LatAmOil - Latin America Oil & Gas
LatAmOil: Marco Rubio’s prospective role as Trump’s Secretary of State may signal tougher US stance on Venezuela
Marco Rubio’s prospective role as Trump’s Secretary of State may signal tougher US stance on Venezuela
Hard-liner Senator Marco Rubio of Florida has been nominated to become Secretary of State in Donald Trump’s administration, a role that could bring renewed intensity to US foreign policy vis-a-vis Venezuela.
Argentina's Río Negro province joins shale boom
Río Negro Province’s first unconventional well project in the Vaca Muerta formation has been inaugurated.
PDVSA halts Muscar Gas Complex operations after pipeline explosion injures workers
Petróleos de Venezuela SA (PDVSA) suspended operations at its Muscar Gas Complex in Monagas this week following a pipeline explosion that left five workers injured
Oil leads Brazil’s exports in Q3
Petrobras announced that crude oil has become Brazil's top export, overtaking soybean meal, agribusiness, mining and iron in the third quarter.
Brazil’s first biorefinery uses Danish tech, backed by Petrobras, Braskem, Ultra
Refinaria Riograndense, owned by Petrobras, Braskem and Grupo Ultra, has signed a deal with Denmark’s Topsoe to supply technology for Brazil’s first biorefinery, a project estimated at $1bn.
Marco Rubio’s prospective role as Secretary of State could signal tougher US stance on Venezuela
Guyanese EPA confirms ExxonMobil's Hammerhead project on hold to review field development plan
Guyana's Environmental Protection Agency issued a clarifying statement on November 11 following claims by local media that it was "moving ahead" with ExxonMobil's Hammerhead project.
S&P sounds alarm: Mexico’s 2025 budget faces debt, inflation and Pemex hurdles
As Mexico prepares its 2025 budget under President Claudia Sheinbaum, S&P Global Ratings has signalled a cautious outlook, particularly regarding the country's debt management, inflation and the financial stability of Pemex.
Petroperu leadership crisis as business leaders demand competence over politics
Peru’s business community is increasingly alarmed at the recent appointments to Petroperu's board, expressing doubts about the suitability of its new leaders amidst concerns over the company's deepening financial troubles.
Guyana emerges as key player in global FPSO boom
A global surge in Floating Production Storage and Offloading (FPSO) projects is expected between 2022 and 2027, with 56 vessels set to commence operations worldwide, according to Rystad Energy.
Ecopetrol's stock in turmoil amid economic and political uncertainty
Ecopetrol's stock has suffered a steep decline in 2024, facing pressures not solely from fluctuating oil prices but from mixed signals around corporate strategy.
Arrow exploration surpasses oil production targets in Colombia’s Llanos basin
Arrow Exploration has announced successful production results from its latest drilling project in Colombia’s Llanos Basin, with its fifth horizontal well, CNB HZ-6, now in operation on the Carrizales Norte 'B' pad.
Argentina's Río Negro Province welcomes first unconventional well project
Río Negro Province’s first unconventional well project in the Vaca Muerta formation has been inaugurated.
GeoPark starts production at Argentine block
GeoPark has announced successful production commencement at the Confluencia Norte Block in Rio Negro, Argentina, marking a significant milestone in its Vaca Muerta formation partnership with Phoenix Global Resources.
Investors sue New Fortress Energy alleging violation of securities laws
A class action lawsuit has been filed by investors against US firm New Fortress Energy (NFE), accusing the company of misrepresenting facts concerning its Fast LNG projects located offshore Altamira, Mexico.
ExxonMobil buys Guyanese FPSO Prosperity from SBM Offshore for $1.23bn
ExxonMobil has completed the acquisition of the FPSO Prosperity from SBM Offshore in Guyana, with the Dutch vessel operator retaining operational and maintenance responsibilities up until 2033, according to a joint announcement from both companies.
Guyanese government determined to safeguard oil sector amid renewables transition
Guyana’s government affirmed its commitment to developing its oil resources despite the global shift towards renewable energy investments, with government officials underlining the country's competitive advantages in the oil sector.
YPF strengthens foothold on Vaca Muerta as crude production soars
YPF's unconventional crude production soared in the third quarter of 2023, marking a major milestone in Argentina's energy sector development.
YPF in talks with global oil majors to become partners in LNG export project
Argentina's national oil company YPF is seeking new equity partners for its LNG export project amid uncertainty over Petronas's continued involvement, CEO Horacio Marin revealed.
Guyana confirms CGX Energy no longer in control of Corentyne Block
A dispute over the ownership of Guyana's Corentyne Block has escalated as CGX Energy claimed operatorship in its Q3 2024 financial statements, directly contradicting statements from senior Guyanese government officials.
Touchstone Exploration reports successful well testing in Trinidad and Tobago
Touchstone Exploration has reported successful completion of well testing at Cascadura-2ST1 and Cascadura-3ST1, with both wells demonstrating significant production potential.
Mexico’s energy strategy expands support for Cuba and renewable initiatives
Mexico's government, under President Claudia Sheinbaum, has taken an assertive stance on energy reform, addressing both domestic and international needs.
PDVSA gas pipeline explosion injures five in eastern Venezuela
A gas pipeline explosion at a Petroleos de Venezuela SA (PDVSA) facility in eastern Venezuela has left eight workers dead, , marking the latest in a series of accidents at the state-owned oil company's ailing infrastructure.
