LatAmOil - Latin America Oil & Gas
Production increase of three ExxonMobil FPSOs approved by Guyana government
The Ministry of Natural Resources in Guyana reported production increases across three FPSO vessels, namely Destiny, Unity, and Prosperity, as part of a production optimization process.
Petrobras sells idle fields to Perenco, signs MoU with Argentina’s Enarsa for gas projects
Brazil’s national oil company Petrobras has finalised contracts to sell its entire interest in the Cherne and Bagre fields, situated in the Campos Basin's shallow waters, to Perenco for $10mn.
Chevron says it will finalise purchase of Hess this year
Chevron CEO Mike Wirth has told Bloomberg Television that the company expects an outcome to the dispute with Exxon over the Stabroek Block in Guyana in the coming months, and that its $53bn acquisition of Hess Corp. would be finalised this year.
Hess Corporation preparing to begin oil exploration offshore Suriname this year
US energy major Hess Corporation is set to commence exploration in two offshore Suriname oil blocks later this year, namely Block 42 and Block 59, the company revealed in its annual report filed with the U.S. Securities and Exchange Commission.
Vista Energy to accelerate Vaca Muerta production in second half of 2024
Vista Energy, is set to ramp up its activities in the Vaca Muerta formation with the introduction of a third drilling rig, Oil & Gas Journal reported.
Hess requests tribunal hearing for dispute with ExxonMobil and CNOOC
Hess Corporation is seeking an arbitration tribunal to hear the merits of its disagreement with ExxonMobil and CNOOC, Chevron CEO Mile Wirth confirmed.
Hess calls for shareholder vote on May 28 for Chevron takeover
Hess Corporation has called for a shareholder vote on May 28 over Chevron Corporation's proposed $53bn acquisition of the company.
Vallourec secures fourth major order from ExxonMobil Guyana for Whiptail project
Vallourec, announced the acquisition of its fourth major order from ExxonMobil Guyana within the framework of a 10-year Long-Term Agreement, this time for the Whiptail project in the Stabroek Block.
ExxonMobil emphasises Payara project success in first-quarter earnings report
ExxonMobil's first-quarter earnings report for 2024 report outlined the success of the company’s achievements in project execution and operations, particularly the successful performance of the Payara project.
ExxonMobil chief expects Guyana to become one of world's most successful deepwater developments
ExxonMobil’s Chief Executive Officer Darren Woods has claimed that Guyana is emerging as one of the most successful deepwater projects in the history of the oil and gas sector.
Suriname seeks to replicate Guyana’s oil success
Suriname is looking to repeat Guyana's oil sector growth, with TotalEnergies and APA Corp. targeting the final investment decision for the offshore Block 58 project by the close of 2024.
ExxonMobil, Chevron miss estimates, bet on Permian and Guyana
The two largest US oil and gas heavyweights, ExxonMobil and Chevron, may have been hit hard by weak gas prices and refining margins. The duo released their first quarter earnings results on April 26, with Exxon falling short of estimates.
Latina Seguros secures Petroecuador insurance contract amid controversy
Latina Seguros has clinched a lucrative insurance contract with Petroecuador, Ecuador’s state oil company, following a low-profile tender process The contract is valued at $89.9mn excluding VAT, and follows a bidding process marred by controversy.
Chinese refiners enjoy greater discounts on Venezuelan oil after US sanctions return
Chinese refiners are enjoying reduced prices for Venezuelan oil following the reinstatement of US sanctions against the South American nation. Merey crude, commonly utilised for bitumen production, has recently been trading at a discount of $14 pb.
Venezuela's PDVSA to revise agreements with new foreign partners, says energy commission chief
State-owned oil company Petróleos de Venezuela SA is set to revise agreements with 17 joint venture companies, with nine of them slated to welcome new foreign partners, as confirmed by Ángel Rodríguez, Assembly's energy commission chief.
Venezuela’s PDVSA needs $50bn investment to reach 1.7mn bpd production, oil expert says
Achieving sustainable oil production and export levels, along with vital technological upgrades and infrastructure maintenance for Venezuela's state oil firm PDVSA, requires a minimum daily output of 1.7mn barrels over the next three years.
Venezuela's PDVSA ranks 30th among world’s top carbon emitters
Petróleos de Venezuela SA has secured the 30th position in a list of the 117 largest carbon emitters post the Paris Agreement, according to a report released by the British research centre Influence Map in early April 2024.
Repsol optimistic on Venezuela operations despite US sanctions return
Spanish energy giant Repsol expressed optimism regarding its business prospects in Venezuela, despite the United States' move to reimpose sanctions on the country over electoral concerns.
Pemex Q1 2024 net profit plunges 91.7% amid weakening peso
Petróleos Mexicanos (Pemex) faced a significant decline in net profit in the first quarter of 2024, down 91.7% to MXN4.7bn ($284.3mn), largely attributed to a weaker peso compared to the same period last year.
