LatAmOil - Latin America Oil & Gas
Maduro envisions BRICS integration through oil cooperation with OPEC nations
Venezuelan President Nicolas Maduro arrived in Kazan for the BRICS summit, emphasising the potential synergy between major oil-producing nations within the expanding economic bloc.
UNDP lifts Venezuela growth outlook despite political headwinds
The United Nations Development Programme has raised its 2024 growth forecast for Venezuela to 6.1% from 4.2%, according to its Second Quarter report released on October 7.
Energy initiatives dominate Argentine mergers and acquisitions, say PwC and KPMG reports
Argentina's mergers and acquisitions market is predominantly driven by energy transition initiatives in 2024, with mining and metals companies playing a pivotal role in the sector's sustainable transformation, reports from PwC and KPMG found.
Halliburton searching for property to establish distribution centre in Guyana
Halliburton Guyana has announced a new Expression of Interest (EOI) seeking warehouse facilities and services in Georgetown, marking another significant expansion of its operations in the South American nation.
British firms BB Energy and JE Energy win Guyanese FPSO contracts
UK energy firms BB Energy Trading Limited and JE Energy were awarded contracts by the Guyanese government for the country's three FPSO vessels through a competitive bidding process.
Rockhopper Exploration extends Falkland Island licences
Rockhopper Exploration has secured an extension for its North and South Falkland Basin Petroleum Production Licenses until December 31, 2026, following discussions with the Falkland Islands Government.
Bolivia faces fuel crisis as government mismanagement and protests intensify
Bolivia is teetering on the edge of a severe fuel crisis, driven by a combination of government mismanagement, economic instability, and persistent protests.
Pemex delays spending to save $1.35bn amid financial pressure
Pemex, Mexico’s state oil company, is set to cut back on its exploration and production activities in the final quarter of 2024, aiming to save MXN26.8bn ($1.35bn).
Petroperu to announce new board of directors
The board of directors of Petroperu is set to be announced on October 23 following a meeting convened by the General Shareholders’ Meeting (JGA).
Elliott warns Citgo value eroding as court weighs $7.3bn takeover bid
Elliott Investment Management is urging a US court to expedite its takeover bid for Citgo Petroleum, warning that the Venezuela-owned refiner's assets are losing value whilst creditors await a potentially superior offer that may never materialise.
Former Venezuelan oil minister Tellechea faces imprisonment
Former Oil Minister and PDVSA President Pedro Tellechea has become the fourth top oil official under Nicolás Maduro’s government to face imprisonment for alleged crimes tied to Venezuela’s oil industry.
Venezuela's Oil Ministers under Maduro, a legacy of corruption scandals
Five out of eight oil ministers in Venezuela since Nicolás Maduro's rise to power in 2013 have faced criminal charges, predominantly for corruption
Rapid Guyanese oil production reshaping global energy markets, says US official
Guyana's rapidly expanding crude oil production is significantly impacting global energy markets, according to Laura Lochman, Principal Deputy Assistant Secretary at the US Department of State's Bureau of Energy Resources.
Guyana driving global FPSO investments according Rystad Energy report
Global investments in Floating Production Storage and Offloading (FPSO) vessels surged by 50% in 2023, reaching $9bn in greenfield surface capital expenditure, up from $6bn the previous year, according to Norway-based Rystad Energy.
ABS partners with Akselos for Petrobras FPSO digital monitoring
The US’ American Bureau of Shipping (ABS) has selected Swiss software provider Akselos to monitor one of Brazil’s national oil company (NOC) Petrobras' four floating production storage and offloading (FPSO) units in Brazil's pre-salt Santos Basin
Yinson completes FPSO Anna Nery stake sale to K Line
Yinson Production has finalised the sale of an 11.8% stake in its floating production storage and offloading (FPSO) vessel Anna Nery to Japanese shipping company K Line for $49mn.
FPSO Maria Quitéria starts production early offshore Brazil
The floating production storage and offloading (FPSO) Maria Quitéria, operated by Brazil’s national oil company (NOC) Petrobras, has commenced production ahead of schedule at the Jubarte field, months before its planned 2025 start date.
Brazilian oil producer Brava gets green light for field operations
Brazilian oil company Brava Energia has received regulatory approval to advance operations at two of its offshore fields, marking significant progress in its production plans.
Rockhopper Exploration to divest Italian assets to focus on Falkland Islands
Rockhopper Exploration has announced two significant strategic moves regarding its Italian assets: securing an insurance policy for its Ombrina Mare Arbitration Award and signing a share purchase agreement to divest its remaining Italian holdings
Pampa Energia mulling multbillion-dollar LNG plant in Argentina
Pampa Energía, one of Argentina's leading energy producers, is set to make a crucial decision within three months regarding its participation in a major LNG plant partnership as economic deregulation acceleratea offshore development.
Guyanese oil exports surge to 598,000 barrels per day, report finds
Guyana's oil exports have surged to 598,000 barrels per day in 2023, marking a 58% increase from the previous year, according to data from the Baltic and International Maritime Council.
Guyana emerging as one of leading threats to OPEC, IEA claims
The International Energy Agency found that Guyana is emerging as one of the key players, sinking OPEC's global market share.
YPF boosts Vaca Muerta export capacity in latest project
Argentina’s national oil company, YPF, has announced the completion of the final phase of its Vaca Muerta Norte project, marking a significant expansion in the country’s oil transportation capabilities.
Peru's gas reserves plummet 46% in a decade
Peru’s proven natural gas reserves have alarmingly decreased by 46% over the last decade, now only sufficient for approximately 15 years of domestic consumption.
ADC Energy awarded rig selection contract at TotalEnergies' Suriname project
ADC Energy announced that it has won a multi-year contract to support TotalEnergies' GranMorgu development in Suriname's Block 58, following the project's final investment decision in early October 2024.
