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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ExxonMobil working on seventh oil project as approval for sixth project pending
ExxonMobil Guyana is beginning work on its seventh oil project in the Stabroek Block, while the application for the company’s sixth project, Whiptail, is under review by the EPA, according to the Guyanese ministry of finance's mid-year report.
NY-based Tenor Capital Management set to reap huge profits from Venezuela’s Citgo auction
Tenor Capital Management, a New York-based hedge fund, is poised for a substantial financial gain as a result of its strategic investment in Crystallex International, a Canadian gold miner that was expropriated by Venezuela.
ExxonMobil projects just three-month flaring phase for largest Guyanese project
In its Environmental Impact Assessment for the Whiptail Project, ExxonMobil projected a start-up flaring phase of 90 cumulative days at a rate of 3.4 million standard cubic metres per day. Whiptail will be the largest oil project in Guyana to date.
Uruguay sees exploration contracts for all seven offshore blocks finalised by mid-October
Uruguay's ANCAP expects to sign contracts for all seven of the offshore exploration licences that it has offered to investors within the next month.
Global diesel shortage pushes prices over $1,000 per tonne
Oil refineries worldwide are grappling with challenges in meeting the demand for diesel, a crucial fuel that powers various sectors of the global economy, Bloomberg reported on September 19.
Brazil’s Petrobras kicks off offshore wind protocol development with regulator
Brazilian energy major Petrobras has informed the country's environmental regulator, Ibama, about its intention to begin the environmental-licensing process for the development of offshore wind projects in 10 areas in the Brazilian sea.
Guyana president committed to upholding Stabroek Block PSA
Critics in Guyana are calling for the renegotiation of the 2016 Stabroek Block PSA with ExxonMobil, Hess and CNOOC. But the president says his government remains committed to upholding the deal, citing "the sanctity of contract."
Brazil's energy minister urges Petrobras to settle its tax debts
Brazil's minister for energy and mining has called on Petrobras to settle a dispute involving billions of reais in back taxes with the federal government, saying the company has a duty to the country and not only to its private investors.
Mexico energy dispute may require formal trade panel, US says
With talks between Mexico and the US about energy issues failing to reach a successful outcome, an arbitration panel within the framework of the USMCA trade agreement may be the way forward, according to US Ambassador to Mexico Ken Salazar.
Brazil wants to explore Equatorial Margin for oil, finance minister says
Finance Minister Fernando Haddad says Brazil is likely to explore the Equatorial Margin for oil, while taking precautions to protect the environment. Environmental regulator Ibama has previously denied Petrobras a licence to explore the region.
Shell reportedly making progress toward developing Manatee offshore gas field
Shell is reportedly moving forward with plans to develop Manatee, a section of an offshore gas field shared between Trinidad and Tobago and Venezuela, but has not yet reached the FID stage.
Mexico's Pemex launches new light crude for overseas markets
Mexico's state-owned energy major, Pemex, has launched a new light crude called "Zapoteco" produced in the southern region and with an API grade between 29 and 29.9.
Mexican presidential candidate Xochilt Galvez promises more renewables, transparency
Xochitl Galvez, a candidate in Mexico's presidential election, has committed to bolstering renewables if she wins. She also highlighted the need for private investment in the energy sector, and stressed the importance of hydrogen and solar energy.
IMF approves Guyana's use of oil wealth to boost economy
The International Monetary Fund has expressed its support for the government of Guyana’s decision to use its oil revenues to improve national economic conditions as well as the addressing of labour issues.
US ‘open to sanctions relief to Venezuela,’ but doubts arise over Maduro’s intentions
US President Joe Biden has repeatedly indicated its willingness to loosen the grip of sanctions imposed on Venezuela in 2019. Domestic observers cast heavy doubts on Maduro’s willingness to offer any meaningful concession in return, however.
Suriname's Staatsolie to invest in $9bn TotalEnergies oil project
Suriname’s state-owned oil company, Staatsolie, hopes to acquire a 20% stake in the development of the first field development in Block 58, offshore Suriname. TotalEnergies and APA Corporation are leading the development.
Citgo evaluated at $32-40bn as US court hearing nears
Venezuela's US-based oil refiner, Citgo Petroleum, was appraised at a valuation ranging between $32bn and $40bn as disclosed by a court official during proceedings in Delaware.
Guyana wraps up first licensing round for 14 offshore oil blocks
Guyana’s National Procurement and Tender Administration Board has closed the country’s first-ever offshore licensing round, involving the sale of 14 offshore oil blocks. The auction drew interest from six bidding groups, including ExxonMobil.
Ecuador secures IDB financing to hire auditor to help put state Petroecuador's financials in order
Ecuador has secured financing from the Inter-American Development Bank to hire an international auditing firm to assist in putting state oil company Petroecuador's financials in order.
Tanker with Russian Arctic crude heads to Brazil
An oil tanker carrying Russian crude from a terminal in the Arctic Sea is approaching the coastline of Brazil. If the tanker discharges in Brazil, it would be the first time that Russian crude has been shipped there since at least 2016.
Russian oil trader expands in Mexico to displace US refiners
Lukoil PJSC’s trading unit, Litasco SA, is launching operations in Mexico as the oil major seeks new markets for Russian products under widespread sanction. If successful, the effort could see Russia displace the US as Mexico’s top fuel supplier.
Petrobras aims to make decommissioning of oil platforms more sustainable
Petrobras has signed an agreement with Porto do Acu (RJ) to provide support in the decommissioning of oil-and-gas platforms. The deal is part of Petrobras’s plan to decommission a total of 26 platforms by 2030.
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