LatAmOil - Latin America Oil & Gas
Decline in US-Mexico oil and energy trade value in 2023 despite increased volume, EIA reports
In 2023, the value of crude oil and fuel trade between the United States and Mexico declined by nearly 15% to $66.5bn, despite an increase in trade volume, according to the US Energy Information Administration.
Mexico's energy reform attracts $66.5bn in investments
Mexico’s Energy Reform, approved in 2013, has spurred significant investment in the country’s oil and gas sector, totalling $66.561bn as of May 2024, according to data from CNH.
Bolivia unveils gas “mega field”, historic discovery to boost economy
Bolivia has announced a significant discovery of a 1.7 trillion cubic foot (48.1bn cubic metre) gas reserve, marking the country’s largest find since 2005.
Guyana’s EPA to conduct environmental impact assessment of Hammerhead
Guyana’s Environmental Protection Agency has formally announced that ExxonMobil has applied for a seventh oil development in the offshore Stabroek Block, named Hammerhead.
Guyana-Suriname Basin identified as prime area for medium-term oil development
A survey by GlobalData highlighted the Guyana-Suriname Basin as a pivotal growth area for oil exploration, with 33% of respondents identifying it as a leading force in short to medium-term oil development.
EPA to conduct environmental impact assessment of Guyana's seventh offshore project
Guyana’s Environmental Protection Agency has formally announced that ExxonMobil has applied for a seventh oil development in the offshore Stabroek Block, named Hammerhead.
China Merchants Heavy Industry building FPSO hull for Suriname's first offshore project
The Multipurpose Floater C Fast4Ward hull, reserved by SBM Offshore for Suriname’s inaugural $9bn offshore development, is currently being fabricated by China Merchants Heavy Industry.
ExxonMobil continues drilling at Haimara-3 well offshore Guyana
ExxonMobil has continued its exploration efforts at the Haimara-3 well site in the Stabroek Block offshore Guyana.
Guyana EPA confirms Hammerhead as standalone project
ExxonMobil’s Hammerhead development is set to be a standalone project, according to the company’s submission to Guyana’s Environmental Protection Agency.
Eco Atlantic to drill exploration well at Guyana's Orinduik Block in 2025
Eco (Atlantic) Oil & Gas is set to drill an exploration well at the Orinduik Block offshore Guyana in the first half of 2025, the company announced in its July presentation.
ABS to award classification to Seatrium-built FPSOs for Petrobras
Singaporean rig and shipbuilder Seatrium has chosen the American Bureau of Shipping to class two floating production storage and offloading units being built for Brazil's national oil company Petrobras.
Argentina’s YPF expands clean energy ventures amidst LNG plant negotiations
YPF, in the midst of deliberations with Petronas regarding the location of a $30bn LNG plant, the largest private investment in Argentine history, is also forging ahead with its renewable energy initiatives.
Ecuador faces economic losses as analysts urge delay in Block 43 ITT oil field closure
Ecuador is facing a critical decision regarding the future of Block 43 ITT, a major oil field in the Yasuní National Park operated by national oil company Petroecuador. Last year, citizens voted in a referendum to close the oil block within a year.
Shell Argentina names Germán Burmeister as new president
Shell Argentina has announced a leadership transition effective August 1, with Germán Burmeister assuming the role of Senior VP and Country Chair for Argentina, Chile, and Uruguay.
Petrobras resumes drilling in Jubarte field with new exploratory well
Brazil’s national oil company Petrobras has resumed drilling an exploratory well in the Jubarte field at a water depth of 967 metres, named 4-BRSA-1392DA-ESS.
Gas shortages hamper growth in Brazil’s industrial fabric, says trade group
A recent study by Brazil's Industry Confederation has revealed that a lack of natural gas supply is hindering 9% of the country's industrial sector.
FPSO newbuild for Petrobras' Búzios Field progressing in China
China's state-owned ZPMC Qidong Marine Engineering has launched the bow section of the P-82 floating production storage and offloading unit being constructed by Seatrium for Petrobras' Búzios field offshore Brazil.
Panama approves $10bn biofuels project led by US firm SGP BioEnergy
Panama's government has given the green light to a $10bn biofuels project owned by US firm SGP BioEnergy, awaiting a final investment decision that is expected by year-end.
Peru's hydrocarbon production holds steady amidst sector challenges
Hydrocarbon production in Peru maintained stability in the first half of 2024, as reported by Petro-Perú in its latest update.
Bolivia unveils gas “mega field”, historic discovery to boost economy
Bolivia has announced a significant discovery of a 1.7 trillion cubic foot natural gas reserve, marking the country’s largest find since 2005.
Brazil gears up for hydrogen regulation
Brazil’s Petroleum Agency (ANP) is preparing to regulate the hydrogen market, but a lack of resources may hinder these efforts.
Pemex expands Atoyatl pipeline network for enhanced production
In a strategic move to advance its operations, Pemex has announced updates to its Transition Program concerning the Atoyatl Field, located within the AE-0149-2M-Uchukil Assignment off the coast of Tabasco.
