South America – Page 12

Hess flags potential delay for Chevron Merger as ExxonMobil fights for “massive” oil discovery rights offshore Guyana

March 7, 2024

World Oil (Bloomberg) – Hess Corp. signaled its $53 billion agreement to be bought by Chevron Corp. may be delayed after Exxon Mobil Corp. filed for arbitration over the deal to preserve its rights to a massive oil discovery off Guyana. Hess told employees in an email it was confident its arguments would prevail in the arbitration case Exxon filed with the

YPF to exit aging Argentine oil fields to free $800 million for Vaca Muerta shale push

March 7, 2024

World Oil (Bloomberg) – Argentina’s biggest oil and gas producer, state-run YPF SA, said its sweeping plan to divest aging oil fields will free up hundreds of millions of dollars to invest in its shale push in the heralded Vaca Muerta formation. “Exiting some of our mature conventional fields will release around $800 million in capex to be reallocated primarily

Hedge funds bet on Chevron amidst ExxonMobil’s claim to Hess’ stake in prolific oil field offshore Guyana

March 6, 2024

World Oil (Bloomberg) – Hedge fund managers that wagered billions on Chevron Corp.’s October deal to buy Hess Corp. are sticking to their bets despite another roadblock that could potentially torpedo the acquisition. Exxon Mobil Corp. said last week it has the first right to purchase Hess’s stake in a lucrative offshore oil development they jointly own off the coast of

Chevron, Challenger Energy partner to develop “promising” exploration region offshore Uruguay

March 6, 2024

World Oil (WO) – Challenger Energy and its wholly-owned Uruguayan subsidiary, CEG Uruguay SA, have entered into a farm-out agreement with Chevron Uruguay Exploration Limited (“Chevron”), a wholly-owned subsidiary of Chevron Corporation, related to a 60% interest in the AREA OFF-1 block, offshore Uruguay. Chevron will acquire a 60% participating interest in the AREA OFF-1 block and will assume operatorship

bp prepares to drill pre-salt deepwater well offshore Brazil following unsuccessful exploration attempts by Shell, ExxonMobil

March 4, 2024

World Oil (Bloomberg) – bp Plc is preparing to drill a deepwater well in Brazil in the latest attempt to break a streak of bad luck by oil majors who have paid billions for exploration rights and have little to show for it. The London-based major is getting ready to drill at the Pau Brasil field in Brazil’s so-called pre-salt

ANALYSIS-Exxon’s curveball move in Guyana alters Chevron-Hess deal prospects

February 28, 2024

Nasdaq HOUSTON – Exxon Mobil’s surprise challenge to Chevron’s acquisition of Hess through a dispute over a stake in a major Guyana oil field could prove fruitful for the U.S. oil giant, even if it does not end up enlarging its holdings in the South American country. Exxon XOM.N said on Monday it may exercise pre-emptive rights that could block Chevron CVX.N from acquiring

Colombian offshore natural gas discovery smaller than anticipated, Ecopetrol determines

February 23, 2024

World Oil (Bloomberg) – Colombia’s state energy company, Ecopetrol SA, has determined that a natural gas deposit in the Caribbean Sea that officials were counting on to shore up the nation’s dwindling reserves is significantly smaller than initially estimated. Officials said Thursday that they are now reevaluating the discovery, named Orca-1. In the processes of working to verify its size,

Guyana President calls for “immediate” development of natural gas resources

February 20, 2024

World Oil (Bloomberg) – Guyana President Irfaan Ali called for the “immediate” development of its natural gas resources to make the South American country a regional energy powerhouse on top of its rapidly-growing oil exports. The government is requesting that companies propose strategies to produce more natural gas, Ali said at the Guyana Energy Conference & Supply Chain Expo in

Argentina plans sweeping oil and gas asset sale to focus on shale production

February 9, 2024

World Oil (Bloomberg) – Argentina’s biggest oil company, state-run YPF SA, is planning a sweeping asset sale under President Javier Milei to sharpen its focus on shale production and boost its share price. The plan is part of a broader effort to streamline the company and increase its production and exports, according to a company official who asked not to

Biden officials headed to Guyana amidst Venezuelan dispute over oil wealth

February 5, 2024

World Oil (Bloomberg) – Key Biden administration national-security officials traveled to Guyana on Sunday as the U.S. works to prevent the country’s dispute with Venezuela over oil and mineral riches from sliding into armed conflict. Jon Finer, the principal deputy national security adviser, and Juan Gonzalez, the White House National Security Council’s senior director for the Western Hemisphere, are continuing

Petrobras CEO says Red Sea crisis could send oil above $90

February 2, 2024

World Oil (Bloomberg) – Oil prices could top $90 per bbl this year if attacks escalate on ships in the Red Sea, according to the top executive at Brazilian state-controlled oil giant Petroleo Brasileiro SA. “We have a very fragile neck there for the oil and gas business,” Chief Executive Officer Jean Paul Prates said in an interview on Bloomberg

Venezuelan oil production to swiftly decline under renewed U.S. sanctions

January 31, 2024

World Oil (Bloomberg) – Venezuelan oil production at a four-year high is expected to decline quickly if the US follows through on threats to reinstate sanctions on the nation. The Biden administration on Tuesday said sanctions relief to Venezuela’s oil and gas sector will be allowed to expire on April 18, unless the government holds free and fair presidential elections.

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