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Nov. 7 (oilprice.com) Oil production from offshore Brazil, Guyana and Suriname, as well as Argentina’s Vaca Muerta shale is well-positioned to supply cost-competitive barrels until 2030. Global oil demand is expected to remain robust throughout the 2030s, putting pressure on currently producing assets to keep pace. Rystad Energy’s research forecasts global liquids demand to peak... Continue Reading →
Nov 3 (Reuters) - Peruvian oil firm Upland Oil and Gas said on Monday it would ask the South American nation's regulator to review its application to operate in Block 192, once Peru's largest Amazon oilfield, after it was disqualified days earlier. State agency Perupetro disqualified Upland, which operates other reserves in the country's Amazon... Continue Reading →
(PN) GeoPark announced a reorganization of its portfolio, with repercussions on its operations in Brazil. The company revealed that it will sell certain “non-core” assets, as well as implement cost reduction initiatives to strengthen its position aiming at profitable, reliable and sustainable growth in the long term. One of the points of the reorganization involves... Continue Reading →
(Reuters) - Ecuador's government awarded an onshore oil contract to a consortium led by China's state-owned producer Sinopec on Monday, in a push to grow crude output from the country's Sacha block. The block is Ecuador's most productive, located in the country's northeastern Amazonian province of Orellana. It pumped 77,000 barrels per day (bpd) last year.... Continue Reading →
(Reuters) - Peru's indebted state-run oil firm PetroPeru could consider offering a minority stake to private investors in the second half of 2025, when the company hopes to emerge from a crisis and post profits, Chairman Alejandro Narvaez told Reuters on Wednesday. At an interview in his office in Lima, Narvaez said the offering would only start... Continue Reading →
(Reuters) - Ecuador's state oil company, Petroecuador, has declared force majeure over deliveries of Napo heavy crude for exports following the shutdown of a key pipeline and oil wells due to heavy rains hitting the country, sources said on Friday. Intense rains over the weekend forced the shutdown of three hydroelectric plants, the suspension of... Continue Reading →
(Reuters) - Colombia's Trasandino pipeline is forecast to remain offline until December, the chief executive of Colombia's majority state-owned energy company Ecopetrol said on Wednesday. Earlier this month, while reporting its first-quarter financial results, Ecopetrol said it had been transporting crude oil through Ecuador since November in order to combat oil theft. Thousands of barrels of... Continue Reading →
(U) Australian engineering and services giant Worley has denied any corruption and refuted media reports that followed its recent international arbitration loss relating to historic operations in Ecuador — these reports alleged Worley had a tax liability in the South American nation. Detailing its side of the story, Worley on Wednesday confirmed that WorleyParsons (now... Continue Reading →
(OGJ) State-owned Petroecuador reached a new production peak last week of 404,290 b/d, or 413,241 boe/d when natural gas is included. The company ascribed the results to improvements in efficiency. One of the factors supporting the increase is production from Sacha field, Block 60, in Orellana province, which reached 77,802 b/d. In 2024, Petroecuador plans... Continue Reading →
(Reuters) - Ecuador state oil company Petroecuador said on Monday it plans to shut down a large drilling project in the Yasuni ecological reserve in the Amazon rainforest next August, following a referendum to end it to protect nature and indigenous people. Petroecuador CEO Reinaldo Armijos told reporters the company has a plan for the... Continue Reading →
Brazil Energy Insight 