LatAmOil - Latin America Oil & Gas

Petrobras raises 2020 production forecast to 2.84mn bpd

Brazil’s national oil company (NOC) Petrobras has raised its average production forecast for 2020 by 2.5% to 2.84mn barrels of oil equivalent per day (boepd), with oil accounting for 2.28mn barrels per day (bpd) of the total.

PdVSA expects oil export earnings to nearly halve in 2021

Venezuela’s state-run oil company PdVSA expects its earnings from oil exports next year to drop by nearly half, averaging $35 per barrel for a basket of locally produced crudes and petroleum products.

IEnova mulling co-operation with CFE for ECA project

Mexico's IEnova is interested in teaming up with the state-run power provider CFE for the Energía Costa Azul (ECA) project, which will involve the construction of a natural gas liquefaction plant at the site of an existing LNG import terminal.

Australia’s Karoon gets green light for Brazil offshore purchase

Australian oil and gas company Karoon Energy has received the go-ahead from Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP) to acquire the Baúna offshore oilfield from state-run Petrobras.

Brazilian police extend corruption probe to diesel, jet fuel contracts

Brazilian authorities have extended the long-running Lava Jato (“Car Wash”) corruption investigation to review certain petroleum product contracts signed by Petrobras, the state-run oil company.

ANH authorises 16 companies to bid in third licensing round

Colombia’s state oil regulator, the National Hydrocarbons Agency (ANH), said last week that it had authorised 16 companies to bid for the four onshore blocks included in the upcoming third licensing round.

NRG: Time for guarded optimism

Bolivian gas sector awaits the country’s new leader

Bolivia's President-elect Luis Arce is not likely to push for major changes in the legal regime governing the gas sector any time soon.

Washington authorises Eni to unload Venezuelan crude from listing FSO

Italy’s Eni has secured US authorisation for the unloading of heavy crude oil from the Nabarima, a floating storage and off-loading (FSO) vessel moored in the Gulf of Paria between Venezuela and Trinidad and Tobago.

Limetree Bay refinery may lose access to BP oil supplies

UK-based BP has reportedly threatened to terminate its crude oil supply agreement with Limetree Bay Ventures, a company formed by EIG Global Energy Partners and ArcLight Capital Partners of the US.

Work on Dos Bocas refinery said to be 24% complete

Mexico’s national oil company (NOC) Pemex is moving forward with work on the Dos Bocas refinery project, which is now 24% complete.

YPF to pay Exmar $150mn to exit Tango FLNG charter

Argentina’s national oil company (NOC) YPF has reportedly agreed to pay Belgium’s Exmar $150mn in compensation for the early termination of a charter agreement for the Tango floating LNG (FLNG) vessel.

Petroperú launches bidding for Talara refinery upgrade

Peru’s state-run oil company Petroperú has launched bidding for service contracts as part of the long-delayed modernisation of the Talara refinery.

Mexico moves to ban new energy permits, protect state firms

Mexico’s Energy Regulatory Commission (CRE) is reportedly moving to restrict private investment in the country’s energy sector, in an attempt to protect state-owned oil and utility companies.

KOTUG wins contract for Guyana offshore work

Netherlands-based KOTUG International has been awarded a long-term contract to provide offshore terminal towage support for operations in Guyana.

Raizen to invest $715mn in Dock Sud refinery expansion

Brazil’s Raizen is to invest $715mn over the next three years in the modernisation and expansion of its Dock Sud refinery in Argentina.

Argentina unveils $1.8bn gas stimulus plan

Argentina’s President Alberto Fernández has unveiled a much-anticipated stimulus plan for the natural gas sector, which has seen production levels sink since the advent of the coronavirus (COVID-19) pandemic.

NRG: Challenges ahead

Certain developments in recent days illustrate the scale of ongoing challenges for the oil and gas industry, but various players are forging ahead undeterred.

IEA dismisses near-term peak in oil demand, sees firm outlook for gas

Mexico may be carrying out discreet annual oil hedge

The Mexican government appears to be carrying out this year’s oil hedge, which is usually the largest deal of its kind to hit Wall Street, but is doing so in a discreet manner.

BP subsidiary begins drilling work at Matapal gas field

A subsidiary of BP has begun drilling the first of three new wells at Matapal, a natural gas field offshore Trinidad and Tobago.

Hygo Energy aims to strike LNG supply deal with GdP

Golar LNG's Hygo Energy JV is looking to strike a fuel supply deal with Companhia de Gás do Pará (GdP), a Brazilian company that has a monopoly on natural gas distribution in the isolated northern state of Pará.

Trump administration scrutinising Tipco’s payment arrangements with PdVSA

Thailand’s Tipco Asphalt has reportedly drawn some unwelcome attention from US federal authorities in light of reports on its financial arrangements with Venezuela’s national oil company (NOC) PdVSA.

Noble extends term of Guyana contract with ExxonMobil

The British offshore drilling contractor Noble Corp. has struck a deal on the extension of its contract with the US super-major ExxonMobil for the use of an ultra-deepwater drillship that is working offshore Guyana.

Ecuador eyes new $1.4bn oil-backed Chinese loan

Ecuador is hoping to sign a new US$1.4bn oil-backed loan agreement with China next month, according to the South American country’s Minister of Energy and Non-Renewable Natural Resources René Ortiz.