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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Argentina’s plan for artificially high domestic oil price gains momentum
The government of Argentina’s proposal to set a minimum reference price of $45 per barrel of oil in an effort to save the domestic hydrocarbon sector appears to be gaining momentum.
Pemex more exposed than Mexican government to market fluctuations
Pemex has unveiled details of its hedging programme for 2020, and its revelations indicate that the national oil company (NOC) is more vulnerable to market fluctuations than its parent entity, the Mexican government.
Wintershall strikes oil at two fields within Block 29
Germany’s Wintershall Dea reported earlier this week that crude oil had been found at two Repsol-operated fields within Block 29, an offshore licence area in the Salina section of the Sureste Basin.
US government investigates Mexico’s oil-for-food deal with Venezuela
US officials are investigating reports that at least two Mexican companies have been involved in the implementation of an oil-for-food deal signed between the governments of Mexico and Venezuela in 2019.
Ecuador asks Petroamazonas bondholders to accept $175mn payment delay
Cash-strapped Ecuador has convinced a super-majority of the holders of three-year bonds issued by Petroamazonas, a state-controlled oil company, to accept a delay in payment.
Petrobras seen weathering global oil glut
Brazil’s national oil company (NOC) Petrobras may be in a unique position to weather the growing global oil glut, owing to its extensive storage capacity and its exports to China.
Guyana collects $60mn in oil revenues
Guyana says it has already collected around $60mn in oil revenues under production-sharing agreements (PSAs) with the US super-major Exxon Mobil and other international firms.
Storage solutions under discussion
Mexico and Aruba are looking into new options for expanding oil storage capacity.
Struggling Pemex posts $23.6bn quarterly loss
Mexico’s national oil company (NOC) Pemex has reported a quarterly loss of more than $20bn, owing to the collapse in crude prices, the dramatic drop in global oil demand and the sharp depreciation of the Mexican peso.
ANH chief sees Colombia producing less oil than expected in 2020
Colombia’s National Hydrocarbons Agency (ANH) says the country is set to produce less oil than expected this year.
Chevron is not quitting Venezuela, CEO says
Mike Wirth, the CEO of Chevron, said last week that his company did not intend to make a complete exit from Venezuela.
Venezuela’s moves toward reform of PdVSA not likely to bear fruit
Venezuela’s moves toward reform of PdVSA are not likely to bear much fruit in the near future.
Argentina’s refinery throughput down
Argentina’s oil refineries have been cutting throughput this month, and additional reductions are likely in May.
Wood Mackenzie hails Petrobras’ response to fall in gas consumption
Brazil’s national oil company (NOC) Petrobras has won praise from Wood Mackenzie for its response to recent declines in domestic natural gas consumption.
Cenit offers new payment deal to customers
Cenit, a subsidiary of Colombia’s national oil company (NOC) Ecopetrol, has offered to let oil producers postpone full payment of transportation tariffs in May and June.
Petrobras is operating refineries at 60% of capacity
As the coronavirus outbreak continues to drive global oil demand down, Brazil’s state-controlled oil company Petrobras has moved to operating its refineries at below full capacity, at an average level of around 60%.
Mexican president says oil hedge will yield 150bn pesos this year
Mexican President Andres Manuel Lopez Obrador has said that his administration’s oil hedging programme for 2020 may bring in 150bn pesos.
Energy minister says Ecuador may try lifting fuel subsidies again
Ecuador is considering the possibility of lifting its costly fuel subsidies once again in response to the recent plunge in global oil prices, according to the country’s energy minister.
Storage glut could hit oil shipments from Guyana’s Liza field
Shipments of crude oil from the Liza field offshore Guyana could be affected by the global storage glut that has resulted from the coronavirus pandemic.
Guyana receives 34 bids for crude marketing contract
Guyana has received a total of 34 bids for a new contract to market the government’s share of crude oil.
Halliburton follows Chevron in pledging to exit Venezuela
Houston-based Halliburton has pledged to wrap up most of its activities in Venezuela by December 1, in line with instructions from the US Treasury Department.
CNH head says Pemex may pursue new JVs soon despite farm-out freeze
The head of Mexico’s National Hydrocarbons Commission (CNH) has given state-owned Pemex a green light to seek new joint venture partnerships in spite of the government’s decision to freeze farm-out deals.
Guyana attracts interest from oil trading firms for marketing contract
The Guyanese government’s search for a marketing agent for its share of oil output has reportedly drawn interest from several trading companies.
Brazil’s oil industry asks to mothball 29 fields due to pandemic
Two Brazilian oil companies have asked the government to shutter 29 oilfields, which have a total production of 65,000 barrels per day.
Argentina hopes minimum reference price will protect domestic oil sector
Argentina’s government is reportedly mulling a proposal to establish an artificially high floor for domestic crude oil prices.
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