Argus Rio Crude Conference

• Taking stock: how has the global crude market responded and adapted to global supply and demand shocks over the past three years?
• What are the main challenges and opportunities this has presented the LatAm region?
• Where to next for LatAm crude: What can the region look forward to in the year ahead?

Macroeconomic view and changing global crude trade flows presentation

• How have global events and sanctions impacted crude oil markets?
• An oil and global economy economic outlook – with a potential global recession looming, how will oil markets react?
• Regional shifts in the LatAm political landscape: What does the leftist wave in key LatAm crude producing countries mean for markets?

Speakers include: 

Tom Reed, Vice-President, China Crude and Products, Argus

• How has global crude supply and demand shifted over the past year and what  opportunities has this opened up for LatAm?
• How have global crude trade flows been impacted by the Russia-Ukraine war, sanctions and price caps?
• What is the international outlook for new crude production from both OPEC and non-OPEC sources?  
• How is the flow of Canadian crude coming through the USGC and USWC impacting the price of LatAm grades?
• Changing export flows from LatAm and new destination markets — who are the main buyers of Brazilian and other LatAm crudes? What other regions are competing with LatAm as a global supply source?

Moderator: James Gooder, VP Crude, Argus

Speakers include: 

Sean Hill, Senior Economist, U.S. Department of Energy- EIA

• What does the new government mean for energy and oil markets?
• What are Brazil’s ambitions as a central player in the energy transition?
• What production is coming? What is the prospect of growing entitlement of production going forward?

• Petrobras’ divestment program — a changing modus operandi
• What have been the main shifts in the strategic plan for Petrobras? What has changed?
• How is Petrobras adapting to the energy transition?

• Who are these new players? What is their projected growth and why is this significant?
• What are the main opportunities in the market both within LatAm and outside? Where are they looking to sell?
• What is coming next for new players, particularly in terms of regulation? What additional capacity is likely to come online from new assets and drilling programs?
• What other M&A activities are taking place? How are these likely to shape the market? 

Speakers:

Gustavo Hooper, Head of Trading, PRIO

• What is the projected capacity coming from the region? What are the key countries with new projects and ambitions for export?
• What have been some of the major market changes and opportunities upcoming in the region?
• What crude grades are coming out of the region and who are the main buyers? 

Moderator: Vanessa Viola, Senior Vice-President, Latin America, Argus

Speakers include:

Pedro Manrique, Commercial and Marketing Vice President, Ecopetrol

• What new crude production might come online? What are the main opportunities for the Argentinian market?
• What new trade flows are being opened? What are the main constraints for the market today?
• How is investment in infrastructure looking to accompany growth in crude oil exports?
• Argentinian Medanito — Market perspective: what is going to be available and when? What is its quality? How much will exports ramp up in 2023-24? What markets could Medanito reach?

• What is the current market for Guyana crude and how is it evolving?
• How is Guyana competing with Brazil and how might that reset flows?
• What has been the approach for building infrastructure to support expanding capacity?
• What are the main differentiators and opportunities for Guyanese crude?

Europe and US

• What have been the main changes in requirements for refinery diets in different regions?
• Why has LatAm crude played such a crucial role in filling supply gaps?
• View on future of refinery margins and economics: What are the main ingredients for a firm refinery margin moving forward?

Moderator: James Gooder, VP Crude, Argus

Speakers include:

Mónica Lesmes Martínez, Crude Oil Trading Manager, Repsol Trading

Marco Schiavetti, Chief Commercial Officer, Saras Trading

• How do Asian buyers view the LATAM market? What is their current demand for LATAM crudes?
• Why are Brazilian grades so important for Europe and Asia?
• What investments are Asian companies making in the region? Perspectives on investment in assets and new projects 

• How have trader activities changed in light of global events?
• How are LatAm crudes competing in the global market?
• Freight: How have timelines and economics changed considering new market opportunities for LatAm crude? How are costs being factored and how much of an impact has this had?
• What role are traders playing in new infrastructure developments in key LatAm markets considering plans for capacity expansion? 

Speakers include: 

Alejo da Bouza, Crude and Heavy Products Trader, Pan American Energy 

• What are the synergies and opportunities in expanding traditional and renewable energy sources in LatAm?
• How is infrastructure built today looking to serve existing crude and products markets and future fuels in the energy transition?
• How are portfolios being diversified and what are the opportunities in emerging technologies?  

Speakers include: 

Daniel Elias, CEO and Country Chair, Petrogal Brasil (Galp)

Rogerio Campos, Partner, Veirano Advogados

• What new infrastructure projects are in the pipeline? What are the main bottlenecks in expanding crude capacity?
• How are new players in Brazil verticalizing operations, including integration of terminals, refineries with onshore wells and offshore platforms?
• Tank storage, refinery and pipeline connections for future growth: How can exports in the region be unlocked?

Speakers include: 

Renata Beckert Isfer, Founder, Interalli Gás e Energia

Victor Bomfim, CEO, VAST Infraestrutura

• What does the medium-term investment cycle look like versus supply and demand forecasts?
• What conditions exist for investments in a project? How is ESG criteria being considered and how do investments correspond with the best projects moving forward?
• Where are the barrels that fit the criteria for investment? How is LatAm in an advantageous position for the 2030s and 2040s? 

• Oil produced in more efficient ways: from production to transportation, how can the industry decarbonize crude across the entire supply chain?
• Logistics processes: how can emissions be lowered by improved efficiencies and technology used in extraction of crude?
• Why is Brazilian crude so attractive from an emissions reduction perspective?

• What are carbon markets and how do they work? Will LatAm follow Europe and the US?
• What is the market for carbon offsets in LatAm and how does carbon compensated crude oil work?
• How could the European ETS shift the crude oil market? How will Europe and CBAM mechanisms push the market to adopt principles?
• What are the opportunities for the trading business in LatAm? What companies are willing to pay for “cleaner” oil? What are the timescales for adoption?

• Sequestration, use versus offsets? What has been adopted so far?
• Will there be CI assessments for different grades of crude? Will companies pay a premium for “cleaner” oil?
• Is carbon a revenue stream to be explored? 

Navigating major market changes

The Brent market is to undergo its biggest change ever, with the inclusion of WTI from the US in the pricing basket in May 2023. Join this Argus ‘Changes in the Brent complex – What do you need to know?’ workshop led by James Gooder, VP Crude at Argus to understand what impact this change is likely to have, what this means for you and your business.

The workshop will cover:

• Why is this change happening? Geopolitics, volatility, changing trade flows
• What does the change mean and how could this impact your business?
• How do the underlying WTI markets at the US Gulf Coast function?
• Argus’ role before and after the change: the significance of publishing two versions of North Sea Dated