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ENERGY ADVISOR a WEEKLY PUBLICATION of the DIALOGUE March 5, 2021

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ENERGY ADVISOR a WEEKLY PUBLICATION of the DIALOGUE March 5, 2021 LATIN AMERICA ADVISOR ENERGY ADVISOR A WEEKLY PUBLICATION OF THE DIALOGUE www.thedialogue.org March 5, 2021 BOARD OF ADVISORS FEATURED Q&A TOP NEWS Nigel Blackaby Global Head, International Arbitration Group, POWER SECTOR Freshfields Bruckhaus Deringer Will Petrobras’ New AMLO Warns US Jeffrey Davidow Senior Counselor, Not to ‘Meddle’ in The Cohen Group CEO Let Politics Energy Policy Jonathan C. Hamilton Mexican President Andrés Manuel Partner, White & Case Get in the Way? López Obrador warned the United States not to intervene in Mexico’s Raul Herrera Partner, domestic energy policy ahead of a Corporate & Securities Practice, meeting between his government Arnold & Porter and U.S. officials. James R. Jones Page 2 Chairman, Monarch Global Strategies OIL & GAS Jorge Kamine Partner, Granholm Sworn Corporate & Financial Services, Willkie Farr & Gallagher in as Biden’s Craig A. Kelly Energy Secretary Senior Director, Americas Int’l Gov’t Relations, Jennifer Granholm was sworn in Exxon Mobil Brazilian President Jair Bolsonaro nominated Joaquim Silva e Luna (pictured) to lead state oil as the new U.S. energy secretary company Petrobras. // File Photo: Itaipú website. Jorge León following bipartisan confirmation Energy Economist, in the Senate. BP Brazilian President Jair Bolsonaro recently tapped retired Page 2 Jeremy Martin general and former Defense Minister Joaquim Silva e Luna Vice President, Energy & Sustainability, Institute of the Americas to take over as CEO of state oil company Petrobras. The OIL & GAS Mayya Novakovskiy Q move came amid heightened tensions over Petrobras’ hiking González Takes Manager, Western Hemisphere, Chevron of gasoline prices as Bolsonaro sought to avoid a truckers’ strike, which Over as President Larry Pascal in the past has paralyzed the country’s economy for weeks. What does of Argentina’s YPF Chairman, Luna’s appointment mean for Petrobras’ direction, and what can be ex- The board of directors of Argen- Americas Practice Group, Haynes & Boone pected of the new chief executive? To what extent are investor concerns tine state-controlled oil company YPF last week approved the R. Kirk Sherr over political interference in the state oil company valid? How real is the appointment of Pablo González President, threat of a truckers’ strike against fuel price increases, and what impli- Clearview Strategy Group as the firm’s new president. cations would keeping prices artificially low have for the economy? González, a former governor of Mark Thurber Partner, Santa Cruz, succeeds Guillermo Hunton Andrews Kurth Nielsen. Cleveland Jones, professor and researcher at the National Jose L. Valera Page 2 Partner, Institute of Oil and Gas at the State University of Rio de Ja- Mayer Brown LLP neiro: “The appointment of Gen. Luna would normally be first Lisa Viscidi Program Director, submitted to the Petrobras board for review. Investors were Inter-American Dialogue A rattled because President Bolsonaro appointed him, seemingly, as an im- Vanessa Wottrich position. The board still must ratify the appointment but will approve it as Principal Analyst for Latin America, Equinor it is controlled by government appointees. However, the apparent bullying was unwelcome. As head of the government, President Bolsonaro can indeed select the company’s president, and Gen. Luna is unquestionably competent. He is a former defense minister and director general of Itaipú Binacional, the giant power generation company jointly owned by Brazil and Paraguay. Unfortunately, Petrobras is not a national oil company, but rather a quasi-national company in which the Brazilian government is a González // File Photo: @YPFOfi- Continued on page 3 cial via Twitter. COPYRIGHT © 2021, INTER-AMERICAN DIALOGUE PAGE 1 LATIN AMERICA ENERGY ADVISOR March 5, 2021 OIL AND GAS NEWS Instituto de la Energía “General Mosconi,” told NEWS BRIEFS the Energy Advisor in the same edition. “YPF’s YPF Board Approves investment in Vaca Muerta is the cause of Granholm Sworn in as U.S. the company’s high indebtedness, without the Secretary of Energy, Vows expected results,” Rabinovich added González as New Progress on Clean Energy Company President Jennifer M. Granholm was sworn in last week POWER SECTOR NEWS. as the United States’ 16th secretary of energy The board of directors of Argentine state-con- following a confirmation vote in the Senate trolled oil company YPF last week approved the of 64-35, the Department of Energy said in a appointment of Pablo González as the firm’s AMLO Warns U.S. statement. Granholm is the second woman to new president, Petrol Plaza reported. González Not to ‘Meddle’ in lead the department. In a video following her replaces Guillermo Nielsen, who had served as swearing-in ceremony, Granholm said she will head of YPF since December 2019, when Presi- Energy Policy focus on tackling climate change by deploying