Exclusives

thomson_reuters_brazil_repetro_sped

This special program provides temporary admission of imported goods, such as oil platforms and equipment, for a limited amount of time.

Falling breakevens, access to new acreage and sizeable reserves are keeping Latin America front and center.

BP, Woodside, gas, offshore, Trinidad, Australia, Persephone, Juniper

The latest startups mean BP has brought five of its seven major 2017 projects onstream.

The government will launch round three for bids even though there has never been a discovery offshore Uruguay.

gas, exploration, offshore, Colombia, Caribbean, Anadarko, Ecopetrol

The Colombian government expects offshore discoveries to triple gas reserves.

Exploration

Qatar Petroleum (QP) signed an agreement on June 3 with Exxon Mobil Corp. (NYSE: XOM) to acquire a 30% stake in two of ExxonMobil's affiliates in Argentina.

ConocoPhillips is trying to seize PDVSA’s oil assets at the 335,000 barrel-per-day (bbl/d) Isla refinery in Curacao, which would expand its control over the Venezuelan state-run company’s barrels for export, according to sources close to the matter.

There were no bids on any of the 17 offshore blocks that Uruguay offered up in its first oil auction in seven years on April 26, but the government might sweeten terms next year, a source with state-run oil company Ancap said.

CGG GeoConsulting and the Petroleum Corp. of Jamaica (PCJ) reported the discovery of two independent live oil seeps from different parts of the island of Jamaica on Feb. 20.

The price would be far less than the $2.45 billion that Sinopec paid in 2010 to buy the Argentine assets from U.S.-based Occidental Petroleum.

Production

Mexican state-run oil company Pemex on April 26 said its net profit rose 29% in the first-quarter compared with the year-earlier quarter, helped by higher crude prices and currency movements.

Colombia’s southern Transandino pipeline was halted after a bomb attack by an illegal armed group spilled crude oil into a river, state-run oil company Ecopetrol said on April 22.

GeoPark announced on April 18 the successful testing of the Tigana Norte 9 appraisal well in the Tigana oil field in the Llanos 34 block in Colombia.

Four workers injured in protests; pipeline remains closed.

Brazil and Mexico are competing for a diminishing resource: the investment dollars of oil majors beating a retreat from the big-ticket offshore projects they once coveted.

Technology

Oil and gas contracts awarded under the Mexican government's energy reform will be respected by the incoming administration provided no problems emerge in a revision of the process, the man designated to run the finance ministry said on July 4.

U.S. oil major ConocoPhillips (NYSE: COP) has seized products belonging to Venezuelan state oil company PDVSA from the Isla refinery it runs on Curacao, an island official told Reuters on May 13.

An international arbitration court has ordered Venezuela's state-run oil company PDVSA to pay ConocoPhillips $2.04 billion for early dissolution of two joint ventures for producing oil in the OPEC-member country, the U.S. firm said on April 25.

Statoil is focused mostly on future deepwater opportunities in Mexico but does not rule out others, CEO Eldar Saetre said in an interview late on April 12.

President Donald Trump on March 19 signed an executive order barring any U.S.-based financial transactions involving Venezuela’s new petro cryptocurrency, as U.S. officials warned that it was a “scam” by President Nicolas Maduro’s government to further undermine democracy in the OPEC country.