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Tuesday, January 19, 2010
Today's News Headlines
* LNG project deadline extended to next month - Jamaica
* Roundup: Ethanol, FDI, E&P oversight - Regional
* Recope spending US$30mn to up storage capacity - Costa Rica
* S&P assigns mxAAA rating to proposed Pemex bonds worth US$947mn - Mexico
* Petrobras finds new signs of oil in Amazon region - Brazil
* Petrobras signs biogas purchase contract with Gás Verde - Brazil
* December production reaches 734,000b/d - Colombia
* InterOil 2010 South America capex reaches US$40mn - Colombia, Peru
* IN BRIEF ANH hands out US$187mn in royalties - Colombia
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* LNG project deadline extended to next month - Jamaica
The deadline to submit proposals to state-run Petroleum Corporation of Jamaica for a floating LNG project has been pushed back to February 15, the energy ministry's permanent secretary office told BNamericas.
The original deadline to finance, build and operate the floating storage and regasification platform had been January 5.
Potential bidders include Korea Gas-Samsung, Hoegh LNG, BW Gas and Exmar, according to previous press reports.
The project will cost an estimated US$400mn and take 2-2.5 years to complete.
Potential LNG suppliers include Trinidad & Tobago, Venezuela, Colombia, Brazil, Algeria and Qatar, BNamericas reported previously.
By David Casallas
Business News Americas
* Roundup: Ethanol, FDI, E&P oversight - Regional
Suriname's state oil company Staatsolie announced it expects results of sugar levels of potential feedstock sources for ethanol production to be ready in seven months.
The plan is to cultivate an area of 12,600ha to produce the biofuel, according to a company report.
The project is part of Staatsolie's 2020 vision that includes diversifying the downstream product portfolio and producing high quality products.
***
In the first half of 2009, FDI in Bolivia's hydrocarbons E&P sector fell 8.08% to US$159mn compared to 1H08, according to the country's statistics bureau INE.
In the first six months of last year, the E&P sector represented 49.2% of total FDI, which slid 40.2% to US$324mn.
***
Peru's energy and mining investment regulator Osinergmin in 2009 fined sector companies some 80mn soles (US$27.8mn), according to agency head Alfredo Dammert.
The amount is similar to that of 2008, state news agency Andina quoted Dammert as saying.
Also from Peru, the energy and mines ministry's energy environmental affairs department last year approved 301 environmental studies and instruments, of which 276 were in the hydrocarbons sector. Another 141 environmental impact declarations and 57 environmental management plans were approved in the hydrocarbons sector.
***
And Paraguay's lower house reported the energy and mines committee will request an update of E&P operations from companies and the mines department.
By Business News Americas staff reporters
* Recope spending US$30mn to up storage capacity - Costa Rica
Costa Rica's state refiner Recope announced it has allocated 16.3bn colones (US$30mn) to increase fuel storage by 550,000b to 3.95Mb.
Projects include the revamp of the company's LPG system that includes five storage spheres and six horizontal tanks, each sphere and tank capable of holding 25,000b and 1,500b, respectively.
The goal is to select a developer this year, Recope said in a statement.
Meanwhile, construction of two, 25,000b crude storage tanks at the refiner's Moín complex will wrap up this year, and work on a 100,000b diesel tank also at Moín is due to reach 25% completion.
At Barranca, two 50,000b tanks are slated to be completed by year-end; and work is underway on two 25,000b jet fuel tanks at Barranca, two 35,000b 91 octane gasoline tanks at El Alto and four 50,000b (two diesel, two gasoline) tanks at La Garita.
By Business News Americas staff reporters
* S&P assigns mxAAA rating to proposed Pemex bonds worth US$947mn - Mexico
Ratings agency Standard & Poor's (S&P) assigned its mxAAA rating to three proposed long-term bond issues by Mexico's state oil company Pemex, the former company said in a statement to the local stock exchange.
The issues would be for a maximum of 12bn pesos (US$947mn).
Pemex would use the resources to refinance existing liabilities, operating expenses, and financing of investment activities, the statement said.
The ratings reflect the state giant's oil and gas reserves, its monopoly position and the company's role in the country's energy sector.
However, Pemex's profile is impacted by reduced output, pension payments and the substantial amount of income transferred to the government, among other factors, S&P said.
