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HABITAR ENERGIA (H.E.) is an investment fund dedicated primarily to structuring energy projects in Latin America. Registered in Dubai with License Number 11273.

H.E. is currently focused on Argentina and Venezuela projects which required funds to accelerate its growths. Two countries with high levels of return on investment.
The Fund’s general partner is the Argentine company HABITAR PARTNERS sa with extensive experience.

Morichal Project


The main project is MORICHAL project in Venezuela to finance the exploitation of an oil field with a potential of 20,000 barrels per day. and in the range of 6 years at 30 thousand barrels.

Habitar Energia will lend funds to Aldyl (infrastructure development Argentina company) in order to extract oil from MORICHAL field owned by PDVSA company (Venezuela).

Financing Model

The financing model is based on an advance of working capital for the operating firm (Aldyl) based on the SERVICE ORDERS approved by Venezuela (PDVSA Company).

The model would be a 50% financing on the individual service orders approved up to the amount of US$5 MM.

The recovery of the investment is made through the sale of the crude oil generated from the operation, which is collected through the designation of an OFFTAKER who receives the crude oil from Venezuela and pays the price directly to the fund on a profit + loan + interest basis. The remainder is paid to the operating company.

Expected Benefits Model

General Considerations

The contract is based on the exploitation of the MORICHAL PESADO AREA, on the basis of a business plan developed in coordination with PDVSA. This plan foresees an OPEX and CAPEX investment. The BASE profit of this project is 17% as established in the ASH contract.

In its capacity as structurer, HABITAR ENERGIA will receive 10% of the ALDYL contract that is the object of this agreement.

Specific Considerations

The Project consists of the exploitation of the heavy oil field in the Morichal district, which has an extraction potential of 20,000 barrels per day. 

•The fields are owned by the Venezuelan oil company PDVSA, which has contracted Aldyl to work jointly in the exploitation of the field. 
•Habitar Energía is in charge of the issuance, although the credit risk is held by both Aldyl and PDVSA (who pays Aldyl). •In order to develop this project, Aldyl needs to raise funds of $2M, and the rest will be financed by equity.
•Aldyl is expected to make an estimated profit of 17% on the total cost, while Habitar Energía (who pays the investors) will make a 10% return on the total costs.


General Considerations

Company Presentation // Aldyl Argentina


Aldyl is an Argentine company founded in 1979 that specializes in water and gas piping products.

Thanks to its constant innovation of its products, it has become one of the market leaders in the oil, mineral and industrial sectors.


Since the emergence of fracking, Aldyl’s importance has grown enormously, since Argentina’s Vaca Muerta field has a large amount of Shale Oil reserves. For the extraction of these hydrocarbons, the treatment of water and sand is very important.

Vaca Muerta is a field that allowed Argentina to become the 4th country in the world in Shale Oil reserves, and the 2nd country in the world in Shale Gas reserves. In addition, since its discovery, it has increased its oil reserves tenfold.



It has provided services to two of the main oil companies in South America: YPF and PDVSA.


Since it has been focusing on the Oil&Gas business, it has been improving its water treatment solutions with new developments in liquid treatment, monitoring well drilling and groundwater intake or flowback treatment.


Aldyl has been a leader for over 42 years in water piping, and since the two main inputs for Fracking are water and sand, it has helped to reinforce its positioning in the oil sector.

Historical trajectory

Was founded in 1979 as an industry dedicated to the development of infrastructure works.

Since its beginnings, the company has prioritized a process marked by constant innovation and has managed to consolidate its presence in the water and gas piping market.

Great Opportunity

In the last few years Aldyl has strived to grow in the provision of products and services for the OIL & GAS market, mainly following the developing phenomenon of the Vaca Muerta in the province of Neuquen.



  • Normally private and listed companies
  • High technological component
  • No innate resources available
  • Access to new fields that are key to their survival
  • Able to exploit the most complex deposits


  • State-owned companies with abundant reserves
  • Usually operate locally
  • Technological capabilities inferior to IOCS
  • Only allows IOCS to enter their reserves when exploitation is complex


  • OPEC (Organization of Petroleum Exporting Countries) was founded in 1960.
  • The idea was to collaborate to fix prices and volumes produced, taking volatility out of the market.
  • The organization did not achieve its objective, as several countries have almost always produced at full capacity due to their financial needs.
  • They control more than 80% of the world’s oil reserves.

