.Oil companies, including Shell and Statoil, have said they are mulling bidding in auctions to be held later this year.The country faces fierce competition to attract the billions of dollars of investment needed to develop deepwater reserves.
Argentina, Russia Ink Uranium Exploration, Production Deal
Argentina and Russia signed a memorandum of understanding to boost uranium exploration and production in the South American country that could include $250 million in investment, Argentina's foreign ministry said on Tuesday. The agreement was sealed during a visit by Argentine President Mauricio Macri to Moscow. It was signed by Foreign Minister Jorge Faurie, chief executive of Russia's Uranium One Group, and chief of London-based UrAmerica Ltd <IPO-URAL.L>, which explores for uranium in Argentina and Paraguay.
Pampa Energia to Sell $360 Mln in Oil Assets
Argentine group Pampa Energia said on Wednesday it has agreed to sell $360 million in oil assets to local company Vista Oil & Gas, which is headed by the former head of state oil company YPF, Miguel Galuccio. The deal is in line with the Pampa Energia's strategy of focusing its investments in electric power generation and exploration and production of unconventional natural gas, the company said in a letter to the Buenos Aires Stock Exchange.
Sinopec to Sell Argentina Oil Assets for up to $600 Mln
China's Sinopec has decided to sell its oil assets in Argentina for $500 million to $600 million to Mexican company Vista Oil & Gas, a source with knowledge of the deal told Reuters on Tuesday. Sinopec informed Vista Oil & Gas of its decision on Monday, according to the source, who asked not to be named because the deal was confidential. Sinopec also told competing bidders including Argentina's state-controlled oil company YPF and private Argentine company Pluspetrol they had not been selected, the source said.
Buyers Eye Sinopec's Argentina Oil Assets
Sinopec's Argentine assets worth about $750 mln-$1 bln; Sonangol, Rosneft among potential suitors. Advisers to China's Sinopec have offered its oil assets in Argentina to about a dozen potential suitors, three sources familiar with the matter said, as losses and labour headaches prompt Asia's largest refiner to pull out. The Argentine oil and gas assets, mainly in the southern province of Santa Cruz, could be worth $750 million to $1 billion, one of the sources said.
BP in South American Venture with Bridas
British oil major BP has agreed to merge its interests in South American oil company Pan American Energy (PAE) with refiner and fuel retailer Axion Energy in a new joint venture with Axion's owner and PAE partner Bridas Corporation. BP and Bridas, an Argentine energy company 50 percent-owned by China's CNOOC, will hold equal stakes in the newly merged Pan American Energy Group (PAEG) after a cash-free deal that is expected to close early next year, the companies said.
Argentine Biodiesel Industry: U.S. Duties Will Halt Exports
Argentine biodiesel exports will be priced out of the U.S. market, its leading industry body said, after Washington decided on Tuesday to impose steep duties on imports that it said were unfairly subsidized. The countervailing duties on soy-based Argentina biodiesel could be as much as 64.17 percent, according to a statement from the U.S. Commerce Department. Duties of up to 68.28 percent will be imposed on palm oil biodiesel imports from Indonesia.
Argentina Cuts Tariffs on Used Oil Equipment Imports
Argentina's government published a decree on Thursday eliminating or reducing tariffs on imports of used equipment for oil and natural gas companies, a measure long sought by the industry, but it included requirements to buy some locally produced goods. The new rules would go into effect on Friday and apply through June 2019, according to a resolution published in the Official Gazette. Developing the Vaca Muerta shale fields, some of the world's largest, is a key goal of Argentine President Mauricio Macri's administration.
