Latin America ///

Petrobras to divest 100% stake in Brazil's Juruá field

Petrobras has begun the disclosure phase of the teaser regarding the transfer of Petrobras’ stake in the Juruá field, in the Solimões basin.

Petrobras starts production on platform P-66 in Santos Basin's pre-salt Lula Field

Petrobras and its partners in the BM-S-11 Consortium have started producing oil and natural gas from the Santos Basin’s pre-salt Lula Sul field.

Petrobras posts net income of $1.4 billion in first quarter 2017

Petrobras’ net income was R$4.4 billion in first quarter 2017, reversing the loss recorded in the same period of last year. This result reflects the company’s outstanding operating performance, despite lower demand for oil products in the Brazilian market.

Heerema Fabrication Group secures contract for Peregrino II jacket

Heerema Fabrication Group has been awarded the Procurement & Construction contract of the Peregrino II jacket by South Atlantic Holding B.V. on behalf of the Statoil Peregrino II project.

Wintershall starts first pilot well in Argentina’s Bandurria Norte field

Wintershall has launched its second operated shale oil pilot project in Argentina (100% working interest). The company has spud the first of three horizontal pilot wells in the Bandurria Norte block, which is located in the western Argentinean province of Neuquén.

Exxon Mobil awards EPCI contract to Saipem for Liza field in Guyana

Saipem has been awarded a new EPCI contract for the SURF package of the proposed Liza project operated by Esso Exploration and Production Guyana Limited, an affiliate of Exxon Mobil.

Exxon, Petrobras said to hold talks on strategic partnership

Exxon Mobil Corp. and Petrobras have held talks on a strategic partnership that could involve multiple assets in Brazil and overseas in different segments of the industry, similar to the $2.2-billion deal signed with Total SA in December, said people familiar with the conversations.

Petrobras enters its fourth expansion cycle, credits pre-salt

Petrobras is entering the fourth expansion cycle in its history as it ramps up its production in the pre-salt layer. This is a major milestone for the company, achieved by overcoming challenges, developing technologies and building up technical capacity.

Production from Argentina's Vaca Muerta to reach 113,000 boed by 2018, Wood Mackenzie says

Production from the seven most advanced developments in the Vaca Muerta play (covering only 8% of play acreage), is expected to increase by 43% in 2017 to 77,000 boed, and to double 2016 levels by 2018 to 113,000 boed, according to the new Vaca Muerta Development Study by Wood Mackenzie.

Brazil enacts new bidding rules for production sharing regime

Brazil's Decree 9.041/2017 entered in force last week, regulating Law 12.351/2010 relating to Petrobras’ preferential rights to act as operator in consortiums for exploration and production in blocks subject to the production sharing regime.

Venezuela braces for possible U.S. oil sanctions

Venezuela would be hit from two directions if the U.S. were ever to impose oil-related sanctions against the South American nation where at least 30 have died in anti-government protests in the past month. American drivers may pay more at the pump as well.

Edison Chouest Offshore signs five-year contract with Shell Brazil

Two affiliates of Cut Off, LA-based Edison Chouest Offshore (ECO), have signed a five-year contract with Shell Brazil for light subsea construction and inspection, maintenance and repair (IMR) services from the M/V Island Enforcer, a 402-ft. subsea installation and construction vessel.

Total to invest $500 million to produce shale gas in Argentina

Total SA will spend $500 million over three to four years to develop a shale-gas field in Argentina as the country’s government lures investors by pledging a minimum price.

OPEC ministers to meet Russia amid push to extend cuts

The energy ministers of OPEC members Saudi Arabia and Venezuela plan to meet their Russian counterpart to discuss extending oil-output cuts amid a developing consensus that they should prolong their joint effort to curb supply.

TechnipFMC awarded subsea contract for Exxon's Liza project, offshore Guyana

TechnipFMC has been awarded a contract by an affiliate of Exxon Mobil Corp. for the engineering, manufacture and delivery of the subsea equipment for the proposed Liza deepwater project.

Argentina's push to mimic Permian success faces long road ahead

Argentina’s Vaca Muerta, one of the largest shale formations outside of North America, offers tons of promise for the country’s energy future. Just don’t hold your breath waiting for it.

BP awards FEED contract for Cassia Compression Project offshore Trinidad and Tobago

Fluor Corporation has announced that it was selected by BP Trinidad and Tobago (BP) to perform the front-end engineering and design (FEED) for the Cassia Compression Project off the east coast of Trinidad and Tobago. Fluor booked the undisclosed contract value into backlog during first-quarter 2017.

TechnipFMC, DOF Subsea JV delivers Skandi Búzios, commences contract with Petrobras

TechnipFMC and DOF Subsea announce that the Skandi Búzios, a pipelay support vessel (PLSV) owned by the joint venture formed between TechnipFMC (50%) and DOF (50%), commenced its eight-year charter contract with Petróleo Brasileiro S.A. (Petrobras), as scheduled on April 13, 2017.

Schlumberger enters JV with YPF to begin shale oil pilot project in Vaca Muerta

Schlumberger President of Operations, Patrick Schorn, and YPF Chairman, Miguel Ángel Gutiérrez, have signed an agreement to start a shale oil pilot project in Bandurria Sur Block in Vaca Muerta, Neuquén.

No easy fix for Venezuela oil as production declines

A turnaround for Venezuela’s oil industry, the lifeblood of the South American country’s ailing economy, would take at least two years under the best of circumstances.