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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Mexico's Pemex faces budget crisis as oil production falls 8.8% and restructuring planned
Pemex could run out of budget before year-end after spending over half its investment allocation in the first quarter whilst oil production continues declining, with crude output falling 8.8% year on year to 1.37mn barrels per day in April.
Ghost ships resurface as Venezuela evades oil sanctions
A supertanker scrapped in 2017 has resurfaced in international waters under a false identity, highlighting how Venezuela’s oil industry continues to sidestep global sanctions.
Ecopetrol's buy of renewables assets raises financial and operational concerns for the Colombian firm
Colombia's state-controlled oil company, Ecopetrol, is under scrutiny following its recent acquisition of renewable energy assets from Norway's Statkraft.
Mota-Engil lands Brazil’s Petrobras platform deal
Mota-Engil’s Brazilian subsidiary, Empresa Construtora do Brasil, has secured a €250mn contract with Petrobras to deliver maintenance and construction services on offshore oil platforms.
Colombia's Ecopetrol's strategic shift raises financial and operational concerns
Colombia's state-controlled oil company, Ecopetrol, is under scrutiny following its recent acquisition of renewable energy assets from Norway's Statkraft, a move that has sparked debate over the firm's strategic direction and financial health.
Pemex faces budget crisis as oil production falls 8.8% amid spending concerns
Pemex could run out of budget before year-end after spending over half its investment allocation in the first quarter whilst oil production continues declining, with crude output falling 8.8% year-on-year to 1.37mn barrels daily (bd) in April
Shell hands over Mexican retail operations to Iconn in strategic shift
In a move reflecting profound changes in Shell's global strategy, the energy multinational has agreed to transfer its service station operations in Mexico to Grupo Iconn, the Monterrey-based company behind Petro Seven and 7-Eleven.
Venezuela's Citgo auction extended as US court ruling reduces litigation risk
A US federal judge has extended the bidding deadline for the sale of shares in Citgo Petroleum, Venezuela’s most valuable foreign asset, granting prospective buyers until June 2, 2025, to submit revised proposals
Colombia's oil reserves edge up as gas stocks continue to decline
Colombia's proven oil reserves experienced a modest increase of 0.74% in 2024, reaching 2.035bn barrels, equating to 7.2 years of consumption, according to the National Hydrocarbons Agency (ANH)
New buyout bid for Brazil's Braskem emerges without minority shareholder offer
Brazilian petrochemical major Braskem's parent company Novonor has received a non-binding proposal from businessman Nelson Tanure that does not include a mandatory offer to minority shareholders, according to sources close to the negotiations
YPF commences welding of key oil pipeline in Argentina's Vaca Muerta
YPF President and CEO Horacio Marín marked a significant milestone in Argentina's energy ambitions, announcing the commencement of automatic welding on the Vaca Muerta Sur Pipeline.
Brazil’s Petrobras ramps up drilling at Aram block
Brazil’s Petrobras has started drilling a new well in the Aram block, part of the pre-salt Santos Basin, as it expands exploration in the area.
Venezuela's Maduro vows to honour oil contracts amid Chevron licence expiry
Venezuela’s Nicolás Maduro pledged to uphold existing agreements with foreign firms, including US oil major Chevron, as the company faces the looming expiry of its operating licence in the country
ExxonMobil-Chevron battle over Guyana oil block heads to arbitration
The dispute centres on Chevron’s proposed $53bn acquisition of Hess Corporation, which owns a 30% stake in the lucrative Stabroek Block – home to over 11bn barrels of recoverable oil
Mexico's Pemex plans restructuring amid cost-cutting drive
Mexico's heavily indebted state oil company Pemex is planning a major restructuring to reduce costs, with documents suggesting potential job cuts and operational changes.
PDVSA wins key US court battle in $1.5bn debt dispute
Venezuela’s state oil company PDVSA secured a major legal victory in New York, shielding its US-based subsidiary PDVH from a $1.5bn creditor lawsuit
Suriname set for massive energy sector growth due to three projects – Wood Mackenzie
Suriname's offshore energy sector is poised for significant expansion, with Wood Mackenzie projecting that three exploration prospects currently under development hold a combined total of approximately 900mn barrels of oil equivalent.
Suriname's oil future to be determined in presidential election
Suriname has begun counting votes in parliamentary elections that will determine leadership over the country's emerging oil wealth as the former Dutch colony grapples with high debt, inflation and poverty.
Colombia's Ecopetrol spends $5.9mn on legal review amid possible US corruption probe
Colombia's state-controlled oil giant Ecopetrol has engaged Covington & Burling LLP in a $5.9mn contract to assess potential regulatory scrutiny from US securities watchdogs regarding corruption allegations against chief executive.
Brazil and Angola cement economic ties with $1.5bn trade surge
Brazil's President and his Angolan peer prioritised infrastructure and energy partnerships in talks during a summit in Brasilia, with Petrobras signing a collaboration deal with Sonangol.
Brazilian investor Nelson Tanure moves closer to Braskem deal
Brazilian investor Nelson Tanure has presented a new offer to acquire control of Braskem, advancing long-stalled talks with controlling shareholder Novonor.
Mero4 kicks off in Brazil with major FPSO
CNOOC Limited confirmed production began on May 24 at the Mero4 project in Brazil’s pre-salt Santos Basin, 180 kilometres offshore from Rio de Janeiro.
Brazil’s Petrobras brings new FPSO online ahead of plan
Brazil’s Petrobras has started production from the FPSO Alexandre de Gusmão in the Mero field of pre-salt Santos Basin, more than two months earlier than planned.
Venezuela elects governor for Guyana-controlled Essequibo in sovereignty escalation
Venezuela conducted regional and parliamentary elections on May 25 for a governor and lawmakers to represent Essequibo, an oil-rich region that remains under Guyana's administration.
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