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Will a South American Natural Gas November 29, 2005 BOARD OF ADVISORS Featured Q&A with the Energy Board of Advisors Jeffrey Davidow James R. Jones President Co-chair, After meetings with Argentine strengthening regional energy integration Institute of the Manatt Jones President Nestor Kirchner last and diversification of Venezuela from US Americas Global Strategies LLC week, Venezuelan President political and economic dependency. Some Hugo Chavez vowed to help of these projects also respond to market Ramon Espinasa Doris Rodriguez Q build a natural gas pipeline from realities and are likely to go ahead. Others Consultant, Partner, Venezuela and Argentina. Do you think Integration Andrews Kurth LLP may not pass the market test. A gas Department, the pipeline, which could serve as a foun- pipeline from Venezuela to Argentina is dation for a South American natural gas Inter-American Everett Santos one of them. First, a 6,000-km pipeline is Development Bank Chief Executive Officer pipeline network, will be built? What are too long, and at such distances LNG would Emerging Markets some obstacles to the project? What become a viable competitor. Second, Luis Giusti Partnership impact would it have on Southern Cone Brazil is expected to find substantial gas Senior Adviser, energy markets? reserves, which in addition to supplying its Center for Strategic & Roger Stark International Studies domestic market can be used for LNG Partner, Guest Comment: Michelle Foss: exports. Third, Bolivia will not stay idle Kirkpatrick & Lockhart Q&A continued on page 6 David Goldwyn Nicholson Graham LLP "It depends on the details. There already is a South American gas President, PHOTO OF THE WEEK Goldwyn International Roger Tissot pipe network, but issues in Strategies LLC A Director, Argentina that led to abrogation of supply Markets & Countries contracts and the interminable geopolitics William Irwin Group surrounding Bolivia's role, or not, as a Manager, International PFC Energy major supplier continue to interfere. Government Affairs Chevron Corporation Obstacles include Brazil (why would Max Yzaguirre Petrobras support a competing pipeline?), President, Hunt-Mexico, Inc. commodity prices (will Chavez continue to have the financial resources to anchor this adventure?), terrain and cost (daunt- ing), and lack of a clear imperative from a customer point of view. Impact on Southern Cone markets could range from new momentum for competitive markets Subscribers may pose questions to the Board of Advisors for the Featured Q&A by to creation of a gas 'sink'." contacting [email protected] Roberto Lavagna resigned as Board Comment: Roger Tissot: Argentina's economy ministry on "President Chavez's regional Monday. See related story on page 4. projects are driven mostly by Photo: economy ministry. A political motivations, aimed at Inside This Issue FEATURED Q&A: Will a South American Mexican Lawmaker Proposing Relief Grupo Dolphin Buying Employee Natural Gas Pipeline Project Go Ahead?...........1 Fund for Oil-Related Disasters.............................2 Shares of Argentina's Edenor..............................3 Mexico Approves Pipeline Deal News Briefs: Gaz de France, Board Member Profile: Doris Rodriguez, with Arizona Energy Firm......................................2 PDVSA, Petrobras ..................................................2 Partner at Andrews Kurth LLP .............................3 Bridas Corp. May Be Selling BNDES Approves Financing The Dialogue Continues: Will Bolivia Reach Oil & Gas Assets, Report Says.............................2 for Amazon Pipeline Project.................................3 a New Deal with Foreign Companies? ...............4 Copyright © 2005, Inter-American Dialogue Page 1 of 6 Inter-AAmerican Dialogue’s Latin America Energy Advisor November 29, 2005 ENERGY SECTOR BRIEFS Oil & Gas News Gaz de France Sells Stake in Gaseba Uruguay to Petrobras Mexico Approves Pipeline Deal billion, people familiar with the matter Paris-based Gaz de France said with Arizona Energy Firm told Reuters on Monday. Bridas has oil and gas interests in South America's Southern Friday it has agreed to sell its 51 per- Phoenix-based Arizona Clean Fuels Yuma Cone and across Central Asia, and holds a cent stake in Gaseba Uruguay to (ACFY) announced Wednesday that it has 40 percent stake in Pan American Energy, Brazil's state owned Petrobras. reached an understanding with Mexico's Argentina's second-largest oil and gas pro- Petrobras will pay $12.8 million for energy ministry allowing the company to ducer after Repsol-YPF. It was not imme- the shares, including a $1.8 million move ahead with plans for a $2.5 billion diately clear whether Bridas' controlling shareholder loan held by Gaz de pipeline project to deliver "company- stakeholder, the