LatAmOil - Latin America Oil & Gas
US and European demand for Guyanese oil rises amid Mexican supply slump
Global trade data and analytics firm Kpler observed that competition between the U.S. and Europe for Guyanese oil is intensifying amid a slump in Mexican crude exports.
YPF completes first phase of Vaca Muerta exploration in Mendoza province
Argentina’s national oil company YPF SA has completed the first phase of its unconventional Vaca Muerta exploration project in Argentina’s Mendoza province.
Caribbean set to benefit from Guyanese oil boom
The Inter-American Development Bank sees Guyana's booming oil industry as a significant opportunity for economic growth across the Caribbean.
Argentina's energy subsidies to plummet nearly 50% in 2024
Energy subsidies provided by the Argentine government are set to nearly halve this year compared to 2023, with projections indicating a reduction from $9.68bn to a minimum of $5bn.
Two new developments in Suriname may follow TotalEnergies' Block 58 project
As planning advances for TotalEnergies’ inaugural development at Block 58 in Suriname, industry analysts at Rystad Energy and Wood Mackenzie are already eyeing additional projects that could follow.
Argentina faces mass gas shortage as coldest winter since 1980 approaches
Argentina is urgently seeking fuel supplies as winter intensifies in the southern hemisphere, with lower-than-expected temperatures driving up demand for home heating.
Petrobras awards DOF Subsea, TechnipFMC joint venture a major contract
The joint venture between DOF Subsea and TechnipFMC has been awarded a major contract with Brazil’s national oil company Petrobras.
Colombia’s oil industry faces severe challenges
Colombia’s oil industry is experiencing significant turmoil, compounded by recent government decisions and long-standing structural issues. Petro’s administration has implemented controversial policies, including a ban on new hydraulic fracturing
Vaca Muerta operations drive Argentine oil production in April
Argentina's oil and gas production surged by 3.4% April compared to the previous month, driven by operations in the Vaca Muerta shale formation.
Petrobras rejects call for extraordinary shareholders meeting to elect new CEO
Brazil's national oil company (NOC) Petrobras has rejected a request from minority shareholders to hold an extraordinary general shareholders meeting to discuss the election of Magda Chambriard as the new CEO.
Venezuela rejects Caricom's stance on Essequibo dispute, alleges warmongering
Venezuela's Foreign Ministry has rebuffed the latest statement from the Caribbean Community (Caricom) regarding the long-standing territorial dispute over the oil-rich Essequibo region, which has been under Guyana's administration since 1899.
Guyana to introduce draft oil spill legislation within a week
Guyana's Vice President, Bharrat Jagdeo, announced that his government is in the process of drafting legislation to address oil spill liabilities.
Subsea 7 secures contract with Petrobras for offshore Búzios 9 field development
Engineering services company Subsea 7 has been awarded a significant contract by Brazil’s national oil company (NOC) Petrobras for the development of the offshore Búzios 9 field.
PGS begins Petrobras' 4D survey offshore Brazil
Norwegian seismic firm PGS has secured all necessary permits for Petrobras' extensive 4D survey over the Barracuda Caratinga fields, located offshore Brazil.
Petrobras divests 30% stake at Brentech thermoelectric plant fror $2mn
Brazil’s national oil company (NOC) Petrobras has completed the sale of its 30% stake in the Brentech Energía thermoelectric plant to Enegen, the majority owner with a 70% stake, for $2mn.
Mexico to resume oil exports to Cuba after stoppage
Mexico is set to resume oil shipments to Cuba after a three-month pause, aiming to alleviate power outages and fuel shortages on the island.
Arrow Exploration announces strong Q1 2024 interim results
Arrow Exploration has released its Interim Condensed Consolidated Financial Statements and Management's Discussion and Analysis for the three months ended 31 March 2024.
Trinidad and Tobago has 10 years of gas production left from current fields
Trinidad and Tobago's Minister of Energy Stuart Young announced that the nation’s natural gas reserves could sustain production for roughly another decade, with current reserves totalling less than 339,802,159,104 cubic metres.
U.S. Treasury Department grants BP and Trinidad's NGC gas development license with Venezuela
BP and Trinidad and Tobago’s national oil company NGC have been granted a two-year license from the U.S. Treasury Department to negotiate and develop the Cocuina-Manakin gas fields with Venezuela, Trinidad's energy minister announced.
Guyanese vice president addresses uncertainty regarding FPSO operations in Stabroek Block
Guyanese Vice President Dr Bharrat Jagdeo addressed uncertainty regarding oil reserves in the offshore Stabroek Block, clarifying that the government’s approved number of Floating Production Storage and Offloading vessels remains at six.
