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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US’s New Fortress Energy expects to launch Brazil’s Barcarena FSRU terminal in Q4
New Fortress Energy is expecting to launch its Barcarena floating storage regasification unit (FSRU) in the fourth quarter. Besides an FSRU, the terminal includes a jetty, a three-kilometre pipeline, and a gas conditioning station.
Brazil needs oil revenues to fund green transition, President Lula’s aide says
President Luiz Inacio Lula da Silva remains under pressure to deliver much-needed growth to poor, under-developed regions in the north and northeast of Brazil, and wants Petrobras to be an engine of that growth.
Brazil’s gas-gas indexing grows as Petrobras introduces US Henry Hub-based contract
Brazilian state-owned oil and gas major Petrobras has signed US Henry Hub-indexed contracts which would put Brazil’s gas prices closer to prices in the US, Argus reported on August 14.
Exxon Mobil submits arbitration awards for Citgo shares to US court against Venezuela
Exxon Mobil has submitted arbitration awards against Venezuela to a US court. The company's major oil ventures were expropriated and nationalised in 2007 by then-President Hugo Chavez, a move that led to protracted arbitration proceedings.
Venezuela leaves half of its gas to burn in the air – squandering huge economic potential
Venezuela’s little-known struggle with natural gas flaring – gases from the crude oil extraction process, are dispersed in the air and burnt – is rooted in the nation's broader challenge of harnessing its enormous hydrocarbon potential.
Iran increases LPG export capacity
Jalil Salari, managing director of the National Iranian Oil Refining and Distribution Company (NIORDC), said in an August 12 press conference that Iran had increased its capacity to export liquefied petroleum gas.
Beyond Stabroek
NewsBase provides a brief survey of recent development at the blocks beyond Stabroek in Guyana’s offshore zone.
Brazil’s environment agency grants Petrobras licence for FPSO Anita Garibaldi
The Brazilian Institute of the Environment has granted Petrobras a licence to operate the FPSO Anita Garibaldi. Petrobras aims to connect the new platform to 43 wells, with peak production expected for 2026.
Brazil’s Port of Maceio auctions three liquid bulk areas
Brazil’s Petrobras aims to resume fertiliser production at Parana in 2024
Petrobras could resume fertiliser production at its Araucaria Nitrogenados plant in Parana, south of Sao Paulo, as early as the first half of 2024. The plant has production capacities of 1,900 tonnes/day of urea and 1,300 tonnes/day of ammonia.
Guyana emerges as direct crude competitor to Brazil, S&P Global confirms
S&P Global Commodity Insights’ oil pricing and news expert Patrick Harrington claimed that Guyana is emerging as a direct competitor to Brazil in the South American crude market as Guyana’s output continues to rise.
Argentina's Pampa Energía to pump $200mn into Vaca Muerta pilot project
Pampa Energía revealed that it will inject a $200mn investment into a pilot project in the Vaca Muerta shale formation. Company executives said that the firm is aiming to reach 200,000 barrels per day over the next few years.
Suriname's Staatsolie confirms 2024 deadline for FID on Block 58
Annand Jagesar, managing director of Suriname’s state oil firm Staatsolie, confirmed that the final investment decision for Suriname’s Block 58 will be delivered in 2024.
Venezuela's oil output surges 10.65% in 2023, PDVSA reports, in contrast to lower OPEC figures
Venezuela has witnessed a surge in oil production, recording a remarkable 10.65% increase in the ongoing year, as detailed in a report unveiled on Monday, August 14, by the state-owned oil giant, PDVSA.
Brazil’s Petrobras continues due diligence on Braskem
Petrobras continues analysing potential ways forward for its stake at petrochemicals and polymers major Braskem, the company said on August 14.
World Bank tribunal grants Exxon Mobil $77mn after reviewing Venezuela claim
Exxon Mobil has secured a substantial victory in its protracted legal engagement with Venezuela, as the World Bank arbitration tribunal ruled in favour of the energy giant.
Norway’s Solstad Offshore wins $100mn vessel contracts with PRIO, Equinor in Brazil
Norwegian engineering services provider Solstad Offshore has been awarded two contracts worth $100mn from Brazil’s PRIO and Equinor for the construction of a support vessel and conversion of a platform supply vessel, Brazil Energy Insight reported.
Venezuelan President Maduro urges return of Citgo, reclaims $4bn profits stuck in US banks
Venezuela's President Nicolas Maduro issued a resolute demand on Monday, August 14 for the unconditional return of the oil company Citgo, owned by the South American country but seized by the US in 2019 as a result of deepening sanctions.
Brazil’s 3R seeks partners, divestments in infrastructure in the Potiguar Cluster
3R Petroleum is seeking partnerships and divestments of some assets in the industrial asset of Guamare, in the Potiguar Cluster in Rio Grande do Norte state, Brazil Energy Insight reported on August 1.
Argentina's Enarsa cancels LNG cargo amid lower demand due to warmer weather
Argentina’s state-run energy company Enarsa has cancelled a shipment of liquefied natural gas, a source familiar with the matter revealed. This comes as the South American country experiences warmer winter weather than what was previously expected.
Colombia’s proposed Pacific LNG project receives first bid
Colombia’s long-delayed Pacific LNG import terminal received its first bid to build and operate the country’s second LNG facility, BNamericas reported on August 12.
Guyanese, Ghanaian companies team up to offer tech training for oil and gas industry jobs
Compton Harris, the CEO of Guyana’s e-magic, said his company had teamed up with Ghana’s West Coast Gas to expand training in oil and gas technologies.
Suriname offers future oil profits to bondholders to exit its default
Suriname has entered an agreement with bondholders to escape its default. In exchange for providing bondholders with a cut of its future oil profits, part of the nation’s sovereign debt will be forgiven.
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