Ranking by revenue of the oil and gas sector

  • A few years ago, NOCS companies topped the ranking, due to their large reserves.
  • As time went by, new exploitation techniques (e.g. fracking) were discovered, which
    allowed IOCS to exploit more complex reservoirs, thus reducing the gap with NOCS.





  • Covers the entire crude oil exploration and production chain.
  • Once a company decides that an area has potential, it must negotiate legal exploration rights with the government of the country.


  • Handle the transportation and storage of oil and gas.
  • This segment is made up of many independent transportation operators.


  • Refining and distribution of finished products, divided in refining and marketing.
  • Refining is the technique by which crude oil is processed and refined end-use products, such as gasoline, diesel or kerosene, are extracted


  • It is the most capital-intensive phase due to the high fixed and variable costs.
  • Less capital-intensive
  • Capital depends on the complexity of the refinery, although it is less intensive than downstream.


  • It depends mainly on the price of a barrel of crude oil.
  • The marginal cost is key, since if oil prices are below this marginal cost, extraction will not be of interest.
  • It is indirectly affected by the price of the barrel.
  • This is since if the barrel is trading below the marginal price, upstream companies will not undertake new exploitations and will not contract their transportation services.
  • Is affected by the price of the barrel, but to a lesser extent than in previous phases.
  • The refining margin is key for refining companies, as it measures the difference between the cost of the crude oil used and the value of the refined products.



New exploitation techniques

In recent years, new ways of extracting and exploiting resources have been explored that were unfeasible until recently due to their high cost or technological difficulty:

Gas to liquids

Conversion of gas to oil through chemical processes


Shale oil & shale gas

It is oil and gas that is trapped in low porosity rocks.


Oil sands

Extraction of bitumen sand (oil that is very heavy and difficult to refine) and processing into refinable synthetic crude oil


Pre-salt deepwater

Very deep marine deposits that lie beneath a layer of salt that makes detection and extraction difficult

Shale Oil

  • Shale oil is a key factor in the downward spiral of crude oil prices experienced between 2014 and 2020, as it meant an injection of millions of new barrels into a market that already had idle capacity
  • The new fracking technology has made it possible to extract these reserves, generating an economic return of 40-50 USD/barrel.
  • The only country that has been able to take massive advantage of this new technique has been the USA, thanks to the infrastructures built in the 20th century.
  • Argentina and China have great potential, but as they are remote areas with no infrastructure built, the risk is greater.


On the supply side


• It is a key factor in oil price movements, as they decide whether to cut or increase oil production.

• If they restrict supply, barrel prices rise, while if they produce at full capacity, prices will fall.

Non-OPEC members

• With the advent of Fracking, these countries have gained greater power over pricing.

• If the price of a barrel is around 40-50USD, more complex oil fields can be exploited, thus increasing supply.

Exogenous impacts

• External factors such as natural disasters, wars, pandemics can affect oil supply

• For example, in 2020 the price of a barrel plummeted due to the pandemic, and in 2022 oil increased exponentially after the beginning of the war in Ukraine.

On the Demand side

Economic events

• Economic recessions in the main oil consumers (USA, China and Europe) are key to the price of oil.

• In times of recession, the price tends to fall due to lower demand from these countries.

Alternative Energies

• Increasing awareness of the benefits of renewable energy sources, such as solar and wind power, could lead to a decline in global dependence on oil.

Strength of the dollar

• The dollar has a major impact on the price of oil, because if the dollar strengthens, the price of oil tends to fall.

Stock market speculation

• Oil prices are set in the futures markets, which means that stock market speculation on future events could affect the price of oil

Enviromental Strategy

Project Advantages

• Only environmentally conscious operator that disposes of industrial waste material in a sustainable manner.

• Low production costs give Habitar a favorable cushion to continue operating even with a drop in oil prices.

• Entry barriers in the industrial-waste treatment industry yield limited competition to the business.

Environmentally Sustainable Process

• Oil and Gas producers generate waste through exploration and exploitation wells

• Waste management companies remedy the polluted solid and recover marginal amounts of oil

• Habitar processes & grants sustainable treatment certificates for O&G producers

Industrial level O&G

Growing quantities of untreated waste accumulation in the local stockpile

Sustainable Waste Remediation Process

Environmentally conscious waste-disposal

Growth Opportunities

• Habitar´s flexible and mobile processes can be leveraged to expand into other attractive jurisdictions such as the Mendoza region in Argentina initially as well as Chile, Ecuador, Colombia, Bolivia and other LatAm geographies in the future.

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