ExxonMobil recognises Guyana as crucial to company's strategic growth
ExxonMobil emphasised Guyana's pivotal role in its strategic growth plans in its 2023 annual report, making specific reference to the completion of 12.6 net exploratory and development wells in the country’s Exclusive Economic Zone.
India halts Venezuelan oil imports amid US sanctions
India ceased oil purchases from Venezuela last April, coinciding with the United States' decision not to extend sanctions relief on Venezuelan crude, according to the spokesperson for Indian Foreign Minister Randir Jaiswal.
India’s Jindal Power partners with Venezuela's PDVSA in crude venture amidst US sanctions
India's Jindal Power Ltd. is set to collaborate with Venezuela's national oil company PDVSA in a crude venture shortly after securing a contract to oversee the country's largest iron-ore complex despite the return of US sanctions, sources revealed.
BP and Trinidad's NGC get US licence for gas field talks with Venezuela amid sanctions
BP and Trinidad and Tobago’s state energy firm NGC have secured a two-year licence from the US Treasury Department to negotiate and develop the Cocuina-Manakin gas fields with Venezuela, Trinidad’s Energy Minister Stuart Young announced.
Trinidad court clears ConocoPhillips to enforce $1.33bn claim against Venezuela
A court in Trinidad and Tobago has authorised US oil giant ConocoPhillips to enforce a $1.33bn claim against Venezuela for past expropriations, a development that could complicate prospective offshore gas ventures between Trinidad and Venezuela.
Argentina gradually overcoming natural gas deficit
Argentina’s natural gas supply began stabilising after Petrobras started unloading gas from a ship that was previously blocked by the Argentine government.
Progress in the reorganisation of PDVSA Gas Colombia
The Superintendency of Companies announced on May 28 that the reorganisation process of PDVSA Gas Colombia is advancing.
UK’s CRP Subsea secures contract for deepwater oil project in Brazil
UK-based company CRP Subsea, a subsidiary of AIS group, has secured a contract off the coast of Brazil to supply modular buoyancy modules for a deepwater oil field development in the Santos Basin.
Yinson Production refinances FPSO Anna Nery with $1bn bond issuance
Yinson Production has issued $1.035bn in senior secured notes to refinance the floating, production, storage, and offloading vessel Anna Nery, which operates for Petrobras in the Marlim field, offshore Brazil.
Hess shareholders approve $53bn Chevron deal despite dispute over Guyana assets
A majority of Hess shareholders on May 28 approved the company’s pending $53bn acquisition by Chevron, despite a dispute over Hess’ lucrative Stabroek stake off the coast of Guyana.
Argentina's gas supply system in emergency shutdown amid frigid weather
Following a week of frigid temperatures, Argentina's gas supply system, already stretched to its limits, started a state of emergency, resulting in a complete halt of supply to over 300 industries and numerous CNG service stations across the nation.
BP, Shell and EOG bid in Trinidad and Tobago’s oil and gas auction
BP, Shell and US shale producer EOG Resources submitted six bids on four blocks to explore for oil and gas in Trinidad and Tobago’s shallow-water auction. The three companies already operate in Trinidad.
S&P Global names Guyana as top Atlantic Margin basin for investments
S&P Global analysts have ranked Guyana at the forefront of 10 Atlantic Margin basins, citing its conducive investment environment for long-term upstream projects.
EIA names Guyana as third-fastest growing non-OPEC oil producer
The US Energy Information Administration found that Guyana has become the third-fastest growing non-OPEC oil producer from 2020 to 2023, with an annual production boost averaging 98,000 barrels per day.
Néstor Kirchner pipeline to operate at 40% capacity due to management decision
The Néstor Kirchner gas pipeline, which links the Vaca Muerta shale formation to Buenos Aires, is set to operate at 40% of its transportation capacity as decided by Argentina’s national government.
Gran Tierra Energy provides operational update for Ecuador and Colombia plants
Gran Tierra Energy, a Canada-based leading player in the energy sector, has released an operational update, highlighting significant milestones and ongoing progress in its exploration and production projects in Ecuador and Colombia.
US energy mogul granted licence to import Venezuelan asphalt amid sanctions
Amidst renewed US sanctions, American energy tycoon Harry Sargeant III has secured authorisation to import asphalt from Venezuela without violating sanctions, a move seen as significant in the complex dynamics of international energy trade.
Petrobras and partners take FID on Atapu-2 and Sépia-2 oil developments
Brazilian national oil company Petrobras and its partners in the Atapu and Sépia consortiums have taken the final investment decision for the second development phase of the two fields, located in the prolific pre-salt Santos Basin.
Brent prices and exchange rates drive Brazilian natgas price hike
Average Brazilian natural gas network prices have continued to rise this year, maintaining a significant differential to the North Sea Dated crude benchmark on higher Brent crude prices and the depreciation of the Brazilian real against the dollar
Petrobras' new CEO upholds current fuels pricing policy
Magda Chambriard, the new CEO of Brazil's national oil company (NOC) Petrobras, has defended the company’s pricing policies. She said it was important for Petrobras to maintain domestic market stability.
