Gas market advisory
Brazil · Argentina · Bolivia
Market structure and regulation, supply and transport access, cross-border flows and pricing, so you know where the opportunities are and what it takes to reach them.
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Gas · LNG · Power advisory — South America
Clear guidance for entering South America’s gas and power markets.
Lupuna advises new entrants on gas, LNG and power in Brazil, Argentina and Bolivia, drawing on more than 25 years spent building these markets from the inside at Shell, BG Group and TotalEnergies.
25+ yearsacross gas, LNG and power markets
45×revenue growth building Shell’s gas and power business in Brazil
15 Mtpaof new long-term LNG secured at BG Group
900 MWgas-fired power pipeline in development in Brazil
Services
Four advisory practices, one regional view.
Markets in South America are opening at different speeds. We help you read where each one stands, find the commercial opening and close the first deals.
LNG market advisory
Global and South American markets
Sourcing and sales strategy across long-term, mid-term and spot LNG, terminal access and LNG-to-power, grounded in global LNG marketing experience.
Power market advisory
Brazil
Positioning for thermal and gas-to-power projects, capacity auctions and the free market, from commercial strategy to project origination.
Gas trading advisory
Brazil
Setting up a gas marketing and trading business: contract frameworks, customer origination with distributors and free-market consumers, and the controls to run it.
Built for new entrants
From first look to first contract.
We work with producers, LNG suppliers, traders, investors and developers taking their first steps in Brazil and the wider region.
- Step 1
Market diagnosis
Regulation, players, infrastructure and pricing, mapped for your business.
- Step 2
Entry strategy
Where to play, how to compete and which partners to approach.
- Step 3
Origination and negotiation
Finding counterparties and structuring the first supply and sales contracts.
- Step 4
Launch and scale
Building the team, processes and controls to grow the business.
About Lupuna
Inside knowledge of how the region’s energy markets were built.
Lupuna was founded by Christian Iturri, who spent seven years as General Manager of Sales and Origination for South America at Shell and President of Shell Energy do Brasil and Shell Chile. There he built the gas and power marketing business from scratch, growing annual revenue from US$4 million to US$180 million and the team from 10 to 70 people across three countries.
Before that he spent a decade at BG Group, ending as VP LNG Marketing in Singapore with a global team and a P&L above US$1 billion, and earlier worked with TotalEnergies in the US, Norway and France. His career began at Bolivia’s Vice Ministry of Energy and Hydrocarbons, drafting the country’s hydrocarbons regulations and sitting on the board of YPFB.
- 2024 – todayLupuna — Founder and President
- 2016 – 2023Shell — GM Sales and Origination, South America · Rio de Janeiro
- 2006 – 2016BG Group — Singapore, Norway, Trinidad and Tobago, United States
- 2000 – 2005TotalEnergies — United States, Norway, France
- 1997 – 2000Vice Ministry of Energy and Hydrocarbons, Bolivia
Works in English, Spanish and Portuguese · MSc Development Economics, University of Bath · Featured in O Globo, Poder360 and Valor Internacional
Track record
A history of market firsts.
Deals and frameworks our founder led at Shell, BG Group and in government, and the projects Lupuna is developing today.
900 MW pipeline of gas-fired power plants in development
South America’s first private thermal plant supplied from pre-salt gas
First non-Petrobras gas supply contract with a local distribution company
First flexible gas contract with an industrial consumer in the free market, and the first spot-style Master Sales Agreement
15 Mtpa of new long-term LNG contracts, worth over US$3 billion a year in net revenues
Core regulatory framework for Bolivia’s hydrocarbons sector
Entering the market? Let’s talk.
Tell us what you are planning and we will reply within two working days.
Two offices, one team
Lupuna works through two sister companies, so clients can contract in the United States or in Brazil.
Lupuna Energy LLC
United States
5830 E 2nd St, Ste 7000 #15283
Casper, WY 82609
Casper, WY 82609
Lupuna Energia Ltda
Avenida Epitácio Pessoa, 2120 · Ipanema
Rio de Janeiro, Brazil CNPJ 59.039.460/0001-76
Rio de Janeiro, Brazil CNPJ 59.039.460/0001-76