LatAmOil - Latin America Oil & Gas
PEMEX's exploration success improves by 27% with new strategy
Petróleos Mexicanos has seen a 27% improvement in its exploratory success due to a strategic shift.
BP halts talks with Venezuela on gas project amid US sanctions return
BP has temporarily suspended discussions with Venezuela regarding a gas project along the maritime border with Trinidad and Tobago after the reimposition of US sanctions last month, a spokesperson for the company announced on May 22.
China's fuel oil imports reach record high amidst surge from Venezuela and Iran
China saw a significant uptick in fuel oil imports in April, marking a notable 10% increase from the previous year, according to data from the General Administration of Customs.
Pemex’s Dos Bocas refinery faces delays as initial output falls far below capacity
Mexican national oil company Pemex has begun sending only 16,300 bpd of crude oil to its new Olmeca refinery, significantly below its full capacity, indicating yet another delay. This initial output represents less than 5% of the refinery's capacity.
Mexican firm seeks US approval to import gas for LNG export
Gato Negro Permitium Uno has recently submitted a request to the United States Department of Energy to export natural gas to Mexico.
Shell to conduct seismic survey expedition offshore Trinidad and Tobago
Shell Trinidad and Tobago confirmed that it will embark on a seismic survey expedition in the East Coast Marine Area (ECMA), covering deepwater Blocks 25a, 25b, and 27.
YPF begins construction of Vaca Muerta Sur pipeline
Argentina’s national oil company YPF has commenced the construction of the Vaca Muerta Sur pipeline, which is set to facilitate the export of approximately 135mn barrels of oil annually.
Rystad Energy expects Suriname's first gas project in 2031
Norway's Rystad Energy predicts a landmark gas project could materialise in Suriname as early as 2031, centred on Petronas' activities in Block 52.
Guyana achieves third-fastest oil production growth globally
Guyana has rapidly emerged as a key player in the global crude oil market, boasting the third-fastest production growth rate worldwide, data from the US Energy Information Administration showed.
Lula's ambitions for Petrobras constrained by new regulations
Brazilian President Luiz Inacio Lula da Silva faces significant challenges in transforming national oil company Petrobras into an economic engine, despite appointing Magda Chambriard as the new CEO.
Frontera Energy mulls sale of Colombian assets to boost strategic operations
Canadian oil company Frontera Energy, Colombia’s third largest oil producer, has announced plans to explore strategic alternatives for its infrastructure assets within the country.
Petrobras new CEO to drive key cabinet goals as assets disposals reverted
Brazilian Minister of Mines and Energy, Alexandre Silveira, said he is fully confident the new CEO at national oil company Petrobras, Magda Chambriard, will advance the company's strategic agenda after the resignation of Jean Paul Prates.
ExxonMobil identifies additional 600mn barrels in Stabroek Block reserves
ExxonMobil Guyana announced that it has identified an additional 600mn barrels in reserves for the Stabroek Block developments, surpassing previous estimates announced during project sanctioning.
Brazil’s 3R agrees to acquire Enauta for $1.2bn
3R Petroleum Oleo e Gas SA has agreed to purchase Enauta Participacoes SA in an all-stock transaction, marking a significant consolidation in Brazil’s oil industry.
Guyana's oil fund grows to almost half of national budget
Guyana’s Natural Resource Fund rose to $2.634bn in April, almost half of the nation's $5.496bn annual budget for 2024, the Bank of Guyana reported.
An estimated 4.6bn barrels discovered offshore Suriname
Consulting firm Wood Mackenzie has estimated that around 4.6bn barrels of oil and 12.5 trillion cubic feet (354bn cubic metres) of natural gas resources have been discovered to date offshore Suriname.
PEMEX commences crude deliveries to Dos Bocas refinery
PEMEX has started sending 16.3mn barrels per day of crude oil to the Olmeca refinery in Dos Bocas, Tabasco.
An estimated 4.6bn barrels have been discovered offshore Suriname
Consulting firm Wood Mackenzie has estimated that approximately 4.6bn barrels of oil, or 12.5 trillion cubic feet, of natural gas resources have been discovered to date offshore Suriname.
