Venezuela claims Maduro wins disputed election
Venezuela's election authority declared that Nicolas Maduro won a third six-year presidential term starting in 2025 but opposition leadership denounced widespread fraud.
Maduro won with 51.2pc of the vote which was tallied "after resolving an attack against the results transmission system," said Elvis Amoroso, president of Venezuela's administration-aligned national electoral council (CNE). CNE data indicated 44.2pc of the vote for his main rival Edmundo Gonzalez, who ran in the place of main opposition coalition leader Maria Corina Machado after Maduro's government blocked her from running.
The council said 80pc of the votes were counted, indicating an "irreversible" trend that would allow another six years in office for the government party that has ruled the country since 1999. The first data shown by CNE on live television late Sunday indicated voting shares that totaled 132pc, with eight opposition candidates other than Gonzalez each getting an identical 4.6pc of the vote.
CNE's final results contrasts with independent opinion polls and data from opposition observers that forecast a victory for Gonzalez. Machado said her team's review of voting data indicated a win for Gonzalez with 70pc of the vote compared with 30pc for Maduro, in line with results from independent opinion polls.
The US, which has implemented broad oil and mining sanctions on Venezuela on accusations of unfair elections and other issues, questioned the result.
"We have serious concerns that the result announced does not reflect the will or the votes of the Venezuelan people," US secretary of state Antony Blinken said. "The international community is watching this very closely and will respond accordingly."
Machado's team denounced that it was denied access to the council's center to scrutinise data. Opposition leader Delsa Solorzano also said that witnesses had been kicked out of polling stations and denied required copies of vote tallies. Violence hit polling stations and at least two people were killed overnight after a relatively calm election day.
"All the international community, all, even those who once were [government] allies, they know what happened in Venezuela and how the people voted for a change," Machado said.
Brazilian president Luiz Inacio Lula da Silva said his government would not recognise the outcome until the government investigates opposition claims. Leftist Chilean president Gabriel Boric said the CNE's results were "difficult to believe."
In a joint statement, the governments of Argentina, Costa Rica, Ecuador, Guatemala, Panama, Paraguay, Peru, the Dominican Republic and Uruguay also called on the government to respect its citizens' decision.
Maduro would continue the legacy of late former president Hugo Chavez, who died in office in 2013 after ushering in massive changes that have contributed to reducing the country's oil output to about 900,000 b/d to more than 3mn b/d at its peak.
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Tension builds after Venezuela vote
Tension builds after Venezuela vote
Caracas, 29 July (Argus) — Violence after polls closed in Venezuela's election late Sunday evening pointed to more uncertainty as President Nicolas Maduro seeks a third term in a race marred by harassment of the opposition and amid reimposition of US oil sanctions. One man was shot and killed at a voting center and the main coalition of parties running against Maduro denounced severe irregularities during tallies after the vote. The electoral authority (CNE) ordered some polling stations to stop transmitting vote counts to CNE headquarters in Caracas, opposition leader Delsa Solorzano said. Solorzano also said opposition witnesses had been kicked out of polling stations and denied required copies of vote tallies. "The transmission of results, of the tallies, has been paralyzed", Solorzano, the top opposition representative before CNE, said on social media. Maduro has not spoken publicly since midday in Venezuela and he has not claimed victory. Opposition candidate Edmundo Gonzalez, running in the place of blocked candidate Maria Corina Machado, said that he would defend the results. Exit polls indicated that 65.8pc of voters supported Gonzalez, with 13.5pc voting for Maduro, out of 52pc of eligible voters participating, pollster Meganalisis said. "The results are impossible to hide, the country has chosen peaceful change," Gonzalez said. The election began auspiciously, with long lines since Saturday night, uneventful voting and heavy turnouts. But nighttime brought some violence once rumors of Maduro losing the election began circulating. In addition to the one person shot at a voting center, pro-Maduro motorcycle gangs threatened polling stations and opposition members and witnesses, and some ballots have been