Central & South America

Global News July 2024

Latest industry developments from around the world!

Equinor Awards Valaris $500 Million Drilling Contract for Brazil's Raia Field

Equinor has awarded a drilling contract in Brazil worth $498 million to Valaris on behalf of partners in the Raia field development project, the Norwegian company said on Monday.

Ecuador, Chile's ENAP Renegotiate Oil Block Agreement with $90 Million Investment

The new agreement, signed on July 15 between the ministry and the company ENAP SIPEC, which already operates the block, will allow an increase in reserves by 5.6 million barrels of crude oil

Trinidad Court Reaffirms ConocoPhillips' Claim Against Venezuela

Trinidad and Tobago's High Court has reaffirmed a decision recognizing ConocoPhillips' arbitration claim against Venezuela, which could freeze the Caribbean country's payments to its neighbor for joint natural gas projects.

Bolivia Makes Largest Natural Gas Discovery Since 2005 in "Mega Field"

Bolivian President Luis Arce on Monday announced the discovery of a 1.7 trillion cubic foot natural gas reserve located north of the country's administrative capital, La Paz.

Shell Advances Manatee Gas Project Development in Trinidad

Shell on Tuesday decided to proceed further with the development of the Manatee gas field in Trinidad, as it looks to strengthen its liquefied natural gas business.

Billionaire Carlos Slim's Grupo Carso Partners with Pemex on Natural Gas Project

Grupo Carso, the Mexican holding company controlled by the family of Mexican mogul Carlos Slim, said on Friday that it has signed an exploration and extraction services contract with state oil firm Pemex for the stalled Lakach natural gas project.

Golar LNG Signs 20-Year Floating LNG Vessel Deal in Argentina

Golar LNG said on Friday it has partnered with Pan American Energy to deploy a floating liquefied natural gas (FLNG) vessel for 20 years to export domestic natural gas as LNG from Argentina.

U.S. Court May Delay Hearing on Citgo Bids to September Amid Auction Deliberations

A U.S. court has been asked to postpone to Sept. 19 a hearing to present the winning bid in an auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum, according to a motion filed with the court on Friday.

Fulcrum LNG Teams Up with McDermott, Baker Hughes for Guyana Gas Project

A proposed large natural gas project in Guyana by U.S. energy developer Fulcrum LNG includes partnerships with U.S. oil service company Baker Hughes and engineering firm McDermott, the country's vice president said on Thursday.

Peru State-Run Oil Firm Reports Crude Leak from Illegal Pipeline Connection

Peru's state-run oil producer said on Tuesday it had detected an illegal hook-up that caused crude to leak out from its pipeline in the north of the country that runs from the Amazon to the Pacific.

Guyana Selects Firm Led by Ex-Exxon Exec to Engage with Exxon on Gas Project

A newly formed company headed by a former ExxonMobil executive was selected to support the Guyana government and Exxon to create a new independent natural gas development in the country, Guyana's Ministry of Natural Resources said.

Grupo Potencial Invests $37 Million in Brazil's Longest 'Green Fuel' Pipelines

Brazil's privately owned Grupo Potencial will invest $37 million to build two "green fuel" pipelines in the south of the farm powerhouse, the company's Vice-President Carlos Hammerschmidt said on Monday.

Petroecuador Declares Force Majeure on Napo Crude Exports Due to Pipeline Shutdown

Ecuador's Petroecuador has declared force majeure over deliveries of Napo heavy crude for exports following the shutdown of a key pipeline and oil wells due to heavy rains hitting the country.

Fulcrum LNG to Assist Guyana in Developing Natural Gas Resources

U.S. firm Fulcrum LNG was selected to help Guyana develop a plan to design, finance, construct and operate a natural gas processing facility in the South American country, President Irfaan Ali said on Thursday.

TGS Proposes $500 Million Expansion of Vaca Muerta Gas Pipeline

Argentine gas transportation firm TGS said on Wednesday it has proposed investing $500 million to expand the capacity of a government-owned natural gas pipeline that connects to the country's massive Vaca Muerta shale oil and gas formation.

Global News June 2024

Latest industry developments from around the world!