Argentina's biofuels sector presses for price adjustments amid economic shifts
The biofuels sector, grappling with recessionary pressures and recent leadership changes in the energy realm, particularly the shift from Fernando Vilella to Sergio Iraeta as Secretary of Bioenergy, faces significant challenges.
Vista Energy reports strong growth in production and financial performance
Vista Energy, Argentina's second-largest unconventional oil operator, announced robust figures in its quarterly report, highlighting a 40% annual increase in total production to 65,300 barrels of oil equivalent per day.
Timing of Chevron, Hess FTC merger review uncertain
Chevron Corp and Hess Corp have announced that they expect the Federal Trade Commission’s (FTC) review of their proposed merger to be conducted in the third quarter. The companies announced the expected timing in a statement on July 11.
BP: oil demand and emissions will peak in 2025
Oil super major BP's latest outlook on global energy trends suggests a potential peak in worldwide oil demand as early as next year, a development that could mark a significant turning point in global carbon emissions by 2025.
Protests erupt in Ecuador over fuel price hike
Ecuadorian social organisations aligned with the leftist Popular Front once again disrupted streets in Guayaquil on July 15 to protest over the recent hike in fuel prices.
Global oil supply to continue outstripping demand in H2: IEA
Global oil demand in the second half of this year will be higher than supply, putting upward pressure on prices.
Potential delays loom for FPSO Atlanta's start up in Brazil
Brazilian oil and gas firm Enauta has completed anchoring the floating production storage and offloading unit Atlanta at the Santos Basin field, offshore Brazil, but production might face delays due to announced strikes by civil servants.
CIMC secures contracts to build hulls for Seatrium's FPSOs for Petrobras
CIMC Raffles has been awarded engineering, procurement, and construction contracts by Seatrium to supply hulls for two floating production storage and offloading units for Brazil’s national oil company Petrobras.
Brazil looks at shale gas to boost production
Shale gas is becoming a focal point in Brazil's strategy to enhance its hydrocarbon reserves, with officials from various federal agencies visiting Texas recently to learn more about shale gas extraction.
Vista Energy boosts oil income amid Argentina's industry reforms
Shale driller Vista Energy has begun charging export prices for over 40% of its crude sold to domestic refiners in the second quarter; a result of Argentine President Javier Milei's efforts to deregulate the country's oil markets.
ExxonMobil to drill up to 30 wells in Hammerhead project offshore Guyana
ExxonMobil is gearing up for its seventh oil project in Guyana, unveiling plans for up to 30 wells under the Hammerhead development proposal, Reuters reported.
The world needs $8.2 trillion in upstream gas investment to meet demand in 2050: GECF
Meeting projected global demand for natural gas in 2050 will require some $8.2 trillion in investment in exploration and production.
Suriname draws multiple bids in shallow water auction round
Suriname’s shallow water bidding round has closed, with national oil company Staatsolie confirming that several bids were received with awards originally expected to be announced on June 28.
Manatee project expected to lift Trinidad and Tobago's gas levels to 2022
Trinidad and Tobago’s former Energy Minister, Kevin Ramnarine, cautioned that the Manatee gas development will have a limited impact on enhancing the country’s liquid natural gas production.
ENGIE, Macquarie partner for major gas pipeline project in Mexico's Yucatan
ENGIE and Macquarie Asset Management have forged a landmark partnership to undertake a significant energy infrastructure project in Mexico's Yucatan Peninsula: the construction of a more than 700-kilometre gas pipeline.
Argentinian YPF aims to achieve energy exporter status by 2031, projecting $30bn in revenue
YPF President Horacio Marín announced at the XI Energy Conference that Argentina aims to become a net energy exporter by 2031, projecting revenues of $30bn.
Petroecuador blames fuel supply halt in Manabí on pipeline sabotage
Ecuador's state oil company, Petroecuador, announced that fuel distribution from the Barbasquillo terminal has been halted due to damage caused by clandestine drilling on the La Libertad-Manta pipeline.
Venezuela's oil production reaches 2024 high in June, OPEC reports
Venezuela's crude oil production hit its highest level so far this year in June with 922,000 bpd, according to a monthly report released by the Organisation of Petroleum Exporting Countries (OPEC) on July 10.
Brazil's Acelen forms joint venture for $97.5mn solar project in Bahia to supply refinery
Brazilian energy company Acelen, owned by UAE's Mubadala Capital, announced a joint venture to invest BRL530mn ($97.5mn) in a solar park in João Dourado, Bahia. The energy generated will supply the Mataripe Refinery, 420 km away in São Francisco do C
Brazil’s Copel sells 51% stake in distributor Compagas to Compass for $167mn
Copel has sold a 51% stake in gas distributor Compagas to Compass, part of the Cosan group, for BRL906mn ($167mn) plus debt. This transaction aligns with Copel’s strategy to decarbonise its portfolio and focus on the electric power segment.
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