Oil Now Guyana’s President Dr. Mohamed Irfaan Ali said on Monday the South American country along with Brazil and Suriname will explore the development of an energy corridor linking the oil producing nations. He said that Guyana is also committed to the wider goal of energy security for the countries of the northern cone of South America: Brazil, Suriname and
World Oil (Bloomberg) –Colombia’s presidential front-runner Gustavo Petro is calling on ideological allies across Latin America and the world to join him in forming a new bloc to lead the economy away from fossil fuels. Oil and coal currently account for nearly half of Colombia’s exports, but Petro says if he becomes president this year, he’ll push to start phasing
Oil Now South American oil giant, Brazil, and Guyana, the world’s hottest exploration hotspot with an incredible string of discoveries in the Stabroek Block, are poised to deepen their bilateral relations. Towards this end, Guyana’s President, Dr. Irfaan Ali held a teleconference on Monday with his counterpart President of the Federative Republic of Brazil, Jair Bolsonaro, to discuss his
Nasdaq SAO PAULO, Jan 7 – Brazilian state-run oil company Petrobras PETR4.SA said on Friday it expects to sell 100% of its preferred stake in petrochemical producer Braskem SA BRKM5.SA by February. The detailed timeframe came after Petrobras announced earlier in the day that the move was planned for the first quarter of 2022. Petroleo Brasileiro SA, as the company is formally known, also reiterated in a securities filing that the move will be
Oil Now ExxonMobil and the Government of Guyana today announced two oil discoveries at Fangtooth-1 and Lau Lau-1 in the Stabroek block offshore Guyana. The Fangtooth-1 well encountered approximately 164 feet (50 meters) of high-quality oil-bearing sandstone reservoirs. The well was drilled in 6,030 feet (1,838 meters) of water and is located approximately 11 miles (18 kilometers) northwest of
Reuters Guyana’s government on Thursday delivered to the National Assembly the draft of a local content bill that will regulate its nascent oil industry, proposing requirements beginning at 5% by the end of 2022 for activities to be carried out by contractors and licensees. The proposed policy, seen by Reuters, relaxed some of the minimum requirements that a previous bill
Reuters An oil exploration campaign led by Exxon Mobil Corp XOM.N at the Tanager-1 well in the Kaieteur block off Guyana’s coast discovered hydrocarbons but it does not appear to be financially viable on its own, a spokesman for the company said on Tuesday. As part of a consortium with Hess Corp HES.N and China’s CNOOC Ltd 0883.HK, Exxon has made 18 discoveries totaling
By Tyler Losier, Energy Reporter, Oil & Gas 360 Qatar Petroleum signs agreement to farm Total-held exploration acreage in Namibia, Guyana and Kenya Qatar Petroleum (QP), Qatar’s state-owned energy company, has signed an agreement with French supermajor Total SA (stock ticker: TOT), under which the company will farm into Total-held exploration acreage in Namibia, Guyana and Kenya. With regards to
From The Houston Chronicle In a victory for Venezuela’s opposition government, a U.S. judge confirmed Citgo Petroleum’s board of directors appointed by Juan Guaido, squashing socialist leader Nicolas Maduro’s efforts to regain control over the Houston oil refiner. On Wednesday a Delaware judge issued a final order approving the Guaido board, who have been effectively leading Citgo since the opposition
From Reuters The Panama Canal will continue authorizing vessels coming from Venezuela provided they present the necessary paperwork, the waterway’s chief said on Wednesday, suggesting a new round of U.S. sanctions on the South American nation should not make a difference to canal traffic. President Donald Trump’s administration last week issued an executive order freezing all Venezuelan government assets in
From Reuters Anadarko Petroleum Corp (APC.N), in its last earnings report before shareholders vote on its sale to Occidental Petroleum (OXY.N), on Friday reported a quarterly profit that topped analysts’ estimates, as higher production offset lower prices for its oil. It reported a net loss on a $1 billion breakup fee paid to Chevron Corp (CVX.N). Anadarko accepted a $38
Latin America-based GeoPark Limited (stock ticker: GPRK) has been extending its reserves and announced plans to buy back shares in 2019. Last month, GeoPark increased its equity interest to 100% in its Colombian and Chilean businesses, blocks, and reserves, including the Llanos 34 block (GeoPark operated, 45% WI) in Colombia. In doing so, GeoPark acquired and closed on LG InternationaI’s