Colombia's Trasandino oil pipeline to remain offline through 2024
Colombia’s Trasandino pipeline is expected to stay offline until December, as announced by Ricardo Roa, the CEO of Ecopetrol
PEMEX to rehabilitate sulphur plants with major investment
PEMEX has announced plans to invest MXN $1.708bn ($103.161mn) in the rehabilitation of two disused sulphur plants, Nuevo PEMEX and Ciudad PEMEX.
Venezuelans grapple with gasoline shortages amid contradictory official assurances
Citizens in Venezuela are expressing frustration over gasoline shortages, contradicting assertions by oil authorities that fuel distribution across the nation is proceeding smoothly and reporting lengthy queues at gas stations and power shortages
Hess-Chevron $53bn deal in the crosshairs
Hess is holding a shareholder meeting on May 28, and some of its investors are balking at backing the company’s $53bn acquisition by Chevron until there is clarity about Chevron’s arbitration with ExxonMobil.
Brazil’s BNDES investment bank leads biofuels drive with billions in investments
Brazil’s National Bank for Economic and Social Development has significantly increased its investment in biofuels, aligning with President Luiz Inacio Lula da Silva administration's priorities and the green agenda.
Petrobras CEO's plans for Petros pension fund face governance hurdles
Magda Chambriard, the incoming CEO of Brazil’s national oil company (NOC) Petrobras, will face additional challenges if she intends to extend the changes made to Petrobras’ board to Petros, the state-owned company’s pension fund.
Brazil’s antitrust authority to approve Petrobras' request to halt refinery sale plan
Brazil’s Petrobras proposed changes to its cessation commitment term (TCC) are to be greenlit by the antitrust authority Cade, allowing the national oil company (NOC) to backtrack from ongoing refinery sales
Ecuador signs $333mn deals for oil blocks in Sucumbios province
Ecuador’s Ministry of Energy and Mines has inked participation contracts for a total value of €333mn for the operation of three oil blocks in Sucumbíos province,signalling a significant boost in private investment in Ecuador's hydrocarbon sector
Oil companies in Venezuela rush for US licences amid regulatory backlog
Oil firms operating in Venezuela face uncertainty as they await US approval to continue operations past the May 31 deadline. After the return of sanctions, these firms are submitting waiver applications to the US Treasury hoping for ad-hoc licences.
US court decision adds complexity to Citgo ownership auction
A US District Court judge ruled on May 17 that bidders participating in the auction for US-based refiner Citgo Petroleum must disclose whether their binding offers encompass the claims of Venezuela bondholders involved in a separate legal action
ExxonMobil to drill two appraisal wells offshore Guyana
ExxonMobil is moving forward with plans to drill two appraisal wells in the Stabroek Block offshore Guyana, a document included in Guyana’s Official Gazette confirmed.
3,000 Guyanese welders to be trained for local oil and gas sector
Guyanese President Irfaan Ali announced that the School of the Nations, in collaboration with the Guyana Online Academy of Learning, aims to train 3,000 Guyanese candidates in welding.
Brazil’s oil output surge expected to boost royalties by 20% in 2024
Brazil anticipates a significant surge in oil production this year, with projections suggesting that royalties from the sector will increase by 20.4%, totalling $17.7bn
Petrobras sends antitrust authority proposed amendments to its cessation terms
Petrobras has announced that it has formally submitted proposals to Brazil’s antitrust authority, the Administrative Council for Economic Defence, to amend the Terms of Cessation Commitment related to the investments or divestments.
Vessel Sapura Ônix heads to Brazil’s Atlanta Field for equipment installation
The specialised vessel Sapura Ônix is currently en route to the Atlanta Field in the Santos Basin, offshore Brazil, to install subsea equipment in preparation for oil production, targeted to commence in August.
Touchstone experiences 20% decline in quarterly oil and natural gas sales
Touchstone Exploration, a Trinidad-focused energy company, released its financial results for the first quarter of 2024, revealing a 20% y/y decline in oil and natural gas sales.
PEMEX sets ambitious strategy for northeast marine region
PEMEX has unveiled a strategy to boost production by 17% in the mature hydrocarbon fields of the Northeast Marine Region by the end of 2024.
TotalEnergies eyes offshore potential in Peru
French supermajor TotalEnergies is set to initiate preliminary studies to assess the oil and gas potential of two offshore areas in Peru.
Seaport Global sees Venezuelan PDVSA bonds as undervalued, recommends buy
Bonds issued by Venezuela’s state oil company, PDVSA, are undervalued and should trade closer to sovereign debt levels, according to Seaport Global.
