LatAmOil - Latin America Oil & Gas

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.

US instructs Chevron to wrap up operations in Venezuela

Washington has ordered Chevron to prepare for an exit from Venezuela.

Venezuelan opposition looks askance at “shadow tax” on JVs

Venezuela’s National Assembly is considering proposals for revising joint venture contracts to make the country’s oil sector more attractive to foreign investors.

Coronavirus a concern for Colombia’s public and private-sector oil producers

Concerns about the impact of the coronavirus pandemic appear to be widespread among Colombian oil and gas producers.

Examining the WTI collapse

The unprecedented crash in WTI prices into negative territory has been attributed primarily to the mechanics of futures contracts, but nonetheless illustrates an oversupply crisis as storage fills up.

Mexico’s oil export basket joins WTI in trading below zero

Mexico’s oil export basket has joined WTI in trading below zero.

Ecuador’s OCP pipeline resumes partial operations following landslide

Ecuador’s Heavy Crude Pipeline (known locally as OCP) has resumed partial operations after being closed down due to a landslide in the Amazon region earlier this month.

UPDATED: Oil prices fall to less than zero for the first time in history

Oil prices fell to less than zero for the first time in history as producers ran out of places to store crude on April 20.

Mexico holds fast on production cuts

The OPEC+ group has hammered out a new deal after agreeing to let Mexico make a smaller contribution.

US government extends effort to protect Citgo against PdVSA creditors

The US Treasury department renewed a measure designed to prevent creditors of Venezuela’s national oil company (NOC) PdVSA from laying claim to Citgo, the US-based refiner that is PdVSA’s most valuable foreign asset.

Pandemic reportedly delaying completion of Peregrino Platform C offshore Brazil

Norway’s Equinor is reportedly experiencing delays as it attempts to install a third platform at the Peregrino field offshore Brazil.

BPTT says pandemic has not interrupted gas production

BP Trinidad & Tobago (BPTT), the main supplier of natural gas to Trinidad and Tobago, claims that its operations have not been substantially affected by the coronavirus pandemic to date.

YPF authorised to set up 50:50 JV with Equinor for CAN-100

Argentina’s government has authorised the national oil company (NOC) YPF to set up a joint venture with Norway’s Equinor for an offshore exploration project.

Oil plunges again after IEA paints bleak picture

Lower fuel demand leads YPF to slash Vaca Muerta output

YPF has cut oil production at fields in the Vaca Muerta shale formation, on the grounds that energy demand has fallen since the government imposed a lockdown to curb the spread of coronavirus.

Venezuela oil service firms eye looser restrictions on gasoline imports, sales

Representatives of Venezuela’s private fuel supply companies are urging the government to loosen restrictions on the import and sale of gasoline.

Peru LNG reports exports up in March

Peru LNG, the operator of a natural gas liquefaction plant and export terminal in Pampa Melchorita, saw export volumes increase year on year in February.

Ecuador suspends oil flows through two pipelines hit by landslide

Ecuador has stopped operations in two oil pipeline systems following a landslide in the Amazon region last week, according to the country’s Hydrocarbons Ministry.