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LATINPETROLEUM
Since 2000 • Electronic Subscription • Non-Subscriber Version
Issue 11.2006, Volume 7, Issue No. 59
PDVSA
Financial Results 2001-2005
GAS PIPELINES
Four New South American Pipelines
Will Cover an Extension of 11,573 Kms
YPFB
Mission Completed in Bolivia
PEMEX
Reports 3Q:06
Financial Results
EXCLUSIVE
Interview with Ali Moshiri
President of Chevron Latin
America Upstream Division
LATINPETROLEUM
● www.latinpetroleum.com ●
LATINPETROLEUM Magazine, 11.2006
LATINPETROLEUM
2
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LATIN AMERICA’S PETROLEUM SOURCE
LATINPETROLEUM, Inc.
LATINPETROLEUM Magazine
NON-SUBSCRIBER VERSION
VOLUME 7 ● NOVEMBER 2006 (ISSUE 11.2006) ● ISSUE NUMBER 59
EVENTS
5 Events calendar
ENERGY WRAP
7 Heard on the Street, Executive Suite,
Top Petroleum, Top Financial, Top
Economic, Accidents.
EXCLUSIVE
Exclusive with Ali Moshiri
(pictured),
President
of
Chevron Latin American
Upstream
47
United States of America
16-17
ANALYSIS
MEXICO OUTPUT
PDVSA Financial Summary
and Margina Analysis 20012005
18-19 Monthly production trackers
46
ENERGY
PANORAMA
On The Cover
12
Exploration
and
production
highlights from Mexico to the Southern
Cone regions of South America.
Midstream, downstream, seismic, mining
and metals, steel, electricity, power,
waste, technology and other updates.
UPDATES
Argentina
15
Bolivia
15
Brazil
15
Chile
15
Colombia
15
UPDATES
Central America
9
Mexico
9
Other International
9
Other Caribbean
9
Trinidad & Tobago
9
Falklands
Source:
BOLIVIA OUTPUT
COLOMBIA OUTPUT
17
52 Monthly production trackers
Peru
M&A TRACKER
17
53-54 M&A and Divestitures
Venezuela
RIG DATA BOARD
17
55
International rotary rig counts –
Tables by nation
PIPELINES
Conteudo.
Paraguay
45
ship,
BRAZIL OUTPUT
39
South American
Gas Pipelines
Petrobras
Petrobras.
Natuaral
56
International rotary rig counts –
Graphs of key nations
4
EVENTS
LATINPETROLEUM
URL: www.oilandgascolombia.com
TM
LATINPETROLEUM
The material and data in the
LATINPETROLEUM Magazine have
been compiled from a number of sources
by LATINPETROLEUM and for the
sole use of electronic magazine
subscribers.
TM
LATINPETROLEUM
magazine
is
published
monthly
by
LATINPETROLEUM
INC.
In
LATINPETROLEUM
Venezuela,
magazine is published under the name
EDITORES LATINPETROLEUM C.A.
LATINPETROLEUM believes the data
found in the LATINPETROLEUM
Magazine to be accurate and its sources
reliable, but does not warrant the
accuracy and the information herein.
Reproduction of this newsletter in whole,
or in part, without prior consent of LP is
prohibited. Federal copyright law
prohibits unauthorized reproduction by
any means and imposes fines up to
US$100,000 for violations.
Publisher
Pietro Donatello Pitts, Editor-in-Chief
Contact: (USA)
LATINPETROLEUM Inc.
P.O. Box 940775
Houston, Texas 77094
Tel.: 1.281.733.5158
Copyright
©
2001-2006
LATINPETROLEUM. All rights
reserved. Reproduction in whole or in
part of any text, photograph, or
illustration without permission from the
publishers is strictly prohibited.
