Tag Archives: Integrated Oil & Gas (TRBC level 4)

UPDATE 1-Germany, Russia marks hydrogen cooperation | Instant News


* The German economy minister said gas imports were still needed

* Looking to build a hydrogen partnership with Russia

* Russia’s deputy prime minister agrees to take joint action

* Minister of Industry proposes German supply technology (Remodel, combine timeline, provide more details, excerpt from webcast)

FRANKFURT / MOSCOW, April 29 (Reuters) – Germany will need natural gas from Russia as a bridging technology as it moves to cleaner energy, but will also seek cooperation on its hydrogen strategy, German Economy Minister Peter Altmaier told a Russia-Germany conference. Thursday.

Altmaier said gas is needed because Germany is abandoning nuclear power and coal-fired power plants, but will seek to build an established fossil fuel partnership as it develops hydrogen from renewable sources as an alternative fuel.

“At the other end of the (gas) bridge there will be renewable energy and green hydrogen, which we can build together with Russia on a large commercial scale,” Altmaier said.

“Russia has very good preconditions for this partnership.”

Germany hopes to develop large-scale green hydrogen by sending renewable power from wind and sunlight via electrolysis to make synthetic fuels for the industrial, energy and transportation sectors.

The 9 billion euro ($ 10.90 billion) hydrogen promotion program launched last summer forecast huge import needs as the rollout of domestic production capacity will be hampered by land restrictions.

Russian speakers echo Altmaier’s statement.

Russian Deputy Prime Minister Alexander Novak told a webcast meeting that the two countries would benefit from intensive energy cooperation, including, on the Russian side, building a renewable energy and hydrogen value chain.

“We believe that (hydrogen) is one of the most promising sources of energy in the future,” he said.

“Germany will play an important role in promoting hydrogen energy in the European region. We hope for an alliance in that area, “he said.

Russia will also engage in digitization efforts to upgrade its energy systems with a view to closer integration with western partners, he said.

Russian Industry Minister Denis Manturov said he could set up a hydrogen cluster for production, and could develop transportation options under shared standards and metrics.

“We are counting on attracting your modern expertise with a conditional formula: green hydrogen in return for technology,” he said.

$ 1 = 0.8255 euros Reported by Vera Eckert in Frankfurt and Vladimir Soldatkin in Moscow, edited by Kirsti Knolle and Kim Coghill

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Petrobras Brasil sells a stake in the NTS gas pipeline network | Instant News


FILE PHOTO: The Petrobras logo is seen in front of the company’s headquarters in Sao Paulo 23 April 2015. REUTERS / Paulo Whitaker

RIO DE JANEIRO (Reuters) – Brazil’s state-owned oil company Petroleo Brasileiro SA has approved the sale of its remaining 10% stake in the NTS gas pipeline for 1.8 billion reais ($ 337 million) to Brookfield and Itausa SA, the company said in a statement. on Wednesday.

In 2016, an investment fund led by Canada’s Brookfield Asset Management Inc and Brazil’s Itausa SA purchased 90% of the more than 2,000 kilometers of pipeline from Petrobras for $ 5.2 billion.

The Brookfield Fund will now own 100% Nova Transportadora do Sudeste SA, as it is officially recognized by NTS.

Petrobras, as the Rio de Janeiro-based company is known, will receive 1.5 billion reais, the company said, after dividend payments and contract adjustments.

($ 1 = 5.3425 reais)

Reporting by Sabrina Valle; Edited by Christian Schmollinger & Shri Navaratnam

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Brazil sets new requirements for an auction of excess transfer rights | Instant News


SAO PAULO (Reuters) – Brazil on Tuesday outlined details of its next auction to offer oil producers rights to the Sepia and Atapu deepwater oil and gas blocks, in the pre-salt Santos basin, the National Council for Energy Policy (CNPE) said.

Under terms of the “transfer of rights surplus” auction, the Sepia sale will offer a signing bonus of $ 1.25 billion and an oil profit rate of 15.02%, CNPE said.

The Atapu block will be offered through a $ 700 million subscription bonus, and an oil profit rate of 5.89%, CNPE said in a statement.

CNPE said the auction should take place in December, a one month delay compared to previous estimates. The Sepia and Atapu regions were offered at auction in 2019, but did not receive bids.

Reporting by Roberto Samora; Edited by Leslie Adler

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THE EMERGING MARKET – the Peru Sol is sinking because of the most likely socialist presidency; Petrobras rallies | Instant News


    * Citi downgrades Peru to "market weight" 
    * Window for a recovery Colombian peso fading - JPM
    * New Petrobras CEO seeks to maintain previous pricing
policy 
    * Braskem jumps on M&A speculation
    * EM assets set for lift after choppy start to 2021 -
Blackrock

