Alberta projects C$5.2-billion budget deficit if Trump tariffs proceed
Alberta, Canada's oil producing province, forecasted a deficit of C$5.2billion ($3.5billion) for fiscal 2025/26 if U.S. Tariffs were implemented. This would result in a decrease of government revenues as well as slowed economic growth. The outlook shows a drastic reversal in Alberta's financial health following what was expected to be a C$5…
Canadian farmers warn Bunge Viterra's takeover of Bunge will reduce competition
Farmers say that Canada's approval for Bunge's $34 billion takeover of Glencore's Viterra by U.S. grain traders Bunge will reduce their ability to sell crops at competitive rates and that the government has not made enough concessions. The approval of Canada with conditions, on Tuesday, was the last step needed to complete the largest global agriculture merger in dollar terms.
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.
$800mln Gas Pipeline Proposed as Argentina Preps for Shale Boom
Gas transporter TGS, controlled by Pampa Energía, has proposed an $800 million pipeline and gas treatment plant in Argentina's Vaca Muerta shale fields, a company source said, aiming to address a key barrier to increasing production. The project, subject to approval by the government of Neuquen province…
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…
YPF Posts $15 Mln Q2 Profit
Argentine state-run oil firm YPF SA posted second-quarter profit of 272 million pesos ($15.36 million dollars) on Tuesday, compard with a loss of 753 million pesos a year earlier. ($1 = 17.7 pesos) (Reporting by Caroline Stauffer and Eliana Raszewski; Editing by Diane Craft)
Total, BP Unit, YPF Invest $1.15 Bln in Argentina
Argentina's state-run oil firm YPF SA, France's Total, Wintershall Energía SA and BP unit Pan American Energy LLC announced on Tuesday a $1.15 billion joint investment to increase shale gas production. (Reporting by Eliana Raszewski; Writing by Caroline Stauffer and Luc Cohen; Editing by Jonathan Oatis)
YPF Q1 Profit Down 78% from Previous Year
Argentina's state-run oil firm YPF SA posted first-quarter profit of 192 million pesos ($12.47 million), down 78 percent from 855 million pesos a year earlier, the company said on Tuesday. ($1 = 15.395 pesos on March 31) (Reporting by Caroline Stauffer; Editing by Lisa Shumaker)
Petrobras Says Bolivia Director Under House Arrest
Brazil's state-run oil company Petrobras said the head of its Bolivian operation was under house arrest due to a disputed payment with a local contractor. Petroleo Brasileiro SA, as the company is formally known, said late on Sunday that $2.5 million of a $9.5 million earthworks contract in the San Antonio petroleum bloc was under dispute.
Argentina Authorizes Natural Gas Exports to Uruguay
Argentina's government authorized the export of up to 350,000 cubic meters (12.4 million cubic feet) of natural gas per day to neighboring Uruguay for the next two years, its official gazette said on Wednesday. Argentina is seeking to ramp up production by exploiting one of the world's largest shale reserves…
Bolivian, Argentina State-run Oil Companies Sign Exploration Agreement
The state-run oil companies of Bolivia and Argentina, Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) and YPF, signed a contract on Monday to jointly explore and drill an area in the Charagua area of Bolivia's Santa Cruz province. If the project is deemed commercially viable, the companies will invest…
Petrobras, YPFB Chaco to Invest $1.2 Bln in Exploration
Brazil's state-run oil firm Petroleo Brasileiro SA and Bolivia's state-run YPFB Chaco signed a $1.2 billion agreement to explore two natural gas fields with potential reserves of 4 trillion cubic feet, the Bolivian government said on Monday. The fields are Astilleros and San Telmo, in southern Bolivia. (Reporting by Daniel Ramos; Writing by Caroline Stauffer)
Sempra Energy Agreed to Buy Peru Pipeline Stake
U.S.-based Sempra Energy has agreed to buy a majority stake in a $5 billion natural gas pipeline project in Peru being sold by Brazilian engineering group Odebrecht SA, Finance Minister Alfredo Thorne said on Thursday. "We are talking with the new company that is going to take leadership and informally they…
Argentina expects $1.8 bln investment from renewable energy auction
Argentina expects investment of $1.8 billion from 17 renewable energy projects awarded in an auction to generate 1,109 megawatts of power, the government said on Friday, as it tries to lessen dependence on imported power. Argentine and international companies are among the winners, with Spanish companies…
Shell Plans $300 Mln Annual Argentina Investment through 2020
Royal Dutch Shell plans to invest $300 million a year in Argentina through 2020 in exploration as well as refining, distribution and marketing, the company said in a statement on Thursday. The announcement came after Shell Chief Executive Ben van Beurden met with Argentine President Mauricio Macri in Buenos Aires.
Siemens Plans to Invest €5 Bln in Argentina
Germany's Siemens plans to invest 5 billion euros in infrastructure, mobility and energy management in Argentina, creating some 3,000 jobs, CEO Joe Kaeser said on Wednesday. "We are ready to go today because we also brought $3.1 billion euro committed financing so we not only can build the power stations and mobility management…
BP CEO: No Plans to Raise Annual Investments This Decade
BP does not plan to increase annual investments this decade but still expects to bring nine new projects online in 2017 as it focuses on improving efficiency, Chief Executive Bob Dudley said in an interview on Wednesday. Dudley met with government officials during an investment forum in Argentina and said BP was testing in the Vaca Muerta shale area, where U.S.
Petrobras Argentina Extends Concession in Vaca Muerta
Petrobras Argentina said it has an agreement to extend a shale gas concession for 35 years in the South American country's Vaca Muerta region. According to a securities filing on Thursday, the plan would include a five-year pilot project to develop so-called tight gas by drilling 24 wells. Omar Gutiérrez…
Brazil Prosecutors Investigate Two Petrobras Pipe Suppliers
Brazilian police and prosecutors said they are investigating pipe suppliers Apolo Tubulars and Confab in the latest phase of a sweeping investigation of contracts with state-run oil company Petroleo Brasileiro SA, or Petrobras. Prosecutor Roberson Pozzobon said Jose Dirceu, the convicted former chief of staff of ex-president Luiz Inacio Lula da Silva…
U.S. Probes Brazil's Odebrecht, Braskem for Corruption
The U.S. Department of Justice is investigating possible corruption in contracts among Brazilian petrochemical company Braskem, engineering conglomerate Odebrecht and the country's state-run oil company Petrobras, a newspaper said on Tuesday. Local daily Valor Economico said the Justice Department was focusing…
