Technology Latin America & Caribbean Exclusives

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

GeoPark, Latin America, oil, gas, assets

As GeoPark Ltd. looks to grow its production, the extent of which depends on oil price, the Latin America-focused independent also wants to expand its portfolio.

Construction of Blue Ocean Drilling’s jackup units is underway at China’s Shanghai Waigaoqiao Shipbuilding yard. (Source: Blue Ocean Drilling)

Blue Ocean Drilling is set to make its market splashdown in 2016 with new rigs and new approach.

Major concerns for the region include development of unconventionals and large-scale hydro systems.

As oil production declines, Trinidad and Tobago is offering nine blocks to bidders.

Contracts Latin America & Caribbean

Deutsche Erdoel Mexico inked a license contract on March 6 with Pemex and the Mexican National Hydrocarbons Commission (CNH) for the Ogarrio Field in Mexico.

In the amendment, the prior contract amount of approximately $445 million has been increased to approximately $945 million.

Maersk Drilling has been awarded a contract by Royal Dutch Shell (NYSE: RDS.A) for the deepwater semi-submersible rig Mærsk Developer.

Maersk Drilling has been awarded a contract by Shell for the deepwater semisubmersible rig Mærsk Developer. The contract covers the drilling and completion of three wells and the suspension of one well, all located in Block E of the East Coast Marine Area offshore Trinidad.

PDVSA awarded contracts to drill wells in the Orinoco Belt, although some foreign partners are uncomfortable with the rushed tender and structural problems that could hinder the projects, according to sources close to the matter.

Equipment Latin America & Caribbean

By deferring these capex commitments to 2018 and 2019 with no further payments to the yard until that time, Seadrill was able to improve its near-term liquidity position, the company said.

Board estimates the deal’s total value at about US$750 million. Transaction is scheduled to close within one week. West Polaris is a sixth-generation ultradeepwater drillship contracted to ExxonMobil in Angola.

Operations Latin America & Caribbean

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.

McDermott to build on its strong collaborative relationship with BP on the Cassia C Compression Platform in Trinidad and Tobago.

ONGC Videsh and GeoPark will form a joint business development group headquartered in Bogota, Colombia.

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.

When fully onstream, the onshore compression facility will have the potential to deliver about 200 million standard cubic feet of gas per day, BP said in a news release.

People Latin America & Caribbean

Anton Dibowitz will succeed Per Wullf as CEO of Seadrill Ltd., effective July 1, the company said in a news release.

Yan Liu resigned as CEO and Trinidad general manager, effective Jan. 31. Lijun Xiu was appointed as Trinidad general manager, effective immediately. Currently, Xiu is the Trinidad deputy general manager.

Trinity, an independent E&P company focused on Trinidad and Tobago, has tapped Jeremy Bridglalsingh, to take on the role of CFO after the resignation of Bryan Ramsumair.

Seadrill Ltd.’s board of directors has appointed Ørjan Svanevik to fill the vacant board position, following the resignation of Carl Erik Steen, according to a news release.

Regulations Latin America & Caribbean

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.

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.

Under relaxed trading embargo with U.S., Cuba can now use products made with 25% U.S. components. Cuban officials say at least one deepwater rig meets the new standard, Reuters reported.