LatAmOil - Latin America Oil & Gas

Canada’s PetroTal signs production deal for Peru’s Bretaña field

Canada’s PetroTal has secured an agreement with Peruvian state-owned company Petroperu for the sale of oil production from the Bretaña field.

Venezuela changes formula for calculating oil royalties to reflect IMO 2020

Venezuela’s government has changed its formulae for calculating the royalties that energy companies pay the government, in response to the roll-out of stricter rules governing marine fuel specifications.

New crude oil spill reported on Brazil’s north-eastern coast

New crude oil slicks were recently spotted in the state of Ceará in north-eastern Brazil, around two months after the region was hit by another major spill.

Peru LNG reports exports down again in December

Peru LNG, the operator of a gas liquefaction plant and export terminal in Pampa Melchorita, reported that its export volumes had declined year on year in the last month of 2019.

Petronas completes deal for Brazilian fields

Malaysia’s state-owned Petronas completed the acquisition late last month of a 50% stake in two deepwater fields in Brazil’s Campos Basin.

Changes in Mexico’s fuel markets

The CRE has pushed Pemex’s deadline for compliance with new diesel specifications back five years and has also lifted constraints on wholesale motor fuel prices.

Argentina proposes new pricing, tariff policies for hydrocarbons

Argentina’s new government has taken steps to alter tariffs and taxes on crude oil and natural gas.

USVI set to reduce imports of LSFO from Argentina next year

Deliveries of low-sulphur fuel oil (LSFO) from Argentina to the US Virgin Islands have been rising this year but are likely to go down again in 2020, according to the US Energy Information Administration (EIA).

Colombia wants Drummond to suspend fracking at La Loma field

Colombia’s highest administrative court, the Council of State, has ordered Drummond, a US-based coal-mining company, to suspend hydraulic fracturing operations at the La Loma field.

Venezuela reports oil production up

Venezuela reportedly registered an increase in oil production last month, continuing the recovery that began earlier this year.

Peru LNG reports exports down year on year in November

Peru LNG, a consortium that operates a gas liquefaction plant and export terminal in Pampa Melchorita, saw export volumes decline year on year in the month of November.

Petrobras abandons incomplete Comperj refinery – report

Petrobras has said that it will not complete construction work on the Comperj refinery with China National Petroleum Corp. (CNPC).

Petrobras to begin leasing LNG terminal in north-eastern Brazil

Petrobras has said it will begin leasing its LNG regasification terminal in the north-eastern part of the country, in line with a national effort to open up the country’s natural gas market to more competition.

Peruvian oil production hits five-year high in November

Crude oil production in Peru hit its highest level in five years in November, according to new statistics from the Peruvian Oil and Gas Association (known as SPH).

Management shake-up at Tullow

Tullow Oil's CEO and exploration director have stepped down following setbacks in Ghana, Uganda and Guyana.

Rosneft taking the reins of its JVs with PdVSA in Venezuela

Rosneft, Russia’s largest oil producer, is reportedly taking the reins of several joint ventures it has set up with PdVSA, Venezuela’s national oil company (NOC).

Pemex announces major discovery at Quesqui field in Tabasco

Mexico’s national oil company (NOC) has discovered a sizeable onshore deposit of crude oil and natural gas in the state of Tabasco.

Suriname finds no oil or gas in shallow-water drilling campaign

The national oil company (NOC) of Suriname said last week that it had wrapped up its 2019 drilling programme, known as the Nearshore Drilling Project, without making any discoveries.

Ecopetrol, Frontera and Amerisur among winners in Colombia auction

Canada’s Parex Resources, Colombia’s Ecopetrol and its subsidiary Hocol were among the companies to be awarded contracts to operate blocks in Colombia’s latest oil and gas auction round on December 5.

Ecuador awards major crude supply contract to Shell

Ecuador’s national oil company (NOC) Petroecuador has awarded a unit of the Anglo-Dutch oil super-major Royal Dutch Shell a contract to lift some 20.2mn barrels of Oriente-grade crude.