NATIONAL OIL COMPANIES –
OPPORTUNITIES AND
CHALLENGES FOR NOCS, IOCS
AND SERVICE COMPANIES
Date: Dec.4-8.2006
City: London, UK
Venue: The Athenaeum, Piccadilly
Organizer: CWC School for Energy
Contact: Victoria Jolly
Tel: +44.20.7978.0074
Fax: +44 20 7978 0099
BRAZIL TRADE & INVESTMENT
Email: [email protected]
Date: Nov.23-24.2006
City: London, England
Venue: One Whitehall Place, London
Contact: Jonathan Shepherd
Official Media Partner: LatinPetroleum
E-mail: [email protected]
DEEP OFFSHORE TECHNOLOGY
(DOT) INTERNATIONAL
CONFERENCE & EXHIBITION
Contact: (Latin America)
EDITORES LATINPETROLEUM,
C.A.
Avenida Mis Encantos
Edificio Victoria
Oficina 5
Caracas 1060 (Chacao) – Venezuela
Tel.: 58.0212.267.5837
Cel.: 58.0416.403.8945
[email protected]
URL: www.latinpetroleum.com
Date: Nov.28-30.2006
City: Houston, Texas (USA)
Venue: The George R. Brown
Convention Center
Organizers: PennWell
ETHANOL AMERICAS FINANCE &
INVESTMENT
Date: Dec.5-6.2006
City: New York City (USA)
Venue: The Doubletree, Times Square
Contact: Sheryl Paul
Tel: +44.0.20.7779.8999
Tel: +1.212.224.3570 (US)
URL: www.biofuelconferences.com
URL: www.deepoffshoretechnology.com
Editorial/Comments
Pietro Donatello Pitts, Editor-in-Chief
ETHANOL SUMMIT 2006
Piero Stewart, Contributing Reporter
Jose Orozco, Contributing Reporter
Fidencio Casillas, Contributing Reporter
Advertising/Marketing
Marketing Department
[email protected]
Date: Nov.30.2006-Dec.1.2006
City: Houston, Texas USA
Venue: The Westin Oaks
Organizer: Intertech-Pira
Contact: Christine Groff, Conference
Director
Translations/Editing
Carlene Williams, Proofreader
Contributing Reporter
Tel: 1.207.781.9617
Fax: 1.207.781.2150
and
6TH ANNUAL ENERGY CARIBBEAN
2006
Date: Dec.4-5.2006,
City: Port of Spain, Trinidad
Venue: Hilton Trinidad
URL: www.ibcenergy.com/eq1158
Design/Pagination
Daniel Torres
URL: http://www.intertechusa.com
THE GLOBAL OIL & GAS
EDUCATION AND TRAINING
EVENT
Venezuelan RIF.: J-31464958-2
Venezuelan NIT.: 0493462636
II COLOMBIA OIL & GAS
INVESTMENT CONFERENCE
Date: Mar.26-28.2007
City: Dubai, UAE
Venue: JW Marriot
Organizer: Getenergy
Copyright © 2001-6 LAPA. All rights reserved.
Date: Dec.3-5.2006
City: Cartagena, Colombia
Venue: TBA
Organizer: Colombia’s Hydrocarbon
Agency (ANH)
URL: www.getenergy.org
5
ADVERTISEMENT
6
HEARD ON THE
STREET
BOLIVIA. The President of Petróleo
Brasileiro (Petrobras), José Sergio
Gabrielli, announced that his company
would commence exploration activities at
the Ingre, Irenda and Río Hondo blocks
located north of La Paz sometime in 2007.
Gabrielli revealed neither exact dates nor
financial details.
LATINPETROLEUM
Corporate Sponsors
Canales also announced the production of
crude oil in Mexico is expected to
average 3.23 million barrels per day
(MMb/d) in 2006, down on average
60,000-70,000 barrels per day (b/d)
compared to 2005 levels.
VENEZUELA. Chevron Corporation
reported crude oil production from
Venezuela is expected to decline by
90,000 b/d during the 4Q:06 due to the
incorporation of a new production
sharing agreement with the Venezuelan
government, according to Irene Melitas,
Manager of Investor Relations during an
analyst conference on October 27, 2006.
