Page 11 - LatAmOil Week 38 2022

LatAmOil BRAZIL LatAmOil

The Mataripe refinery’s new owner does not want to sell (Photo: Petrobras)

Compass has agreed to unload stakes in 12 of Gaspetro’s 18 gas distributors (Image: GasEncanado.com.br)

Those concerns were strong enough that distribution portfolio already had a substantial
CADE’s board was slow to approve Petrobras’ share of major markets through its ownership
plan for the privatisation of Gaspetro and only of assets such as the Comgas utility in Sao Paulo
voted 4-3 in favour of the plan in June of this and the Sulgas utility in Rio Grande do Sul.
year. Compass is set to acquire a 51% stake in Gas-
The three CADE members who voted petro. The remaining 49% of equity in the com-
against the plan pointed out that Compass’ gas pany is held by Japan’s Mitsui. ™

ARGENTINA
Argentina hopes $750mn investment will

double Vaca Muerta oil transport capacity

ARGENTINA’S Secretariat of Energy said on Ricardo Hosel, the CEO of Oldeval, hailed
September 16 that Oleoductos del Valle (Old- the initiative, saying: “This project will allow us
elval), the national oil pipeline operator, was to double our transport capacity and allow the
prepared to invest $750mn in a project that will country to generate between $4bn and $6.5bn.”
double the amount of crude oil coming out of Energy Secretary Flavia Royon expressed
the Vaca Muerta shale formation. similar sentiments. “This is a very important
Oldeval will use the money to lay 525 km investment by the company and a great oppor-
of pipe along a route leading away from Vaca tunity to increase crude exports,” the statement
Muerta, the ministry said in a statement. It did quoted her as saying.
not identify the exact paths the new pipelines Argentina’s government recently extended
would follow but said that the project might cre- the term of Oldeval’s licence to operate oil pipe-
ate 1,200 new jobs. lines linking the Neuquen basin to the Vaca
Additionally, it stated that the links would Muerta formation by 10 years. The company’s
boost Oldeval’s throughput capacity from the licence is now due to expire in 2037 instead of
equivalent of 36,000 cubic metres per day to 2027.
72,000 cubic metres per day. With this extra Vaca Muerta is the largest shale basin in the
capacity, Argentina could see crude oil exports world outside of North America and contains
reach the level of 250,000 barrels per day (bpd), both oil and gas. It covers an area of approxi-
it said. mately 30,000 square km.

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