Brazil’s Petrobras may divest additional assets

Petrobras has said it could add several billion dollars’ worth of assets to its five-year divestment plan.

Management shake-up at Tullow

Tullow Oil's CEO and exploration director have stepped down following setbacks in Ghana, Uganda and Guyana.

Colombian government requests special dividend payout from Ecopetrol

Colombia’s government has asked Ecopetrol, the national oil company (NOC), to pay out a special dividend of COP3.7tn ($1.1bn) before the end of this year.

Karoon Energy scales back Australian operations to focus on South America

Bruce Phillips, the chairman of Australia’s Karoon Energy, said last week that his company was taking steps to shift its focus to development projects in South America.

Venezuelan oil exports reported up in November

PdVSA saw crude oil and fuel export volumes rise to 1.037mn barrels per day in the month of November.

Farm-ins more attractive than greenfield projects for potential investors in Mexico

Oil and gas operators looking to invest in Mexico have fewer options than they did previously. But some enterprising companies are forging new paths, focusing on buying into ongoing projects rather than pursuing greenfield schemes.

Apache will drill deeper, target third play offshore Suriname

US-based Apache is moving forward with a testing programme after sinking Maka Central-1, a well at Block 58 offshore Suriname, to a depth of 6,200 metres.

Colombia oil auction draws bids for 15 out of 59 blocks – government

Colombia’s latest oil auction has attracted bids for 15 blocks out of a total of 59 on offer, the country’s national hydrocarbons agency ANH has said.

Bolivia’s new government halts drilling by Brazil’s Petrobras

Bolivia’s new government has ordered the Brazilian national oil company (NOC) Petrobras to stop exploring for oil and gas in a key national reserve in the face of strong opposition from locals.

Argentina: Investment in Vaca Muerta could reach $9.5bn per year

Argentina could attract significantly more investment in its oil and gas sector by the end of the next decade, including up to $9.5bn of investment each year in the Vaca Muerta shale formation, according to outgoing government officials.

An uneasy year for OPEC – and its member states

NewsBase examines issues confronting some OPEC member states in Africa and South America.

Maduro: Caracas will back petro with 30mn barrels of oil from inventories

Venezuelan President Nicolas Maduro said last week that his government was using 30mn barrels of crude oil from its inventories to back the petro, its new crypto-currency unit.

BPTT comments on prospects for directing gas from BHP fields to Atlantic LNG

BP Trinidad & Tobago (BPTT) has expressed interest in the possibility of working with BHP (Australia) to find new sources of feedstock for Atlantic LNG.

Peru LNG reports exports up year on year in October

Peru LNG, a consortium that operates a gas liquefaction plant and export terminal in Pampa Melchorita, saw export volumes rise year on year in the month of October.

PetroTal says its second horizontal well in Peru is on schedule, within budget

Canada’s PetroTal has reported that the drilling of its second horizontal well at Bretaña, a field in Peru, is proceeding as anticipated.

Amendments to Bolivian gas contract could save YPF $300mn in 2019

Argentina’s national oil company (NOC) YPF is reportedly set to reduce its bill for natural gas imports by $300mn this year and may succeed in doing the same next year.

Ecopetrol subsidiary to buy 43% stakes in two gas fields from Chevron

The US major Chevron has arranged to sell its minority stakes in two mature natural gas fields to Hocol, a subsidiary of Colombia’s national oil company (NOC) Ecopetrol.

Pemex may be able to avoid another downgrade, but it is still facing challenges

S&P representatives have said the NOC is not in imminent danger of another ratings cut. But the company’s oil production is still falling, and its contractors are getting nervous.

Ongoing turmoil in Bolivia affecting fuel and energy sector

Bolivia’s oil and gas sector is caught up in political turmoil, with La Paz and other cities experiencing shortages of motor fuel and LPG.

