LatAmOil - Latin America Oil & Gas
Gas exports plummet as Bolivia seeks production boost, fuel crisis deepens
In the first half of 2024, Bolivia's natural gas exports experienced a significant downturn, with values falling by 18.1% compared to the same period in 2023. The National Institute of Statistics (INE) reports that exports totalled $877.4mn.
LatAmOil: New Fortress Energy faces market backlash
New Fortress Energy faces market backlash
New Fortress Energy (NFE) faced a harsh market reaction on August 9 as its shares tumbled 25% on the New York-based Nasdaq. The plunge followed the company's revelation of a $80.75mn net loss in its second-quarter report.
Petrobras' post-loss investment play
Petrobras reported a BRL2.6bn ($473mn) loss in Q2 2024, its first negative result in nearly four years, raising concerns about the state-owned company’s future financial stability.
President Milei visits YPF in Vaca Muerta, Argentinian region to export gas to Brazil
Argentine President Javier Milei visited YPF's Vaca Muerta facilities, Ámbito reported, where he engaged with the NB 1211 drilling team and met with key representatives from major operating companies in the Neuquén formation.
ExxonMobil post-pandemic recovery driven by Stabroek operations
ExxonMobil's resurgence following the COVID-19 pandemic has been significantly bolstered by its operations in Guyana, particularly within the Stabroek Block, a Bloomberg report by Kevin Crowley found.
Mexico's June trade deficit driven by decline in crude exports
Mexico recorded a trade deficit of $1.04bn in June, a stark contrast to the $1.99bn surplus in May, according to data from Inegi.
Petrobras validates 'digital twin' technology to boost oil production
Brazil’s national oil company Petrobras has announced the successful validation of a new application of "digital twin" technology, aimed at optimising oil production and flow.
Venezuela boosts oil production to 928,000 bpd amid sanctions, says OPEC
According to the latest OPEC report, Venezuela's oil production reached 928,000 barrels per day, marking a rise of 6,000 bpd in July.
Argentina's YPF to modernise Ensenada gas refinery
YPF is working to modernise the Ensenada Refinery within the Ingeniero Enrique Mosconi Industrial Complex by inaugurating new plants.
Burford Capital advances efforts to secure $16bn court ruling against Argentina's YPF
Burford Capital announced that it is leveraging remarks made by a provincial governor in Argentina to strengthen its efforts to secure a $16bn U.S. court judgment against the Argentine government, which it claims controls national oil company YPF SA.
YPF pushes forward with Vaca Muerta pipeline with Energy Transfer to boost shale exports
Horacio Marín, president of YPF, is confident that the Vaca Muerta Sur pipeline is set to be Argentina’s first RIGI energy project.
Brazil’s Braskem considers petrochemicals production cuts and unit closures
Brazilian petrochemical company Braskem is contemplating potential production cuts or even closing some production capacity in Brazil.
Staatsolie to inject $1.8bn into Suriname's first offshore project
Suriname's national oil company Staatsolie is preparing to invest $1.8bn into the nation's first offshore oil project, according to the company's 2023 annual report.
Citgo protection extended as court-ordered auction looms
The US Treasury Department has prolonged its shield over Citgo Petroleum from creditors until November 12. This extension comes as the court-mandated auction of shares in the Houston-based refiner's parent company nears its final stages.
Natural gas exports plummet as Bolivia seeks to boost production
In the first half of 2024, Bolivia's natural gas exports experienced a significant downturn, with values falling by 18.1% compared to the same period in 2023.
Bolivia’s fuel crisis deepens as smuggling and import dependency plague the economy
Bolivia faces an economic challenge as a natural gas exporter that imports 71% of its hydrocarbon needs. This situation has led to considerable public spending on fuel subsidies, with the government allocating $2bn to subsidise petrol and diesel.
Argentina's YPF output surges in second quarter, PCR buys some YPF assets
YPF, Argentina’s national oil company, reported a solid performance during the second quarter of the year, with total hydrocarbon production averaging 539,000 barrels of oil equivalent per day.
Halliburton to expand Suriname operations
Halliburton is set to broaden its operations in Suriname. In a meeting with President Chandrikapersad Santokhi, Halliburton CEO Jeffrey Miller conveyed his intent to boost the company’s investments in the country.
