Petrobras has unveiled plans to invest US$ 84.1bn in deepwater exploration and production projects in Brazil, as well as raise $27bn through asset sales and partnerships by 2023. Around US$ 69bn of the planned investment will be channelled into the development of production in the pre-salt areas. Other key focus areas of investment include refining, transportation, trading, and natural gas and petrochemicals.
Argentina's energy company YPF said on Monday its 2018 hydrocarbon production likely will fall by 3% to 4% on the year, more than previously expected, as low natural gas demand forces it to close wells and shift its focus to Vaca Muerta shale oil.
Argentina's biggest natural gas transporter, Transportadora de Gas del Sur, and Texas-based Excelerate Energy, signed on Monday a memorandum of understanding to evaluate building the country's first liquefaction plant, as rising natural gas production fuels export prospects.
Argentina will begin exporting natural gas to Chile from October, the Argentine Energy Ministry said on Friday, following a meeting between the governments of both countries.
Argentina formally inaugurated the Vega Pleyade gas and condensate deposit off the coast of Tierra del Fuego considered the most austral of its kind in the world, and which has been supplying the country with nine million cubic meters daily since February 2016. The well is operated by French Total (37.5%) together with Wintershall Energy (37.5%) and Panamerican South (25%), demanded an investment of 1.1bn dollars over three years.
Executives of Brazilian state oil company Petrobras and Bolivian counterpart YPFB signed this week a contract for a US$1.2 billion natural-gas exploration venture in southern Bolivia. Bolivian President Evo Morales and Brazil's minister of mines and energy, Fernando Coelho Filho, traveled to Bolivia's eastern city of Santa Cruz for the signing ceremony.
The government of Chile will be selling energy-short Argentina 5.5 million cubic feet of natural gas a day starting in May, providing also 200 MW of electricity through the interconnection system between both countries. Chile also committed to invest 200 million dollars in the Incremental Project of the Magallanes Area to boost hydrocarbon production.
A landmark summit of the Gas Exporting Countries Forum (GECF) has opened in the Iranian capital Tehran with the participation of the heads of nine member states. Presidents of Iran, Russia, Venezuela, Iraq, Bolivia, Equatorial Guinea, Nigeria, Turkmenistan as well as the Algerian prime minister are the key participants.
A major gas deal between Russia and China was finally sealed this week when Russian President Vladimir Putin was on a two day visit to China on May 20-21 and met with President Xi Jinping. In the lead up to Putin's arrival, the two sides have been working on putting the finishing touches on a 30-year contract for a gas deal a decade in the making, and Russian officials have suggested that the deal will be completed by Putin's arrival.
President Michelle Bachelet announced on Thursday that Chile would invest 650 million dollars to build a new liquefied natural gas (LNG) terminal and strengthen the state-run oil company in an effort to deal with a mounting power crunch.