Venezuelan opposition set to retain control over Citgo following federal court ruling

Venezuela’s political opposition has reportedly scored a victory in its fight to retain control over Citgo, a US-based subsidiary of the national oil company (NOC) PdVSA.

Tecpetrol, ExxonMobil and Shell comment on Vaca Muerta’s prospects

Oil and gas executives are keen to develop Argentina's Vaca Muerta shale basin but see economic turmoil and political turnover as reasons for caution.

BPC, Baker Hughes sign master services agreement on drilling equipment

Bahamas Petroleum Co. (BPC) said on November 20 that it had finalised an agreement with US-based Baker Hughes on the supply of equipment for an offshore drilling project next year.

Ecopetrol, Occidental finalise Permian joint venture agreement

Colombia’s Ecopetrol and US-based Occidental Petroleum have completed a previously announced transaction to form a joint venture focused on the Permian Basin.

Tango LNG’s first commercial cargo sold to Petrobras

Brazil’s national oil company (NOC) Petrobras has been identified as the buyer of the first commercial cargo of LNG lifted from Tango, a floating gas liquefaction plant anchored near Bahia Blanca in Argentina.

GeoPark takes control of Colombia’s Amerisur Resources

GeoPark has arranged to buy Amerisur Resources, a Colombia-based oil and gas operator

BP reports new gas find offshore Trinidad and Tobago

BP Trinidad & Tobago (BPTT), a joint venture formed by BP (UK) and Repsol (Spain), has found natural gas in a new well drilled to the east of the Cashima field.

How is the gas sector faring in Bolivia?

Bolivia's gas sector is waiting to see what happens now that Evo Morales, the country's long-time president, is out of power.

Brazil racks up more disappointment as most oil companies avoid PSC bidding round

Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP) has suffered another major disappointment, as investors stayed away from yet another round of auctions.

Oil and gas executives react to election of new president in Argentina

Oil and gas executives have cautiously expressed concern about the pending political transition in Argentina.

PdVSA hopes deal with Indian company will help oilfields, refineries recover

PdVSA is hopeful that co-operation with a new Indian partner will improve conditions in the oil sector.

US LNG exporters looking at increased shipments via Panama Canal

Exporters of US LNG are poised to send more gas to Asia, taking advantage of new transit slots at the Panama Canal.

Tullow discoveries in Guyana turn out to be heavy sour crude

Tullow has suffered a setback, as its Orinduik block offshore Guyana holds heavy sour crude.

Pemex suffers ransomware attack

Mexico’s national oil company (NOC) Pemex was hit by a ransomware attack at the weekend and is still feeling the effects of this cybersecurity breach.

Tango LNG loads first commercial cargo

Argentina’s national oil company (NOC) YPF has loaded its first commercial cargo of LNG from Tango, a floating gas liquefaction facility.

Antigua and Barbuda will use crowd-funding mechanism to sell 10% of WIOC

Antigua and Barbuda will use a crowd-funding mechanism to let citizens buy into the West Indies Oil Co. (WIOC), the operator of a petroleum product storage and supply complex.

Petrobras seeks to cut the time needed to bring new oilfields on stream

Brazil’s national oil company (NOC) Petrobras is reportedly looking for ways to reduce the amount of time needed to start production at newly discovered oilfields.

Brazil suffers disappointment in transfer of rights licensing round

Most of the IOCs eligible to bid in Brazil's transfer of rights auctions, which covered four blocks in the offshore pre-salt zone, declined to participate.

Falkland Islands authorities extend licences for two offshore blocks

The government of the Falkland Islands has agreed to extend the terms of two agreements on the exploration and development of two offshore blocks.

Ecuador reportedly delays next licensing round in the wake of protests

Ecuador has reportedly delayed its next licensing round in the wake of recent protests over fuel prices.

Guyana will seek marketing agent for oil from Liza field

The Guyanese government will soon finalise arrangements for its portion of the oil extracted from Liza, a field within the Stabroek block.

