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Friday, January 15, 2010
Today's News Headlines
* Copec to invest US$700mn in 2010, signs deal with Enap - Chile
* Minister confirms Petrobras' interest in Galp - Brazil
* PRD senator presents bill to limit LPG, gasoline, diesel prices in 2010 - Mexico
* Gate to provide project engineering for Angostura - Trinidad & Tobago
* Azabache begins seismic program - Colombia
* Wood Group to provide ESPs for Pacific Rubiales - Colombia
* Alange hits 6,030boe/d of gross production - Colombia
* Petroperú, Técnicas Reunidas to sign Talara contract this month - Peru
* Petrobras finds signs of gas in Recôncavo basin - Brazil
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* Copec to invest US$700mn in 2010, signs deal with Enap - Chile
Chilean fuel distributer Copec, one of the largest conglomerates in the country, will invest US$700mn in 2010 and aims to consolidate acquisitions made last year, the company's managing director Lorenzo Gazmuri said at a press conference.
Referring to the company's fuel businesses, Gazmuri said the investment would be directed to its main sales channels including service stations, industrial clients and its logistical network.
Copec has also finalized a long awaited contract with Chile's state oil company Enap, Gazmuri told BNamericas. Copec and Enap signed the one-year deal on January 14, the companies said in a joint statement.
Negotiations between Enap and two of the largest Chilean distributors, Copec and Shell, were expected to be finalized in 2009 but have seen delays for the past five months.
The other principal distributors, Terpel and Petrobras, have already signed agreements with Enap.
Enap, which purchases crude from abroad at market prices and then refines it, is seeking to offload some price risk onto the distributors with longer term contracts. The new model could entail cheaper prices for the distributors but would entail greater investments on their part in the supply chain.
Details on the exact nature of the contract were not released.
Together, Copec and Shell hold 80% of the retail fuel market, Copec's holding of 60% alone is supported by its 630 service stations throughout the country.
Copec is also making plans to increase its activities in Chile's biofuels industry, according to Gazmuri.
By Michael Lagiglia
Business News Americas
* Minister confirms Petrobras' interest in Galp - Brazil
Brazil's mines and energy minister Edison Lobão confirmed the interest of Brazil's federal energy giant Petrobras (NYSE: PBR) in acquiring a stake in Portuguese oil major Galp, a spokesperson for the ministry told BNamericas, confirming earlier reports.
"The minister confirmed that he has participated in talks between the two companies. But so far there are only talks about a possible stake acquisition," the spokesperson said.
According to Brazilian and Portuguese media reports, Petrobras is aiming to buy Italian major Eni's 33.34% stake in Galp.
Talks were resumed in late 2009 after being broken off in early 2006, according to reports.
The acquisition would give Petrobras access to European refining, distribution and utility markets. Galp also has significant stakes in new projects set for Venezuela.
Petrobras was not available for comment on the subject when contacted by BNamericas.
By João Carvalho
Business News Americas
* PRD senator presents bill to limit LPG, gasoline, diesel prices in 2010 - Mexico
Carlos Navarrete, the president of Mexico's senate and coordinator of leftist PRD party, presented a reform bill to congress' permanent commission that would establish limits for the price of LPG, gasoline and diesel in 2010, according to a transcript.
Navarrete expressed concerns that the increase in fuel prices recently announced by the federal government will cause inflation and hurt Mexican citizens.
The bill would call for energy ministry Sener, with the support of energy regulator CRE, to establish the methodology to determine a maximum LPG price of 8.03 pesos (US$0.63) per kilogram before the value added tax.
After tax, the maximum price for Magna gasoline would be 7.72 pesos per liter, premium gasoline 9.18 pesos per liter, and diesel 8.08 pesos per liter.
The permanent commission convenes when congress is out of session.
By Business News Americas staff reporters
* Gate to provide project engineering for Angostura - Trinidad & Tobago
Technology and engineering firm Gate has been selected by BHP Billiton (NYSE: NHP) to provide specialized project engineering for the Angostura gas export platform project, 22 miles (35km) off the coast of Trinidad.
The scope of Gate's work will include the development of initial startup plans and procedures to safely and efficiently bring into operation all equipment and systems that have not been operated before, Gate said in a statement.
Work will include everything from the initial ramp-up of the production wells to the startup of the topsides equipment and will maximize the amount of subsurface information obtained during this period.
"Gate's work will help meet first-oil targets and reach maximum steady-state production as soon as possible without jeopardizing any of the project's assets," Gate's startup manager Jorge Garduño said.
BHP's Greater Angostura Development is located in block 2C offshore Trinidad & Tobago. The company operates several production platforms in the area in water depths ranging from 85-190f (25.9-57.9m).
By Business News Americas staff reporters
* Azabache begins seismic program - Colombia
Canadian oil junior Azabache Energy (TSX-V: AZA) has started a 2D seismic program to acquire 50km2 of data in Colombia, the company said in a statement.
The program is a requirement under a technical evaluation agreement and also forms part of the alliance between the company and Colombia-based firm Trayectoria Oil and Gas.
