LatAmOil - Latin America Oil & Gas
US court overturns ruling on Citgo bonds, mandates Venezuelan law application
A US appeals court on July 3 overturned a previous ruling that allowed bondholders to stake claims against Venezuela’s state-owned oil company, PDVSA, and its US refining subsidiary, Citgo, directing the lower court to apply Venezuelan law.
Ecuador’s heavy crude pipeline resumes operations after 16-day halt
Ecuador's Heavy Crude Oil Pipeline (OCP) resumed operations on July 3 following a 16-day suspension due to damage caused by recent heavy rains. The OCP, which transports 40% of Ecuador's oil, had around 140 metres damaged after an incident last week.
Bolivia’s hydrocarbons crisis: declining production and information gaps
Bolivia’s hydrocarbon sector is facing a critical situation due to a significant drop gas production, leading to reduced income from sales to Argentina and Brazil.
Brazil’s oil and gas production increases
Brazil’s oil and natural gas production increased in May, said Brazil’s petroleum regulator.
CGX Energy, Frontera Energy advance efforts to unlock Guyana's hydrocarbon potential
Canadian firms CGX Energy and Frontera Energy are intensifying efforts to unlock the hydrocarbon potential of the Corentyne block offshore Guyana. Their recent exploration results hint at a promising standalone shallow oil resource across the block.
Petrobras signs multi-year deal with Geoteric for AI seismic software
Global AI seismic interpretation firm Geoteric and Brazil’s national oil company (NOC) Petrobras have signed a multi-year, multi-million dollar agreement by which Petrobras' Exploration team has adopted Geoteric's AI Fault Interpretation software
Brazil’s Enauta cancels acquisition of FPSO Cidade de Santos from MODEC
Enauta has terminated the contract to acquire the floating production, storage and offloading unit Cidade de Santos from MODEC, which was part of its acquisition of the Uruguá and Tambaú fields from national oil company Petrobras.
Colombia's Ecopetrol to import gas from Venezuela, mulls bringing in LNG
Ecopetrol, Colombia's state oil company, is set to import 2.8mn cubic metres per day of gas from Venezuela starting next year to bolster national hydrocarbon supply, addressing an anticipated 8% shortfall. The two countries are neighbours.
Several competitive bids in Citgo auction, final hearing is September 19
Several competitive bids were received in June by a US federal court for the refiner Citgo Petroleum’s parent PDV Holding.
Petrobras faces continued challenges in attracting bidders for Barracuda-Caratinga FPSO tender
Brazil’s national oil company Petrobras has again postponed the bid submission deadline for chartering a FPSO vessel for the Barracuda-Caratinga field (Campos Basin), said Zack Investment Research.
Mexico: CNH approves Nanik-1EXP shallow water exploration well
Mexico's National Hydrocarbons Commission (CNH) has granted approval for PEMEX Exploration and Production (PEP) to proceed with drilling the Nanik-1EXP exploratory well in shallow waters.
Mexico's Pemex sees significant growth in gasoline sales
In May, Petróleos Mexicanos (Pemex) experienced a notable surge in its gasoline sales, marking an 8.1% increase from the previous year. Sales jumped from 644,300 barrels per day in May 2023 to 696,500 barrels per day in May 2024.
Deer Park refinery delivers record profits for Pemex
Pemex has reported record profits from its Deer Park refinery, marking the highest gains in 16 years since the acquisition.
Touchstone Exploration secures licences for two blocks in Trinidad and Tobago
Touchstone Exploration Inc., through its subsidiary Primera Oil and Gas Limited secured new Exploration and Production Licences for the Cipero and Charuma blocks in Trinidad and Tobago.
ExxonMobil Guyana generating over $1.5bn per month from oil operations
Philip Rietema, Vice President of ExxonMobil Guyana stated that oil production in the Stabroek Block is generating over $1.5bn a month.
Record number of fracture stages set in Argentina's Vaca Muerta in June
Vaca Muerta, Argentina's prolific shale formation, has continued to break new ground in unconventional hydrocarbon activity, reaching an unprecedented 1,703 fracture stages in June, surpassing the previous record of 1,584 stages.