What are Vaca Muerta’s prospects under Argentina’s new president?

Argentina's president-elect is probably keen to avoid alienating the oil and gas companies that could help the country generate much-needed cash. Even so, he is likely to seek a bigger role for YPF, the national oil company.

ExxonMobil, Hess, CNOOC push Liza-1 start date back to December

Liza-1, the first stage of the Stabroek block offshore Guyana, is reportedly set to begin production ahead of schedule in December.

Brazil’s president welcomes Saudi invitation to join OPEC

According to Brazilian President Jair Bolsonaro, Saudi officials have invited the country to join OPEC.

Pemex bonds get a lift from new data on production, debt load

Mexico’s national oil company (NOC) Pemex has seen its bond prices rise this week, following the release of new data showing improvements in its performance.

Aruba gearing up to offer San Nicolas refinery to outside investors

The government of Aruba is moving forward with plans to offer investors the chance to buy the island state’s only oil refinery, located in the coastal town of San Nicolas.

Sempra, Mitsui sign MoU on LNG

Sempra Energy has entered into a memorandum of understanding with Japan’s Mitsui & Co. that covers the latter's participation in two LNG project expansions.

PdVSA bond payment deadline approaches

PdVSA risks losing control of Citgo, as it will have a hard time paying bondholders $913mn on October 28, and a breakup would benefit neither Maduro nor Guaido.

Guyana not ready to make decision about disposal of future oil production

A Guyanese official indicated last week that the government had not yet made any final decisions about how to dispose of its share of future crude oil production.

Bolivian gas sector’s future looks uncertain

The future of Bolivia’s natural gas industry is looking uncertain – and not just because of the turmoil and accusations of voter fraud surrounding the presidential elections held on October 20.

Brazil’s ANP authorises four more companies to bid for pre-salt fields

Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP) revealed last week that it had added four more international oil companies (IOCs) to its list of businesses eligible to participate in the next production-sharing bidding round.

Ecuador resumes oil exports, lifts force majeure

Ecuador’s national oil company (NOC) Petroecuador resumed normal crude export operations on October 20.

Argentina awards exploration licence for block in West Malvinas Basin

Argentina’s government said last week that it had awarded an exploration licence for an offshore block in the West Malvinas Basin, to a consortium formed by Argentinian, Italian and Japanese companies.

Brazil’s ANP authorises four more companies to bid for pre-salt fields

Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP) has added four more international oil companies (IOCs) to its list of businesses eligible to participate in the next pre-salt bidding round.

Head of Mexican oil workers’ union quits amidst close scrutiny

The head of Mexico’s influential oil workers’ union, known by its Spanish acronym SPTRM, stepped down on October 16 amidst allegations of corruption.

Argentina blasts three companies for operations near Falkland Islands

Argentina’s Foreign Ministry has issued a statement singling out three oil companies for criticism over their operations off the coast of the Falkland Islands in the South Atlantic Ocean.

Ecuador’s president backs away from plan to lift motor fuel subsidies

Following more than a week of protests over the elimination of motor fuel subsidies, Ecuador's president has negotiated a deal with opposition groups.

Keeping up with Guyana

A Ramps Logistics representative says Trinidad and Tobago should promote transparency and offer additional incentives to investors.

Brazil unveils results of 16th offshore bidding round

Brazil's 16th offshore bidding round drew bids for 10 blocks from 12 companies that pledged to pay a total of $2.2bn in signing bonuses.

Argentina’s opposition candidate urged to use energy prices, tariffs as policy instruments

Advisors to Alberto Fernandez, Argentina’s opposition candidate for president, have suggested using energy tariffs and fuel prices as instruments to rein in price increases and encourage economic growth.

No short-term solutions for Cuban fuel shortages

Cuba is feeling some relief from fuel shortages following the arrival of eight Venezuelan tankers, but it cannot expect rescue from Venezuela or Russia.