VENEZUELA. The collective contract
for Venezuela’s petroleum sector workers
will be disputed after the presidential
elections, according Casto Vecino, the
spokesperson for the nation’s Federation
of Petroleum Workers or ‘la Federación
de Trabajadores Petroleros, Químicos y
sus Similares’ (Fedepetrol by its Spanish
abbreviation).
Eudis Girot, the Finance Secretary for
Fedepetrol’s
Anzoátegui
chapter,
announced that PDVSA had released a
provision to name the Negotiating
Commission that would represent the
workers’ unions and federations in order
to establish the proposals for the
collective contract that will be proposed
to the Board of Directors of PDVSA.
VENEZUELA. Employees at PDVSA
have reported more than 8,000 irregular
income streams via the company’s
anonymous compliant system.
Join the Team!
Contact LatinPetroleum for more
details.
MEXICO. Mexico’s Energy Secretary,
Fernando Canales, announced that Mexico
would not reduce its production of crude oil
in line with the most recent cut as
announced by the Organization of
Petroleum Exporting Countries (OPEC).
“There will be no changes. We maintain the
same position as regards reducing our
production,”
according
to
SENER
statements.
The submissions were made by
employees through an anonymous system
whereby employees can file their
complaints without fear of being
reprimanded, according to Venezuela’s
daily newspaper, ‘El Universal.’
VENEZUELA.
PDVSA
reportedly
purchased 300,000 barrels of gasoline on
the spot market from BP. Due to a
number of operational issues at its
refineries in Venezuela; the company was
forced to go to the spot market to
purchase gasoline for its October 15-17,
2006 shipment, according to operators in
the USA.
In October 2006, PDVSA had to close its
54,000 b/d catalytic cracking unit at its
‘El Palito’ refinery after a power failure.
Likewise, PDVSA has also had a number
of operational problems at its refinery in
Puerto La Cruz.
PDVSA is exporting on average about
100,000 b/d of gasoline, down from a peak
of some 200,000 b/d reached 2-3 years ago
as a result of continuous operating
problems at its refineries.
VENEZUELA.
PDVSA
anticipates
commencing a maintenance work stoppage
at its Cardón refinery in late-January 2007,
according to a director of the company.
The refinery processes 305,000 b/d of
crude oil. The scheduled maintenance and
work related to the enlargement of the
Catalytic Unit will require an estimated
investment of $365 million.
TOP FINANCIAL
DOMINICAN REPUBLIC. Electricity
Generator Itabo has issued $125 million in
bonds on the international market. The
corporate bonds will pay 10.875% APR
and interest will be paid every 6-months
beginning March 2007.
Fitch Ratings gave the bonds a “B-“rating
with a positive outlook and Standard &
Poor’s Rating Service (S&P) gave the
bonds a “B” rating also with a positive
outlook.
The Itabo facility is controlled by AES
Corporation which owns 50% of the
shares and the Dominican government
owns 49.97%. AES also controls Andres,
Dominican Power Providers and Los
Mina, in addition to Itabo.
DOMINICAN
REPUBLIC.
The
superintendent of the Dominican Republic
stock market, Haivanjoe NG Cortiñas,
proposed the privatization of the two
electric distributors, Edenorte and Edesur,
on the local stock market.
Cortiñas added that the small but local
stock
market
had
the
necessary
infrastructure to executive the trading of
the equity shares of both companies.
The DR stock market has approved public
offerings totaling some RD$6,271 million
Domincan pesos ($185.8 million), of which
RD$2,720 million ($80.6 million) has been
realized.
Editor’s Note: RD$33.75 Domincan peso =
US$1 dollar.
7
ENERGY UPDATES
MEXICO
CENTRAL AMERICA,
THE CARIBBEAN,
THE USA,
AND OTHER INT’L
8
CENTRAL AMERICA
reiterated that it was still too early to make an accurate calculation of
the possible reserves the block contains.
