South America – Page 5 – Oil & Gas 360

Exclusive-Colombia’s Ecopetrol exploring participation in offshore wind auction

May 6, 2024

U.S. News BOGOTA – Colombia’s majority state-owned energy company Ecopetrol is analyzing its potential direct participation in the Andean country’s first-ever offshore wind auction, the company said in a statement to Reuters. The government of President Gustavo Petro, Colombia’s first leftist leader, has said it wants to wean the Andean country from its dependence on fossil fuels while ensuring energy

Chevron to resolve ExxonMobil arbitration over Guyana discovery soon following $53 billion Hess acquisition, CEO predicts

April 30, 2024

World Oil (Bloomberg) – Chevron Corp. expects a resolution to a dispute with Exxon Mobil Corp. over a Guyana oil contract in coming months that would allow for the completion of the $53 billion acquisition of Hess Corp. this year. Exxon began arbitration proceedings in March, arguing it has a right of first refusal over Hess’s 30% stake in the

ExxonMobil, Chevron to increase Guyana, Permian oil production amidst $100 billion M&A spending

April 29, 2024

World Oil (Bloomberg) – If you want to understand why the two largest U.S. oil companies are together spending in excess of $100 billion on acquisitions right now, look no further than the amount of crude they’re extracting from the two hottest oil fields on the planet. Exxon Mobil Corp. and Chevron Corp., which reported earnings Friday, are both predicting

GeoPark announces final results of its tender offer

April 22, 2024

Oil and Gas 360 Bogota, Colombia – April 22, 2024 – GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator, today announced the final results of its tender offer to purchase its common shares, or the shares, at (i) prices specified by the tendering shareholders of not greater than

Petrobras, bp to expand exploration, production ventures with new E&P contract

April 22, 2024

World Oil (WO) – Petrobras and bp signed a Memorandum of Understanding (MoU) to promote discussions and collaboration between the two companies. The non-binding agreement focuses on business opportunities in exploration, and production (E&P), sustainable fuels, carbon credits, refining. The companies will also work together on research, development, and innovation projects. The two companies are already partners in exploration blocks

ExxonMobil greenlights Whiptail oil project offshore Guyana, expects production to pass Venezuela

April 15, 2024

World Oil (Bloomberg) – Exxon Mobil Corp. formally approved its sixth oil development offshore Guyana that will make the Latin American nation a bigger crude producer than OPEC member Venezuela. The Whiptail project will cost $12.7 billion and produce about 250,000 bpd as soon as the end of 2027, Exxon said in a statement Friday. Guyana’s overall daily crude capacity

GeoPark announces exclusive negotiations for unconventional blocks in Vaca Muerta in Argentina

April 12, 2024

Oil and Gas 360 Bogota, Colombia – April 11, 2024 – GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator, and consolidator, today announced that the Company has submitted a binding offer to acquire a non-operated Working Interest (WI) in unconventional blocks in the Neuquen Basin in Argentina. As of the

Guyana gas-to-power project to shave weeks off oil output, hit revenue

April 8, 2024

Yahoo Finance GEORGETOWN – Guyana’s efforts to use its natural gas resources to fuel a power plant that would slash the South American nation’s energy costs have snagged on construction delays and threaten to curtail the rising oil hotspot’s revenue this year by about $1 billion. The $1.9 billion gas-to-power project, Guyana’s biggest effort to capitalize on its energy bounty,

Petrobras shares swing “wildly” amidst reports that CEO Jean Paul Prates departure is near

April 4, 2024

World Oil (Bloomberg) – Petroleo Brasileiro’s shares swung wildly on Thursday as traders digested local media reports on the impending departure of Chief Executive Officer Jean Paul Prates and the prospect of future dividend payments. Petrobras, as the state-controlled oil giant is known, climbed as much as 3.4% in Sao Paulo in a volatile session. The stock fell sharply after

Brazil exploring ways to import gas from Argentina’s Vaca Muerta play, energy minister says

March 22, 2024

Nasdaq HOUSTON – Brazil is exploring ways to import natural gas from Argentina’s massive Vaca Muerta formation, including the possible reversal of a pipeline now used for transporting Bolivian gas, as it looks to ease its gas deficit, Mines and Energy Minister Alexandre Silveira told Reuters on Thursday. Brazil has become Latin America’s largest crude oil producer, but its gas

Chevron CEO says ExxonMobil discussions over prolific oil field offshore Guyana “ended abruptly”

March 19, 2024

World Oil (Bloomberg) – Chevron Corp.’s discussions with Exxon Mobil Corp. and China’s Cnooc Ltd. over a prolific oil field off the shores of Guyana ended “abruptly” a few weeks ago, Chief Executive Officer Mike Wirth said. Chevron held constructive talks with Exxon and Cnooc over the Stabroek block off Guyana several months ago as part its proposed $53 billion

ExxonMobil “open” to talking with Chevron over oil offshore Guyana amidst Hess acquisition

March 19, 2024

World Oil (Bloomberg) – Exxon Mobil Corp. is open to talking to Chevron Corp. about its proposed takeover of Hess Corp. as the oil giants spar over the deal’s implications for a massive offshore oil project in Guyana, Chief Executive Officer Darren Woods said in an interview. His comments mark that first time Exxon has publicly made clear it’s willing

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