Oil & Gas: The week in 10 stories

Local firm Electroingeniería announced it expects to break ground during the next two months on a 280km natural gas pipeline in Argentina's Córdoba province, which will require an 807mn-peso (US$50mn) investment.

BOLIVIA

The former president of state hydrocarbons company YPFB, Guillermo Achá, was placed under house arrest, charged with non-fulfillment of duties, anti-economic conduct and influence-peddling in a case involving alleged irregularities in the procurement of three drilling rigs.

BRAZIL

Braskem announced it will invest US$675mn in a new polypropylene (PP) plant adjacent to its existing facility in La Porte, Texas, and which will add 450,000t of annual PP production capacity to the company's portfolio.

Petrobras announced it has revived plans to launch an IPO of BR Distribuidora, the state oil firm's fuel distribution unit, but without specifying a timetable. The plan, originally announced in 2015, had been shelved amid tepid investor demand.

The state oil company has also sent invitations to firms interested in bidding for 100% of the Azulão gas field, as part of Petrobras' plan to shed around US$35bn of assets.

MEXICO

Mexico held its third shallow water auction, the first of Round Two, awarding 10 blocks, for which the country expects to see US$8.2bn in investment over the coming decades. The auction brought more foreign companies to Mexico, including Repsol and Colombian NOC Ecopetrol.

The hydrocarbons commission has also set the terms for the next two Pemex farm-outs, the winning bids for which will be announced on July 12 and October 4, for onshore and shallow water fields, respectively.

The country also increased its international presence in the sector by joining the International Energy Agency.

SURINAME

Authorities are expected to sign production-sharing contracts for offshore acreage in July, after state oil company Staatsolie reported that an agreement was reached with a consortium comprising ExxonMobil, Hess and Staoil for block 59, while a deal was also reached with Statoil for block 60.