GeoEnergy, the seismic contractor, expects to complete the program by February 22. GeoEnergy is controlled by Trayectoria.
The company earlier in the month received approval to change its name to Azabache Energy from Argenta Oil & Gas and to consolidate its common shares on the basis of one new share for every five old shares.
By Business News Americas staff reporters
* Wood Group to provide ESPs for Pacific Rubiales - Colombia
Energy services firm Wood Group has been selected by Toronto-based oil firm Pacific Rubiales' (TSX: PRE) subsidiary Meta Petroleum to provide approximately 200 electric submersible pumps (ESPs), 30 variable speed drives and downhole sensors for use in the Rubiales field in Colombia.
The three-year, multi-million dollar contract includes provision, maintenance and servicing of the equipment, Wood Group said in a statement.
"The high efficiency ratings of our electric submersible pumps and low-harmonic variable speed drives will reduce Meta's potential energy consumption by up to 20% per pump," Wood Group president Gary Ford said. "The pumps, which will be the primary method of artificial lift in the Rubiales field, will enable Meta to significantly reduce its operating expenses and increase its production."
Pacific Rubiales owns 100% of Colombian oil company Meta Petroleum, which operates the Rubiales and Piriri oil fields in the Llanos basin.
By Business News Americas staff reporters
* Alange hits 6,030boe/d of gross production - Colombia
Canadian oil junior Alange Energy (TSX: ALE) saw gross production from its 12 blocks in Colombia end 2009 at 6,030boe/d, the company said in a statement.
Net working interest production to the company was 3,773boe/d at the end of 2009.
"This level represents a milestone in the young life of Alange Energy," company CEO Luis Giusti said in a statement. "It also holds the promise of sustained growth in 2010 and the years to come."
Due to production restrictions over the holiday period, Alange's current net working interest production is approximately 3,100boe/d, equivalent to a 76% increase from November 30, 2009, according to the statement.
Increasing production has been supported by the recent appraisal campaign in the Cubiro field and the Careto-6 well.
Careto-6 well, drilled as an appraisal well to explore the Carbonera C-7 formation, was stabilized at 1,128b/d of 31.2 degree API oil, according to the statement.
Well logs indicated 24ft (7.3m) of potential net oil pay in two intervals of C-7. The well was tested and completed in the upper zone, and the company plans to evaluate the additional pay interval at a later date.
By Business News Americas staff reporters
* Petroperú, Técnicas Reunidas to sign Talara contract this month - Peru
Peru's state oil company Petroperú and Spain's Técnicas Reunidas will sign the FEED-EPC contract for the modernization of the Talara refinery in Piura this month, according to state news agency Andina.
The project is slated to cost between US$1.2bn and US$1.3bn, although the final figure could be adjusted once engineering studies are complete.
Petroperú and local development bank Cofide last month signed an agreement for financial advisory services for the project.
The bank will help identify and evaluate different financing sources and structure financing for the project's FEED and EPC phases, Petroperú said in a previous statement.
The FEED phase will take until 2012 with the goal of putting into operation the overhauled refinery end-2015. The revamp aims to increase refinery capacity to 95,000b/d from 62,000b/d.
By Business News Americas staff reporters
* Petrobras finds signs of gas in Recôncavo basin - Brazil
Brazil's federal energy company Petrobras (NYSE: PBR) has discovered signs of gas at an onshore well in the Recôncavo basin, hydrocarbons regulator ANP reported.
The discovery was made on block CX at well 4BRSA779DBA. Petrobras is the operator of the block.
Petrobras is drilling with the Saipem rig to a final depth of 2,887m, according to a separate ANP filing.
The Brazilian company has not yet declared commerciality at the well.
Companies are obligated by law to inform ANP of any potential hydrocarbons discoveries. The routine notifications are not an indication of potential reserves or if commerciality could ever be declared.
By Business News Americas staff reporters
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In-deph interview
* PDVSA to face challenging 2010
Thomas O'Donnell
Fulbright scholar/analyst
New School University
Venezuela
http://www.bnamericas.com/interviews/oilandgas/Thomas_O*Donnell_,New_School_University,1/170073120
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Main companies covered in today's news
* Yacimientos Petrolíferos Fiscales Bolivianos
http://www.bnamericas.com/company-profile/en/Yacimientos_Petroliferos_Fiscales_Bolivianos-YPFB/170073120
* Pacific Rubiales Energy Corp.
http://www.bnamericas.com/company-profile/en/Pacific_Rubiales_Energy_Corp,-Pacific_Rubiales/170073120
* Braskem S.A.
http://www.bnamericas.com/company-profile/en/Braskem_S,A,-Braskem/170073120
* Agência Nacional do Petróleo, Gás Natural e Biocombustíveis
http://www.bnamericas.com/company-profile/en/Agencia_Nacional_do_Petroleo,_Gas_Natural_e_Biocombustiveis-ANP_,Brasil,/170073120
* BHP Billiton Petroleum (Trinidad 2C) Limited
http://www.bnamericas.com/company-profile/en/BHP_Billiton_Petroleum_,Trinidad_2C,_Limited-BHP_Billiton_T*T/170073120
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