burned, opposition representatives said. The US administration has said it would be prepared to provide guarantees for Venezuela's government leaders if Maduro loses the election and lets the winner take power. The opposition also said this week that it would move to open the energy sector to outside investment if it takes power, and the sector faces massive repairs after decades of underinvestment in its infrastructure. Maduro in the last days of the campaign touted energy plans such as signing an agreement to explore for and produce natural gas in the offshore Cocuina-Manakin fields that straddles Venezuela's maritime border with Trinidad and Tobago. Gasoline and electricity shortages continued to plague the country with some of the world's largest oil reserves throughout the campaign. By Carlos Camacho Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Eni confident on 2024 output, but Libya project slips
Eni confident on 2024 output, but Libya project slips
London, 26 July (Argus) — Executives at Italy's Eni are confident it will achieve the upper end of its 1.69mn-1.71mn production guidance for this year, but start-up of a key Libyan project is set to slip from 2026 into 2027. In a presentation of second-quarter earnings today, A&E Structure was one of two Libyan projects on a list of Eni's upcoming start-ups through to 2028 that will deliver some 740,000 b/d of oil equivalent (boe/d) of net production to the company. A&E Structure is a 160,000 boe/d gas development that will include some 40,000 b/d of liquids production, mainly condensate. A&E Structure is central to Libya's ability to sustain gas exports to Italy, which have dropped in recent years on a combination of rising domestic consumption and falling production. Supplies through the 775mn ft³/d Greenstream pipeline hit their lowest since the 2011 revolution in 2023, averaging 250mn ft³/d. The slide has continued since, with year-to-date volumes of around 160mn ft³/d on track for a record low. Eni's other upcoming Libyan project — the Bouri Gas Utilisation Project development that aims to capture 85mn ft³/d of gas at the 25,000 b/d offshore Bouri oil field — had already been pushed back from 2025 to 2026. For 2024 Eni expects to be "at the upper boundary of its guidance", according to chief operating officer of Natural Resources Guido Brusco. The company had a strong first half, during which output was 1.73mn boe/d — 5pc up on the year — thanks to good performance at assets in Ivory Coast, Indonesia, Congo (Brazzaville) and Libya. Brusco said Eni is in the process of starting up its 30,000 boe/d Cassiopea gas project in Italy, with first production expected next month, and the 45,000 b/d second phase of the Baleine oil project in Ivory Coast is expected to start by the end of this year. At Baleine, Brusco confirmed the two vessels to be used at phase two "will be in country in September and, building on the experience of phase one, we expect a couple of months of final integrated commissioning" before first oil. Eni also said today it would raise its dividend for 2024 by 6pc over 2023 to €1/share, and confirmed share repurchases this year of €1.6bn. It said there is potential for an additional buyback of up to €500mn, which is being evaluated this quarter. Eni's debt gearing is scheduled to fall below 20pc by the end of the year. Chief financial officer Francesco Gattei said these accelerated share buybacks would be possible if divestment deals are confirmed. By Jon Mainwaring and Aydin Calik Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Yemen warring factions reach UN-mediated financial deal
Yemen warring factions reach UN-mediated financial deal
Dubai, 25 July (Argus) — The UAE today welcomed a UN-mediated agreement between Yemen's warring factions that could allay economic woes in the impoverished country. The UAE's ministry of foreign affairs hailed the 23 July announcement of an agreement between the internationally recognised Yemen presidential leadership council (PLC) and the Houthi militant group "with respect to airlines and the banking sector." The UAE, alongside Saudi Arabia, support the PLC. The agreement stipulates "cancelling all the recent decisions and procedures against banks by both sides and refraining in the future from any similar decisions or procedures," and calls for the resumption of Yemenia Airways' flights between Sana'a and Jordan at three a day and operating flights to Cairo and India "daily or as needed." The deal was reached two days after Israeli jets bombed the Houthi-controlled Red Sea port of Hodeidah. The internationally-recognised central bank in Aden in April ordered financial institutions to move their main operations from Houthi-held territory within 60 days or face sanctions. That deadline ran out in June, leading to a ban on dealing with six banks