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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Seaport Global sees Venezuelan PDVSA bonds as undervalued, recommends buy
Bonds issued by Venezuela’s state oil company, PDVSA, are undervalued and should trade closer to sovereign debt levels, according to Seaport Global.
US to grant limited licences for Venezuelan oil operations, prioritising existing investors
The United States is gearing up to grant limited licences for operations in Venezuela, prioritising companies already engaged in oil production and possessing existing assets.
Brazil’s Volkswagen idles three plants after flooding, LPG deliveries hampered
Floods in Brazil's Rio Grande do Sul state have severely impacted the distribution of liquefied petroleum gas, reducing supply by 7-10% in the affected area during the first two weeks of May.
Lula pushes new Petrobras CEO for faster refinery and gas investments
In a strategic shake-up, Brazilian President Luiz Inacio Lula da Silva has named Magda Chambriard as the new CEO of national oil company Petrobras, urging her to speed up investments in refinery and natural gas projects.
Brazil’s Enauta starts anchoring FPSO Atlanta in Santos Basin
Brazilian oil and gas producer Enauta has commenced anchoring operations for the floating production storage and offloading unit Atlanta in the Santos Basin, offshore Brazil.
Brazil’s 3R agrees to acquire Enauta for $1.2bn
3R Petroleum Oleo e Gas SA has agreed to purchase Enauta Participacoes SA in an all-stock transaction, marking a significant consolidation in Brazil’s oil industry.
ExxonMobil on track to producing 500mn barrels of oil in Guyana by year's end
ExxonMobil's oil production offshore Guyana is on track to reach 516mn barrels since it began production in December 2019.
Colombia's oil production nears 800,000 bpd, says Regulator Chief
The President of the National Hydrocarbons Association announced that the country's average daily oil production is approaching 800,000 barrels per day, despite the nation's increasing focus on expanding renewable energies.
Venezuela's oil production inches up despite US sanctions
Venezuela's oil production edged up to 878,000 barrels per day in April, marking a modest increase of 0.45% from March's average of 874,000 bpd despite the return of sanctions, according to data compiled in a report released on May 13 by OPEC.
Vaca Muerta produced 52% of Argentine oil in March
A report by consulting firm Economía & Energía found that oil production in Argentina reached 690,000 barrels per day in May, with the Vaca Muerta shale formation accounting for 52% of total output.
Venezuela bolsters military presence near Guyana border amid rising tensions
Venezuelan President Nicolas Maduro's administration is intensifying military infrastructure and hardware deployment near the border with Guyana, heightening concerns of annexation threats towards the oil-rich stretch of Guyanese land.
MODEC reports 657% surge in quarterly profit driven by Guyana FPSO contract
MODEC released its earnings for the first quarter of 2024, announcing a $71mn profit largely driven by its order for the Errea Wittu floating production storage and offloading vessel for the Uaru development offshore Guyana.
Petrobras introduces new gas contracts amid newly liberalised Brazilian market
Brazil’s national oil company (NOC) Petrobras has announced plans to introduce new types of natural gas contracts in Brazil's open market, featuring more flexible and competitive terms.
CMM secures $94mn to build ethanol-powered PSV fleet in Brazil
Compagnie Maritime Monegasque (CMM) has obtained $94mn in financing from Summit Ridge Capital Partners, earmarked for the construction of a pioneering ethanol-powered fleet of Platform Supply Vessels (PSVs) in Brazil.
Brazil narrows reduced biofuel mix mandate in flood-hit south
Brazil's crude oil, gas, and biofuels regulator the ANP has scaled back the reduced biofuel blending mandate in Rio Grande do Sul state, limiting it to the cities of Canoas, Esteio, Rio Grande, and Santa Maria as the area reels from severe flooding.
Oil poised to become Brazil's leading export in 2024
Crude oil is set to become Brazil’s primary export in 2024, reflecting its growing significance in the country's export portfolio.
Petrobras curbs investor payouts amid political pressure
Brazil’s national oil company Petrobras’ board has approved a BRL1.04 per share, or BRL13.45bn ($2.6bn), in dividends from the first quarter, it said in a regulatory filing,
Shell bets big on hydrogen to decarbonise offshore operations
The subsidiary of UK energy major Shell in Brazil is investing millions in a project to test hydrogen in diesel engines on marine vessels, including drilling rigs and tankers, aiming to reduce greenhouse gas (GHG) emissions.
Wave of consolidation may be imminent amongst Brazil’s smaller upstream independents
Four of Brazil’s top 10 independent exploration and production players are in talks in which they are seeking a merger. And indeed it is Brazil’s oil juniors that are hunting for M&As most avidly.
Petronas hits hydrocarbon for third time in Block 52 in Suriname
Petronas has made a hydrocarbon discovery in Block 52 at the Fusaea-1 exploration well in Suriname’s Block 52, located about 170 kilometres offshore and 9 kilometers east from Roystonea-1, the company announced.
Petrobras caps FPSOs at 14 by 2028, adds decarbonisation features
Brazil’s national oil company (NOC) Petrobras is laying the groundwork to put 14 new floating production, storage, and offloading (FPSO) vessels into production mode over the next five years with increased emissions reduction tools.
Guyana FPSO emerges as major driver of SBM Offshore first-quarter revenue
SBM Offshore released first-quarter results for 2024, with its financial success largely driven by the deployment and operation of its Prosperity and Sepetiba floating production, storage, and offloading vessels in Guyana and Brazil.
A&B Oil and Gas and PDVSA showcase Petrolera Roraima
PDVSA Vice President Luis Molina Duque, representatives from the national Executive, and Jorge Silva, President of Venezuelan firm A&B Oil and Gas, unveiled the joint venture Petrolera Roraima
Petrobras CEO resigns; cabinet appoints Magda Chambriard as successor
Petrobras' CEO Jean Paul Prates has resigned after nearly a year and a half in the position and will be replaced by former head of the crude oil and gas regulator ANP Magda Chambriard
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