Chevron buys 40% stake in three deepwater Mexican blocks from Shell

Chevron said last week that it had arranged to buy a minority 40% stake in three deepwater blocks offshore Mexico.

Peru LNG reports exports up year on year in September

Peru’s national oil company (NOC) Perupetro reported last week that the country’s only LNG plant had seen exports rise year on year in September.

Ecuador’s oil minister comments on OPEC departure, oil production plans

Ecuador’s Hydrocarbons Minister Carlos Perez has offered some insight into his country’s decision to withdraw from OPEC last week.

Ecuador puts an end to motor fuel subsidies

Ecuador’s President Lenin Moreno said last week that his administration was eliminating subsidised pricing for gasoline and diesel.

Sinovensa suspends blending operations, following Petropiar’s example

Sinovensa, a joint venture between Venezuela’s national oil company (NOC) PdVSA and China National Petroleum Corp. (CNPC), has reportedly suspended work at its crude blending plants in the Orinoco region.

Upcoming Brazilian auctions draw interest from 14 IOCs

Brazil’s government has revealed that more than a dozen international oil companies have registered to participate in an upcoming licensing round covering four sizeable confirmed offshore fields.

Ecuador to drop out of OPEC as of January 1

Ecuador has made the decision to withdraw from OPEC at the start of next year.

Colombia’s next steps

Colombia is gearing up for several major developments in the oil and gas sector over the next 18 months.

YPFB reports successes on residential gasification front

A Bolivian cabinet official said last week that YPFB, the national oil company (NOC), had made significant progress on residential gasification programmes.

Pemex pays off more than $5bn worth of bonds ahead of schedule

Mexico’s national oil company Pemex succeeded in paying off more than $5bn worth of debts ahead of schedule last week.

YPF set to reduce investment budget next year

Argentina’s national oil company YPF is likely to trim its investment budget in 2020.

Caribbean markets offer new opportunities for US LNG operators

Eagle LNG and other US gas operators are poised to take advantage of growing demand in the Caribbean region.

Excelerate plans small-scale LNG plant in Argentina

US-based Excelerate is moving forward with plans to establish a small-scale LNG export complex in Argentina, a company representative said last week.

US government penalises four companies for moving Venezuelan oil, fuels to Cuba

The US Treasury Department said on September 24 that its Office of Foreign Asset Control (OFAC) had imposed sanctions on four companies involved in transporting crude oil and petroleum products from Venezuela to Cuba.

Head of Colombian industry group hopes government will allow fracking in 2020

The head of a Colombian oil and gas industry group has urged the government to allow investors to start work on pilot drilling programmes involving hydraulic fracturing (fracking) in 2020.

CNH gives Eni-led group green light for drilling Ehecatl-1 well

CNH has reportedly given Eni (Italy) and its partners Cairn Energy (UK) and Citla (Mexico) permission to move forward with the drilling of an exploration well at Mexico's offshore Block 7.

GlobalData sees more IOCs entering Brazil’s Pre-Salt fields as operators

Brazil is likely to start seeing a wider range of companies serving as operators of upstream oil and gas projects in the short term, according to GlobalData.

Colombia’s pilot fracking schemes remain in limbo

Colombia's highest administrative court has extended a temporary moratorium on fracking but has also said the ban does not apply to “comprehensive investigative pilot projects.”

Double discovery offshore Guyana

Both ExxonMobil (US) and Tullow Oil (UK-Ireland) have announced new oil finds offshore Guyana this week.

Long-time emerging markets investor bullish on Brazilian oil

Veteran investors Mark Mobius has suggested that last weekend’s aerial attacks on oil infrastructure in Saudi Arabia might benefit Brazil in the long term.

Western Geco begins wide-azimuth survey in Bay of Campeche

Schlumberger's Western Geco subsidiary has begun work on a multi-client wide-azimuth survey offshore Mexico, in the Bay of Campeche.