whose headquarters remained in Houthi-held Sana'a. The Houthis retaliated by taking similar measures against banks in PLC-held areas and seized four Yemenia Airways planes at Sana'a airport. The PLC said it hoped the Houthis would also meet a commitment to resume crude exports. Yemen's crude production collapsed soon after the start of the country's civil war, from around 170,000 b/d in 2011-13 to 50,000-60,000 b/d in 2022, according to the BP Statistical Review of World Energy. Data from analytics firm Kpler suggests Yemen has not exported any crude since October 2022. Threats yield results The Iran-backed Houthis earlier in July threatened to attack vital infrastructure such as airports and ports in Saudi Arabia, holding Riyadh responsible for decisions taken by Aden's central bank. The Houthis struck central Tel Aviv on 19 July, inviting an Israeli retaliation that took out a power station that supplies the Red Sea coastal city of Hodeidah and its port and fuel tanks, which are controlled by the Houthis. A breakthrough in the UN-mediated talks between the PLC and the Houthis resulted in the agreement on 22 July, a possible sign that Riyadh might have compromised to avoid a Houthi escalation. The Houthis have been attacking commercial ships in and around the Red Sea since November last year, six weeks after the breakout of the Israel-Hamas war, in what they say is an act of solidarity with Palestinians in Gaza. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Refining, LNG segments take Total’s profit lower in 2Q
Refining, LNG segments take Total’s profit lower in 2Q
London, 25 July (Argus) — TotalEnergies said today that a worsening performance at its downstream Refining & Chemicals business and its Integrated LNG segment led to a 7pc year-on-year decline in profit in the second quarter. Profit of $3.79bn was down from $5.72bn for the January-March quarter and from $4.09bn in the second quarter of 2023. When adjusted for inventory effects and special items, profit was $4.67bn — slightly lower than analysts had been expecting and 6pc down on the immediately preceding quarter. The biggest hit to profits was at the Refining & Chemicals segment, which reported an adjusted operating profit of $639mn for the April-June period, a 36pc fall on the year. Earlier in July, TotalEnergies had flagged lower refining margins in Europe and the Middle East, with its European Refining Margin Marker down by 37pc to $44.9/t compared with the first quarter. This margin decline was partially compensated for by an increase in its refineries' utilisation rate: to 84pc in April-June from 79pc in the first quarter. The company's Integrated LNG business saw a 13pc year on year decline in its adjusted operating profit, to $1.15bn. TotalEnergies cited lower LNG prices and sales, and said its gas trading operation "did not fully benefit in markets characterised by lower volatility than during the first half of 2023." A bright spot was the Exploration & Production business, where adjusted operating profit rose by 14pc on the year to $2.67bn. This was mainly driven by higher oil prices, which were partially offset by lower gas realisations and production. The company's second-quarter production averaged 2.44mn b/d of oil equivalent (boe/d), down by 1pc from 2.46mn boe/d reported for the January-March period and from the 2.47mn boe/d average in the second quarter of 2023. TotalEnergies attributed the quarter-on-quarter decline to a greater level of planned maintenance, particularly in the North Sea. But it said its underlying production — excluding the Canadian oil sands assets it sold last year — was up by 3pc on the year. This was largely thanks to the start up and ramp up of projects including Mero 2 offshore Brazil, Block 10 in Oman, Tommeliten Alpha and Eldfisk North in Norway, Akpo West in Nigeria and Absheron in Azerbaijan. TotalEnergies said production also benefited from its entry into the producing fields Ratawi, in Iraq, and Dorado in the US. The company expects production in a 2.4mn-2.45mn boe/d range in the third quarter, when its Anchor project in the US Gulf of Mexico is expected to start up. The company increased profit at its Integrated Power segment, which contains its renewables and gas-fired power operations. Adjusted operating profit rose by 12pc year-on-year to $502mn and net power production rose by 10pc to 9.1TWh. TotalEnergies' cash flow from operations, excluding working capital, was $7.78bn in April-June — an 8pc fall from a year earlier. The company has maintained its second interim dividend for 2024 at €0.79/share and plans to buy back up to $2bn of its shares in the third quarter, in line with its repurchases in previous quarters. By Jon Mainwaring Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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