Latin America ///

SNC-Lavalin awarded engineering contract by Ecopetrol in Colombia

SNC-Lavalin has announced that it has been awarded a contract by Ecopetrol in Colombia for conceptual, basic and detailed engineering on high and medium-complexity projects through to 2020.

Petrobras reports oil and gas production from October

Petrobras reports that its total oil and natural gas production in October was 2.77 MMboed, with 2.67 MMboed produced in Brazil and 104,000 boed produced abroad.

Caution urged for potential investors in Venezuela

Jay Newman, the former hedge fund manager who helped billionaire Paul Singer win a 15-year fight against Argentina, has a word of caution for investors looking to replicate his success amid the chaos unfolding in Venezuela.

SBM Offshore starts Liza FPSO conversion

Following SBM Offshore’s completion of the Front End Engineering and Design (FEED) and a final investment decision on the Liza Phase 1 Development project by ExxonMobil in June 2017, SBM is has announced the next step in its scope for the FPSO.

Venezuelan oil output heads to 29-year low as cash crunch grows

Venezuela is set to pump the least oil in almost three decades, just when it needs petrodollars the most.

PDVSA said to open Swiss office after Venezuela hit by sanctions

Venezuela’s state-run oil company is opening an office in Switzerland, the latest step in the cash-strapped firm’s struggle to survive amid tighter U.S. sanctions and declining production.

President Energy announces significant upgrades to prospective resources in Argentina

President Energy Plc, the upstream oil and gas company is pleased to announce the results of a new integrated basin study and geochemical survey over the exploration assets of the Company centered on its Puesto Guardian Concession, Matorras and Ocultar Licenses, which have resulted in significant upgrades to the Company’s Prospective Resources.

Venezuelan oil too big to fail, at least for China and Russia

Venezuela’s sudden demand to renegotiate its billions in debt could complicate life for its two biggest oil patrons, China and Russia.

Oil extends surge as OPEC signals deal, supply threats mount

Oil closed at its highest in more than two years for a second day as support grew for OPEC to prolong output cuts, while supply threats abounded.

Venezuela will seek to restructure debt, blaming sanctions

President Nicolas Maduro said Venezuela will seek to restructure its global debt after the state oil company makes one more payment, blaming U.S. sanctions for making it impossible to find new financing.

Venezuela's restructure heightens Rosneft's $6-billion risk

The risks associated with Rosneft PJSC’s $6 billion advance to Venezuela’s oil company for future crude shipments have deepened after the Latin American nation announced plans to restructure crushing debts.

Petrobras begins negotiation with BP towards strategic alliance

Petrobras announced that it has signed a Letter Of Intent (LOI) with BP to jointly identify and evaluate business opportunities involving assets or ventures in Brazil and abroad, which include cooperation on upstream, downstream, gas transportation and marketing, LNG, oil trading, lubricants, aviation fuel, power generation and distribution, renewables, technology and low carbon initiatives, with the purpose of developing a potential strategic alliance between the companies.

Echo Energy announces farm-in agreement in Argentina

Echo Energy plc, the South and Central American focused upstream gas company, is pleased to announce that it has entered into a binding farm-in agreement with Compañía General de Combustibles S.A. (CGC), a privately-owned subsidiary of the Argentinian conglomerate Corporación América International, for the acquisition by Echo of a 50% interest in each of the Fracción C, Fracción D, Laguna de los Capones and Tapi Aike licences, onshore Argentina.

Brazil joins IEA as an association country

The International Energy Agency and Brazil jointly announced today that the country joined the IEA as an association country, opening new avenues for cooperation towards a more secure and sustainable energy future with Latin America's largest country.

Qatar Petroleum part of winning consortium for oil exploration offshore Brazil

A consortium comprising Qatar Petroleum, Shell, and China National Offshore Oil Corporation (CNOOC) was selected as the winning bidder for the Alto de Cabo Frio-Oeste block in the prolific Santos hydrocarbon basin offshore Brazil.

Shell expands pre-salt growth in deepwater Brazil with winning bids

Royal Dutch Shell plc (Shell) and its partners won today three, 35-year production sharing contracts for pre-salt blocks located in the Santos basin, offshore Brazil.

Statoil, Exxon strengthen position in Brazil's Carcará oil discovery

Statoil Brasil Oleo e Gas Ltd., a subsidiary of Statoil ASA, ExxonMobil Exploracao Brasil Ltda., a subsidiary of ExxonMobil Corporation, and PETROGAL BRASIL, SA, a subsidiary of Galp, were the high bidders for a production sharing contract for the Carcará North Block in Brazil’s second pre-salt offshore licensing round held on Oct. 27.

Tullow Oil provides update on Araku-1 exploration well, offshore Suriname

The Araku-1 exploration well in Suriname has been drilled to a total depth of 2,685 m and penetrated the objectives of the Araku prospect. No significant reservoir quality rocks were encountered, although logging and sampling proved the presence of gas condensate. The well is now being plugged and abandoned.

International oil majors flock to deep waters of Brazil

Leaner and fitter after three years of low prices, oil majors are descending on Rio de Janeiro to join a deep-water bonanza that has already helped state-controlled Petrobras emerge from financial heartache.

Former Venezuela Oil Company CEO says bonds will be paid

The former CEO of Venezuela’s state run-oil company said it will make debt payments this year and next, even as he acknowledged the crude producer is struggling with cash-flow and operational issues.