Central & South America

BP Nears Deal to Sell Trinidad Upstream Gas Assets to Perenco

BP is close to an agreement to sell some of its Trinidad and Tobago oil and gas assets to Anglo-French oil company Perenco, sources said.

Delays in Guyana Gas-to-Power Project Threaten Oil Revenue, Energy Cost Reduction Goals

Guyana’s efforts to use its natural gas resources to fuel a power plant that would slash the South American nation's energy costs have snagged on construction delays and threaten to curtail the rising oil hotspot's revenue this year by about $1 billion.

Shell Seeks Longer U.S. License Before Committing to Venezuela Gas Project

Oil major Shell is seeking a long-term license from the U.S. before making a final investment decision on the Dragon natural gas project in Venezuela, four people familiar with the matter said.

Argentina Pursues Gas Export Route to Brazil via Bolivia Amid Regional Supply Concerns

Energy companies from Argentina and Brazil have begun talks on reversing the southerly flow of a Bolivian natural gas pipeline network that connects the three countries as a regional gas deficit could force Brazil to pay up for alternative supplies of the fuel.

Credit Agricole Declines Funding for Exxon, Eni, and TotalEnergies’ LNG Projects

Credit Agricole said on Monday that it would not provide financing to two major LNG projects, citing commitments to refrain from new fossil fuel developments.

Argentina's Vaca Muerta Shale Formation Drives Record Oil Production in February

Argentina's Neuquen province hit a record for daily oil production in February, aided by increased activity in the Vaca Muerta shale formation, the local government said on Friday.

Suriname Urges Exxon and TotalEnergies to Unify Gas Projects

Suriname's state-owned oil company Staatsolie has begun talks with oil majors Exxon Mobil and TotalEnergies to encourage joint development of natural gas fields that straddle its and Guyana's maritime borders, the head of its state oil firm told Reuters late Tuesday.

Trinidad Pursues U.S. License for BP-Venezuela Gas Project Amid Sanctions

The government of Trinidad and Tobago has begun talks with the U.S. for a license that would allow the joint development of a natural gas project shared with Venezuela that also involves BP, Energy Minister Stuart Young said on Thursday.

CEO: Other Nations Will Fill LNG Gap if U.S. Retreats, Baker Hughes Affirms

If the U.S. pulls back from permitting new LNG export plants, demand for the fuel will still be met from projects in Qatar, Argentina and Africa, the CEO of Baker Hughes, the world's largest provider of equipment for the LNG sector, said on Thursday.

Chevron CEO 'Surprised' by Exxon's Arbitration Filing Over Guyana Stake

Chevron was surprised when Exxon Mobil filed for arbitration over Chevron's plans to buy Hess's Guyana oilfield stake, Chevron CEO Michael Wirth said on Tuesday.

Petronas Begins Construction of Floating LNG Facility for Argentina's Gas Exports

Malaysia's state energy firm Petronas has begun the construction of a floating liquefied natural gas (FLNG) processing unit to be placed off the coast of Argentina, which aims to begin exports by 2027.

Colombian Police Seize 7.3 Million Gallons of Crude Stolen from Pipelines in Raids on Illegal Refineries

Colombian police have seized more than seven million gallons of crude oil in raids on illegal refineries, in an operation targeting production of bootleg fuel in Norte de Santander province, the police said in a statement on Monday.

Venezuela Proposes Alternative Payment Plan as Weak Bids Surface in Citgo Auction

The highest bid received in a U.S. auction of shares that will decide the fate of Venezuela-owned oil refiner Citgo Petroleum was $7.3 billion, enough to cover only a third of court-approved claims, two people familiar with the matter said.

Venezuela Rushes to Strengthen Iran Relationship as U.S. Sanctions Loom

Iran and Venezuela are trying to patch together an oil alliance that began to fray last year, according to six people familiar with the matter, after the South American country fell behind on oil swaps that had boosted crude exports and helped stem domestic fuel shortages.