Petrobras to launch FPSO tenders for multiple projects by year-end
US extends Citgo protection amid legal disputes
The US Treasury Department has extended a licence safeguarding Citgo Petroleum, the US subsidiary of Venezuela's state-owned oil giant PDVSA, from creditors until March 2025.
Russia and Venezuela sign cooperation deals on energy, intelligence, automotive industry
Russia and Venezuela deepened their strategic partnership on November 7 by signing multiple agreements focused on energy cooperation and industrial development during the 18th High-Level Intergovernmental Commission meeting in Caracas.
YPF completes drilling of historic Vaca Muerta well
Argentine national oil company YPF announced that it is completing the drilling of well LLL-1861(h) in Loma Campana in the Vaca Muerta formation with a record lateral branch of 4,948 metres and a total length of 8,264 metres.
Brazil ups climate targets ahead of COP29 summit
Singapore-built FPSO Bacalhau ready for Brazil journey after naming ceremony
The floating, production, storage and offloading (FPSO) vessel Bacalhau, set to be Brazil's largest FPSO, has officially been named at Seatrium's Tuas Boulevard Yard in Singapore, marking its imminent departure for South American waters
Fitch affirms Ecopetrol rating despite governance concerns
Credit ratings agency Fitch has affirmed Colombian state oil company Ecopetrol's rating at 'BB+' with a stable outlook, whilst highlighting concerns about weakened corporate governance at Latin America's fourth-largest oil company.
US Treasury extends Venezuela oil sector licences linked with PDVSA
The US Department of the Treasury's Office of Foreign Assets Control (OFAC) has extended two key licences governing transactions with Venezuela's state oil firm Petróleos de Venezuela, SA (PDVSA).
Panama to strip registration from sanctioned LNG vessels tied to Russian gas
Panama's Maritime Authority has initiated deregistration procedures for four liquefied natural gas (LNG) vessels recently sanctioned by US authorities over connections to Russian energy firm Novatek.
Petrobras to earn $5.5bn, set for big dividends
Petrobras is expected to report third-quarter net profit between $5bn (BRL27.2bn) and $5.5bn (BRL29.9bn).
Petrobras drops plan to sell biofuels unit
Petrobras announced that it has decided to retain its biofuels subsidiary, PBio (Petrobras Biocombustível SA), after previously considering its sale.
AI takes centre stage at ADIPEC
The conference, where almost 200,000 participants gathered, featured a series of sessions dedicated to the technology, as well as a special AI zone, where various AI-related energy solutions and initiatives were presented.
LatAmOil: Norway's Argeo secures data services agreement with Suriname's Staatsolie for offshore projects
US government defends YPF over $16bn court ruling
The US Department of Justice (DOJ) has intervened in Argentina's $16.1bn YPF legal dispute, supporting the Javier Milei government’s position against forced divestment of its 51% stake in the oil company.
Petrobras taps consortium for $700mn monthly receivables
Petrobras has contracted a consortium formed by Cerc and Líber to implement Central Bank regulations for the receivables market.
Pemex Secures $10.4bn investment to bolster fuel storage capacity
The Mexican government has announced a substantial investment of $10.4bn in state-owned oil company PEMEX, Mexico Business reported
Touchstone Exploration subsidiary begins Trinidad and Tobago operations under new license
Primera Oil and Gas Limited, a Touchstone Exploration Inc. subsidiary, has commenced operations under the Rio Claro license in Trinidad and Tobago, with a six-year term and a $2.4mn financial commitment.
Suriname to hold off on new IMF programme as it evaluates oil revenue strategies
Suriname's government has announced it will postpone decisions on future International Monetary Fund (IMF) programme involvement until after the May 2025 general election, as it evaluates strategies for managing anticipated oil revenues.
Mexico boosts fuel imports amid lagging Pemex downstream production
Mexico is grappling with shortfalls of domestic fuel production. This comes despite the fact that the outgoing administration under former President Andrés Manuel López Obrador (AMLO) had ambitious targets of fuel self-sufficiency.
Reports highlight Guyana’s growing oil dominance, LNG potential
Two newly released reports have pointed to Guyana’s growing oil dominance, as well as to its potential to become an LNG exporter as well.
Venezuela works to strengthen relations with various countries amid rising oil exports
Venezuela’s oil exports reached a four-year peak in October, nearing 950,000 bpd thanks to increased crude production and higher sales to India and the US, with this coming as Venezuela works to boost bilateral relations with various countries.
Petrobras invests in Campos Basin as it plans production growth
The Campos Basin, once Brazil’s top oil-producing region, has marked 50 years since the discovery of its oil resources and is set to play a key role in Petrobras' growth plans.
Guyana’s producers continue to benefit from booming output
ExxonMobil and other producers operating in Guyana have reported record output from the country, with further development drilling underway
Brazil to import record coal amid hydro shortfall
Brazil’s Petrobras provides update on strategic oil and gas expansion in Southern Africa
Petrobras, Brazil’s national oil company, has confirmed it is exploring opportunities in South Africa, Namibia, and Angola, and is currently awaiting Galp Energia’s decision on its offer for a major stake in Namibia’s offshore Mopane block.
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