PetroLatina suspends 1XD well in Guatemala
On October 26, 2006 Venezuela’s Minister of Energy and Mines
(MEP), Rafael Ramírez, announced that Statoil had discovered 7
trillion cubic feet (Tcf) of natural gas reserves offshore Venezuela in
the Deltana Platform, located just off the nation’s coastline.
GUATEMALA. Petrolatina Energy Plc announced its 1XD well in
Guatemala encountered four potentially hydrocarbon bearing zones,
the deepest of which was perforated and tested in October 2006.
Petrolatina previously stated that its operations in Guatemala have
proven extremely difficult and that the 1XD test results reflect this
with the well not producing at commercial levels as a result of an
apparent lack of energy in the reservoir.
Given this result, the company is suspending the well, while it carries
out further detailed geological studies on the Las Casas structure
within the 6-93 license.
PetroLatina’s owned service rig will now move to the A7-2005
license to carry out a work over of Atzam 2, which was originally
drilled in 1993. This work over is expected to be completed in
November 2006. – LatinPetroleum.com LP
MEXICO
Carstens: Mexico’s dependence to oil, a weakness
MEXICO CITY. Mexico should reduce its dependence on crude oil
revenues and make adjustments to the Federal Budget to make better
use of the revenues, according to Augustine Carstens, the new
economic coordinator for Mexico’s president elect.
“Statoil has confirmed initial findings from the well drilled offshore
Venezuela in the Deltana Platform,” announced the company’s
spokesperson, Rannveig Stangeland. “The drilling operations are still
going on so it is still too early to make an estimate of the natural gas
reserves. We expect to finish drilling the well sometime in November
2006.”
Block 4
The Cocuina 2X exploratory well is the second of a three wells
commitment by Statoil in Block 4. In 2006, Statoil drilled its first
well, the Ballena 1X; however, due to high pressures the company
was forced to abandon the well. The Deltana Platform contains an
estimated 31.2 trillion cubic feet (Tcf) of natural gas reserves.
Partners in Block 4 offshore include Statoil (Operator, WI 51%) and
Total (49% WI). – LatinPetroleum.com LP
TRINIDAD & TOBAGO
Challenger Energy to spud well in January 2007
Carstens resigned on October 16, 2006 from his position as Assistant
Manager to the International Monetary Fund (IMF) on the same
day that he was introduced as Mexico’s new economic coordinator by
president elect, Felipe Calderón.
PORT OF SPAIN. Challenger Energy Corporation of Calgary,
Alberta, Canada – in preparation for drilling offshore Trinidad in
January 2007 to be undertaking with Canadian Superior Energy
Inc. – announced it has prepaid and invested Cdn$10.1 million as of
September 30, 2006.
In an interview televised by Televisa, Carstens announced that
Mexico’s vulnerabilities related to the nation’s high dependence on
revenues generated from selling crude oil. These revenues represent
around 33% of Mexico’s fiscal budget, according to Carstens.
Challenger’s business objective for the next 6 months is to continue
to fund its obligations under the participation agreement entered into
with Canadian Superior Energy Inc. in November 2004.
“In the past three years Mexico has benefitted from high crude oil
prices which have generated an inertia related to public spending and
expenses,” according to Carstens. “This dependence is like a
speeding car that hopefully we will not have to stop when the price of
oil declines.”
“What would be important for Mexico to do while oil prices are high
would be to look for alternative revenues so that when oil prices do
decline we do not have a crisis,” added Carstens.
Carstens also said that Mexico needs to diversify its public spending
so that it is more efficient.
“What Mexico needs to do is streamline is expenses and make more
efficient use of its public spending,” added Carstens. “With the same
resources we can definitely do more.” – LatinPetroleum.com LP
OTHER INTERNATIONAL
Statoil confirms initial gas discovery offshore Venezuela
NORWAY. On October 27, 2006 Norway’s Statoil confirmed that
the Cocuina 2X exploratory well drilled offshore Venezuela in Block
4 of the Deltana Platform discovered natural gas. However,
spokespersons from the company’s headquarters in Olso, Norway
During the nine months ended September 30, 2006 Challenger
exercised its right to participate in the Participation Agreement in
respect to Block 5(c), Trinidad and Tobago. Challenger has funded
Cdn$10.1 million ($8.9 million) in respect of obligations under the
Participation Agreement as of September 30, 2006.
