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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Oil prices frozen by Argentinian government
Argentina has frozen its oil price at US $56 per barrel in an effort to suppress inflation following the devaluation of the South American nation’s currency by the central bank. Crude drillers in Vaca Muerta will receive US $56 per barrel.
Brazil aims to introduce carbon emissions cap
Venezuela's oil production surges despite sanctions, OPEC data shows
OPEC has spotlighted a remarkable 10.65% surge in Venezuelan oil production from February to August of this year. Venezuela's state-owned oil company, PDVSA, recently announced its ability to meet 100 percent of the country's gasoline demands.
Venezuela appeals Citgo share auction by turning to US supreme court
Venezuela is frantically trying to curtail the pool of eligible participants in a US court-mandated auction of shares in the parent company of Citgo Petroleum. The petition faces long odds.
Brazil’s state-owned PPSA sells 500,000 barrels of oil to Equinor
Brazil’s PPSA has sold to Norway's Equinor a 500,000-barrel load from the Atapu field in the pre-salt reserves at the Santos Basin. Six companies were signed up to participate in the process, but only Equinor and Petrobras submitted bids.
Shell notifies Brazil’s regulator of natural gas discovery in Campos Basin’s pre-salt
Shell has notified the Brazilian regulator the National Petroleum Agency about the discovery of signs of natural gas at nearly 3,000 metres depth in the Campos Basin.
Former Environment Minister Frank Pearl to head Colombian Oil and Gas Association
The Colombian Oil and Gas Association says its new president, Frank Pearl, will promote the “constructive social dialogue necessary for Colombia to achieve the sustainable energy future that Colombians require.”
US’s New Fortress Energy expects to launch Brazil’s Barcarena FSRU terminal in Q4
New Fortress Energy is expecting to launch its Barcarena floating storage regasification unit (FSRU) in the fourth quarter. Besides an FSRU, the terminal includes a jetty, a three-kilometre pipeline, and a gas conditioning station.
Brazil needs oil revenues to fund green transition, President Lula’s aide says
President Luiz Inacio Lula da Silva remains under pressure to deliver much-needed growth to poor, under-developed regions in the north and northeast of Brazil, and wants Petrobras to be an engine of that growth.
Brazil’s gas-gas indexing grows as Petrobras introduces US Henry Hub-based contract
Brazilian state-owned oil and gas major Petrobras has signed US Henry Hub-indexed contracts which would put Brazil’s gas prices closer to prices in the US, Argus reported on August 14.
Exxon Mobil submits arbitration awards for Citgo shares to US court against Venezuela
Exxon Mobil has submitted arbitration awards against Venezuela to a US court. The company's major oil ventures were expropriated and nationalised in 2007 by then-President Hugo Chavez, a move that led to protracted arbitration proceedings.
Venezuela leaves half of its gas to burn in the air – squandering huge economic potential
Venezuela’s little-known struggle with natural gas flaring – gases from the crude oil extraction process, are dispersed in the air and burnt – is rooted in the nation's broader challenge of harnessing its enormous hydrocarbon potential.
Iran increases LPG export capacity
Jalil Salari, managing director of the National Iranian Oil Refining and Distribution Company (NIORDC), said in an August 12 press conference that Iran had increased its capacity to export liquefied petroleum gas.
Beyond Stabroek
NewsBase provides a brief survey of recent development at the blocks beyond Stabroek in Guyana’s offshore zone.
Brazil’s environment agency grants Petrobras licence for FPSO Anita Garibaldi
The Brazilian Institute of the Environment has granted Petrobras a licence to operate the FPSO Anita Garibaldi. Petrobras aims to connect the new platform to 43 wells, with peak production expected for 2026.
Brazil’s Port of Maceio auctions three liquid bulk areas
Brazil’s Petrobras aims to resume fertiliser production at Parana in 2024
Petrobras could resume fertiliser production at its Araucaria Nitrogenados plant in Parana, south of Sao Paulo, as early as the first half of 2024. The plant has production capacities of 1,900 tonnes/day of urea and 1,300 tonnes/day of ammonia.
Guyana emerges as direct crude competitor to Brazil, S&P Global confirms
S&P Global Commodity Insights’ oil pricing and news expert Patrick Harrington claimed that Guyana is emerging as a direct competitor to Brazil in the South American crude market as Guyana’s output continues to rise.
Argentina's Pampa Energía to pump $200mn into Vaca Muerta pilot project
Pampa Energía revealed that it will inject a $200mn investment into a pilot project in the Vaca Muerta shale formation. Company executives said that the firm is aiming to reach 200,000 barrels per day over the next few years.
Suriname's Staatsolie confirms 2024 deadline for FID on Block 58
Annand Jagesar, managing director of Suriname’s state oil firm Staatsolie, confirmed that the final investment decision for Suriname’s Block 58 will be delivered in 2024.
Venezuela's oil output surges 10.65% in 2023, PDVSA reports, in contrast to lower OPEC figures
Venezuela has witnessed a surge in oil production, recording a remarkable 10.65% increase in the ongoing year, as detailed in a report unveiled on Monday, August 14, by the state-owned oil giant, PDVSA.
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