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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Guyana's largest FPSO to date set to start production in H2 2025
Guyana is anticipating the arrival of the ONE GUYANA FPSO vessel, set to depart from Singapore in the first half of 2025 and commence production by the latter half of the year.
Guyana emerging as one of the world's high-income economies
Guyana ranked 63rd in the World Bank’s rankings of high-income economies, up four places from last year. This rise was fuelled by the country’s booming oil sector.
Horizon56 digital tools boost efficiency and safety of Guyanese offshore exploration
Horizon56 has boosted efficiency, safety, and sustainability in Guyana’s energy sector through its RigFlow and RigBridge technologies.
Touchstone Exploration subsidiary wins licences for two blocks off Trinidad and Tobago
Touchstone Exploration Inc.’s Trinidadian subsidiary, Primera Oil and Gas Limited, secured Exploration and Production Licences for the Cipero and Charuma blocks offshore Trinidad and Tobago.
US court overturns ruling on Citgo bonds, mandates Venezuelan law application
A US appeals court on July 3 overturned a previous ruling that allowed bondholders to stake claims against Venezuela’s state-owned oil company, PDVSA, and its US refining subsidiary, Citgo, directing the lower court to apply Venezuelan law.
Ecuador’s heavy crude pipeline resumes operations after 16-day halt
Ecuador's Heavy Crude Oil Pipeline (OCP) resumed operations on July 3 following a 16-day suspension due to damage caused by recent heavy rains. The OCP, which transports 40% of Ecuador's oil, had around 140 metres damaged after an incident last week.
Bolivia’s hydrocarbons crisis: declining production and information gaps
Bolivia’s hydrocarbon sector is facing a critical situation due to a significant drop gas production, leading to reduced income from sales to Argentina and Brazil.
Brazil’s oil and gas production increases
Brazil’s oil and natural gas production increased in May, said Brazil’s petroleum regulator.
CGX Energy, Frontera Energy advance efforts to unlock Guyana's hydrocarbon potential
Canadian firms CGX Energy and Frontera Energy are intensifying efforts to unlock the hydrocarbon potential of the Corentyne block offshore Guyana. Their recent exploration results hint at a promising standalone shallow oil resource across the block.
Petrobras signs multi-year deal with Geoteric for AI seismic software
Global AI seismic interpretation firm Geoteric and Brazil’s national oil company (NOC) Petrobras have signed a multi-year, multi-million dollar agreement by which Petrobras' Exploration team has adopted Geoteric's AI Fault Interpretation software
Brazil’s Enauta cancels acquisition of FPSO Cidade de Santos from MODEC
Enauta has terminated the contract to acquire the floating production, storage and offloading unit Cidade de Santos from MODEC, which was part of its acquisition of the Uruguá and Tambaú fields from national oil company Petrobras.
Colombia's Ecopetrol to import gas from Venezuela, mulls bringing in LNG
Ecopetrol, Colombia's state oil company, is set to import 2.8mn cubic metres per day of gas from Venezuela starting next year to bolster national hydrocarbon supply, addressing an anticipated 8% shortfall. The two countries are neighbours.
Several competitive bids in Citgo auction, final hearing is September 19
Several competitive bids were received in June by a US federal court for the refiner Citgo Petroleum’s parent PDV Holding.
Petrobras faces continued challenges in attracting bidders for Barracuda-Caratinga FPSO tender
Brazil’s national oil company Petrobras has again postponed the bid submission deadline for chartering a FPSO vessel for the Barracuda-Caratinga field (Campos Basin), said Zack Investment Research.
Mexico: CNH approves Nanik-1EXP shallow water exploration well
Mexico's National Hydrocarbons Commission (CNH) has granted approval for PEMEX Exploration and Production (PEP) to proceed with drilling the Nanik-1EXP exploratory well in shallow waters.
Mexico's Pemex sees significant growth in gasoline sales
In May, Petróleos Mexicanos (Pemex) experienced a notable surge in its gasoline sales, marking an 8.1% increase from the previous year. Sales jumped from 644,300 barrels per day in May 2023 to 696,500 barrels per day in May 2024.
Deer Park refinery delivers record profits for Pemex
Pemex has reported record profits from its Deer Park refinery, marking the highest gains in 16 years since the acquisition.
Touchstone Exploration secures licences for two blocks in Trinidad and Tobago
Touchstone Exploration Inc., through its subsidiary Primera Oil and Gas Limited secured new Exploration and Production Licences for the Cipero and Charuma blocks in Trinidad and Tobago.
ExxonMobil Guyana generating over $1.5bn per month from oil operations
Philip Rietema, Vice President of ExxonMobil Guyana stated that oil production in the Stabroek Block is generating over $1.5bn a month.
Record number of fracture stages set in Argentina's Vaca Muerta in June
Vaca Muerta, Argentina's prolific shale formation, has continued to break new ground in unconventional hydrocarbon activity, reaching an unprecedented 1,703 fracture stages in June, surpassing the previous record of 1,584 stages.
Guyana to ramp up oil output ahead of global demand slowdown
Guyana’s oil and gas sector is set to continue its rapid expansion despite a recent report by the International Energy Agency suggesting that global oil demand will soon decelerate.
Ecuadorians protest against fuel price hike
Ecuadorians took to the streets earlier this week in protest against President Daniel Noboa following the increase in Extra and Ecopais gasoline prices. The axing of fuel subsidies is linked with the agreements recently signed with the IMF.
Final member of panel selected for ExxonMobil-Chevron arbitration
The final member has been selected for the three-person arbitration panel tasked with resolving ExxonMobil's claim against Chevron's $53bn acquisition of Hess Corp.
Guyana's Stabroek Block yields record annual profits in 2023
The collaborative ventures of ExxonMobil, Hess and CNOOC in the Stabroek Block offshore Guyana have provided a significant boost to Guyana’s petroleum sector, with a reported combined profit of $6.3bn for 2023.
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