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ENERGY ADVISOR a WEEKLY PUBLICATION of the DIALOGUE July 28, 2017

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ENERGY ADVISOR a WEEKLY PUBLICATION of the DIALOGUE July 28, 2017 LATIN AMERICA ADVISOR ENERGY ADVISOR A WEEKLY PUBLICATION OF THE DIALOGUE www.thedialogue.org July 28, 2017 BOARD OF ADVISORS FEATURED Q&A TOP NEWS Nigel Blackaby Global Head, OIL & GAS International Arbitration Group, Freshfi elds Bruckhaus Deringer Should the Region Oilfi eld Suppliers Mary Rose Brusewitz Write Down Partner, Strasburger & Price Use Natural Gas as Millions in Jeffrey Davidow Venezuela IOUs Senior Counselor, The Cohen Group a ‘Bridge Fuel’? Venezuela was unable to make cash payments to its biggest Ramón Espinasa Consultant, oilfi eld suppliers in the second Inter-American Development Bank quarter, and service companies Luis Giusti accepted promissory notes for Senior Advisor, hundreds of millions of dollars Center for Strategic & that the companies immediately International Studies wrote down. Jonathan C. Hamilton Page 2 Partner, White & Case RENEWABLES Raul Herrera Partner, Talks to Sell Belo Corporate & Securities Practice, Arnold & Porter Monte Hydro Dam Natural gas has become an increasingly popular fuel in the Americas as more countries in James R. Jones the region look to energy independence. The Vaca Muerta shale gas formation in Argentina is Stall Over Price Chairman, among the largest shale plays in the world. // File Photo: Neuquén Province. ManattJones Global Strategies Talks to sell the country’s Belo Jorge Kamine As Latin America works to meet its Paris climate agreement Monte hydropower dam have Counsel, commitments, it must also contend with a rising demand for stalled over price issues. Skadden Arps Page 3 electricity, which is expected to nearly double by 2040. In Craig A. Kelly Q Director, order to fi ll the gaps left by the at times inconsistent nature OIL & GAS Americas Int’l Gov’t Relations, of wind power and solar power, the region has looked to natural gas as Exxon Mobil one solution. However, although it is abundant and does not emit as Former Petrobras Jeremy Martin Vice President, Energy & Sustainability, much carbon as oil or coal, it is not a zero-carbon energy source. Should CEO Arrested in Institute of the Americas natural gas be used as a “bridge fuel” as the region works to reach a ze- Corruption Probe Larry Pascal Brazilian federal police on Thurs- Chairman, ro-carbon power sector, or should efforts be focused solely on develop- Americas Practice Group, ing and improving upon renewable energy sources, energy storage and day arrested former Petrobras Haynes & Boone CEO Aldemir Bendine over suspi- energy effi ciency? What are the main barriers to more widespread use of Charles Shapiro cions that he may have received President, renewable energy in the region? What is the future of natural gas in Latin large bribes from construction World Affairs Council of Atlanta America and the Caribbean’s sources of electricity? conglomerate Odebrecht. R. Kirk Sherr Page 2 President, Clearview Strategy Group Samantha Gross, fellow at the Energy Security and Climate Mark Thurber Initiative at Brookings Institution: “The fi rst question that Partner, Andrews Kurth comes to mind when I’m asked whether natural gas is appro- Alexandra Valderrama priate for power generation is ‘compared to what?’ Natural Manager, A International Government Affairs, gas can be much better than coal in terms of greenhouse gas emissions Chevron and local air pollution. But methane, the primary component of natural Lisa Viscidi gas, is a much more potent greenhouse gas than carbon dioxide if it is Program Director, Inter-American Dialogue released into the atmosphere. The production, distribution and use of Max Yzaguirre natural gas must prevent methane releases if gas is to realize its promise President and CEO, as a lower-carbon fuel. Areas of new development, like Argentina’s Vaca The Yzaguirre Group Muerta fi eld, provide an opportunity for Latin America to get gas right. Latin America is blessed with abundant hydroelectric resources, which Bendine // File Photo: Brazilian Government. Continued on page 3 COPYRIGHT © 2017, INTER-AMERICAN DIALOGUE PAGE 1 LATIN AMERICA ENERGY ADVISOR July 28, 2017 OIL & GAS SECTOR NEWS and Halliburton accepted promissory notes NEWS BRIEFS for hundreds of millions of dollars that the Former Petrobras companies immediately wrote down, according Schlumberger Sees to the companies’ second-quarter reports, 9 Percent Growth in CEO Arrested in Reuters reported Tuesday. France-based Schlumberger, headed by Paal Kibsgaard, took Latin America Revenue Corruption Probe a $510 million impairment charge on promis- Paris-based Schlumberger said July 21 that sory notes received from Venezuelan state oil stronger results from Latin America helped Brazilian federal police on Thursday arrested company PDVSA in place of $700 million in boost its second quarter earnings. The oil and former Petrobras CEO Aldemir Bendine over outstanding fees, while U.S.