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August 20, 2021: Energy Advisor

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August 20, 2021: Energy Advisor LATIN AMERICA ADVISOR ENERGY ADVISOR A WEEKLY PUBLICATION OF THE DIALOGUE www.thedialogue.org August 20, 2021 BOARD OF ADVISORS FEATURED Q&A TOP NEWS Nigel Blackaby Global Head, OIL & GAS International Arbitration Group, Freshfields Bruckhaus Deringer To What Extent Is Brazil to Lead Jeffrey Davidow Senior Counselor, Global Supply of The Cohen Group Pemex Weighing on Offshore Crude Jonathan C. Hamilton by 2025: Study Partner, White & Case Mexico’s Finances? A new report by data and analytics Raul Herrera company GlobalData suggests Partner, Brazil will supply around 23 Corporate & Securities Practice, percent of global offshore crude Arnold & Porter oil and condensate production James R. Jones by 2025. Chairman, Page 2 Monarch Global Strategies Jorge Kamine Partner, RENEWABLES Corporate & Financial Services, Willkie Farr & Gallagher Colombia to Craig A. Kelly Double Renewable Senior Director, Americas Int’l Gov’t Relations, Energy Capacity Mexican state oil company Pemex posted net profit of $721 million in the second quarter, but Exxon Mobil the company’s debt surpassed $115 billion. // File Photo: Mexican Government. Energy Minister Diego Mesa Jorge León said the government expects to Energy Economist, close 2021 with nearly twice the BP Mexican state oil company Pemex last month posted a sec- installed capacity for renewables. Jeremy Martin ond-quarter net profit of $721 million, with crude production Page 3 Vice President, Energy & Sustainability, Institute of the Americas up 3.8 percent as compared to the same period a year ago. Q However, the firm’s financial debt surpassed $115 billion OIL & GAS Larry Pascal Chairman, at the end of the quarter, raising concerns among investors over the Americas Practice Group, Guyana to Create Haynes & Boone sustainability of its debt burden. What were the main factors driving Oil Commission R. Kirk Sherr Pemex’s profits, as well as the company’s production increase, in the by Year-End: Ali President, second quarter, and will these positive trends continue? What is the Clearview Strategy Group Guyana will create a new authority Mexican government doing to address concerns over Pemex’s debt sus- Mark Thurber by year-end to regulate oil reve- Partner, tainability? How much is the firm’s financial situation weighing on Mexi- nues and promote the orderly and Hunton Andrews Kurth co’s account balances and the country’s broader economic recovery? transparent management of the Alexandra Valderrama country’s blooming hydrocar- Director, bons sector, President Irfaan Ali International Government Affairs, announced. Chevron Larry B. Pascal, member of the Energy Advisor board, and Page 2 Jose L. Valera Natalia Cosio, both members of the International Prac- Partner, tice Group at Haynes and Boone LLP: “Pemex’s reported Mayer Brown LLP Lisa Viscidi increased profits and production during the second quarter of Program Director, A the year may be attributed to several factors. Pemex benefited from a rise Inter-American Dialogue in international oil prices and reported an average price during this period Vanessa Wottrich Principal Analyst for Latin America, of $60.30 per barrel, an 87 percent increase over the prior 2020 period. Equinor It produced an average of 1.736 million barrels per day (bpd) during the second quarter, which represents an increase of 3.8 percent over same the period a year ago. Pemex attributes the increase to the inclusion of productive wells in the southwest marine, northern and southern regions of Mexico. Also, a couple of recently announced discoveries could im- prove Pemex’s production once those projects go online. In March, Pemex Ali // File Photo: Guyanese Gov- Continued on page 3 ernment. COPYRIGHT © 2021, INTER-AMERICAN DIALOGUE PAGE 1 LATIN AMERICA ENERGY ADVISOR August 20, 2021 OIL AND GAS NEWS does not have a state oil company nor domes- NEWS BRIEFS tic refining capacity, the wire service reported. Guyana to Create Among the countries that participated in the Cuban Oil Output to Fall latest bid were Royal Dutch Shell and Chevron, for Seventh Consecutive Oil Commission as well as France’s TotalEnergies and Norway’s Equinor. Year: Government in Upcoming Months Cuba’s oil production is set to decline for the Brazil to Lead Global seventh consecutive year in 2021, worsening Guyana will create a new authority by year-end a fuel deficit that Venezuela, a close ally, has to regulate oil revenues and promote the order- Supply of Offshore not been able to offset as it deals with years of ly and transparent management and develop- mismanagement and U.S. sanctions on its oil ment of the country’s blooming hydrocarbons Crude by 2025: Study sector, Argus Media reported last week. Cuba sector, President Irfaan Ali said last week, will produce around 44,700 barrels per day, a Argus Media reported. The petroleum commis- Brazil is expected to supply around 23 percent, volume that is 6 percent lower than in 