Pursuant to the Participation Agreement, Challenger has the right to
earn a 25% interest in Canadian Superior’s Block 5(c) revenue share
by helping Canadian Superior fund exploration and development of
land designated as “Block 5(c)” located offshore Trinidad and
Tobago.
In order to fully earn its revenue share in Block 5(c), Challenger is
required to pay 33.33% of the initial costs and expenses paid by
Canadian Superior relating to the initial wells and initial work
program prescribed by the production-sharing contract.
Liquidity
As at September 30, 2006 Challenger had cash of Cdn$8.3 million
and working capital of Cdn$8.2 million. Since inception, the majority
of Challenger’s expenses have been paid out of working capital.
Challenger intends to finance its activities in 2006 primarily through
the existing cash resources which it currently expects to be sufficient
to fund budgeted Trinidad and Tobago capital expenditures in 2006
and in the first quarter of 2007. – LatinPetroleum.com LP
9
10
ENERGY PANORAMA
UPSTREAM
DOWNSTREAM
MIDSTREAM
ET AL
11
Note: All figures are in US dollars unless stated
differently.
ARGENTINA
Trefoil Ltd. announced the completion and
initial test results of two confirmation wells
drilled in the recently discovered play A in
the Puesto Pozo Cercado License in
Mendoza, Argentina.
The PPC-1007 and PPC-1008 wells drilled
with an offset of approximately 400 meters
from the discovery well, PPC-1002x, and to
a depth of 3,350 meters.
They initially produced 700 b/d from well
PPC-1007 and 800 b/d from well PPC1008, both yielding light (34-degree API),
sweet (no sulfur content) crude oil and no
water production at this stage.
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The demand for energy in Argentina has
been increasing of late along with the
recovery of the economy and the
subsequent economic growth.
Still investments in the nation’s energy
sector tend to lag due in part to nearfrozen tariffs.
Each plant will provide an estimated 800
megawatts of energy to the Timbues
plant in the San Lorenzo district of Santa
Fe, and the Manuel Belgrano plant in the
town of Campana in the Buenos Aires
province.
BOLIVIA
The counselor from the Venezuelan
embassy in Bolivia, Luis Oblitas,
announced that Venezuela would open a
commercial office in Santa Cruz with the
goal of promoting bilateral relations and
economic activities between Venezuela
and Bolivia.
“We are opening one commercial office
in Santa Cruz due to the importance of
the city,” according to Oblitas. “This will
allow us to better analyze the commercial
aspects of the region.”
Oblitas added that the office would also
serve to analyze the economic
interchanges between Venezuela and
Bolivia as their relations develop.
CHILE
Hydro-Austral signed a contract with
the Chilean government whereby the
company agreed to invest $80 million in
hydro-electric activities in the Southern
Cone nation.
US $125 Per Year
Siemens was awarded a contract to
construct two thermoelectric plants at a cost
of nearly $1 billion by the Argentine
government. France’s Alstom and Japan’s
Mitsubishi also took part in the bidding
process.
The two plants are expected to be
completed and operational by April 2009
and will provide an additional 10% of
electricity supply.
Hydro-Austral, owned by Italy’s Hidro
Energía Italiana y Scotta and Chile’s
Unifrutti, plans to construct 15 main
passing stations in the Los Lagos Region
of Chile which will add another 65
megawatts of power to the SIC.
Hydro-Austral expects that three (3) of
the stations will be ready by year-end
2007 and the remaining 12 by year-end
2008.
Hydro-Austral is also analyzing some 40
mini hydraulic projects in the nation,
according to Chile’s daily newspaper, ‘El
Mercurio.’
DOMINICAN REP.