BP, Trinidad's NGC Receive U.S. License for Gas Development with Venezuela

British oil major BP and Trinidad and Tobago's state energy firm NGC have received a two-year license from the U.S. Treasury Department to negotiate and develop the Cocuina-Manakin gas fields with Venezuela, Trinidad's energy minister said on Wednesday.

Trinidad Court Upholds ConocoPhillips' $1.3 Billion Claim Against Venezuela

A Trinidad and Tobago court order has granted ConocoPhillips the right to enforce a $1.33 billion claim against Venezuela for past expropriations, a decision that could complicate proposed offshore gas ventures between Trinidad and Venezuela.

Hess Shareholders Approve $53 Billion Chevron Acquisition Amid Exxon Arbitration

Acquiring oilfields in Guyana from Hess would provide Chevron with a means to mitigate the geopolitical risks tied to the TengizChevroil project in Kazakhstan. In addition, this acquisition could counterbalance the cost overruns experienced at Chevron's Australian LNG projects, which have been affected by labor and operational issues.

Amos Global Energy Waits For License to Develop Gas Resources Offshore Venezuela

Venezuela has about 30 trillion cubic feet of non associated gas reserves, which remain largely undeveloped due to lack of investment, and more recently US sanctions.

Shell, BP, EOG Resources Bid On Oil And Gas Blocks Offshore LNG-Rich Trinidad And Tobago

Trinidad is Latin America's largest producer of liquefied natural gas (LNG), with installed capacity of 15 million metric tons per year of the super-cooled gas. It also is one of the world's biggest exporters of methanol and ammonia, but its plants have been operating below full capacity in recent years due to a lack of gas.

Argentina’s YPF Begins Building Vaca Muerta Oil Pipeline

The initial phase will run from Añelo in Neuquén to Allen in Río Negro, connecting with the Oldelval system, Argentina's largest oil pipeline network. This project aims to enhance the oil transportation system in the Neuquén basin, significantly boosting transport capacity to refineries and the port of Bahía Blanca.

Brazil’s Petrobras To Retain Gas Pipeline Following Landmark CADE Reversal

This decision allows the state-owned oil giant to keep five oil refineries and the Transportadora Brasileira Gasoduto Bolívia-Brasil (TBG) gas pipeline operator, which it had been ordered to sell under a 2019 agreement intended to address its market dominance.

ExxonMobil Faces October 2024 Deadline To Develop ‘Large’ Natural Gas Discovery Offshore Guyana

The government has been pressing for a bonanza from mostly untapped gas reserves found by the Exxon-led group. The consortium, which includes Hess Corp and CNOOC Ltd, is required under its production agreement to return to the government by October about 20% of its massive Stabroek block if that area remains undeveloped.

Spain's Repsol Gets U.S. License to Expand Venezuela Oil, Gas Projects - Sources

Spain's Repsol has received a license from the U.S. Treasury Department authorizing the energy company to continue and expand its oil and gas business in Venezuela, sources close to the decision said on Thursday.

Argentina's Oil Output Hits Record High with YPF's New Pipeline Launch

Argentina's oil production in the key province of Neuquen reached a record high in April, driven by increased activity in the huge Vaca Muerta shale formation, the local government said on Tuesday, edging up to around 390,326 barrels per day.

Colombia's Trasandino Pipeline to Remain Offline Until December 2024, Ecopetrol CEO Says

Colombia's Trasandino pipeline is forecast to remain offline until December, the chief executive of Colombia's majority state-owned energy company Ecopetrol said on Wednesday.

Eletrobras Partners with GEP for Green Hydrogen Production in Brazil

Brazil's Eletrobras, Latin America's largest utility, has signed a memorandum of understanding with Green Energy Park (GEP) to study opportunities for green hydrogen production, the companies said on Tuesday.

YPF Advances $2.5 Billion Pipeline Project to Spur Vaca Muerta Shale Oil Exports

YPF SA is advancing a $2.5-billion cross-country pipeline project to unlock the rich potential of the Vaca Muerta shale region, addressing the primary bottleneck hindering its full exploitation.