2020 and sion will help shield the sector from “undue or the equivalent of 1.3 million barrels per 23 percent lower than in 2014, according to of- political interference,” Ali said. Guyana’s energy day (bpd), of global offshore crude oil and ficial statistics and other government sources. department previously handled the country’s condensate production by 2025, according to a oil sector until it was shut down until the end new report released last week by GlobalData, a of last year, when the portfolio shifted to the data and analytics company, WorldOil reported. Peru’s Energy Minister natural resources ministry and the office of The company’s “Global Offshore Upstream De- Vice President Bharrat Jagdeo. Among the new velopment Outlook, 2021-2025” estimates that Wants to Strengthen State commission’s early responsibilities will be the planned and announced projects that are set to Firm, Expand Renewables management of auctions involving internation- start operations between 2021 and 2025 in the Peru’s new energy minister, Iván Merino, wants al oil companies for offshore and onshore acre- South American nation will produce approxi- to strengthen state oil company Petroperú, age, government officials told Argus Media. mately 1.16 million bpd of crude, in addition especially in the oil and natural gas sectors, as The commission will also handle the sale of to 169,000 bpd expected from announced well as expand the use of renewable sourc- Guyana’s share of crude produced by the Exx- early-stage projects that should get approval es, Merino said in an Argus Media interview onMobil-led consortium off the country’s coast, for development soon. A total of 29 crude oil published Monday. “We are going to strengthen the officials added. Exxon is currently produc- projects are expected to come online in Brazil Petroperú,” Merino said. “This means restruc- ing 120,000 barrels per day (bpd) and expects in the 2021-2025 period. Of the announced turing it, because it has many limitations. We output to surpass 800,000 bpd by 2025. An projects, the Bacalhau, Búzios V and Lula Oeste have to fix it first if we are going to improve it,” unnamed source told local newspaper Stabroek together are expected to contribute about 44 he added. News that Guyana received some $80 million percent of the country’s crude and condensate for its last one-million-barrel share of oil, the production in 2025, according to the study. highest sum to date. The country’s account at “Brazil leads crude and condensate production the New York Federal Reserve Bank “has seen from upcoming/new projects,” Effuah Alleyne, Brazil’s Cemig Registers a deposit of $79.6 million for the last oil sales senior oil and gas analyst at GlobalData, says 4.8 GW of Wind, Solar and $12 million in royalties,” the source added. in the report. “Brazil’s prolific pre-salt layer Power for Aug. 24 Tender Using Brent crude oil prices as estimates, that in the Santos basin has produced a strong would mean Guyana cashed slightly more than portfolio of offshore projects operated mainly Brazilian utility Cemic said it had registered $79 per barrel for the country’s portion of the by [state oil company] Petróleo Brasileiro.” nearly 4.8 gigawatts (GW) of wind and solar en- oil, the newspaper reported. Meanwhile, the Petrobras, as the company is known, earlier ergy projects for the upcoming auction planned country received bids from 15 different compa- this month posted higher-than-expected for Aug. 24, Renewables Now reported Monday. nies hoping to market the government’s share quarterly growth, swinging to a profit due in The company said it will award long-term pow- of the crude, according to Guyana’s National part to strong natural gas sales and higher in- er purchase agreements to start power supply Procurement and Tender Board Administration ternational crude prices, Reuters reported. The from January 2024 through December 2038, for website, Reuters reported. The government had company registered a quarterly net income of both sources. Cemig did not detail the amount discarded a previous tender and relaunched 42.855 billion reais ($8.29 billion), compared to of electricity it is hoping to contract but said the process in July. While Guyana is entitled to a loss in the same period of last year and much in the tender notice that the new capacity will a share of the oil produced by Exxon, it needs higher than the Refinitiv consensus estimate of help its unit Cemig GT to cover demand in a partner to market that portion as the country 30.7 billion reais, the wire service reported. the southeast, midwest, south and northeast markets in Brazil. COPYRIGHT © 2021, INTER-AMERICAN DIALOGUE PAGE 2 LATIN AMERICA ENERGY ADVISOR August 20, 2021 Venezuela’s Citgo FEATURED Q&A / Continued from page 1 announced the discovery of the Dzimpona not allowing its partner Talos Energy from Posts First Profit in 1 onshore field in Tabasco, with between being the operator of the major Zama oilfield Seven Quarters 500 million and 600 million barrels of crude project.
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