SPEC LNG and partners to offer additional LNG services at FSRU in Cartagena

Colombia’s Sociedad Portuaria El Cayao, known as SPEC LNG, has teamed up with three other companies to make additional services available at its LNG import facility in Cartagena.

Mexican government strikes a deal with another gas pipeline contractor

Mexico’s government has struck an agreement with Fermaca, a domestic company, on the revision of natural gas pipeline contracts signed when the previous government was still in power.

TPI urges fossil fuel industry to face up to climate change

Senior diplomat: US government won’t rule out sanctions on Rosneft for Venezuelan oil trade

The US government may take action against Rosneft, Russia’s largest oil operator, for expanding its trade in Venezuelan crude oil.

Mexico’s president finds new enthusiasm for reform – up to a point

Mexico's president is opening up new opportunities for private investors but still has unrealistic expectations about what Pemex can achieve in a year.

Brazil wraps up first round of Open Acreage programme auctions

Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP) has successfully auctioned off 33 blocks in the first round of its Open Acreage programme.

YPF execs voice optimism about plans for new LNG plant

Two high-ranking representatives of Argentina’s national oil company (NOC) YPF said last week that they remained optimistic about the prospects for ramping up LNG exports.

Perupetro says Peru LNG complex saw exports rise in August

Peru’s national oil company (NOC) Perupetro said last week that it had seen LNG exports from the terminal in Pampa Melchorita rise year on year last month.

CNPC subsidiary reportedly suspends work on Sinovensa expansion project

Venezuela’s plans for expanding the production capacity of Sinovensa, a joint venture between the national oil company (NOC) PdVSA and China National Petroleum Corp. (CNPC), may be suffering a setback.

Argentina pushes on with LNG plan amid political upheaval

Argentina’s YPF continues to pursue a plan for a major LNG export project, but political uncertainty in the country will likely slow progress.

Chevron seeking more favourable terms for possible exit from Venezuela

Chevron is reportedly taking steps to ensure a softer landing in the event that it has to exit Venezuela.

One price freeze leads to another

Argentina’s Energy Secretariat is seeking to temper the impact of its decision to impose a temporary freeze on crude oil and motor fuel prices.

Eco Atlantic ally optimistic about prospects for additional oil finds offshore Guyana

Kinley Exploration, a US-based company with close ties to Canada’s Eco Atlantic Oil & Gas, has expressed optimism about the prospects for further oil discoveries offshore Guyana.

Bahamian NOC seen preparing for exploration drilling in 2020

The national oil company of the Bahamas has reportedly made arrangements to launch an offshore exploration drilling programme next year.

Stabilis considering Monterrey as site for small-scale Mexican LNG plant

Houston-based Stabilis Energy has said it is considering the Mexican city of Monterrey as a potential site for its first LNG project in the Central American country.

Mexico strikes deal on Sur de Texas-Tuxpan gas pipeline

Mexico's national power provider CFE has struck a deal with four companies involved in the construction of new gas pipelines.

Head of IGU praises Bolivian government’s gas policy

The secretary general of the IGU says Bolivia stands to benefit from increased global demand for natural gas.

Mexico apparently hesitating on oil price hedge

Mexico’s government has not yet executed its oil hedge and may opt out of doing so altogether this year.

Joe-1 well spudded at Orinduik block offshore Guyana

Tullow Oil and its partners have spudded a new exploration well at the Orinduik block offshore Guyana.

Pluspetrol reins in production at Las Malvinas gas plant

Argentina’s Pluspetrol has temporarily scaled back production at the Las Malvinas natural gas plant in Peru following the discovery of leaks in a pipe.

Equinor, YPF sign preliminary agreement on offshore block

Equinor has concluded a preliminary agreement with YPF, Argentina’s national oil company (NOC), on the establishment of a joint venture to explore the CAN 100 block.

Aramco, PetroChina and traders interested in Petrobras refinery sale

Events in Argentina raise doubts about Vaca Muerta’s prospects

Recent developments in Argentina may force a downward revision in production forecasts for the Vaca Muerta shale basin.