Bulgheroni family, was France, according to the release. owned crude oil" in Mexico to the ACFY selling the 40 percent stake in Pan Gaseba Uruguay holds the conces- refinery planned for Yuma County, American, or a stake in Bridas, according sion for the distribution of natural Arizona. The distinction between "compa- to Reuters, which cited an estimated value gas in the province of Montevideo, ny-owned" crude and Mexican oil is criti- of the sale at $5 billion. China National with approximately 1.4 million cal to the deal because Mexico's Petroleum is reportedly interested in inhabitants, through 2025, accord- Constitution has banned foreign firms acquiring the assets, Reuters reported. from upstream oil and gas activities since ing to Petrobras. 1938. According to reports, ACFY will buy Mexican Lawmaker Proposing Relief Source: company statement. Mexican Heavy Maya crude in southern Fund for Oil-Related Disasters PDVSA to Start Work on Mexico, load it onto boats, and then ship it Colombia-Venezuela Pipeline to the mouth of the proposed pipeline A Mexican lawmaker is calling for the cre- "receiving point," to be located in either ation of a special relief fund to help local State-owned Petroleos de Venezuela (PDVSA) will get to work during the first half of next year on a natu- The distinction between "company-owned" crude and Mexican oil is ral gas pipeline connecting Colombia and Venezuela, PDVSA critical to the deal because Mexico's Constitution has banned foreign President and Venezuelan Energy firms from upstream oil and gas activities since 1938. Minister Rafael Ramirez said last Thursday. The announcement came after Venezuelan President Hugo Baja California or Sonora, Mexico. communities hurt by oil-related accidents Chavez and his Colombian counter- Company spokesman David Treanor, who at state-owned Pemex, local daily El part, Alvaro Uribe, signed an energy led the negotiations in Mexico, stated that Universal reported on Sunday. Federico cooperation agreement. The the project is "a symbol of cross-border Madrazo Rojas, a member of the lower collaboration that will result in significant chamber of deputies from the opposition pipeline, which will extend from bi-national benefits." WesPac Pipelines PRI party, said his proposal for a Colombia's Puerto Ballena to Lake will finance, construct, operate, and main- Contingency Fund for Petroleum Disasters Maracaibo in Venezuela, should be tain a crude oil supply system, which will would make funds available to cities and completed within two years, consist of a marine offloading facility, ori- towns affected by oil spills, fires, and Ramirez said. gin terminal tank farm, and a pipeline to explosions involving Pemex infrastruc- Source: company statement. supply the refinery, according to an ACFY ture. Existing compensa- Petrobras Declares Oil Field release. WesPac is in the initial stages of tion mechanisms are ineffi- Commercially Viable permitting the crude oil transportation cient, untimely, discrimina- system in both Mexico and Arizona, and is tory, and tend to only make Brazil's state-owned Petrobras currently in discussions with Techint things worse, Madrazo said. announced Monday that the Mexico regarding a contract for engineer- Existing legislation only Inhambu heavy oil field in the state ing, procurement and construction of the allows Pemex to compen- Madrazo Rojas of Espirito Santos is commercially pipeline project. sate state governments in Photo: Mexican viable. Petrobras said it now plans to the event of such accidents, Congress. undertake a development plan for Bridas Corp. May Be Selling according to El Universal. Creation of a the field, during which it will deter- Oil & Gas Assets, Report Says special fund is especially necessary given mine the amount of reserves. Pemex's aging infrastructure in some Argentine energy producer Bridas Corp. is areas, Madrazo asserted. For example, he Source: company statement. selling oil and gas assets worth about $5 said, 11 cities and towns in the state of Copyright © 2005, Inter-American Dialogue Page 2 of 6 Inter-AAmerican Dialogue’s Latin America Energy Advisor November 29, 2005 Tabasco were at risk of an oil accident- related disaster from 10 kilometers of Board Member Profile underground Pemex pipeline, lengths of which are 20-25 years old. Between 1997 The Energy Advisor is pleased to profile a different member of its Board of Advisors in and 2001, 57 percent of the 2,592 environ- each issue. Subscribers can pose questions to the Board by contacting Robert Simpson at mental emergencies that took place in [email protected]. Mexico took place at Pemex installations, Madrazo said. Earlier this month, Doris Rodriguez, Partner at Andrews Kurth Mexico's Congress passed legislation low- LLP. ering taxes on Pemex, which badly
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