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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Venezuela defies sanctions with stable oil output and pivot to China
The expiry of wind-down periods for some sanctioned customers in late May prompted PDVSA to swiftly redirect cargoes, mostly to Chinese buyers, sidestepping restrictions through intermediaries
Brazil’s Brava brings more wells online
Brava Energia has reactivated two additional wells at the Atlanta field offshore Brazil, bringing the total number of connected wells to six.
Brazil’s Petrobras drills deeper in Búzios
Petrobras has commenced drilling a new well, 9-BUZ-103D-RJS, in the Búzios field in the pre-salt layer of the Campos Basin. The operation is taking place at a water depth of 1,700 metres, using the drillship Atlantic Zonda.
Mexico issues $10bn bonds to ease Pemex debt crisis
Mexico has launched a bond strategy using discounted debt instruments (*Notas Pre-Capitalizadas*) to provide Pemex with up to \$10bn in short-term liquidity, without offering a formal state guarantee.
Venezuela reports 6% GDP growth in second quarter, Maduro says
Venezuela's economy expanded by more than 6% in the second quarter, President Nicolás Maduro announced last week, marking the country's 17th consecutive quarter of growth despite the reimposition of US sanctions on its key oil sector.
Fitch signals possible Pemex upgrade after $9.5bn government-backed debt deal
Fitch Ratings placed Mexico’s state oil firm Pemex on “Rating Watch Positive” after a major debt deal, signalling a potential multi-notch upgrade of its long-term foreign and local currency ratings.
Pemex owes Carlos Slim’s Carso $700mn
Pemex faces growing scrutiny as Grupo Carso, owned by billionaire Carlos Slim, claims over $700mn in unpaid drilling and hydrocarbon contracts, some overdue by up to two years.
Fitch affirms Capex's 'B-' rating despite small production profile
Fitch Ratings has affirmed Argentine energy company Capex S.A.'s long-term foreign and local currency issuer default ratings at 'B-' with a stable outlook, citing the firm's moderate leverage profile despite constraints from its small oil production
Halliburton cites Mexico output decline pressures amid Pemex payment delays
US oilfield service provider Halliburton reported that Mexico's crude production decline rates are creating pressure for business reactivation despite ongoing payment delays from state-run Pemex, Reuters reported.
RelyOn expands Mexico training capacity with new Altamira safety centre
Global safety and technical training leader RelyOn has bolstered its Mexican operations with a new Altamira centre designed to enhance training capacity for the energy sector across Mexico and Latin America, Mexico Business News reported.
Argentina's Paesa faces potential ownership change following Tango Energy funding
Debt-burdened Argentine upstream operator Petrolera Aconcagua Energía (Paesa) is poised for a potential ownership change as Tango Energy has agreed to inject $36mn for a 90% stake in the struggling company.
ExxonMobil considers returning to Trinidad and Tobago, sources claim
ExxonMobil is reportedly in negotiations to re-enter Trinidad and Tobago's oil and gas sector after a 22-year absence, exploring opportunities in up to seven deepwater blocks off the Caribbean nation's East Coast.
Chevron gains access to Guyana's oil market through Hess acquisition
Chevron has successfully completed its $55bn acquisition of Hess, securing entry into Guyana's lucrative offshore oil sector after prevailing in a legal battle with ExxonMobil over the landmark deal.
Errea Wittu to become Guyana's biggest offshore vessel to date, ExxonMobil confirms
ExxonMobil's offshore Guyana operations are set to receive their largest floating production vessel yet, with the Errea Wittu FPSO confirmed as the most substantial unit in the company's growing fleet.
Mexico Pacific requests DoE for 7-year extension for Saguaro Energia LNG plant
Mexico Pacific Limited has filed an application for a seven-year extension of the export deadline for its Saguaro Energia LNG plant with the US Department of Energy.
Brazil’s PRIO moves ahead on Wahoo development
Brazil’s PRIO has received a preliminary environmental licence from the country’s environmental agency Ibama for the production system at the Wahoo field and the subsea link to the FPSO Frade.
Brazil’s Brava boosts output at Atlanta field
Brava Energia has brought two additional wells at Brazil’s offshore Atlanta field online, with production routed to the FPSO Atlanta vessel, the company said.
Expro secures three-year Trion deepwater contract for Mexico's first offshore oil facility
Expro has been awarded a three-year contract by Woodside Energy for the Trion deepwater oil and gas development offshore Mexico, establishing the country's first deepwater oil production facility, Mexico Business News reported.
ASEA introduces new air pollution controls for Mexico's petrol stations
Mexico's Agency for Safety, Energy and Environment has published new regulations establishing measures for controlling and monitoring atmospheric pollutant emissions at gasoline and diesel service stations nationwide, Mexico Business News reported.
Brazil’s fuel distributor Vibra eyes Cosan’s Moove in early talks
Brazilian fuel distributor Vibra is in early discussions with Cosan over a potential acquisition of its lubricants subsidiary, Moove, according to a report by Brazil Journal citing people familiar with the matter.
YPF to hike Argentine gasoline and diesel prices by 2.5%
YPF confirmed that it will implement a nationwide 2.5% increase in gasoline and diesel prices at midnight, bringing total fuel price increases to 6% for July following a 3.5% hike at the month's beginning.
Nigeria among top five global gas flaring nations as volumes reach 20-year high
Nigeria recorded one of the largest increases in gas flaring in 2024, placing it among the top five global contributors, the World Bank’s Global Gas Flaring Tracker report shows.
Argentina rejects negotiations over YPF stake following lawsuit
Argentina has firmly rejected negotiations with Burford Capital over a $16bn judgment, as the government faces mounting pressure to surrender its controlling stake in state oil company YPF.
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