The Industry and Commerce Secretary of
the Dominican Republic announced that
the price for the nation’s regular diesel fuel
rose by RD$1.70 per gallon to RD$96.90
per gallon ($2.87/gallon).
However, the price of premium and regular
gas fell by RD$0.53 per gallon. A gallon of
premium
gasoline
now
cost
RD$126.90/gallon ($3.76/gallon) while the
regular gasoline cost RD$115.10/gallon
($3.41/gallon).
The price of subsidized LPG for domestic
use as well as for use by vehicles remains
at RD$43.24/gallon ($1.28/gallon) while
the non-subsidized LPG price for
commerce
and
industrial
use
is
RD$65.11/gallon ($1.93/gallon).
Editor’s Note: RD$33.75 Domincan peso =
US$1 dollar
PERU
The Norwegian oil company, Interoil
Exploration
Production,
made
a
hydrocarbon discovery off the northestern
coast of Peru, according to its Peruvian
subsidiary, Río Bravo.
The well was located in the province of
Talara and is expected to come online in
November 2006 at a rate of 80 b/d of light
crude oil, according to Interoil.
“This is good news as it is an important
discovery in a new area and has good
expectations,” said Daniel Sheba, the
President of Peru’s state oil company,
Perupetro. Interoil announced it plans to
drill 10 wells in the northeastern regions of
Peru.
VENEZUELA
CARACAS. The Electricity Company of
Caroní or ‘Electrificación del Caroní’
(Edelca by its Spanish abbreviation), a
subsidiary of the Corporation Venezolana
de Guayana (CVG), announced it will
create a Security Unit with the goal of
optimizing its maintenance activities while
also preserving water and protecting the
environment.
Edelca Production Manager, Vicente
Centeno, announced that the Security Unit
would also be in charge of promoting
security norms at the company’s
installations as well as others throughout
Venezuela.
Edelca generates over 70% of Venezuela’s
electrical power.
12
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13
ENERGY UPDATES
SOUTH AMERICA
14
ARGENTINA
To buy or not to buy Bolivian and Venezuelan gas, that’s the
question?
Editor’s Blog, By Pietro Donatello Pitts.
BUENOS AIRES. There is no doubt that Brazil’s and Argentina’s
demand for natural gas will continue to increase in the future as both
nations have already announced plans to increase their demand for
the molecules over the near-term.
Over looking the present day issues related to Bolivia’s
Nationalization Decree which went into effect on May 1, 2006 the
Andean nation should continue to be a direct beneficiary from any
increases in natural gas demand that come from the Southern Cone
region.
Hydrocarbon rich Venezuela, with its 151 trillion cubic feet of
natural gas reserves, is also looking to jump on Bolivia’s natural gas
export bandwagon that is headed to the highly energy dependent
Southern Cone regions.
Combined, Venezuela and Bolivia have enough natural gas reserves
in the ground to supply nearly all of the current gas demand in Latin
America and the Caribbean and then some.
However, the geopolitical issues developing in Bolivia and
Venezuela point to the need of these same nations – Latin American
as well as other nations – to diversify their energy sources and
unfortunately away from these hydrocarbon-rich but volatile nations
due to current issues and others that may develop over the near-tomedium term.
Bolivia’s hydrocarbon sector is a mess at the moment due to the
uncertainties regarding the signing of new contracts in that nation.
These developments have all but reduced investments to a bare
minimum while for all practical purposes also derailing exploration
and production activities in that nation.
Venezuela’s hydrocarbon sector is in a much better situation,
depending on who you ask; however, the nation is not expected to
have natural gas available for the export markets until 2010 at the
earliest. To wit, Venezuela is still reporting a natural gas deficit in the
western parts of the nation. Likewise, the western and eastern regions
of the nation are still not connected through a natural gas pipeline
grid.
Chile, Argentina, and Brazil are already considering importing
liquefied natural gas (LNG) from far away nations. Mexico has even
talked of looking to Trinidad & Tobago for future LNG imports.