Petrobras awards Seatrium FPSO newbuild contracts P-84 and P-85
Brazil’s national oil company (NOC) Petrobras has awarded engineering services provider Seatrium two contracts for the newbuild supply of floating production storage and offloading (FPSO) vessels P-84 and P-85.
BW Energy progresses offshore Brazil, with drilling started at Golfinho
BW Energy is advancing its offshore projects in Brazil, including the Maromba development and the Golfinho drilling programme, with what the company described as significant milestones expected in the short term.
Petrobras’ new CEO says oil prospect is of ‘national interest’
The new CEO at Brazil’s national oil company Petrobras, Magda Chambriard, has declared that the oil prospect in Brazil’s Equatorial Margin, an environmentally sensitive offshore area, is of "national interest."
Head of Vista Energy relying on Milei's reform agenda for oil drilling success
Miguel Galuccio, former leader of Argentine national oil company YPF and current head of Vista Energy believes that the future of his oil venture hinges on the economic reforms promised by President Javier Milei.
Colombian oil drilling activity declines, resulting in significant job losses
Oil drilling activity in Colombia has not yet recovered, with a marked decline continuing into this year.
Mexico's Finance Minister cautions against immediate Pemex debt overhaul
Mexico's Finance Minister, Rogelio Ramirez de la O, has tempered expectations of a significant restructuring of the state oil company's debt in the near term, indicating that no substantial operations are currently on the agenda.
Mexico's oil revenues exceed expectations
Transfers of oil revenue to Mexico's Federal Treasury have once again exceeded expectations, marking the second instance this year.
YPFB aims to achieve 80% diesel production through exploration and industrialisation
The executive president of Bolivian Fiscal Oil Fields, Armin Dorgathen, has announced an ambitious plan for the state oil company to produce 80% of its diesel through national crude oil exploration, production, and industrialisation.
Bolivia: $167.8mn investment in drilling wells announced
Yacimientos Petrolíferos Fiscales Bolivianos is set to invest $167.8mn in the drilling of two significant wells, Iñau-X3D and Yapucaiti-X1, located in the Chuquisaca department.
Ecuador's oil production struggles amidst downward trend under Noboa administration
Ecuador's oil production under President Daniel Noboa's administration faces a decline, with March 2024 at 482,000 bpd from 490,000 bpd in November 2023.
Venezuela's PDVSA aims for 1.23mn bpd oil output in December, oil minister says
Venezuela's state-owned oil company, Petróleos de Venezuela, is eyeing an extraction target of 1.23mn barrels per day in December, as revealed by Petroleum Minister and company chief Pedro Tellechea.
Increase in Mexico's crude exports following Tula Refinery outage
Mexico has seen a notable rise in crude oil exports, reaching approximately 838,000 barrels per day so far in May.
Moody’s downgrades Colombia’s Ecopetrol to junk status
Moody’s Investors Service has downgraded the Colombian majority state-owned energy company Ecopetrol to junk status.
TotalEnergies group emerges as only bidder to gain cabinet approval in Guyana's oil block bid
A consortium of TotalEnergies, Petronas and Qatar Energy has emerged as the sole bidder to secure Guyana’s Cabinet approval in the country's inaugural oil block bid round, Vice President Dr Bharrat Jagdeo confirmed during a press conference.
Venezuela thanks Iran for oil production recovery amid US sanctions
Venezuelan Foreign Minister Yván Gil credited Iran for enabling his country to restore oil production despite US sanctions during an interview with HispanTV in Tehran, where he attended the funerals of President Ebrahim Raisi and other officials.
Brazil cabinet expects full Petrobras extra dividends in 2024
Brazil's government anticipates that Petrobras will distribute 100% of its extraordinary dividends this year, despite no final decision from the national oil company.
Brazil’s 3R and Enauta to also explore for crude in Foz do Amazonas
The newly formed oil company resulting from the merger of Brazil’s 3R Petroleum and Enauta is set to explore the Foz do Amazonas basin, contingent on national oil company Petrobras' success in the region, CEO Decio Oddone said.
Karoon Energy appoints Marco Brummelhuis as Brazil unit director
Australia-headquartered Karoon Energy has appointed Marco Brummelhuis as Executive Vice President and Country Manager for its Brazil unit, effective July 1.
Venezuela opposition mulls Citgo bankruptcy move to halt asset sale at auction
Venezuela’s opposition is contemplating a strategic move that could throw a wrench into the sale of its prized US assets. Inside sources suggest that Citgo Petroleum Corp.’s holding company is considering a drastic step: filing for bankruptcy.
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