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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Gran Tierra to focus on Colombia and Ecuador in 2025 production targets
Gran Tierra Energy has unveiled its 2025 capital budget and production guidance, targeting capital expenditure between $240mn and $280mn while forecasting operating cash flow in the range of $260mn to 300mn.
Global subsea tree demand driven by Guyanese oil sector
Global subsea tree orders reached 255 units in 2024, marking an 11% quarterly decline, yet the market is expected to rebound in 2025, with forecasts pointing to 290 units driven by increased offshore activities from emerging players like Guyana.
Brazil regulator orders merger of offshore fields, to raise Petrobras taxes
Brazil's national oil and gas regulator ANP has ruled to merge the Berbigão and Sururu offshore fields, a decision that will increase taxes on the assets and potentially impact Petrobras' financial performance, the national oil company (NOC) said
Brazil’s Petrobras moves forward with Tartaruga Field stake sale
Petrobras has initiated the binding phase to sell its 25% minority interest in the Tartaruga Field, located in the shallow waters of the Sergipe-Alagoas Basin.
Colombia's Ecopetrol’s proven reserves to fall 4.6%
Ecopetrol’s proven reserves are expected to decline by 4.6% by the end of 2024, primarily due to limited efficiency gains.
World Bank upholds $8.37bn ruling in favour of ConocoPhillips over Venezuela
A World Bank arbitration tribunal has rejected Venezuela's request to annul an $8.37bn award to ConocoPhillips, reinforcing the US oil producer's claim to compensation for expropriated assets under Hugo Chavez's nationalisation program.
US poised to cut Venezuelan oil ties as supply glut looms
Venezuela, once a significant supplier of crude oil to the United States, may be on the brink of losing its position as a key energy partner as Trump floats plans to end export licences.
Argentine governor seeks regional energy integration with Uruguay, eyes Vaca Muerta gas
Argentine governor Rolando Figueroa held a meeting with Uruguay's president-elect, Yamandú Orsi, to discuss regional energy cooperation, with a particular emphasis on the potential of the Neuquén basin’s gas and oil resources
TGS, Petrobras open imaging centres for Brazil offshore exploration
Norwegian energy data firm TGS has launched advanced imaging centres in partnership with Petrobras to enhance subsurface data interpretation in Brazil’s Campos and Santos basins.
Ecuador eyes foreign investments of $42bn in oil industry through 2029
Ecuador has outlined ambitious plans for its oil sector, with acting Energy Minister Ines Manzano announcing expected foreign investments of $42bn over the next five years.
El Salvador's electricity demand rises 4.3% in 2024
El Salvador's electricity demand grew 4.3% to 7,145.2 GWh in 2024, according to the national energy market administrator Unidad de Transacciones.
Brazil’s Azevedo & Travassos secures Petrobras platform maintenance deal
Azevedo & Travassos, through its subsidiary Heftos Óleo e Gás Construções S.A., has signed a BRL298.3mn ($50.7mn) contract with Petrobras for integrated industrial maintenance services on oil platforms in the Campos Basin.
The state of Rio de Janeiro leads Brazil’s exports to China, driven by oil
The state of Rio de Janeiro maintained its position as Brazil’s top exporter to China for the second consecutive year, largely due to oil shipments, according to a report by the Brazil-China Business Council (CEBC) based on 2024 trade data.
CNOOC seeks record production growth focused on Guyana
CNOOC Limited has unveiled its ambitious 2025 Business Strategy and Development Plan, targeting unprecedented production growth and sustainable development.
SLB announces cut in Guyana spending despite optimistic outlook
SLB, formerly known as Schlumberger, has announced a reduction in upstream spending in Guyana as part of its 2024 performance review and 2025 outlook.
Brazil’s Petrobras extends Tupi Field FPSO contract to 2030
Brazilian national oil company (NOC) Petrobras has extended the charter of the floating, production, storage, and offloading (FPSO) vessel Cidade de Angra dos Reis at the Tupi field for five years until 2030.
Canacol Energy in Colombia partners with Bolivia's YPFB in gas exploration deal
Bolivia's state energy firm YPFB has signed agreements with Colombia’s Canacol Energy for hydrocarbon exploration and production in four areas within the Santa Cruz region.
Guyana to withdraw $2.5bn from oil revenues to support 2025 budget
The Guyana government plans to withdraw $2.5bn from its oil revenues to support its 2025 budget of $6.628bn, Finance Minister Dr Ashni Singh announced.
Trump says the United States could halt purchases of Venezuelan oil
US President Donald Trump has indicated that the US could halt oil purchases from Venezuela as part of efforts to weaken Maduro’s regime, declarin: “We don’t need it.”
Argentina's Neuquén province forecasts 5% rise in economic growth driven by oil and gas
Argentina's Neuquén province – which includes the prolific Vaca Muerta shale play - is projecting 5% economic growth in 2024, driven primarily by hydrocarbon investments and infrastructure development, says Economy Minister Guillermo Koenig.
Latin America-focused energy company GeoPark gets B+ rating from Fitch for new bond issue
Oil and gas explorer GeoPark Ltd received a B+ rating from Fitch Ratings for its proposed benchmark-sized unsecured bonds, the ratings agency said on January 21.
Guyanese economy grows 43.6% in 2024, offshore discoveries rise
Guyana's economy surged 43.6% in 2024, marking its fifth consecutive year of double-digit growth, driven primarily by expanding oil output and exports.
Argentina's YPF seals memorandum of understanding with Indian firms for LNG exports
Argentina's national oil company YPF has signed a memorandum of understanding (MoU) with three Indian firms that could lead to LNG exports of up to 10mn tonnes per year.
Venezuela and Russia deepen ties amid Western criticism
Venezuela reaffirmed its strategic partnership with Russia, highlighting shared commitments to commercial cooperation and diplomatic collaboration as the two nations prepare to mark 80 years of bilateral relations.
Trump's return to White House draws polarised Latin American response
Latin America has split over Donald Trump's White House return, with a handful of leaders rushing to embrace the new president while others eye his protectionist agenda with alarm.
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