Unless Bolivia and Venezuela get their acts together quickly; the
energy dependent regions in their immediate vicinities, which are
looking elsewhere for their energy needs, might find better terms
(maybe not lower prices) and less volatile markets to satisfy their
demand for natural gas.
When one considers the bottom line (Net Income), maybe it is better
to look to Bolivia now and even Venezuela in the future for cheap
(again, depending on who you ask) natural gas. However, for the not
so faint of heart, maybe paying a higher price for natural gas to
guarantee its delivery is just what the doctor ordered. –
LatinPetroleum.com LP
BRAZIL
FMC to supply subsea system for Petrobras’ Mexilhao Field
RIO DE JANEIRO. FMC Technologies, Inc. announced that is has
been chosen to supply the subsea gas production system for
Petrobras’ Mexilhao field offshore Brazil. The project has a value of
approximately $122 million in revenue to FMC Technologies.
The scope of supply includes 6 subsea trees, 2 subsea manifolds with
multiplexed controls and related subsea systems. Field requirements
include a subsea system rated for 10,000 psi and high temperatures to
300 degrees Fahrenheit. Equipment for this project will be engineered
and manufactured at FMC Technologies’ facility in Rio de Janeiro.
Deliveries are slated for 2008.
“Petrobras’ selection of FMC Technologies for the Mexilhao project
reflects the strength of our relationship,” said Peter D. Kinnear,
President, FMC Technologies. “We are pleased to be chosen by
Petrobras to supply the systems for this gas production project.” –
CHILE
LNG Project Companies sign a Project Development Agreement
with BG
SANTIAGO. The pool of Chilean companies taking part in the
Liquefied Natural Gas (LNG) project in Quintero, ENAP, Endesa
Chile and Metrogas, and GNL Chile signed an agreement with BG
Group for establishing the business structure, identifying and
regulating the activities to be carried out and, most important,
defining the LNG supply terms and the storage and re-gasification
services.
The agreement includes the basic terms of the gas sale contracts and
the development of EPC (engineering procurement construction),
including the option for early supplies in order to advance the start-up
of the LNG complex. – LatinPetroleum.com LP
COLOMBIA
Gold Oil commits to phase two of the Nancy, Burdine and
Maxine fields
BOGOTA. Gold Oil, together with its partners in the Nancy, Burdine
and Maxine Licence, have advised Ecopetrol, the state oil company
in Colombia that they intend to proceed with the second phase of the
licence. A development work program and budget is being prepared
now for the re-entry of the Burdine 1, 4 and 5 wells.
The first phase was the re-entry of the Nancy 1 well which is now
producing at between 245 and 835 barrels of oil per day (b/d) of oil.
The average production over the first month to date that included
many shutdowns to tie in gas handling equipment was 485.6 b/d.
With increased confidence in the Nancy well, much of the onsite
rented equipment (such as pumps and tanks) is now being replaced
with purchased equipment. Gold Oil’s working interest is 40%. –
15
16
PARAGUAY
Chaco Resources awarded Canindeyu exploration block in
Paraguay
ASUNCION. Chaco Resources Plc announced that its subsidiary,
Bohemia SA, has received approval of its hydrocarbons application.
The Paraguayan Government has approved the company's application
for an exploration block over an area of 1,798,000 hectares in the
Parana basin in the southeast of Paraguay, known as the Canindeyu
block, and issued an Evaluation (Prospecting) permit for one year.
The approval states that Bohemia’s application meets current legal
and economic requirements and that the Government Executive has
adjudged them to be in order.
The Evaluation permit granted gives the company the right to initiate
the evaluation of the area for a period of one year.
This work will comprise the gathering, and reprocessing of the
historical data related to the block and the environmental licensing
required for field work, after which Chaco will enter the exploration
period that covers the following four years.
Further to the application the process for the concession of the
Exploration and Production (E&P) contract has been approved.
According to the Paraguayan Hydrocarbons law, the E&P contract
shall be submitted for ratification to the Paraguayan Congress once
executed by the Government Executive and Bohemia SA.
