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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Colombia's Trasandino oil pipeline to remain offline through 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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
Bonds issued by Venezuela’s state oil company, PDVSA, are undervalued and should trade closer to sovereign debt levels, according to Seaport Global.
US to grant limited licences for Venezuelan oil operations, prioritising existing investors
The United States is gearing up to grant limited licences for operations in Venezuela, prioritising companies already engaged in oil production and possessing existing assets.
LPG deliveries hampered in southern Brazil
Floods in Brazil's Rio Grande do Sul state have severely hit the distribution of liquefied petroleum gas, reducing supply by 7-10% in the affected area during the first two weeks of May.
Brazil’s Volkswagen idles three plants after flooding, LPG deliveries hampered
Floods in Brazil's Rio Grande do Sul state have severely impacted the distribution of liquefied petroleum gas, reducing supply by 7-10% in the affected area during the first two weeks of May.
Brazil’s Enauta starts anchoring FPSO Atlanta in Santos Basin
Brazilian oil and gas producer Enauta has commenced anchoring operations for the floating production storage and offloading unit Atlanta in the Santos Basin, offshore Brazil.
Colombia's oil production nears 800,000 bpd, says Regulator Chief
The President of the National Hydrocarbons Association announced that the country's average daily oil production is approaching 800,000 barrels per day, despite the nation's increasing focus on expanding renewable energies.
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