 (Updates prices)
    By Susan Mathew
    April 19 (Reuters) - Peru's sol posted its worst session in
five months on Monday after the first poll ahead of a June
presidential run-off election indicated a socialist win, while
most other Latin American currencies rallied as the dollar
declined sharply. 
    The sol lost 1% after Sunday poll from Ipsos Peru
showed Pedro Castillo, the surprise winner of the first round
vote earlier this month, in pole position to win the presidency
in June, showing him with 42% support against 31% for right-wing
rival Keiko Fujimori.
    "Fujimori's path to bridge the gap will not be easy due to
her high rejection rate. We believe this opens the space for
further negative repricing in Peruvian assets," said strategists
at Citi Research. 
    "We move Peru back to market weight."
    Colombia's peso fell after three straight days of
gains. Ratings agency Fitch on Monday said Colombia's $6.4
billion tax reform, sent to Congress last week, is key for the
country's bonds to retain investment grade.
    "Our concern is that the window for a COP recovery is fading
as the debate domestically switches to fiscal reform, amid
investor concerns over the country's twin deficits," analysts at
JPMorgan said in a note. 
    "If anything, risks are skewed toward the reform being
watered down over the coming month, which will present another
headwind for COP outperformance." 
    As the greenback decline against most rivals,
Brazil's real gained for a fifth straight session
- its longest winning streak in almost a year, while Mexico's
peso notched three-month highs.
    Data on Monday showed Mexico's economy shrank by more than
2% in March, but analysts expect a rebound in subsequent
months. 
    As copper scaled decade highs, top producer Chile's peso
 tacked on 0.4%. Rising copper prices have made Chile's
currency one the best performing Latam units so far this year,
up 1.6% compared to a 6.4% drop for Brazil's real.
    The BlackRock Investment Institute said on Monday the
economic restart, stabilising U.S. Treasury yields and
relatively cheap valuations will boost EM assets after a choppy
start to 2021.
    With Wall Street's main indexes declining, most Latam
bourses fell with Brazil's Bovespa stocks index breaking
a five-day winning streak.
    But oil major Petrobras jumped 6% after its new
chief executive said he sought to maintain policies of the
previous administration, including pricing policy, which
generally won market plaudits.
    Brazilian petrochemical producer Braskem rallied
4.7% on speculation of a potential sale of the company.

    
    Key Latin American stock indexes and currencies:
  Stock indexes           Latest   Daily %
                                   change
 MSCI Emerging Markets    1349.04     0.03
                                   
 MSCI LatAm               2410.11     0.21
                                   
 Brazil Bovespa         120863.38    -0.21
                                   
 Mexico IPC              48152.41    -1.18
                                   
 Chile IPSA               4985.67    -0.05
                                   
 Argentina MerVal        47955.24     0.61
                                   
 Colombia COLCAP          1311.36    -0.43
                                   
                                          
      Currencies          Latest   Daily %
                                   change
 Brazil real               5.5554     0.53
                                   
 Mexico peso              19.8387     0.38
                                   
 Chile peso                 699.4     0.64
                                   
 Colombia peso               3625    -0.64
                                   
 Peru sol                  3.6718    -1.06
                                   
 Argentina peso           92.9200    -0.12
 (interbank)                       
                                   
 

 (Reporting by Susan Mathew and Ambar Warrick in Bengaluru;
editing by Jonathan Oatis and Alistair Bell)
  

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Shareholders in Brazil’s Petrobras paved the way for a new CEO in a messy meeting | Instant News


RIO DE JANEIRO (Reuters) – Shareholders in Brazil’s Petrobras voted on Monday to remove Roberto Castello Branco as CEO, and elect his government-chosen successor to the board of directors, but dissatisfaction among some investors threatens to delay the transition process.

FILE PHOTOS: Roberto Castello Branco, chief executive of Petroleo Brasileiro SA, attending a press conference in Rio de Janeiro, Brazil February 28, 2019. REUTERS / Sergio Moraes / File Photo

The dismissal of Castello Branco, although widely expected, is an important step in the government’s plan to place Joaquim Silva e Luna, a retired army general with no oil and gas experience, in charge of state-controlled oil producers.

Shareholders also elect eight people to serve on the board of directors, one of whom will represent non-government shareholders. A rejigged board of seven representing the government – the company’s majority shareholder -, three representing market investors and one representing Petrobras employees, the same configuration as the previous company board.

Three members cannot be re-elected and are automatically retained, bringing the total number of board members to 11.

Castello Branco became CEO in January 2019 and won market praise for selling billions of dollars in non-core assets and sharpening Petrobras’ focus on deep sea oil production.

Brazilian President Jair Bolsonaro said in February that he was firing a University of Chicago graduate executive amid a dispute over fuel prices. Castello Branco will remain as caretaker until Monday afternoon.

Bolsonaro chose Luna to lead Petroleo Brasileiro SA, the company’s official title. The career soldier will be selected as chief executive by the new board of directors.

In the securities filing released after the meeting, Petrobras said Board Chairman Eduardo Leal Ferreira had appointed Carlos Alberto Pereira de Oliveira, head of the company’s upstream division, as interim CEO until Luna’s appointment was inaugurated.

COMPLICATIONS

The night was not without drama.

At the start of the trial, Marcelo Gasparino, who was elected as the non-government representative at night, called for the meeting to be postponed due to alleged inconsistencies in the separate preliminary vote counts published by the company prior to the meeting. .

In a LinkedIn post, he said if he was elected he would then resign, a move that could provoke another shareholder meeting under Brazil’s securities law, effectively starting the board selection process from scratch.

The rules governing shareholder meetings in Brazil can be Byzantine, even when they are held in person. Various groups of investors have complained about the complicated rules governing Petrobras shareholder meetings.

The company did not immediately respond to a request for comment on Monday evening.

In his post, Gasparino, the newly elected board member, said he would not step down until the board elects a new CEO, meaning Luna’s official appointment to the top seat is still possible in a short time.

In addition, one of the government-appointed board members, Marcio Weber, was elected even after the Petrobras committee recommended on Friday that he not be given a seat on the board citing conflicts of interest because he was an executive until 2020 of a company. who provide services to Petrobras.

It was impossible to reach Weber immediately on Monday night.

Reporting by Gram Slatery and Marta Nogueira; Additional reporting by Sabrina Valle in Rio de Janeiro and Paula Laier in Sao Paulo; Edited by Will Dunham, Peter Cooney and Karishma Singh

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