South America
Trade
US to Favor Existing Investors for Venezuela Oil Licenses, Say Sources
The U.S. is preparing to prioritize issuing limited licenses to operate in Venezuela to companies with existing oil production and assets over those seeking to enter the sanctioned OPEC nation for the first time.
Resignations , Exploration & Production , International
Petrobras CEO Prates to Step Down
Brazil’s President Luiz Inácio Lula da Silva has requested that Petrobras CEO Jean Paul Prates resign following a dispute over dividend payments.
Liquefied Natural Gas (LNG) , International , Shale Plays
ConocoPhillips Looks to Scale Portfolio, But Citgo Auction Not a Factor
ConocoPhillips has a long-term ambition to boost its LNG offtake capacity to between 10 mtpa to 15 mtpa as it keeps a short-term eye on the auction of Citgo Petroleum.
Exploration & Production , Offshore Technology Conference (OTC)
Petrobras Not in a Race with Guyana to Boost Production, CEO Says
While Brazil and Guyana aren’t necessarily competing to see which country can produce more oil, Petrobras’ CEO Jean Paul Prates jokingly said Brazil was winning, while adding that Bolivia’s falling production was an opportunity for Argentina.
Unconventional , Rig Counts , Reservoir Evaluation , Highlights , Field Development , Discoveries , Artificial Intelligence , Drilling , Subsea , Seismic
E&P Highlights: May 13, 2024
Here’s a roundup of the latest E&P headlines, with a couple fields coming online, as well as new contract awards.
Crude Oil , International
What's Affecting Oil Prices This Week? (May 6, 2024)
Stratas Advisors forecast that oil demand for 2024 will increase by 1.41 MMbbl/d in comparison to 2023 and that oil demand will increase by 810,000 bbl/d in comparison to 2Q23.
Crude Oil , International , Acquisitions & Divestitures , Exploration & Production
Wirth: Chevron Won’t Put ‘New Capital into Venezuela’
California-based Chevron Corp. doesn’t plan on allocating more capex into its operations in Venezuela even though it still has U.S. approval to operate there, despite Washington sanctions.
Crude Oil , International , Conventional
Repsol Plans to Double Oil Production in Venezuela
Spain’s Repsol plans to double its oil production in Venezuela and continue with its diluent swap agreements with the OPEC country as approved by the U.S. government.
Earnings , Deepwater
TotalEnergies Eyes Suriname FID by Year-end 2024
France’s TotalEnergies and U.S. partner APA Corp. look to place their long lead orders ahead of a final investment decision related to their joint development offshore Suriname in Block 58.
International , Shale Plays
Guyana’s Stabroek Boosts Production as Chevron Watches, Waits
Chevron Corp.’s planned $53 billion acquisition of Hess Corp. could potentially close in 2025, but in the meantime, the California-based energy giant is in a “read only” mode as an Exxon Mobil-led consortium boosts Guyana production.