-based Halliburton gas industry services fi rm said Latin America suspicions that he may have received large recorded a pre-tax charge of $262 million on revenue increased 9 percent sequentially due bribes from construction conglomerate Ode- to higher reservoir characterization and drilling brecht, Reuters reported. The prosecutor-gen- activities in Mexico and Central America, as eral’s offi ce in a statement Thursday said it had well as increased unconventional land activity served three arrest warrants and had executed in Argentina. Business in Brazil and Venezuela 11 search and seizure orders as part of the remained weak, however. Ecuador revenue “Operation Car Wash” corruption probe. Legal declined, which was offset by more activity in representatives for Bendine were not immedi- Colombia. ately available for comment. According to the statement, Bendine allegedly sought 17 million reais, or approximately $5 million, in bribes Kibsgaard // File Photo: Schlumberger. Kenon Receives Off ers when he headed Banco do Brasil in exchange for authorizing the rollover of a loan to a unit promissory notes in exchange for $375 million for IC Power Business in of Odebrecht. Odebrecht refused his request, in fees. While neither company identifi ed Latin America, Caribbean however. After he took over as head of Petro- PDVSA by name in their fi nancial fi lings, both Singapore-based Kenon Holdings said on described the oil company as their “primary Sunday it had received nonbinding offers to customer” in Venezuela, and a source at Bendine allegedly received buy some or all of its IC Power businesses in PDVSA confi rmed that the company had issued some 6 million reais in Latin America and the Caribbean. The company the notes. Representatives of the companies noted “there is no assurance that such discus- bribes from Odebrecht. did not immediately respond to requests for sions will result in a sale,” however. IC Power’s comment by Reuters. Venezuela’s ongoing portfolio currently includes participation in bras in 2015, Bendine is accused of demanding political and economic crisis has caused the approximately 4,100 MW of producing assets 3 million reais in payments from Odebrecht so country to delay payments or issue govern- in Latin America, the Caribbean and Israel. The that the company “would not be damaged by ment-backed promissory notes to pay suppliers company has invested $3.1 billion in projects Petrobras” following the breaking of the Oper- for its beleaguered oil sector. Last month, since its founding in 2007, with signifi cant in- ation Car Wash corruption scandal. Odebrecht Switzerland-based Weatherford International vestments made in Peru’s generation capacity. allegedly paid Bendine 3 million reais in 2015, said it would reclassify $31 million that it had according to the prosecutor general’s offi ce. previously listed as revenue instead as interest Bendine also received another 3 million reais in payment and a reduction in accounts receiv- 2017 from Odebrecht for an unspecifi ed reason able, due to the delay in PDVSA’s payment. Enel Green Power after he left Petrobras, the statement alleged. Begins Operations Brazil Doubles Some at Brazil Wind Farm Oilfi eld Suppliers Fuels Taxes Amid The Brazil unit of Italy’s Enel, Enel Green Power Write Down Millions Brasil Participações, has begun commercial Budget Defi cit operations at its 90-megawatt wind farm in Bra- in Venezuela IOUs zil, ReNews reported Tuesday. The Cristalândia As of July 21, Brazil’s government is doubling wind farm is located in the Brumado, Rio de Venezuela was unable to make cash payments some fuel taxes in an effort to close the coun- Contas and Dom Basílio municipalities in Bahia to its biggest oilfi eld suppliers in the second try’s budget defi cit, The Wall Street Journal State. The project is expected to generate quarter, and service companies Schlumberger reported July 20, citing the country’s fi nance approximately 350 gigawatt hours of electricity per year. COPYRIGHT © 2017, INTER-AMERICAN DIALOGUE PAGE 2 LATIN AMERICA ENERGY ADVISOR July 28, 2017 and planning ministries. The move affects the citing three sources familiar with the matter. panies reportedly involved in the negotiations, “PIS/Cofi ns” levy and will raise an additional The dam is fully functioning and is expected did not request for a request for comment by 10.4 billion reais ($3.3 billion) this year, the to reach its full capacity by 2019. At that point, Reuters. The talks began in April. The Norte ministries said. Other taxes imposed on fuels approximately 35 billion reais ($11 billion) Energia consortium, which owns the dam that will not be affected. The government also said will have been invested in the project. The is located on the Xingu River, includes Eletro- it will freeze 5.9 billion reais ($1.9 billion) in dam is expected to have 11,230 megawatts of bras, Neoenergia, Cemig and Light S.A. as well federal spending this year, Reuters reported. power, which would make it the second-larg- as mining company Vale and the Petros and Brazil in 2015 lost its investment-grade rating est hydroelectric dam in the South American Funcef pension funds.
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