South America – Oil & Gas 360

Turmoil at Colombia’s Ecopetrol raises profit fears ahead of US investment decision

December 20, 2024

(Yahoo Finance) – BARRANCABERMEJA, Colombia – Alleged interference by Colombian President Gustavo Petro in majority state-owned Ecopetrol and purges of hundreds of staff to make way for pro-government replacements are fueling fears about the energy company’s future profits and contributions to the economy. The worries, according to interviews with workers, ex-employees, a former board member and analysts, come ahead of

Petro-Victory signs exclusivity agreement to acquire 13 oil-producing fields in Brazil

December 18, 2024

(World Oil) – Petro-Victory Energy Corp. has announced the signature of an exclusivity agreement with Brava Energia S.A. for the potential acquisition of 13 oil-producing fields in Rio Grande do Norte, Potiguar Basin. Petro-Victory together with Azevedo e Travassos Petróleo S.A. jointly signed an exclusivity agreement with Brava for the potential acquisition of two producing assets – Porto Carão Cluster

US judge issues order to reopen Citgo data room, restart bidding

December 17, 2024

(Investing) – HOUSTON – A U.S. judge overseeing an auction of shares in the parent of Venezuela-owned Citgo Petroleum on Monday agreed to reopen a data room to allow potential buyers to prepare new bids, a court document showed. Judge Leonard Stark ordered the data room to be opened on Wednesday after listening to creditors in the case urge a new

Argentina to eclipse Colombia as oil production growth continues

December 12, 2024

(Oil Price) – Crude oil production in the Vaca Muerta shale formation in Argentina is about to hit 1 million barrels per day this decade. The forecast came recently from Rystad Energy, and on its heels came another forecast, from the EIA: Argentina will soon eclipse Colombia as the third-largest oil producer in South America. It’s time for a new shale boom. Crude oil

Vaca Muerta shale boom could propel Argentina to top 3 of region’s producers

December 9, 2024

(World Oil) – (Bloomberg) – A shale-drilling frenzy in Argentina has put the country on the verge of leapfrogging regional rival Colombia as a top-three crude producer in South America. Drilling activity is accelerating in Argentina’s Vaca Muerta shale region, thanks in large part to policies by the business-friendly government of President Javier Milei. Shale oil now accounts for about

Petrobras and Ecopetrol uncover historic gas find in Colombia

December 5, 2024

(Oil Price) – Brazilian oil giant Petrobras, in partnership with Colombia’s state-run Ecopetrol, has confirmed the largest natural gas discovery in Colombia’s history. Drilling results from the Sirius-2 well, located in the Guajira Offshore Basin, have revealed over 6 trillion cubic feet (Tcf) of gas in place—enough to potentially double the country’s existing reserves. Petrobras holds a 44.44% stake in the

GeoPark announces plans to acquire Repsol upstream assets in Colombia

December 2, 2024

(World Oil) – GeoPark has announced the signing of Sales and Purchase Agreements (SPAs) with Repsol Exploración S.A. and Repsol E&P S.A.R.L to acquire Repsol upstream oil and gas assets in Colombia. The potential acquisition would incorporate high-quality assets located in the prolific Llanos Basin, one of Colombia’s most productive oil regions where GeoPark is already a well-established operator both

PetroTal completes acquisition of Peru Block 131

December 2, 2024

(World Oil) – PetroTal Corp. has successfully acquired 100% working interest in Peru Block 131, following its acquisition of CEPSA Peruana, the Peruvian business unit of Compañía Española de Petróleos (CEPSA). The Los Angeles oil field at Block 131 was discovered by CEPSA Peru in 2013. “The acquisition of Block 131 represents an important milestone for PetroTal, and a pivotal step

Saipem wins contract for $10-billion Suriname oil project

November 14, 2024

(Oil Price) – Saipem has won a $1.9-billion contract from TotalEnergies for engineering, procurement, construction, and installation (EPCI) at the $10.5-billion GranMorgu oil project offshore Suriname, the Italian engineering group said on Thursday. Saipem will work on the engineering, procurement, supply, construction, installation, pre-commissioning, and assistance for the commissioning and start-up of the Subsea Umbilicals, Risers and Flowlines (SURF) package at the project,

Guyana, Suriname could emerge as key LNG exporters by 2030s

November 12, 2024

(Oil Price) – Two of the world’s latest oil exploration hotspots, South American neighbors Guyana and Suriname, could become major LNG exporters early next decade if they develop the vast non-associated natural gas resources discovered in their offshore blocks. The resource is there, the costs could be competitive, and export destinations plentiful—from other countries in central and South America to Southeast

Interoil completes successful Vikingo well intervention in Colombia

November 11, 2024

(World Oil) – Interoil Exploration and Production ASA has announced that its Colombian subsidiary, Interoil Colombia Exploration and Production (ICEP), has successfully completed a downhole intervention to the Vikingo well. This intervention included the installation of a jet pump with a modified operational configuration, restoring production to 400 bopd, a significant increase from the pre-intervention level of 105 bopd. While production

Venezuela’s oil exports hit a 4-year peak on higher output, sales to US, India

November 1, 2024

(Investing) – HOUSTON/MARACAY – Venezuela’s oil exports rose to a four-year high, approaching 950,000 barrels per day in October, boosted by growing crude output and more sales to India and the United States, according to shipping data and documents from state firm PDVSA. The increase happened despite a large storage terminal fire last month, tighter U.S. sanctions since June and the

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