Chevron's CEO Faces High-Stakes Battle Over Hess Acquisition

Chevron CEO Michael Wirth is facing a head-to-head match with Exxon Mobil with his $53 billion bid for Hess and its stake in oil hotspot Guyana, and could wind up trapped in a dispute between two of South America’s biggest energy rivals.

Citgo's Quarterly Net Profit Plummets 81% on Plant Outages, Margin Decline

Venezuela-owned oil refiner Citgo Petroleum on Thursday reported fourth quarter net profit fell 81% to $154 million, from $806 million a year ago, on plant outages and weaker margins.

Argentina's YPF to Invest $3 Billion in Shale, Eyes LNG Facility Expansion in 2024

Argentina's national oil company YPF on Thursday said it would invest $3 billion of a $5 billion capital spending plan this year in shale, as it looks to generate more cash by exiting some major conventional fields.

Hess Reassesses Chevron's $53 Billion Merger Timeline Amid Exxon's Bid

U.S. oil producer Hess said on Thursday it was reviewing the timeline for closing its merger with Chevron, after oil major Exxon Mobil signaled a potential counter offer for Hess's Guyana assets.

Exxon Challenges Hess's Guyana Asset Sale, Signals Potential Bid

Exxon Mobil Corp. on Wednesday said it filed a contract arbitration disputing Hess Corp.'s proposed sale of its Guyana oil properties and suggested it may counter Chevron Corp.'s pending deal for the assets.

New Fortress Energy Launches Barcarena LNG Terminal in Brazil

New Fortress Energy Inc. has announced the operational status of its 6 MTPA Barcarena LNG terminal in Pará, Brazil, with the Energos Celsius Floating Storage Regasification Unit now in operation on-site.

Global News March 2024

Latest industry developments from around the world!

ExxonMobil Weighs Offers for Argentina Shale Assets, Source Says

U.S. energy giant ExxonMobil Corp. is weighing offers for its oil and gas assets in Argentina's Vaca Muerta shale region, a source familiar with the plan said on Friday, adding there was no time frame for a decision and the sale may not move forward.

Exxon Considers Guyana Offshore Gas Production Post-2029

Exxon, Hess Corp. and CNOOC are under pressure from Guyana to develop untapped natural gas in the South American country, where they have discovered more than 11 billion barrels of oil and gas since 2015.

Guyana's $1.9 Billion Gas-to-Power Project Pushed to 2025

Guyana will delay until 2025 its biggest effort to capitalize on its energy bounty, a $1.9 billion gas-to-power project that was to start this year, using untapped gas to slash electricity costs, a Ministry of Natural Resources consultant said on Tuesday.

EIG’s MidOcean Energy Acquires 20% Stake in Peru LNG, Including 254-Mile Pipeline

EIG's MidOcean Energy secures 20% stake in Peru LNG, which includes a natural gas liquefaction plant, a 254-mile pipeline, storage tanks, a marine terminal, and a truck loading facility.

Conoco Emerges as Surprise Bidder in Historic Citgo Share Auction

A U.S. court auction weighing the fate of Venezuela-owned oil refiner Citgo Petroleum has received bids using claims in lieu of cash, according to people familiar with the process and documents, part of a historic case to settle Venezuelan debts.

Techint-SACDE Consortium Secures Contract for Northern Argentina Gas Pipeline Reversal

The joint venture Unión Transitoria de Empresas (UTE) has been awarded the contract to build a pipeline that will supply the provinces in northern Argentina with gas from Vaca Muerta, substituting gas imported from Bolivia, where production is already registering a major decline.

Global News February 2024

Latest industry developments from around the world!

Oil Producer Hess Tops Profit Estimates on Higher Bakken, Guyana Output

U.S. oil and gas firm Hess beat Wall Street estimates for fourth-quarter profit on Wednesday, helped by higher production in its Bakken shale and Guyana operations.

BP Sees Trinidad Deepwater Gas Project Getting Greenlight by 2025

BP expects the Calypso deepwater natural gas field off Trinidad and Tobago, which it shares with Woodside Energy, to get the greenlight when a final investment decision (FID) is made as early as the end of next year, a company executive said.