LatAmOil - Latin America Oil & Gas

Mexico cuts oil production forecast for Pemex

The Mexican government has slashed its production outlook for state-run Pemex, which is struggling under a $107bn debt load and fallout from the coronavirus (COVID-19) pandemic.

NRG: Ahead of the peak

A warning that oil demand will peak within a few years overshadows some of the positive news coming from oil producers in recent days.

BP warns of peak oil demand just around the corner

Kosmos sells stakes in African, South American projects to Shell

Kosmos Energy (US) has arranged to sell its stakes in four African and South American exploration projects to an affiliate of Royal Dutch Shell (UK/Netherlands).

ExxonMobil strikes oil again offshore Guyana

ExxonMobil has racked up its 18th oil find offshore Guyana, even as it strives to keep its first development campaign at Liza-1 on track.

Court rules in Ecuadorean government’s favour on pipeline claims

Leaders of indigenous groups and their allies in Ecuador have pledged to appeal against a court decision that rejects their demand for compensation from the government for oil spills that followed floods and landslides in April.

Fracking legislation stalls in Colombia ahead of pilot contracts

New legislation that would provide tax breaks for unconventional oil and gas drilling in Colombia has stalled in Congress, despite the government’s much-anticipated plans for kick-starting the sector.

Argentina’s Federal Police uncover wide-ranging pipeline theft scheme

Argentinian authorities have uncovered a wide-ranging scheme to siphon crude oil from a pipeline that supplies the country’s three largest refineries.

Mexican oil output hits record low of 1.6mn bpd in July

Crude oil output in Mexico hit a record low of 1.605mn barrels per day (bpd) in July, putting the country on track to register its lowest oil production in nearly half a century.

AMEXHI head: Mexico’s oil and gas stimulus plan not likely to favour private sector

The Mexican government's new plan for boosting the energy sector is unlikely to include any new exploration or production projects that would be open to private or foreign oil firms, according to the head of a local industry group.

Brazil’s lower house approves text of bill to open up gas market

The Chamber of Deputies, the lower house of Brazil’s National Congress, has greenlighted the basic text of legislation that provides for opening up the country’s natural gas market to more private competition.

Stena Drilling wins contract for exploration drilling at Block 47

Aberdeen-based Stena Drilling revealed last week that it had won a contract from Tullow Oil (UK/Ireland) for exploration drilling at Block 47 offshore Suriname.

NRG: A sense of uncertainty

World oil markets have regained some ground, but the industry continues to experience conflict on a number of fronts.

RdK sues PdVSA in US court

Refineria di Korsou (RdK), the government-run operator of Curaçao’s only oil-processing plant, has taken legal action against Venezuela’s national oil company (NOC) PdVSA in a US court.

Açu Petroleo files IPO plan

Açu Petroleo, the operator of an offshore terminal at the Brazilian port of Açu, has said it intends to launch an initial public offering (IPO) of stock.

Pemex begins negotiating unitisation deal for another offshore site

Mexico’s Energy Ministry (SENER) has revealed that Pemex, the national oil company (NOC), is in negotiations with Hokchi Energy on joint development of an offshore oil reservoir in the Gulf of Mexico.

CNH approves two exploration drilling projects

Mexico’s National Hydrocarbons Commission, known by its Spanish acronym CNH, gave two companies the green light to move forward with exploration drilling projects last week.

Argentina strikes a different note on the Falklands

Argentina may allow IOCs that have worked in disputed waters around the Falklands to participate in new offshore bidding rounds under certain conditions.

Angola emphasises exploration

Angola wants oil production to remain at or above 1mn bpd until 2040 – and it wants to expand exploration activity to achieve this aim.

Colombian businessman detained on charges related to Iranian fuel shipments for Venezuela

A Colombian businessman has been detained on charges of serving as a special envoy of Venezuelan President Nicolas Maduro in negotiations with Iran on the delivery of gasoline and refinery parts and equipment.

Golar Power shows strong interest in Brazilian LNG terminal

The head of Golar Power, a 50:50 JV between Bermuda-headquartered Golar LNG and New York-listed Stonepeak Infrastructure Partners, said last week that his company was “very interested” in leasing Brazil's Bahia LNG terminal.

NRG: Risks to stability

Official: Vaca Muerta production could take 18 months to recover

It could take up to a year and a half for activity at Argentina’s Vaca Muerta shale formation to return to the levels prevailing prior to the coronavirus (COVID-19) outbreak, an Argentinian official has warned.

ExxonMobil pressing Guyana to approve third offshore oil project

The US super-major ExxonMobil is reportedly pressing the government of Guyana to green-light its plan for the development of a third section of the offshore Stabroek block.

Industry group says Colombia could attract $715mn in private investment

Colombia has a chance of securing more than $700mn worth of investment from private oil and gas firms before the end of this year, according to the Colombian Petroleum Association (ACP), a local industry group.