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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Hess in search of a partner for Block 59 offshore Suriname
Hess Corporation is seeking partners for Block 59 offshore Suriname, following the transfer of interests from ExxonMobil and Equinor in July 2024, Suriname's national oil company, Staatsolie confirmed.
Pemex partners with CME to boost Gulf oil production
Pemex has secured a deal with CME Oil and Gas, a Mexico-based oilfield services provider, to significantly increase crude production in the Gulf of Mexico.
Guyanese oil output to surge beyond 1.4 million barrels per day due to Hammerhead project
Guyana Natural Resources Minister Vickram Bharrat announced that the government will receive a development plan for the Hammerhead oil project in early 2025.
Pemex expands tanker fleet to enhance fuel distribution
PEMEX has significantly bolstered its fuel distribution network, adding 1,800 new tankers to its fleet during the current administration.
Pemex reduces greenhouse gas emissions by 11% in 2023
In 2023, Pemex achieved a significant reduction in its direct greenhouse gas (GHG) emissions, cutting them by 11% to 64.1 million tonnes of CO2 equivalent (CO2e).
YPF and Petronas target FID by end of 2025 for Argentine LNG project
Argentina’s state-run firm YPF and its joint partner Malaysia’s Petronas are targeting a final investment decision before the end of 2025 for the country’s flagship LNG export terminal.
Venezuela's oil minister announces key well rehabilitations, nears 1mn barrels per day
Pedro Tellechea, Venezuela’s Minister of Oil and President of PDVSA, announced the successful rehabilitation of the Chaima, L-20-1, and Paramaconi wells within the Orinoco Hugo Chávez Oil Belt.
Guyana and Brazil lead record-breaking subsea market boom
The subsea market, encompassing suppliers of umbilical risers, flowlines, and other key components, is on track to experience unprecedented investment levels, with over $42bn projected to be spent by 2027 according to a Rystad Energy report.
Guyana's offshore oil resources now estimated to exceed 11.6 billion barrels
Guyanese Minister of Natural Resources Vickram Bharrat announced in a press conference that ExxonMobil’s Stabroek Block offshore Guyana is now estimated to contain 11.6bn barrels of oil.
Enap's profits slump in the first six months of 2024
Chilean national energy company Enap reported a 49% y/y decline in profits for the first half of 2024, with earnings totalling $172.7mn.
Ecopetrol's fracking operations in the US yield record profits
Ecopetrol, the Colombian oil giant, has seen significant success in its fracking operations in the United States, which have become the most profitable segment of the company’s portfolio.
Petrobras mulls additional FPSO platform for Buzios field
Brazil's national oil company (NOC) Petrobras is studying the addition of a new floating production, storage and offloading (FPSO) platform to its Buzios offshore field.
New FPSO arrives at Petrobras' pre-salt field after long journey from Asia
Brazil’s national oil company (NOC) Petrobras has welcomed a new floating production, storage and offloading (FPSO) vessel to its offshore fleet, according to operator Yinson Production.
Colombia rules out Venezuelan gas imports citing technical issues
Colombia's Minister of Mines and Energy, Andrés Camacho, said importing natural gas from Venezuela is not feasible due to political, financial, and technical constraints,
Mexico’s oil industry group AMEXHI reshuffles board, pledges cooperation
The Mexican Association of Hydrocarbon Companies (AMEXHI) has appointed new board members and officers for 2024-2025.
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.
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