dent Alberto Fernández took office. Nielsen has clean energy technologies that “deliver cheap, been nominated as Argentina’s ambassador to Mexican President Andrés Manuel López Obra- abundant and clean power to fuel America’s Saudi Arabia, Más Energía reported. González dor last Friday warned the United States not to clean energy revolution,” according to the is expected to work closely with Vice President intervene in Mexico’s domestic energy policy, statement. Cristina Fernández de Kirchner to address the ahead of a meeting between officials of his country’s oil sector agenda, according to the government and U.S. Secretary of State Antony report. “I am a person who comes from Argen- Blinken, Reuters reported. Among the issues EDP Brasil Signs Deal tina’s inland, who understands the problems we discussed during the virtual meetings between have, and who believes that the greatest value the two governments were López Obrador’s en- to Acquire Solar Energy a company has is its people,” said González, a ergy policy in the context of the climate emer- Assets From AES former governor of Santa Cruz province, Petrol gency, as well as trade and security. Strength- Brazilian power company Energias do Brasil, Plaza reported. “I hope that we will continue ening Mexican state oil company Pemex and or EDP Brasil, has signed a deal worth 177 working toward the challenges of generating touting energy self-sufficiency have been cor- million reais ($32 million) to obtain solar energy for the country’s growth and putting nerstones of López Obrador’s administration. energy assets from the local unit of AES, YPF in the place it has always been [in] and Mexico relies heavily on fuel imports from the Reuters reported last week. The deal involves [which it] deserves,” he added. González, 52, is United States to generate electricity, a strategy AES Inova, a distributed generation investment a lawyer and public notary and has a diploma he has sought to overturn. For example, last platform that uses technologies such as solar in hydrocarbons law from Austral University. month, López Obrador submitted a bill to Con- panels on land or roofs. The agreement would He was a senator for the Justicialist Party from gress that seeks to give priority to state power increase EDP Brasil’s solar project portfolio by 2011 to 2015 and a member of Argentina’s low- utility CFE over private generators. The bill has 50 percent, the company said in a statement. er house of Congress since 2019. The change caused alarm among private investors as it The firm is also planning to acquire additional in leadership in YPF came just weeks after the partially reverses the 2013 energy overhaul that solar generation assets. company reached an agreement with creditors opened the sector to private and international to roll over an interest payment of $413 million competition. Mexico’s lower house of Congress due in March, avoiding a default on $6.2 billion approved the legislation last week, and the of debt, the Financial Times reported. “YPF’s Senate approved it on Tuesday. Analysts say Ecopetrol Considers Share agreement [and] … a new gas plan make up an the proposed changes could make it harder for Issuance to Buy ISA optimistic scenario for this year, during which Mexico to meet its international environmental Colombian state-owned oil company Ecopetrol investment and [Argentina’s] oil and gas pro- commitments, including those made as part of may issue as much as $2.5 billion in shares duction are expected to grow,” Víctor Bronstein, the Paris climate agreement, S&P Global Platts to partially finance its potential purchase of a director of the Centro de Estudios de Energía, reported. Critics have also said the changes majority stake in ISA, Colombia’s state utility, Política y Sociedad in Buenos Aires, told the would drive up generation costs and electricity Ecopetrol CEO Felipe Bayón said last week, Re- Energy Advisor in last week’s Q&A. However, rates, be damaging to the environment and uters reported. Ecopetrol earlier this year made even though the agreement “alleviated the prompt international arbitration and consti- a nonbinding offer to buy the government’s company’s short-term financial situation,” tutional challenges, The Wall Street Journal 51.4 percent stake in ISA. Bayón estimated the it does not solve its structural problems,” reported. In his attempts at bolstering the value of the majority stake at between $3.4 Gerardo Rabinovich, second vice president at use of domestic fuel, López Obrador has also billion and $4 billion. COPYRIGHT © 2021, INTER-AMERICAN DIALOGUE PAGE 2 LATIN AMERICA ENERGY ADVISOR March 5, 2021 de-emphasized the country’s renewable energy FEATURED Q&A / Continued from page 1 goals, a strategy that does not align with that of the new administration of U.S. President minority owner but retains effective control. and a Bolsonaro loyalist who will discreetly Joe Biden, who has made climate change a key This arrangement can only result in such work behind the scenes to slow down diesel focus.
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