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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Petrobras excludes Guyana from potential oil-and-gas suppliers
The CEO of Brazil's state-owned energy major, Petrobras, says it is of strategic importance to expand into neighbouring countries such as Venezuela and Bolivia. He made no mention, however, of oil-rich Guyana.
Citing oil production, World Bank lauds Guyana as Caribbean leader for economic growth
The World Bank has highlighted Guyana’s exceptional economic growth over the past year, and expects it to continue in 2024. The World Bank found that Guyana’s impressive growth rate has been driven by its oil production.
Venezuela’s PDVSA reactivates lubricant plant in Carabobo
State-owned Petróleos de Venezuela has announced the reactivation of a lubricant production facility located in Carabobo. This marks a significant step in PDVSA's efforts to bolster its presence in the automotive, industrial and fishing sectors.
Argentina seeks more time to pay $16bn in damages inYPF oil company case
Argentina has asked the judge overseeing the case on the 2012 nationalisation of YPF to dismiss a petition to enforce the $16.1bn judgement within 30 days. $16.1bn is nearly 20% of Argentina’s national budget for 2023.
Petrobras aims to invest $300mn in two wells at Potiguar, says executive
Brazil’s state-owned energy major Petrobras is planning to invest $300mn to drill two exploratory wells at Potiguar Basin, exploration for which recently got the greenlight from the environmental regulator Ibama, Reuters reported on October 3.
Venezuelan crude oil exports surge to second-highest monthly rate in 2023
Venezuela's crude oil exports soared last month, exceeding 800,000 barrels per day. This impressive uptick marks the second-highest monthly export rate since the year commenced.
Guyana power consumption hitting record highs, gas-to-energy project may be solution
Guyana Power and Light Inc. (GPL) released a notice confirming that Guyana is experiencing record levels of electricity demand and generation. According to the notice, Guyana’s central grid system hit a record demand level of 182 MW.
New Fortress’ Mexico LNG facility receives final unit before start-up
The final unit of New Fortress Energy's floating liquefied natural gas export terminal offshore Mexico’s northern coast reached the project site on October 2, according to data from S&P Global Commodities at Sea (CAS)
Peru LNG’s exports surge in September
Peru LNG, the operator of a natural gas liquefaction plant and export terminal in Pampa Melchorita, saw its export volumes rise by more than 150% month on month in September 2023.
Brazil’s regulator greenlights Petrobras’ drilling in Potiguar Basin
Petrobras, Brazil's state-owned energy major, says the country's environmental agency has approved its request to drill for crude oil in the Potiguar Basin, in the northern Equatorial Margin. Drilling is scheduled to begin in the next few weeks.
Exports by Mexican energy major Pemex rise in August despite production hiccups
Pemex, Mexico’s state-owned energy major, saw its exports in August grow 17% over August 2022 as deliveries to Europe and the Far East rose healthily. The increase in exports came despite several challenges, including accidents at facilities.
AES sells minority stakes in Panamanian, Dominican assets to Grupo Linda and subsidiary
US-based AES plans to expand its partnership with Grupo Linda, a company based in the Dominican Republic, through the sale of minority stakes in its Dominican and Panamanian assets.
Guyana’s first Payara crude to be loaded in November, S&P reports
Guyana’s first Payara Gold crude is on schedule to be loaded in November, a program obtained by S&P Global Commodity Insights revealed. Production is expected to commence by the end of the year, following the launch of the project’s FPSO vessel.
ExxonMobil, Hess exit Kaieteur block offshore Guyana
ExxonMobil Guyana is withdrawing from the group formed to explore Kaieteur, a deepwater block located off the coast of Guyana. It will cede its 35% stake to two of its partners, Ratio Petroleum of Israel and Cataleya Energy of Canada.
New Fortress Energy’s final Altamira FLNG rig arrives in Mexico
New Fortress Energy’s Pioneer II liquefaction rig has arrived in Mexico’s Altamira, where it will begin serving as the company’s first floating liquefied natural gas project.
Brazil’s natural gas output down in August
Brazil's natural-gas production fell in August by 4%, month on month, although it was 5.6% higher than in August 2022, according to ANP, the country’s oil-and-gas regulator.
Brazilian industry struggling with fall of Bolivian gas supplies
Bolivia's falling gas reserves and reduced exports have prompted concerns for Brazil’s industrial players and the government. Consequently, Brazil has initiated a tender to procure gas from a third party to balance the system.
Brazil’s Petrobras seeks financing from Chinese banks for deepwater oil projects
In another sign of growing ties between Brazil's energy major and China, Petrobras is in talks with Chinese banks to secure financing for its expansion into deepwater oil projects and to help guarantee its suppliers can keep pace.
Mexican billionaire Carlos Slim acquires stake in Zama offshore crude field
US-based oil-and-gas company Talos Energy has concluded the sale of its 49.9% stake in Talos Mexico to Zamajal, a subsidiary of Carlos Slim’s Grupo Carso, which operates the large Zama offshore crude-oil field.
Mexico’s Pemex mulls charging Cuba for crude-oil deliveries
Struggling with its own financial woes, Pemex, Mexico's state-owned energy major, is mulling charging Cuba for the oil it sends to the beleaguered island. Mexico is keen to ensure such an action does not breach US sanctions, however.
Petrobras awards US Constellation $392mn offshore rig contract
Brazilian energy major Petrobras has awarded a $392mn contract for offshore drilling contractor Constellation's semi-submersible drilling rig called Alpha Star. Operations are to begin after the release of the rig from its contract with 3R Petroleum.
Mexico’s diesel prices set to increase after Russia’s oil-products exports ban
Diesel retail prices in Mexico have reached their highest point this year and are set to increase in October due to lower supply after Russia halted exports of diesel and gasoline.
More crude oil exploration and green ambitions not contradictory, Brazilian minister says
Brazil's energy minister, Alexandre Silveira, insists there is "no contradiction" between his country’s plans to increase oil and gas exploration and its ambition to lead the world in transitioning to green energy.
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