Echo Energy PLC has told investors it is looking positively to advance value creation opportunities, as it remains “well-positioned”. In its financial results statement for the twelve months ended December 31, 2019, the company confirmed a stronger end to the year, with net production averaging 2,505 barrels oil equivalent per day in the months of November and December. A review of reserves at the end of 2019 confirmed a reserve base of 3.8mln barrels oil equivalent.
The percentage of Argentines in poverty is expected to reach as high as 45% this year as the COVID-19 pandemic worsens an already grave economic crisis. The twin crises are presenting a grueling challenge to President Alberto Fernández. Even before the first case of coronavirus was diagnosed, Argentina was facing 50% inflation, overwhelming debt and difficulty accessing credit in what economists call its worst crisis in two decades.
Argentina’s National Electricity Regulatory Entity (Enre) has authorised the 123 MW phase of the Los Teros wind power project to supply electricity to the Wholesale Electricity Market (MEM). The Renewable Energy Act adopted in 2015 sets the goal of increasing the share of renewables to 16% by 2021, 18% by 2023 and 20% by 2025.
Scania Argentina, subsidiary of the Swedish auto manufacturer, has announced it is now powered by 100% renewable energy. The company said since April, six wind turbines located in a wind farm in Cordoba, has provided the company with the 22,400MW needed every year for its industrial and commercial operations. By switching to 100% renewable energy, Scania Argentina’s factory and its entire dealership network in the country are now avoiding the emission of some 14,600 tonnes of carbon dioxide into the atmosphere.
The Argentine oil company YPF sold $100 million in bonds, four times more than expected. The initial amount was $25 million but the demand registered allowed the company to increase the amount to $100 million. The placement of these bonds comes at a time when large companies are trying to take advantage of abundant market liquidity through instruments adjusted for the evolution of the dollar.