Guyana to ramp up oil output ahead of global demand slowdown
Guyana’s oil and gas sector is set to continue its rapid expansion despite a recent report by the International Energy Agency suggesting that global oil demand will soon decelerate.
Ecuadorians protest against fuel price hike
Ecuadorians took to the streets earlier this week in protest against President Daniel Noboa following the increase in Extra and Ecopais gasoline prices. The axing of fuel subsidies is linked with the agreements recently signed with the IMF.
Final member of panel selected for ExxonMobil-Chevron arbitration
The final member has been selected for the three-person arbitration panel tasked with resolving ExxonMobil's claim against Chevron's $53bn acquisition of Hess Corp.
Guyana's Stabroek Block yields record annual profits in 2023
The collaborative ventures of ExxonMobil, Hess and CNOOC in the Stabroek Block offshore Guyana have provided a significant boost to Guyana’s petroleum sector, with a reported combined profit of $6.3bn for 2023.
Petroecuador adjusts 2024 plans amidst revised drilling goals and production targets
Ecuador’s national oil company Petroecuador, under interim CEO Diego Guerrero, has revised its drilling plans for 2024, expecting to drill fewer wells than initially projected but aiming for higher crude production than previously projected.
Transocean drillship embarks on maiden gig with Petrobras in Brazil
Switzerland-based offshore drilling contractor Transocean has commenced operations in Brazil with its newbuild ultra-deepwater drillship, marking the start of its inaugural drilling assignment with the national oil company Petrobras.
Venezuela's Pequiven signs $750mn ammonia plant deal with Turkey’s Yildirim Group
Venezuela's state-owned petrochemical firm, Pequiven, has signed a $750mn investment deal with Yildirim Group, the holding company of Turkish billionaire Robert Yuksel Yildirim, to construct an ammonia plant in eastern Venezuela.
US court asked to delay Citgo auction proceedings amid investor bid evaluations
A motion filed with a US court seeks to postpone a pivotal hearing on the auction of shares in the parent company of Citgo Petroleum, a US-based refiner technically owned by Venezuelan state-run oil company PDVSA, until September 19.
Ecopetrol in negotiations to purchase LNG amidst production decline
Colombia's state energy company, Ecopetrol SA, is actively engaged in negotiations with suppliers of liquefied natural gas as the country's domestic gas production continues to decline.
Bolivia’s hydrocarbons crisis: declining production and information gaps
Bolivia's hydrocarbon sector is facing a critical situation due to a significant drop in natural gas production, leading to reduced income from sales to Argentina and Brazil.
Colombia's Ecopetrol to import gas from Venezuela in 2024 to cover 8% supply shortfall
Ecopetrol, Colombia's state oil company, is set to import 100mn cubic feet per day of gas from Venezuela starting next year to bolster national hydrocarbon supply, addressing an anticipated 8% shortfall.
Norway's Equinor fails to find oil or gas in maiden Argentine offshore well
Equinor's first offshore well in Argentina, Argerich-1, has come up dry, dashing hopes for a major oil find in the CAN-100 block.
Mexico faces unprecedented gasoline and diesel prices
Mexico is experiencing a historic surge in gasoline and diesel prices, influenced by lower tax deductions, international market fluctuations, and a depreciating peso.
CGX Energy and Frontera Energy advance efforts to unlock Guyana's hydrocarbon potential
Canadian firms CGX Energy and Frontera Energy are intensifying efforts to unlock the hydrocarbon potential of the Corentyne block offshore Guyana.
CGX Energy and Frontera Energy plan to retain Corentyne Block
CGX Energy and Frontera Energy have announced their intent to retain the Corentyne Block offshore Guyana. Without government approval, the companies risk losing the acreage.
Hammerhead announced as ExxonMobil's seventh Stabroek development offshore Guyana
ExxonMobil announced Hammerhead as its seventh project in Guyana's Stabroek Block, subsequently filing for environmental authorisation.
Follow us online