LatAmOil - Latin America Oil & Gas

Guyana emerges as direct crude competitor to Brazil, S&P Global confirms

S&P Global Commodity Insights’ oil pricing and news expert Patrick Harrington claimed that Guyana is emerging as a direct competitor to Brazil in the South American crude market as Guyana’s output continues to rise.

Argentina's Pampa Energía to pump $200mn into Vaca Muerta pilot project

Pampa Energía revealed that it will inject a $200mn investment into a pilot project in the Vaca Muerta shale formation. Company executives said that the firm is aiming to reach 200,000 barrels per day over the next few years.

Suriname's Staatsolie confirms 2024 deadline for FID on Block 58

Annand Jagesar, managing director of Suriname’s state oil firm Staatsolie, confirmed that the final investment decision for Suriname’s Block 58 will be delivered in 2024.

Venezuela's oil output surges 10.65% in 2023, PDVSA reports, in contrast to lower OPEC figures

Venezuela has witnessed a surge in oil production, recording a remarkable 10.65% increase in the ongoing year, as detailed in a report unveiled on Monday, August 14, by the state-owned oil giant, PDVSA.

Brazil’s Petrobras continues due diligence on Braskem

Petrobras continues analysing potential ways forward for its stake at petrochemicals and polymers major Braskem, the company said on August 14.

World Bank tribunal grants Exxon Mobil $77mn after reviewing Venezuela claim

Exxon Mobil has secured a substantial victory in its protracted legal engagement with Venezuela, as the World Bank arbitration tribunal ruled in favour of the energy giant.

Norway’s Solstad Offshore wins $100mn vessel contracts with PRIO, Equinor in Brazil

Norwegian engineering services provider Solstad Offshore has been awarded two contracts worth $100mn from Brazil’s PRIO and Equinor for the construction of a support vessel and conversion of a platform supply vessel, Brazil Energy Insight reported.

Venezuelan President Maduro urges return of Citgo, reclaims $4bn profits stuck in US banks

Venezuela's President Nicolas Maduro issued a resolute demand on Monday, August 14 for the unconditional return of the oil company Citgo, owned by the South American country but seized by the US in 2019 as a result of deepening sanctions.

Brazil’s 3R seeks partners, divestments in infrastructure in the Potiguar Cluster

3R Petroleum is seeking partnerships and divestments of some assets in the industrial asset of Guamare, in the Potiguar Cluster in Rio Grande do Norte state, Brazil Energy Insight reported on August 1.

Argentina's Enarsa cancels LNG cargo amid lower demand due to warmer weather

Argentina’s state-run energy company Enarsa has cancelled a shipment of liquefied natural gas, a source familiar with the matter revealed. This comes as the South American country experiences warmer winter weather than what was previously expected.

Colombia’s proposed Pacific LNG project receives first bid

Colombia’s long-delayed Pacific LNG import terminal received its first bid to build and operate the country’s second LNG facility, BNamericas reported on August 12.

Guyanese, Ghanaian companies team up to offer tech training for oil and gas industry jobs

Compton Harris, the CEO of Guyana’s e-magic, said his company had teamed up with Ghana’s West Coast Gas to expand training in oil and gas technologies.

Suriname offers future oil profits to bondholders to exit its default

Suriname has entered an agreement with bondholders to escape its default. In exchange for providing bondholders with a cut of its future oil profits, part of the nation’s sovereign debt will be forgiven.

Guyana, Dominican Republic sign MoU on joint construction of 50,000 bpd refinery

The governments of Guyana and the Dominican Republic have agreed to team up to find a strategic investor for a new oil refinery project.

LatAmOil: YPFB reports major gas find

Petrobras tests offshore wind technology developed with University of Sao Paulo

Petrobras has conducted performance tests of new offshore wind technology developed in collaboration with the Polytechnic School of the University of Sao Paulo (USP), Brazil Energy Insight reported on August 10.

Venezuela must return to be reliable oil supplier to meet increasing demand, says oil minister

Rafael Tellechea, Venezuela’s Minister of Oil, has released a statement stressing the need to re-establish the nation's position as a reliable source of crude oil, unfettered by sanctions, as reported by pro-government outlet El Universal.

Venezuela becomes sixth-largest US oil supplier after sanctions easing, increases exports to China

In May 2023, according to data from the Energy Information Administration, Venezuela's oil exports to the US stood at an impressive 185,000 barrels per day.

Ecopetrol chief probed over former role as Colombian president’s campaign manager

Argentina’s YPF granted big loan to boost its clean energy efforts

The Development Bank of Latin America and the Caribbean (CAF) has agreed to lend $375m to Argentina’s state-owned oil company YPF to finance its energy transition to less polluting fuels.

Enauta completes well in drilling off Brazil, advances with last well

Brazilian oil and gas player Enauta has concluded the drilling and completion of another well in its drilling programme at a field offshore Brazil, reported Brasil Energy Insight on August 8.

SBM Offshore’s FPSO Sepetiba on its way, two more being built

SBM Offshore says the three FPSO vessels ordered by Petrobras are on track to be delivered as expected. The FPSO Sepetiba is on its way, and construction of the FPSO Almirante Tamandare and the FPSO Alexandre de Gusmao is progressing on time.

Petrobras to install its first fully electric FPSO in Espiritu Santo in 2025

Petrobras will install its first floating production, storage, and offloading vessel with fully electrified combined cycle systems in the Jubarte field off the coast of Espiritu Santo in 2025.

Colombia’s Ecopetrol announces new hydrocarbon discovery

Colombian energy company Ecopetrol announced a new hydrocarbon discovery in Orito, Putumayo on August 10. Ecopetrol said that the Alqamari-2 exploratory well confirmed the presence of hydrocarbons.

Guyana passes new oil law

Guyana’s Parliament has passed a new oil law to replace the Petroleum (Exploration and Production) Act, which has been in effect since 1986.

NFE expects to launch Altamira, Mexico FLNG project in September

US liquefied natural gas firm New Fortress Energy (NFE) is expecting to launch its first floating LNG project off Altamira in Mexico in September. NFE's Pioneer III utilities and accommodation rig recently arrived from Texas.

Competing objectives in the Amazon rainforest

The Belem Declaration is not likely to have much of an impact on oil and gas drilling in the river basin, especially since it was drawn up by parties that are not in agreement on the issue.

Colombia’s Ecopetrol reports 61% y/y decline in net profit in Q2

Ricardo Roa, CEO of the state-controlled oil company, stated during a press conference in Bogota that the decline is attributed to a decrease in oil prices, which fell from $105 per barrel in the first half of the previous year to the current $80.