Petrobras of Brazil presents a five-year business plan worth $111 billion, with $10 billion in additional dividends
According to a Securities filing, the Brazilian state-run company Petrobras announced Monday that it had proposed a $111 billion plan to its board for 2025-2029. The filing stated that the business plan allows ordinary dividends starting at $45 Billion for the period and up to $10 Billion in extraordinary dividends. The proposed plan is about $9 billion more than the previous plan, which was for 2024-2028. It includes $77 billion in exploration and production, compared to the $73 billion allocated for the previous plan.
Moody's lowers Mexico's outlook to negative due to institutional weakness
Moody's Ratings lowered Mexico's outlook from stable to negative on Thursday. The major credit rating agency cited institutional and policy weakness that could undermine the economy, as well as government finances. Moody's said that the reform of the judiciary could be a threat to the economy and fiscal strength. In a press release, the company also mentioned "contingent liability" arising from Pemex, a heavily indebted oil company owned by the state. This could complicate government's financial statements.
Report: Senior aide of Argentina's Milei claims Shell is eyeing LNG investment
According to the newspaper La Nacion, the cabinet chief of Argentine president Javier Milei cited Shell as a possible investor in a future liquefied gas (LNG), project that will be managed by YPF, Argentina's state-owned oil company. La Nacion reported that Guillermo Francos, the Cabinet Chief, said during an event the major energy company had shown "strong interest" for a possible LNG investment in the nation. Cynthia Babski, Shell's spokesperson in an email, said: "We…
Report: Senior aide of Argentina's Milei claims Shell is eyeing LNG investment
According to the newspaper La Nacion, the cabinet chief of Argentine president Javier Milei cited Shell as a possible investor in a future liquefied gas (LNG), project that will be managed by YPF, Argentina's state-owned oil company. La Nacion reported that Guillermo Francos, the Cabinet Chief, said during an event the major energy company had shown "strong interest" for a possible LNG investment in the nation. Cynthia Babski, Shell's spokesperson in an email, said: "We…
Mexican energy plan boosts state-owned power company and sets rules for private producers
Senior officials stated that the government's energy priorities include increasing state-owned CFE and setting rules for companies producing electricity using renewable sources. At a joint press conference with the president of the country, Claudia Sheinbaum said that private companies could add an additional 9,6 gigawatts to their capacity by 2030 using renewable sources. CFE's investment plan of $23.4 billion will see it add 13 gigawatts to its capacity, both for fossil fuels and renewables.
Freeport's local director says that the delay in mining permits is a serious issue.
The U.S. mining company Freeport-McMoRan's local director said that the extended delay in Chile in enacting the reforms aimed at expediting the mining permits is a "serious problem" for the industry. The miners of Chile also claim that regulatory obstacles are slowing down project development. The government of President Gabriel Boric is pushing reforms that will streamline mining permits and modify environmental assessments. Legislators are currently discussing the reforms.
Vista Energy accelerates oil production in Argentina
Vista Energy's chief executive announced on Thursday that the company expects to reach a 100,000 barrels per day oil equivalent goal next year. This was originally set for 2026. The company is betting on a higher output from the top shale formations in the world. In a press release following a quarterly earnings conference, the company said it would invest between $1.1 billion and $1.3billion next year in order to achieve its revised target of bringing 60 wells online.
The legal limit for toxic gas released by Pemex near Houston, Texas was exceeded in hours-long leakage of toxic gas
Pemex, the Mexican state-owned oil refinery, reported to Texas regulators that it released 43,500 lbs of highly toxic hydrogen sulfur gas in an incident that killed one person earlier this week. Two contract workers were killed and 35 injured in an accident that occurred on Thursday at a refinery. According to Pemex’s initial report submitted to the Texas Commission on Environmental Quality on October 10, the leak continued for seven hours and forty minutes. The hydrogen sulfide leakage during the incident exceeded the 6.89 pound per hour hourly limit of the gas.
Pemex's Deer Park refinery reduces operations following fatal accident
The Deer Park refinery of the Mexican national oil company Pemex, near Houston, will be operating at a reduced level this weekend following a deadly leak two days ago. The state-owned oil company added that it continues to investigate the cause of last Thursday's hydrogen sulfide gas leak that killed two contract workers while injuring 35 others during work on a unit at the 312,500-barrel-per-day (bpd) refinery. Mexico's Energy Minister said that she expects the facility to resume normal operations by the end of Friday. The company has now retracted that statement.
Pemex CEO: Bodies recovered from deadly Texas refinery accident
On Friday, Pemex's top executive announced that the two victims of the chemical leak at Deer Park Refinery in Texas had been found and an investigation was launched to determine what caused the fatal incident. Pemex owns and operates the 312,500-barrel-per-day (bpd) refinery located near Houston. Local Texas officials reported that up to 35 people were treated at the plant for exposure to hydrogen-sulfide gases or transported to hospitals in the area. At a press conference held on Friday morning…
Petrobras, Brazil's natural gas company, will pump gas from a reopened offshore oil well
Petrobras, the Brazilian oil giant, is planning to reopen an oil well that was closed in its offshore Roncador oil field to obtain natural gas quickly. This decision was made by the company's CEO on Thursday. Magda Chambriard, the Chief Executive of Magda Energy, told reporters that the well located northeast of Rio de Janeiro could begin producing as soon as next year. It would supply approximately 1.7 million cubic metres per day when it is brought on line, she said.