Industry-first technology in US Gulf of Mexico may open ultra-high pressure offshore fields
First oil and gas are now being produced from a field in the US Gulf of Mexico so deep that the equipment must withstand record ultra-high pressures.
Petrobras' post-loss investment play
Petrobras reported a BRL2.6bn ($473mn) loss in Q2 2024, its first negative result in nearly four years, raising concerns about the state-owned company’s future financial stability.
Mexico's oil sector overhaul seeks private partnerships
Mexico's incoming government is poised to revolutionise the country's oil sector by encouraging state-owned Pemex to forge equity partnerships with private oil companies.
New Fortress Energy faces market backlash
New Fortress Energy (NFE) faced a harsh market reaction on August 9 as its shares tumbled 25% on the Nasdaq.
Ecuador oil workers accuse government of pushing privatisation agenda
Ecuador's National Association of Energy and Oil Workers (Antep) on August 12 accused the government of running a campaign to discredit state oil production, alleging it aims to privatise active hydrocarbon fields managed by public firm Petroecuador.
Reliance resumes Venezuelan oil imports with naphtha swap deal
Reliance Industries Ltd is set to restart oil imports from Venezuela through a deal involving naphtha swaps, according to sources. This arrangement follows a recent US authorisation allowing the Indian conglomerate to resume trade with Caracas.
PetroPerú's oil lots to be tendered in 2025
Petro-Perú’s role as an oil lot operator is nearing its end, with the international tender for Lots I and VI (Talara) scheduled for February 17, 2025.
Petrobras secures key licences to expand offshore oil production
Brazil's national oil company Petrobras has obtained crucial environmental licences to boost production in two of its major offshore fields, Mero and Buzios, according to sources familiar with the matter.
Halliburton secures major offshore contract with Petrobras in Brazil
Halliburton has been awarded a multi-year contract by Brazil’s national oil company Petrobras to provide comprehensive services for integrated well interventions and plug and abandonment operations on offshore wells.
Petrobras posts in Q2 first loss since 2020
Brazil’s national oil company Petrobras has announced a net loss of BRL2.6bn ($470mn) for the second quarter of 2024, marking its first quarterly loss since the third quarter of 2020.
Petrobras aims to revitalise operations and expand scope
Brazil's national oil company Petrobras is seeking to redefine and broaden its areas of activity, despite reporting its first loss since 2020 and revising down this year's investments.
FPSO Maria Quitéria reaches Brazil destined for Petrobras’ Jubarte field operations
The Maria Quitéria platform vessel has reached Brazil, bound for the Jubarte field in the Parque das Baleias complex of the Campos Basin operated by the national oil company Petrobras.
Venezuela wants to offer its oil reserves to the BRICS
Venezuelan Deputy Ambassador to the UN, Joaquín Pérez Ayestarán, has expressed optimism about Venezuela's potential inclusion in the BRICS group.
Petrobras’ gas discovery in Colombia unlikely to reach Brazil
Brazil’s national oil company Petrobras has confirmed a natural gas find in Colombia's Guajira Basin, which is expected to primarily benefit the Andean nation.
Corporate income tax poses barrier to entry to Suriname oil sector, says S&P Global analyst
Suriname's anticipation of a final investment decision from TotalEnergies on its first-ever oil development faces significant challenges, particularly due to the country’s fiscal policies.
Equinor exits Suriname as Hess takes over deepwater oil and gas assets
Equinor and ExxonMobil Corp. announced that they have transferred their stakes in a deepwater oil and gas exploration block off Suriname to Hess Corp., marking Equinor's exit from the South American country.
ExxonMobil Guyana set to hit record annual oil output
ExxonMobil Guyana produced approximately 113.5mn barrels of crude oil in just six months, a figure nearly matching the 114.2mn barrels produced in the first nine months of 2023.
ExxonMobil post-pandemic recovery driven by Stabroek Block operations
ExxonMobil's resurgence following the COVID-19 pandemic has been significantly bolstered by its operations in Guyana, particularly within the Stabroek Block.
PCR acquires YPF oil assets in Vaca Muerta
Argentine energy and cement group PCR has formalised an agreement with YPF SA, the state-owned Argentine energy company, to acquire the company's interests in the Llancanello and Llancanello R oil exploration areas, including all associated assets.