Shell gets green light for 3-D seismic work at Santos Basin blocks

Brazil’s Ministry of the Environment has given Royal Dutch/Shell a green light to proceed with a seismic survey of two adjacent offshore blocks known as BM-S-54 and Sul de Gato do Mato.

Argentina freezes fuel prices, shrugging off oil companies’ concerns

Argentina’s government has announced a 90-day freeze on motor fuel prices, and the new policy could spell trouble for upstream operators.

Guyana urged to bring multiple investors on board for offshore oil projects

Britain’s High Commissioner to Guyana has encouraged Georgetown to work with as many investors as possible with respect to the development of its offshore hydrocarbon resources.

CNPC subsidiaries cancel plan to load Venezuelan crude

Two CNPC subsidiaries have dropped plans to import several cargoes of Venezuelan oil in light of the US government’s new sanctions on Caracas.

Suriname hopes bond sale will generate funds for offshore exploration

The national oil company (NOC) of Suriname hopes to raise money for offshore exploration projects with a bond sale in 2020.

Japan’s MODEC sells bonds to refinance FPSO now working offshore Brazil

Japan’s MODEC has issued project bonds on international capital markets to raise the money needed to refinance an FPSO chartered for work in the pre-salt zone offshore Brazil.

Petrobras moves ahead with divestment programme

Petrobras' plans to sell off some of its upstream assets play into a wider campaign to reorient the company's portfolio.

New Fortress racks up red ink

Cuba prepares to battle ExxonMobil in US federal court

Cuba’s government has indicated that it intends to contest a lawsuit filed earlier this year by the US super-major ExxonMobil.

Gran Tierra reports oil find at Colombia’s Acordionero field

Calgary-based Gran Tierra Energy said last week that it had found crude oil in a well drilled at the Acordionero field in Colombia.

PdVSA-CNPC venture launches expansion project

Sinovensa, a joint venture between Venezuela’s national oil company (NOC) PdVSA and China National Petroleum Corp. (CNPC), is taking steps to raise output levels significantly.

Tullow reports larger-than-expected oil find offshore Guyana

UK-listed Tullow Oil has found crude oil – and in larger quantities than anticipated – in its first exploration well at the Orinduik block offshore Guyana.

Vista Oil & Gas sees Vaca Muerta giving a lift to production

Mexico’s Vista Oil & Gas has high hopes for its operations in Argentina. Miguel Galuccio, the company’s CEO, told investors last week that wells in the Vaca Muerta shale formation had pushed Vista’s production up in Q2-2019.

Chile’s Codelco sells Mejillones LNG stake

Chile’s state-owned mining firm Codelco has sold its stake in the Mejillones LNG terminal to Ameris Capital AGF, a local investment fund.

Brazil has high hopes for next offshore licensing rounds

Felipe Kury, the head of Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP), believes that his country has a lot riding on the success of its next offshore licensing rounds.

Repsol appoints Peterson as main logistics contractor for drilling offshore Guyana

Peterson, a UK-based provider of energy and logistics services, will serve as Repsol's main logistics contractor during the drilling of the Carapa-1 exploration well.

US court upholds legitimacy of Citgo’s ad hoc board

A US court has issued a ruling upholding Venezuelan Interim President Juan Guaido’s right to appoint an ad hoc board at Citgo, a Houston-based downstream subsidiary of PdVSA.

Mexico likely to withdraw money from oil fund to cover budget shortfall

Mexico is reportedly mulling a proposal to use more than 40% of the money in its sovereign wealth fund to compensate for lower budget revenues this year.

Argentina’s energy secretary touts economic benefits of new gas pipeline

Argentina’s Energy Secretary Gustavo Lopetegui said last week that the country was set to reap enormous benefits from the construction of a new natural gas pipeline linking the Vaca Muerta shale formation to Buenos Aires.