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

Brazilian state-controlled oil company Petrobras said it could raise $26.9 billion through asset sales and partnerships by 2023 as part of a new strategic business plan.

DEA Deutsche Erdoel agreed to buy independent Mexican company Sierra Oil and Gas at a time of growing uncertainty over the private sector's role in Mexico's oil industry.

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.

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

Venezuelan state oil firm PDVSA has signed a deal with little-known U.S. energy firm Erepla, partly owned by a prominent Florida Republican, to help increase the socialist-run country’s plummeting crude oil output, the company said.

Petróleo Brasileiro SA will pay an $853.2 million fine to settle charges that former executives and directors of the state-run Brazilian oil company broke U.S. anti-corruption laws by bribing politicians and then seeking to conceal the payments, the U.S. Justice Department (DOJ) said on Sept. 27.

Mexican President-elect Andres Manuel Lopez Obrador will seek to end the country's massive fuel imports, nearly all from the U.S., during the first three years of his term while also boosting refining at home.

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.