US to grant limited licences for Venezuelan oil operations, prioritising existing investors
The United States is gearing up to grant limited licences for operations in Venezuela, prioritising companies already engaged in oil production and possessing existing assets.
Brazil’s Volkswagen idles three plants after flooding, LPG deliveries hampered
Floods in Brazil's Rio Grande do Sul state have severely impacted the distribution of liquefied petroleum gas, reducing supply by 7-10% in the affected area during the first two weeks of May.
LPG deliveries hampered in southern Brazil
Floods in Brazil's Rio Grande do Sul state have severely hit the distribution of liquefied petroleum gas, reducing supply by 7-10% in the affected area during the first two weeks of May.
Brazil’s Enauta starts anchoring FPSO Atlanta in Santos Basin
Brazilian oil and gas producer Enauta has commenced anchoring operations for the floating production storage and offloading unit Atlanta in the Santos Basin, offshore Brazil.
Colombia's oil production nears 800,000 bpd, says Regulator Chief
The President of the National Hydrocarbons Association announced that the country's average daily oil production is approaching 800,000 barrels per day, despite the nation's increasing focus on expanding renewable energies.
Venezuela's oil production inches up despite US sanctions
Venezuela's oil production edged up to 878,000 barrels per day in April, marking a modest increase of 0.45% from March's average of 874,000 bpd despite the return of sanctions, according to data compiled in a report released on May 13 by OPEC.
Vaca Muerta produced 52% of Argentine oil in March
A report by consulting firm Economía & Energía found that oil production in Argentina reached 690,000 barrels per day in May, with the Vaca Muerta shale formation accounting for 52% of total output.
Venezuela bolsters military presence near Guyana border amid rising tensions
Venezuelan President Nicolas Maduro's administration is intensifying military infrastructure and hardware deployment near the border with Guyana, heightening concerns of annexation threats towards the oil-rich stretch of Guyanese land.
MODEC reports 657% surge in quarterly profit driven by Guyana FPSO contract
MODEC released its earnings for the first quarter of 2024, announcing a $71mn profit largely driven by its order for the Errea Wittu floating production storage and offloading vessel for the Uaru development offshore Guyana.
Petrobras introduces new gas contracts amid newly liberalised Brazilian market
Brazil’s national oil company (NOC) Petrobras has announced plans to introduce new types of natural gas contracts in Brazil's open market, featuring more flexible and competitive terms.
CMM secures $94mn to build ethanol-powered PSV fleet in Brazil
Compagnie Maritime Monegasque (CMM) has obtained $94mn in financing from Summit Ridge Capital Partners, earmarked for the construction of a pioneering ethanol-powered fleet of Platform Supply Vessels (PSVs) in Brazil.
Brazil narrows reduced biofuel mix mandate in flood-hit south
Brazil's crude oil, gas, and biofuels regulator the ANP has scaled back the reduced biofuel blending mandate in Rio Grande do Sul state, limiting it to the cities of Canoas, Esteio, Rio Grande, and Santa Maria as the area reels from severe flooding.
Oil poised to become Brazil's leading export in 2024
Crude oil is set to become Brazil’s primary export in 2024, reflecting its growing significance in the country's export portfolio.
Petrobras curbs investor payouts amid political pressure
Brazil’s national oil company Petrobras’ board has approved a BRL1.04 per share, or BRL13.45bn ($2.6bn), in dividends from the first quarter, it said in a regulatory filing,
Shell bets big on hydrogen to decarbonise offshore operations
The subsidiary of UK energy major Shell in Brazil is investing millions in a project to test hydrogen in diesel engines on marine vessels, including drilling rigs and tankers, aiming to reduce greenhouse gas (GHG) emissions.
Wave of consolidation may be imminent amongst Brazil’s smaller upstream independents
Four of Brazil’s top 10 independent exploration and production players are in talks in which they are seeking a merger. And indeed it is Brazil’s oil juniors that are hunting for M&As most avidly.
Petronas hits hydrocarbon for third time in Block 52 in Suriname
Petronas has made a hydrocarbon discovery in Block 52 at the Fusaea-1 exploration well in Suriname’s Block 52, located about 170 kilometres offshore and 9 kilometers east from Roystonea-1, the company announced.
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