South America – Page 14

BREAKING: Guyana scores big again as Exxon hits two more discoveries

January 5, 2022

Oil Now ExxonMobil and the Government of Guyana today announced two oil discoveries at Fangtooth-1 and Lau Lau-1 in the Stabroek block offshore Guyana. The Fangtooth-1 well encountered approximately 164 feet (50 meters) of high-quality oil-bearing sandstone reservoirs. The well was drilled in 6,030 feet (1,838 meters) of water and is located approximately 11 miles (18 kilometers) northwest of

Guyana relaxes proposed local content terms in oil bill draft

December 16, 2021

Reuters Guyana’s government on Thursday delivered to the National Assembly the draft of a local content bill that will regulate its nascent oil industry, proposing requirements beginning at 5% by the end of 2022 for activities to be carried out by contractors and licensees. The proposed policy, seen by Reuters, relaxed some of the minimum requirements that a previous bill

Guyana backs Exxon deal, slams ‘malicious’ NGO study- oil and gas 360

Exxon says its latest discovery offshore of Guyana is not financially viable

November 17, 2020

Reuters An oil exploration campaign led by Exxon Mobil Corp XOM.N at the Tanager-1 well in the Kaieteur block off Guyana’s coast discovered hydrocarbons but it does not appear to be financially viable on its own, a spokesman for the company said on Tuesday. As part of a consortium with Hess Corp HES.N and China’s CNOOC Ltd 0883.HK, Exxon has made 18 discoveries totaling

Qatar Petroleum Partners with Total in Africa, South America

August 27, 2019

By Tyler Losier, Energy Reporter, Oil & Gas 360 Qatar Petroleum signs agreement to farm Total-held exploration acreage in Namibia, Guyana and Kenya Qatar Petroleum (QP), Qatar’s state-owned energy company, has signed an agreement with French supermajor Total SA (stock ticker: TOT), under which the company will farm into Total-held exploration acreage in Namibia, Guyana and Kenya. With regards to

Citgo Gets U.S. Subpoena Related to Venezuela Bribery Probe - Oil & Gas 360

U.S. Court Confirms Citgo Board Appointed by Venezuela’s Opposition

August 22, 2019

From The Houston Chronicle In a victory for Venezuela’s opposition government, a U.S. judge confirmed Citgo Petroleum’s board of directors appointed by Juan Guaido, squashing socialist leader Nicolas Maduro’s efforts to regain control over the Houston oil refiner. On Wednesday a Delaware judge issued a final order approving the Guaido board, who have been effectively leading Citgo since the opposition

Panama Canal Will Not Block Venezuela Vessels Despite U.S. Sanctions

August 14, 2019

From Reuters The Panama Canal will continue authorizing vessels coming from Venezuela provided they present the necessary paperwork, the waterway’s chief said on Wednesday, suggesting a new round of U.S. sanctions on the South American nation should not make a difference to canal traffic. President Donald Trump’s administration last week issued an executive order freezing all Venezuelan government assets in

Anadarko Petroleum Beats Profit Estimates on Higher Output

July 29, 2019

From Reuters Anadarko Petroleum Corp (APC.N), in its last earnings report before shareholders vote on its sale to Occidental Petroleum (OXY.N), on Friday reported a quarterly profit that topped analysts’ estimates, as higher production offset lower prices for its oil. It reported a net loss on a $1 billion breakup fee paid to Chevron Corp (CVX.N). Anadarko accepted a $38

GeoPark Increases Stake in Colombia and Chile, Announces Share Buy Back

December 21, 2018

Latin America-based GeoPark Limited (stock ticker: GPRK) has been extending its reserves and announced plans to buy back shares in 2019. Last month, GeoPark increased its equity interest to 100% in its Colombian and Chilean businesses, blocks, and reserves, including the Llanos 34 block (GeoPark operated, 45% WI) in Colombia. In doing so, GeoPark acquired and closed on LG InternationaI’s

Slow Deepwater Rebound Threatened by Rising Rig Costs, Falling Oil Prices

November 30, 2018

From Houston Chronicle The slow deepwater recovery in the Gulf of Mexico and the rest of the world is now threatened by falling oil prices and the projected cost rise of drilling rigs and other services. A new report Tuesday by research firm Wood Mackenzie highlights how the offshore sector has returned to viability through costs reductions and greater

Light Oil Discovery in Colombia

October 9, 2018

Toronto-based Frontera Energy Corporation (ticker: FECCF) announced a light oil discovery in the Llanos-25 Block in Colombia. The discovery was made on the Acorazado-1 exploration well. According to a presentation from Frontera, the Llanos-25 property is a 168,805-acre property for which the company has 100% working interest. “The Acorazado-1 exploration well is the fourth exploration discovery in Colombia so far in 2018,

Two PDVSA Oil Upgraders to be Halted in Coming Weeks

July 17, 2018

From Reuters Two of Venezuela’s four crude upgraders are scheduled to undergo previously delayed maintenance in the next few weeks, according to three sources close to the facilities, further reducing state-run PDVSA’s exports of upgraded crude. The upgraders, which convert the extra-heavy oil produced in Venezuela’s Orinoco Belt into exportable grades, have a combined 700,000 barrel-per-day (bpd) capacity. The maintenance

GeoPark to Present at The Oil and Gas Conference

July 3, 2018

GeoPark (NYSE: GPRK) Company Overview GeoPark, founded in 2002, is an independent Latin American oil and gas explorer, operator and consolidator with assets and growth platforms in Argentina, Brazil, Chile, Colombia and Peru. GeoPark is currently ranked the third-largest private oil and gas operator in Colombia and the first private oil and gas producer in Chile. Recently expanded into the

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