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Oil & Gas

Region: Latin America   Category: Oil & Gas Frequency: Every Tuesday

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LatAmOil provides oil and gas Insight and Foresight from Mexico and Central America to the Caribbean and South America. From the heavyweight producers such as Brazil to emerging frontiers like Guyana, LatAmOil informs you of what is going on and why through commentary, exclsuive interviews, news and analysis. In such a notoriously challenging environment, in-depth and accurate information makes every difference in vital decision making and strategy – LatAmOil brings this directly to your inbox every week.

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ExxonMobil identifies additional 600mn barrels in Stabroek Block reserves

22 May 2024

ExxonMobil Guyana announced that it has identified an additional 600mn barrels in reserves for the Stabroek Block developments, surpassing previous estimates announced during project sanctioning.

Brazil’s 3R agrees to acquire Enauta for $1.2bn

22 May 2024

3R Petroleum Oleo e Gas SA has agreed to purchase Enauta Participacoes SA in an all-stock transaction, marking a significant consolidation in Brazil’s oil industry.

Guyana's oil fund grows to almost half of national budget

22 May 2024

Guyana’s Natural Resource Fund rose to $2.634bn in April, almost half of the nation's $5.496bn annual budget for 2024, the Bank of Guyana reported.

An estimated 4.6bn barrels discovered offshore Suriname

22 May 2024

Consulting firm Wood Mackenzie has estimated that around 4.6bn barrels of oil and 12.5 trillion cubic feet (354bn cubic metres) of natural gas resources have been discovered to date offshore Suriname.

PEMEX commences crude deliveries to Dos Bocas refinery

22 May 2024

PEMEX has started sending 16.3mn barrels per day of crude oil to the Olmeca refinery in Dos Bocas, Tabasco.

An estimated 4.6bn barrels have been discovered offshore Suriname

22 May 2024

Consulting firm Wood Mackenzie has estimated that approximately 4.6bn barrels of oil, or 12.5 trillion cubic feet, of natural gas resources have been discovered to date offshore Suriname.

Colombia's Trasandino oil pipeline to remain offline through 2024

22 May 2024

Colombia’s Trasandino pipeline is expected to stay offline until December, as announced by Ricardo Roa, the CEO of Ecopetrol

PEMEX to rehabilitate sulphur plants with major investment

22 May 2024

PEMEX has announced plans to invest MXN $1.708bn ($103.161mn) in the rehabilitation of two disused sulphur plants, Nuevo PEMEX and Ciudad PEMEX.

Venezuelans grapple with gasoline shortages amid contradictory official assurances

22 May 2024

Citizens in Venezuela are expressing frustration over gasoline shortages, contradicting assertions by oil authorities that fuel distribution across the nation is proceeding smoothly and reporting lengthy queues at gas stations and power shortages

Hess-Chevron $53bn deal in the crosshairs

22 May 2024

Hess is holding a shareholder meeting on May 28, and some of its investors are balking at backing the company’s $53bn acquisition by Chevron until there is clarity about Chevron’s arbitration with ExxonMobil.

Brazil’s BNDES investment bank leads biofuels drive with billions in investments

22 May 2024

Brazil’s National Bank for Economic and Social Development has significantly increased its investment in biofuels, aligning with President Luiz Inacio Lula da Silva administration's priorities and the green agenda.

Petrobras CEO's plans for Petros pension fund face governance hurdles

22 May 2024

Magda Chambriard, the incoming CEO of Brazil’s national oil company (NOC) Petrobras, will face additional challenges if she intends to extend the changes made to Petrobras’ board to Petros, the state-owned company’s pension fund.

Brazil’s antitrust authority to approve Petrobras' request to halt refinery sale plan

22 May 2024

Brazil’s Petrobras proposed changes to its cessation commitment term (TCC) are to be greenlit by the antitrust authority Cade, allowing the national oil company (NOC) to backtrack from ongoing refinery sales

Ecuador signs $333mn deals for oil blocks in Sucumbios province

21 May 2024

Ecuador’s Ministry of Energy and Mines has inked participation contracts for a total value of €333mn for the operation of three oil blocks in Sucumbíos province,signalling a significant boost in private investment in Ecuador's hydrocarbon sector

Oil companies in Venezuela rush for US licences amid regulatory backlog

21 May 2024

Oil firms operating in Venezuela face uncertainty as they await US approval to continue operations past the May 31 deadline. After the return of sanctions, these firms are submitting waiver applications to the US Treasury hoping for ad-hoc licences.

US court decision adds complexity to Citgo ownership auction

21 May 2024

A US District Court judge ruled on May 17 that bidders participating in the auction for US-based refiner Citgo Petroleum must disclose whether their binding offers encompass the claims of Venezuela bondholders involved in a separate legal action

ExxonMobil to drill two appraisal wells offshore Guyana

21 May 2024

ExxonMobil is moving forward with plans to drill two appraisal wells in the Stabroek Block offshore Guyana, a document included in Guyana’s Official Gazette confirmed.

3,000 Guyanese welders to be trained for local oil and gas sector

21 May 2024

Guyanese President Irfaan Ali announced that the School of the Nations, in collaboration with the Guyana Online Academy of Learning, aims to train 3,000 Guyanese candidates in welding.

Brazil’s oil output surge expected to boost royalties by 20% in 2024

21 May 2024

Brazil anticipates a significant surge in oil production this year, with projections suggesting that royalties from the sector will increase by 20.4%, totalling $17.7bn

Petrobras sends antitrust authority proposed amendments to its cessation terms

21 May 2024

Petrobras has announced that it has formally submitted proposals to Brazil’s antitrust authority, the Administrative Council for Economic Defence, to amend the Terms of Cessation Commitment related to the investments or divestments.

Vessel Sapura Ônix heads to Brazil’s Atlanta Field for equipment installation

21 May 2024

The specialised vessel Sapura Ônix is currently en route to the Atlanta Field in the Santos Basin, offshore Brazil, to install subsea equipment in preparation for oil production, targeted to commence in August.

Touchstone experiences 20% decline in quarterly oil and natural gas sales

20 May 2024

Touchstone Exploration, a Trinidad-focused energy company, released its financial results for the first quarter of 2024, revealing a 20% y/y decline in oil and natural gas sales.

PEMEX sets ambitious strategy for northeast marine region

20 May 2024

PEMEX has unveiled a strategy to boost production by 17% in the mature hydrocarbon fields of the Northeast Marine Region by the end of 2024.

TotalEnergies eyes offshore potential in Peru

20 May 2024

French supermajor TotalEnergies is set to initiate preliminary studies to assess the oil and gas potential of two offshore areas in Peru.

Seaport Global sees Venezuelan PDVSA bonds as undervalued, recommends buy

19 May 2024

Bonds issued by Venezuela’s state oil company, PDVSA, are undervalued and should trade closer to sovereign debt levels, according to Seaport Global.

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