Oldelval will launch the Triplicate project in early 2024

2023-12-18 03:15:00

The company in charge of transporting crude oil from the Neuquén Basin, Oldelval confirmed that it will tender more crude oil transportation capacity for what is known as its Triplicate project. Along with other expansions, the objective is to add 300,000 barrels per day of capacity after the current Duplicar Plus project is completed. «This expansion will depend on the needs of our clients.«, noted the CEO of the firm, Ricardo Hösel, in dialogue with Power On.

Currently, the company is developing the Duplicar Plus project intended to bring transportation capacity to 600,000 barrels per day (bpd). In October, the first part was inaugurated, which added about 20,000 bpd, but the second part, which would add about 45,000 bpd, was postponed until last quarter of 2024 due to lack of access to dollars for imports. The project will be ready by early 2025.

In addition, the company is considering two new expansions. The first, “and most important is upstream Allen to Sitio Hernández”said Hösel.. This is an expansion that is committed as part of the Duplicar Plus project.

Then another expansion towards the Atlantic is added, already called Tripler. «This expansion will depend on the needs of our clients. “If they are planning to produce more after the Duplicar project,” he indicated. For that They are planning the tender between February and May next year.

«If there is enough volume to justify an expansion, we will do it. It will head not only towards Puerto Rosales, but also towards the Trafigura refinery which is in Bahía Blanca,” he explained. This work will require around 1 billion dollars investment, 200 million less than for the Duplicar Plus project.

U$S 1000.000.000
of dollars the Triple project will require

This year the firm also completed the reversion to the Puerto Hernández pumping station, which allowed the country to once again export crude oil to Chile after 17 years. «The balance of the year, in general, is very good. It was a year where we have broken records for volume transported,” he highlighted. Currently, The firm transports about 360,000 barrels per dayof the 430,000 that are produced in the basin.

«As is happening in the last two years, we are constantly at the maximum we can carry. Customers produce everything that we can transport, which means a huge responsibility because your investments, your programs depend on this. Obviously, we have to comply,” he stressed.

The Neuquén Basin is expected to produce one million barrels by 2028. «It will depend on the mood of our clients and I think a lot of it has to do with what message the new government gives.. Predictability and reasonable macroeconomic conditions are needed and everything would indicate that this government is going to generate the context so that Vaca Muerta can continue growing and without the limitation of infrastructure it can reach one million barrels,” he stressed.

Duplicate Plus: due to lack of dollars, when the work is scheduled to be completed

The year had a part that was not so auspicious. The Duplicar Plus project, as happened with the rest of the industry, suffered from a lack of dollars. The investment in the work is 1.2 billion dollars, of which 120 million are destined for imports. Much of it was resolved through an import pre-financing line.

Of the amount for imports There are 16 million dollars that are key to the work and those who still could not access. «There are certain critical materials that we have not yet been able to purchase from suppliers abroad. They are inputs that have to be manufactured, so the deadlines will be extended“, he pointed.

Now, the second stage to add 45,000 bpd scheduled for March-April 2024 will extend until October-November of the same year. «We are anxiously awaiting the measures of this new government to see if we can solve it quickly. “We are going to try to ensure that, at least, that November and December date does not extend even further,” he assured.

The second stage is going to be delayed until the end of next year “but the final project does not move. Maybe even get ahead a little. We had planned May-June 2025, but it will probably be more towards the beginning of 2025″, she highlighted. Once the project is finished, will be able to transport about 600,000 bpd.

The 430,000 barrels that the basin produces today «“They’re not going to change much next year.” due to the delay in the work, the reference estimated. Production may grow a little more if Chile decides to buy more, but to do so it will have to modify its refinery to treat Vaca Muerta crude oil, which has different conditions than the conventional one that the neighboring country receives today through Otasa.

Together with Otasa, YPF’s Vaca Muerta Norte project and the rest of the evacuation alternatives that the basin has, “there are 100,000 more barrels. That is to say By early 2025 there will be about 700,000 barrels of capacity. Production will be able to grow without the limitation of infrastructure that year and in 2026,” he explained.

This expansion in capacity also implies that of Puerto Rosales by Oiltanking Ebytem, ​​which is carrying out works to add more tanks, a pumping station and a loading dock. «They are advancing with the same limitations due to the lack of dollars, but At the beginning of the year 2025, both they and we are going to have them ready“, hill.

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