Neuquén Province advances plans to export gas to Brazil
Neuquén Province is advancing its plans to export natural gas from the Vaca Muerta formation to Brazil, with Governor Rolando Figueroa having already discussed these initiatives with Brazilian President Luiz Inácio Lula Da Silva.
President Milei visits YPF facilities in Vaca Muerta
Argentine President Javier Milei visited YPF's Vaca Muerta facilities, Ámbito reported, where he engaged with the NB 1211 drilling team and met with key representatives from major operating companies in the Neuquén formation.
Venezuelan opposition unveils plan to revive economy and rejoin global markets
Venezuela's opposition has presented a comprehensive economic proposal aimed at revitalising the country's battered economy. The ambitious plan outlines a strategy for rapid economic recovery and reintegration into the global financial system.
Venezuela strikes major gas deal with Nigeria amid political upheaval
Venezuela has inked a significant natural gas development agreement with Nigeria's Veneoranto Petroleum Ltd., a move that underscores the country's efforts to revitalise its energy sector amidst ongoing political turmoil after a disputed election.
Trinidad and Tobago faces oil and gas revenue decline
Trinidad and Tobago’s Extractive Industries Transparency Initiative has projected that declining oil and gas revenues will adversely affect the country’s social programmes leading up to 2033.
Petrobras names new executive to boost spending, sources say
Brazil's national oil company Petrobras has appointed Wagner Victer to a newly-created role aimed at increasing capital expenditure, in line with President Luiz Inacio Lula da Silva's objectives, according to sources.
Citgo posts $25mn loss as refinery maintenance weighs on Q2
Citgo Petroleum Corp, the US’ seventh-largest refiner, swung to a net loss of $25mn in the second quarter of 2024, a stark reversal from the $410mn profit recorded in the previous quarter.
Venezuela oil exports slump in July on outages and shipping delays
Venezuela's crude exports plummeted in July, hitting the second-lowest monthly level this year as operational hiccups plagued the OPEC nation's oil sector. The setback comes amid a contentious election aftermath that has sparked protests nationwide.
New Fortress Energy's Fast LNG asset offshore Mexico prepares for first cargo delivery
Occidental Petroleum and Ecopetrol to break records with Suriname ultra-deepwater oil well
Occidental Petroleum and Colombia’s national oil company Ecopetrol are set to break records with their plans to drill an ultra-deepwater oil well off Colombia's coast.
PEMEX explores lithium mining to diversify revenue streams
PEMEX is exploring the possibility of entering the lithium mining sector in collaboration with the state-owned company LitioMx.
Maduro leaks alleged US-Venezuela deal, oil shipments normal as post-election dispute continues
The Biden administration's strategy for re-engaging with Venezuela has been thrust into the spotlight following a contentious presidential election, with President Nicolas Maduro revealing a previously undisclosed agreement signed in Qatar last year.
CVR Energy and creditor group lead in $21bn Citgo auction
The hotly contested auction for Citgo Petroleum, Venezuela's prized US refining asset, has entered its final stages with two leading bids emerging, according to people familiar with the matter.
Mexico’s Pemex to develop Koban Field further, as well as the newer Platao Field
Pemex has announced a significant increase in its investment at the Koban Field of $268.3mn. Pemex is also to develop the Platao field with with an investment estimated $201mn.
Brazil’s oil and gas production rises in June, Petrobras releases Q2 earnings
Brazil's oil and natural gas production increased in June 2024, according to the National Petroleum Agency's Monthly Bulletin, with total production at 4.35mn barrels of oil equivalent per day.
Gran Tierra energy confirms Ecuador oil find with successful flow test
Gran Tierra Energy Inc., a Canada-based publicly-listed exploration and production company focused on Colombia and Ecuador, has validated the structure of an Ecuadorian sandstone through a successful flow test at its Bocachico Norte-J1 well.
EY views Guyana and Suriname as key emerging players in global oil and gas sector
Guyana and Suriname are emerging as key players in the oil and gas sector, with the potential to significantly impact global energy markets, Patrick Jelinek, EY Americas oil and gas leader, observed.
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