Saipem ban overturned in Brazil, clearing return to public contracts
Italian engineering firm Saipem has successfully overturned a two-year ban on public contracting in Brazil, marking its potential return to the country's oil and gas sector.
Petrobras to supply Vale with renewable fuel
Brazilian national oil company (NOC) Petrobras has signed an agreement to supply mining major Vale with diesel containing renewable content.
TotalEnergies divests Brazilian fuel distribution business to local player
French energy major TotalEnergies has announced an agreement to sell its Brazilian fuel distribution operations to SIM Distribuidora, marking a significant shift in its South American presence.
TotalEnergies divests fuel distribution in Brazil to SIM
TotalEnergies has agreed to sell its fuel distribution business in Brazil to Sim Distribuidora, part of the Argento group, the company announced.
Venezuela and Vietnam strengthen economic ties with focus on energy and construction
Venezuela and Vietnam are pushing to expand their trade relations, building on agreements signed in April that cover sectors such as energy and construction.
Maduro appoints Alex Saab as Venezuela’s new industry minister following Tellechea’s arrest
Venezuelan President Nicolás Maduro announced the appointment of businessman Alex Saab as the new industry minister, following the resignation of his predecessor, Pedro Tellechea.
Venezuelan oil minister’s arrest sparks major shakeup in Maduro’s government
Pedro Tellechea, Venezuela's former oil minister and head of state oil company PDVSA, was arrested on October 20 along with several key associates, indicating a significant internal rift within Nicolás Maduro’s regime.
Amber Energy’s Citgo takeover bid faces fierce creditor opposition
A proposed court agreement that would allow a US hedge fund to gain control of oil refiner Citgo Petroleum from Venezuela has come under fire from the company's creditors, who dubbed Amber Energy's bid economically unviable and legally deficient.
Mexico set for energy shake-up as Sheinbaum rewrites the rules
Mexico’s energy landscape is set for a major transformation as President Claudia Sheinbaum’s government seeks to balance the power of state-controlled companies with the need for private investment.
Petrobras finalises concession contracts from 4th Permanent Offer Cycle
Petrobras has announced the signing of three remaining concession contracts from the 4th Permanent Concession Offer Cycle, acquired in partnership with Shell and CNOOC.
Ecuador greenlights new LNG terminal project
Ecuador's hydrocarbons regulator (Arch) has granted approval to domestic firm Pacific Terminal for the construction of a liquefied natural gas (LNG) import and storage facility in Monteverde, Guayas province.
Venezuelan opposition leader lashes out at oil firms for their involvement with Maduro
Leading Venezuelan dissident Maria Corina Machado has taken aim at international oil companies operating in the South American nation, urging them to reconsider their ties with the “criminal regime” of President Nicolas Maduro.
Guyana's inaugural offshore auction overcomes snags as four of six bidders accept PSA terms
Guyana's inaugural offshore auction has made progress, the Ministry of Natural Resources stated, with four bidders accepting the terms of the new production-sharing agreement.
ExxonMobil to continue geotechnical surveys in Stabroek Block
ExxonMobil Guyana is set to continue geotechnical survey operations in the Stabroek Block offshore Guyana until December 31, 2024.
Venezuela sees BRICS as a path to fairer global relations, criticises Western economic tactics
The oil sector delivered a significant portion of Guyana's tax revenue last year, generating $61 million
ExxonMobil and partners to invest $55bn in Guyana oil and gas projects by 2027
ExxonMobil, along with its Stabroek Block co-venturers Hess and CNOOC, is set to invest $55bn in Guyana's oil and gas projects by 2027.
Bolivian fuel crisis worsens as roadblocks halt tankers
Bolivia’s state-owned oil company, YPFB, has raised the alarm after 300 fuel tankers, carrying around 1.2mn litres of fuel, were left stranded due to ongoing road blockades.
Panama canal sees significant drop in ship transits amid drought
The Panama Canal has experienced a 29% decrease in ship transits over the past fiscal year due to severe drought conditions, according to the Panama Canal Authority (ACP).
Petrobras to launch pioneering green hydrogen plant
Brazil’s national oil company (NOC) Petrobras is set to construct its first pilot plant for renewable hydrogen generation at the Vale do Açu Thermoelectric Power Plant in Alto do Rodrigues, Rio Grande do Norte.
Petrobras aims to maximise output from existing fields
Brazil’s national oil company (NOC) Petrobras is focusing on extracting maximum oil from its current fields while seeking new reserves to maintain production levels into the next decade.
FPSO Maria Quitéria starts operations at Petrobras’ Jubarte Field
The floating production storage and offlading (FPSO) vessel Maria Quiteria, constructed by Malaysian supplier Yinson, has commenced operations at Brazil’s national oil company (NOC) Petrobras' Jubarte field in Brazil's Campos Basin.
India aims to partner with Petrobras for crude exploration
India is courting Petrobras to explore oil in its deep offshore waters, leveraging the Brazilian national oil company (NOC)’s pre-salt expertise.
Pemex ventures into record depths with $177mn ultra-deepwater well project
Mexican state oil company Pemex is set to push the boundaries of its deepwater capabilities with the ambitious Kuajtla 1 well project.
Venezuela's Q3 oil output rises 3.2%, OPEC data shows
Venezuela's oil production has shown a marked increase in the third quarter of 2024, according to the latest figures released by the Organisation of the Petroleum Exporting Countries (OPEC).
ConocoPhillips moves to secure priority in Citgo auction proceeds
ConocoPhillips has lodged a court motion to maintain its near-top position amongst creditors vying for proceeds from the sale at auction of shares in Citgo Petroleum's Venezuela-owned parent company.
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