Honduras top court declares self-governing ZEDE zones unconstitutional
The Honduran Supreme Court declared on Friday that the legal basis for special economic zones, also known as ZEDEs (Zones of Economic Development Exempted from Local Laws and Taxes), which attracted foreign investors because of the promise of low taxation and regulations was unconstitutional. Some ZEDEs are operating in Honduras following the concession of 50 years. These include so-called Start-up Cities that have significant autonomy. A conservative government approved the law allowing these zones about a decade back, praising their ability to create jobs and boost investment.
Argentina's energy investments are expected to reach $15 billion next year due to deregulation
The Energy Secretary Eduardo Rodriguez Chirillo stated on Tuesday that Argentina expects to see investments in its energy sector reach $15 billion by 2025, and $16.5 billion by 2026 as a result of the market deregulation efforts. According to Rodriguez, the estimated expenditure includes additional funds flowing from the country's investment promotion regime RIGI, which Rodriguez estimates ranges from $2 billion to $25 billion per year. At an event hosted by Shell, Rodriguez said that the measures would lead to a more favorable business climate and attract investment.
Pampa Energia, Argentina raises over $400 mln for Vaca Muerta campaign
Pampa Energia, a natural gas producer in Argentina, announced a $410 million debt issuance on Friday. This demonstrates investor confidence as the company expands its operations in the Vaca Muerta shale in the country. The massive shale deposits, where state-owned YPF, Vista Energy and other competitors are investing, is a bright point in the ongoing economic crisis of South America, marked by triple-digit rates of inflation. Pampa said that its new debt will be due in 2031, and it was issued with a 7.95% coupon.
Pemex Trading Arm Mulls Canceling May-June Cargos
The trading arm of Mexican state oil company Pemex is mulling options to slash the number of fuel cargoes the country imports in May and June as demand plummets because of the coronavirus, three sources close to the talks told Reuters.Pemex last week declared force majeure over fuel supplies from its trading arm PMI Comercio Internacional after a bottleneck of more than 60 vessels built up outside Mexican ports, waiting to discharge.But PMI still has not declared force…
Mexico's Pemex to Receive $313 mln in Hedge Payouts
Mexican state oil company Petroleos Mexicanos (Pemex) expects this year to receive some $313 million from oil and financial firms involved in its annual oil hedging program, Chief Executive Octavio Romero said on Wednesday.Pemex's hedge, which this year covers about a quarter of its gross exports volume, protects the company from price variations and helps it to cover production costs.A larger hedging program contracted by the government secures the oil revenues needed for the federal budget.Pemex is "partially" covered by its hedging program…
Mexico's Pemex Narrows Loss
Mexican state oil company Pemex reported a narrower loss of 52.7 billion pesos ($2.7 billion) in the second quarter on Friday, as the heavily indebted firm faces the prospect of a fresh downgrade from credit rating agencies critical of its direction.The loss was nearly 70% lower than what the company, formally known as Petroleos Mexicanos, reported in the second quarter last year, when it lost 163.2 billion pesos.During the April to June period, the company's crude production dipped from the same quarter last year…
Pemex Steering Clear of Deepwater
Petroleos Mexicanos will focus on shallow water projects and onshore plays, and avoid investing in its deepwater riches for now, as the ailing Mexican state-run oil company seeks to turn around a 14-year slide in crude production, a top official said on Thursday.Chief Financial Officer Alberto Velazquez outlined the approach the state-owned oil company known as Pemex will take at a conference in the colonial city of Leon on Thursday.He emphasized that Pemex has no plans to invest in costly and technologically complex deepwater projects in the Gulf of Mexico…
Mexico to Invite 4 Firms to Bid on Pemex Oil Refinery
The Mexican government will invite four companies to bid in a restricted tender for work building the new Dos Bocas refinery for state oil company Pemex, Energy Minister Rocio Nahle said at a news conference on Monday.Dos Bocas would be Pemex's seventh domestic refinery and is intended to help wean Mexico off growing fuel imports, a major campaign promise of President Andres Manuel Lopez Obrador, who took office in December.Nahle said that the refinery, slated to be built in the Gulf Coast state of Tabasco…
Pemex Shrugs off Losses; Eyes New Oilfields
Mexico's national oil company Pemex narrowed its multibillion-dollar losses last year, executives said on Wednesday, as it seeks to fast-track the development of 20 new fields this year in a bid to bring new streams of crude online.Long a source of Mexican pride and a potent political symbol, the state-owned company faces an increasingly uncertain future as oil output slides, leaving it with a $7.6 billion loss in 2018."In 2019, Pemex's main objective is to stabilize crude oil production…