Once the E&P contract is executed, the company will allocate
approximately 0.9 million ordinary shares to the vendors of Bohemia,
in accordance with the Share Sale Agreement dated September 27,
2004.
A further 8.2 million shares will be allocated once the Congressional
ratification takes place. It is hoped that the entire process with respect
to this block will be completed before the end of the second quarter
of 2007.
Accoding to Chaco Technical Director, Graeme Stephens, “It is
exciting finally to acquire this block in an atmosphere of increasing
industry interest in hydrocarbon exploration in Paraguay.
The MOU envisages several phases of development with Gold Oil
having an option to participate in the petrochemical plant and MAN
Ferrostaal an option to participate in the upstream gas supply. –
VENEZUELA
Anadarko Petroleum scrutinizes possible divestiture of its
Venezuelan assets
CARACAS. Anadarko Petroleum’s operations in Venezuela have
been governed by an Operating Service Agreement (OSA) that was
entered into in November 1993 with an affiliate of Petroleos de
Venezuela, S.A. (PDVSA), the national oil company of Venezuela.
Anadarko and its partner in the OSA, Petrobras Energia Venezuela
(Petrobras), have conducted their OSA operations via a Venezuelan
joint venture in which Petrobras acts as operator.
In 2005, the Venezuelan Ministry of Energy and Petroleum (MEP)
announced that all OSAs concluded by PDVSA between 1992 and
1997 were subject to renegotiation.
On March 31, 2006 Anadarko executed a Memorandum of
Understanding (MOU) with Corporación Venezolana del Petróleo,
S.A. (CVP), an affiliate of PDVSA, PDVSA and Petrobras, under
which the parties agreed to convert the OSA to a new company in
which CVP and PDVSA will have a 60% interest, Petrobras will have
a 22% interest, and Anadarko will have an 18% interest.
The final contracts covered by the MOU have been approved by
Venezuela’s National Assembly.
In October 2006, Anadarko, CVP and Petrobras executed the relevant
contracts creating the aforementioned interests in the new company
while terminating the OSA.
During the first nine months of 2006, Anadarko paid approximately
$7 million of Venezuela tax related to an assessment by SENIAT, the
Venezuela national tax authority, which included an increase in
corporate income tax rates (67.7% for 2001 and 50% for 2002-2004)
and approximately $4 million of interest and penalties related to
SENIAT’s tax assessment.
With the termination of the OSA and the new interest of 18% in the
new company, Anadarko will change its accounting method for this
interest to the equity method in the fourth quarter 2006.
The block sits adjacent to the gas productive Brazilian side of the
Parana Basin and contains the same stratigraphy. We look forward to
evaluating this very large area which, at 4.5 million acres, covers an
area equivalent to over 200 average North Sea Blocks.” –
Because of the change in accounting method and a related change in
impairment test used, Anadarko believes it is likely a partial
impairment of its investment will be incurred in the fourth quarter of
2006.
PERU
The Company is still analyzing the need for impairment and is
currently unable to determine the extent of such loss.
Gold Oil extends MOU with MAN Ferrostaal for petrochemical
plant in Peru
With respect to these assets, Anadarko is currently analyzing its
options, including a possible sale. For the nine-months ended
September 30, 2006 approximately 1% of Anadarko’s income from
continuing operations before income taxes and less than 1% of
Anadarko’s total assets were associated with operations located in
Venezuela. – LatinPetroleum.com LP
LIMA. Gold Oil signed a second extension of one year to its existing
Memorandum of Understanding (MOU) with MAN Ferrostaal of
Essen, Germany to evaluate the feasibility of developing a
petrochemical plant in Northern Peru.
Under the terms of the MOU, MAN Ferrostaal is responsible for
evaluating the petrochemical plant and Gold Oil is responsible for
evaluating the gas supplies and pipeline transportation options.
17
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venezuela - LatinPetroleum.com

Transcription

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