Mexico's Pemex reverses export cuts, Q1 output falls but refining grows
Mexico's national oil company Pemex has reversed proposed crude export cuts of at least 330,000 barrels per day for May, according to sources.
Petrobras pays shareholders nearly BRL450bn in six years
Brazil’s national oil company (NOC) Petrobras has distributed BRL446.4bn in dividends to shareholders from 2018 to 2023, including an extraordinary dividend payment of BRL21.9bn approved recently.
Brazil’s biodiesel prices fall on high inventories
The biodiesel market in Brazil is facing pressure from high inventories, leading to downward pressure on prices for May and June contracts.
Brazil's potential to lead SAF production
Brazil’s natural wealth possesses a diverse array of raw materials and vast areas suitable for cultivation, offering a significant advantage in the production of sustainable aviation fuel.
Petrobras moves ahead with renewable plants at three refineries
Brazil’s national oil company Petrobras is to install renewable energy plants at its REGAP, RNEST, and REPLAN refineries.
LNG Energy Group strikes deal to revamp Venezuela oil fields amid US sanctions uncertainty
LNG Energy Group, backed by Texas oil magnate Rod Lewis, inked a pact with Venezuela's state-run oil giant PDVSA to revitalise five ageing oil fields, positioning itself for potential growth in a market grappling with a tumultuous political landscape
Venezuela's PDVSA installs electrical substation to reactivate Cardón refinery
State-owned oil company Petróleos de Venezuela SA has completed the installation of a 22-tonne electrical substation to facilitate the reactivation of the CD3 distillation plant in Venezuela at the Cardón refinery in Falcón state.
Refinery fires disrupt Mexico's Pemex oil export strategy
Mexico’s national oil company (NOC) Pemex is adjusting its oil exports following fires at two of its refineries, impacting its efforts to prioritize domestic fuel production.
Petrobras investors secure $4.3bn dividend after weeks of dispute
After a seven-week standoff over dividends, Brazil’s national oil company (NOC) Petrobras has agreed to pay out a hefty BRL22bn ($4.3bn) sum to its investors.
Negotiating room left in the US’s Venezuela oil sanctions
Despite US oil sanctions returning to Venezuela, there's still space for negotiation with the Maduro-led administration via special licences.
Poland’s Orlen cancels Venezuelan oil contracts amidst financial turmoil
Polish oil giant Orlen finds itself entangled in a financial quagmire as it cancels contracts worth over $400mn with Venezuela amid a swirl of missed deliveries and questionable dealings, as the US reimposes sanctions on Caracas.
GeoPartners to collaborate with Staatsolie on oil seep deal offshore Suriname
UK-based geological consulting firm GeoPartners Ltd has entered into an agreement with Suriname’s national oil company Staatsolie and Netherlands-based TROIS Geoconsulting to collaborate on an oil seep study offshore Suriname.
Guyana's Stabroek Block production rises by 38% in first quarter of 2024
Production in the Stabroek Block offshore Guyana rose by 38% over the first quarter of 2024 compared to the previous quarter.
MidOcean Energy completes acquisition of SK Earthon's stake in Peru LNG
MidOcean Energy completes acquisition of SK Earthon's stake in Peru LNG, boosting South America's LNG export capacity
Bolivian gas plant seized in Comarapa amid boundary dispute
An ongoing boundary dispute triggered the occupation of a gas facility in the Bolivian town of Comarapa. Local residents in the municipality of Santa Cruz accused the National Institute of Agrarian Reform of wrongly delineating community boundaries.
Eni granted exploration well in Gulf of Mexico
Eni Mexico has achieved a significant milestone with the approval from Mexico's upstream regulator to commence drilling the exploration well, Yopaat 1, within its Area 9 blocks situated in the deepwater Gulf of Mexico.
Helix Energy set to secure $500mn-plus Petrobras contract for well intervention vessel
Helix Energy Solutions is poised to secure another lucrative contract with Brazil’s national oil company (NOC) Petrobras’ offshore operations.
Petrobras sells Cherne and Bagre fields to Perenco, Buzios surpasses 1bn barrels produced
Brazil's national oil company Petrobras has reached an agreement to sell its entire stake in the Cherne and Bagre fields, situated in shallow waters in the Campos Basin, to Perenco.
Unpacking the return of Venezuela oil sanctions
The United States has decided not to renew General Licence 44, which previously authorised transactions linked to Venezuela's oil and gas sector, penalising PDVSA.
Venezuela’s PDVSA eyes expanded cryptocurrency use amid renewed US sanctions
Venezuela's state-owned oil company, PDVSA, is ramping up its utilisation of digital currencies for crude and fuel exports as the United States reinstates oil sanctions on the nation.
ExxonMobil and Chevron fight over Guyanese oil assets comes alongside probe by US federal agencies
The clash between oil giants Chevron and ExxonMobil over their Guyanese oil resources has ignited a probe into their assets by two key federal agencies in the United States.
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