For S&P's report, in Spanish, go to this link (http://www.bmv.com.mx/eventoca/eventoca_183_1263580320000.html)
By Business News Americas staff reporters
* Petrobras finds new signs of oil in Amazon region - Brazil
Brazil' federal energy company Petrobras (NYSE: PBR) has discovered signs of oil at an onshore well in the Amazon region, hydrocarbons regulator ANP reported.
The discovery was made on block SOL-T-171 in the Solimões basin at well 1BRSA769AM.
Petrobras is the operator of the block with a 100% stake.
Petrobras is drilling with the QG-03 rig to a final depth of 3,342m, 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
* Petrobras signs biogas purchase contract with Gás Verde - Brazil
Brazilian federal energy company Petrobras (NYSE: PBR) has signed a contract with biofuel firm Gás Verde to purchase biogas.
In a statement, Petrobras said the biogas will be produced at the Novo Gramacho waste-to-power plant in Rio de Janeiro.
The volume of gas to be bought by Petrobras was not disclosed.
Novo Gramacho processes methane emitted from the Gramacho landfill, where 2.4Mt of urban waste has been buried annually for the last 30 years.
The plant has the capacity to produce 170Mm3/y of biogas.
By Business News Americas staff reporters
* December production reaches 734,000b/d - Colombia
Oil production in Colombia last month reached 734,000b/d compared to 725,000b/d in November and 594,000b/d in December 2008, according to statistics from hydrocarbons regulator ANH.
Oil output in 2009 averaged 670,000b/d compared to 588,000b/d in 2008.
Production is expected to reach 800,000b/d in 2010 and 1Mb/d by 2015, ANH director Armando Zamora previously told BNamericas.
Natural gas production was unchanged from November and averaged 1.07Bf3/d (31.5Mm3/d) in December. Natural gas production in December 2008 averaged 823Mf3/d.
Natural gas output in 2009 averaged 1.01Bf3/d compared to 874Mf3/d in 2008.
By Business News Americas staff reporters
* InterOil 2010 South America capex reaches US$40mn - Colombia, Peru
Norwegian firm InterOil Exploration & Production's capex this year for Colombia and Peru totals US$40mn, according to a company presentation.
Funds will go to the drilling of seven wells in Colombia and 17 in Peru, as well as maintenance, workovers and enhanced oil recovery. Some US$4.5mn will be spent on the Altair exploration license in Peru.
The goal is to produce a combined 9,500boe/d in 2010 from these two countries, with 6,700boe/d in Peru and 2,800boe/d in Colombia. Last month, average output in Colombia and Peru reached 2,285b/d and 4,829b/d, respectively.
Capex in 2011-12 will depend on the oil price, said InterOil, adding however that an annual minimum capex of US$15mn is planned to maintain production at 9,500boe/d.
An additional US$25mn/year would be required to increase production by 3,700boe/d in 2011 and 5,500boe/d in 2012.
By Business News Americas staff reporters
* IN BRIEF ANH hands out US$187mn in royalties - Colombia
Colombia's hydrocarbons regulator ANH disbursed 366bn pesos (US$187mn) in oil and gas royalties to the nation's departments in January, the government reported.
Meta department received 72bn pesos, the highest amount of any department, according to a statement.
The funds will be directed to health, sanitation and education programs.
By Business News Americas staff reporters
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In-deph interview
* Devaluation likely to benefit PDVSA in short term
José Luis Villanueva
Director
Fitch Ratings
Venezuela
http://www.bnamericas.com/interviews/oilandgas/Jose_Luis_Villanueva_,Fitch_Ratings,2/170505091
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Main companies covered in today's news
* Starfish Oil & Gas S.A.
http://www.bnamericas.com/company-profile/en/Starfish_Oil_*_Gas_S,A,-Starfish/170505091
* Staatsolie Maatschappij Suriname N.V.
http://www.bnamericas.com/company-profile/en/Staatsolie_Maatschappij_Suriname_N,V,-Staatsolie/170505091
* Corporación Financiera de Desarrollo S.A.
http://www.bnamericas.com/company-profile/en/Corporacion_Financiera_de_Desarrollo_S,A,-COFIDE/170505091
* Ministerio del Poder Popular para la Energía y Petróleo
http://www.bnamericas.com/company-profile/en/Ministerio_del_Poder_Popular_para_la_Energia_y_Petroleo-Menpet/170505091
* Interoil Exploration & Production ASA
http://www.bnamericas.com/company-profile/en/Interoil_Exploration_*_Production_ASA-Interoil_E*P_ASA/170505091
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