Regional News: South America

 
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Petroperu Fined, President Ousted Over Oil Spills In Amazon
Friday, July 01, 2016 The Peruvian government dismisses the head of Petroperu, German Velasquez, and fines the state-owned energy company about $3.5 million after the third oil spill in the Amazon this year from its four-decades-old pipeline.

Keppel's BrasFELS Completes Project for MODEC's FPSO
Wednesday, June 29, 2016 Singapore-based Keppel's subsidiary BrasFELS Shipyard completes an integration and completion project for FPSO Cidade de Caraguatatuba MV27 for MODEC.

Wood Group Secures Services Contract for Peregrino Field
Tuesday, June 28, 2016 Wood Group secures a multimillion dollar contract to provide detailed engineering, design, and procurement services to SAH for the development of the Peregrino field, offshore Brazil.

Investors Seek Ruling Against Petrobras in Corruption Lawsuit
Tuesday, June 28, 2016 Investors suing Brazil's state-run oil firm Petrobras to recoup billions of dollars in losses argued that the arrests and plea deals of top company executives prove that it knew of a massive bribery and political kickback scheme.

Brazil's Petrobras Says Its Pension Fund Has $6.8B Shortfall
Friday, June 24, 2016 Brazil's state-led oil company Petrobras says its pension fund has $6.8 billion in unfunded liabilities, a new financial burden for what is already one of world's most indebted firms.

  


Colombia's Ecopetrol Offers 20 Blocks In Auction Launch
Thursday, June 23, 2016 Colombia's state oil company Ecopetrol offers 20 oil and gas blocks for auction, part of a company plan to cut back amid low global crude prices.

Pemex, First Reserve Said to Near $500 Million Asset Deal
Wednesday, June 22, 2016 Pemex and private equity firm First Reserve are finalizing terms on a sale and leaseback agreement intended to provide the beleaguered state-owned oil producer with much needed capital, according to two sources.

Range Resources Limited Granted Approval to Spud Trinidad Well
Wednesday, June 22, 2016 Range Resources Limited receives approval from the regulatory bodies in Trinidad to spud the MD 51-2 development well.

Venezuela 2016 Default Likely, PDVSA May Go First, Moody's Says
Monday, June 20, 2016 Venezuela is "highly unlikely" to have enough hard currency to fully make its debt payments this year, although a default isn't inevitable, according to a report from Moody's Investors Service.

Petrobras CEO Vows Corruption Investigation Will Go On
Friday, June 17, 2016 The new chief executive of Brazil's state-run oil company Petrobras, at the center of a huge corruption scandal, says that the investigation would continue relentlessly with the full support of the board.

A Laggard in Brazil Oil Frenzy Is Now a Favorite in the Bust
Friday, June 17, 2016 In the saga of Brazil's oil industry, QGEP Participacoes SA has always flown mostly under investors' radar. It's no heavyweight like state-run Petrobras, nor has it ever been as flashy as OGX, ex-billionaire Eike Batista's startup.

Venezuela Says Oil At $50 Enough To Avoid PDVSA Default
Friday, June 17, 2016 Crude prices around $50 a barrel are enough for Venezuela's state oil producer to avoid a default on its debt, company president and national oil minister Eulogio Del Pino says in an interview.

PEPC Makes Overdue Payment to Karoon for Brazil's Santos Basin Blocks
Thursday, June 16, 2016 Pacific Exploration and Production Corp. makes overdue payment to Karoon Gas Australia for Santos Basin blocks offshore Brazil.

Venezuelan Pleads Guilty in U.S. over PDVSA Bribery Scheme
Thursday, June 16, 2016 A Venezuelan businessman has pleaded guilty to charges stemming from his participation in a scheme to corruptly obtain contracts from Venezuela's state oil company, the U.S. Justice Department said.

Industry Leaders: Latin America Must Safeguard Energy Investors
Thursday, June 16, 2016 Latin America offers ample opportunities for the energy sector, but governments must make changes to protect investors from legal headaches, industry leaders at the World Economic Forum's Latin America meeting in Colombia said.

Petrobras Argentina Extends Concession in Vaca Muerta
Thursday, June 16, 2016 Petrobras Argentina said it has an agreement to extend a shale gas concession for 35 years in the South American country's Vaca Muerta region.

Polarcus Secures 3D Seismic Survey Project Offshore South America
Wednesday, June 15, 2016 Polarcus Limited receives a letter of intent from an "undisclosed client" for a broadband 3D marine seismic survey offshore South America.

Gran Tierra Receives 'Outperform' Rating After Revealing Exploration Plans
Wednesday, June 15, 2016 Gran Tierra Energy receives an "outperform" rating on its stock in a brief research note from FirstEnergy, following the energy firm's recently announced future exploration plans in Colombia.

Karoon Issues Default Notice to Santos Basin Block Partner PEPC
Wednesday, June 15, 2016 Karoon Gas Australia issues a default notice to Pacific Exploration and Production Corp. (PEPC) for an overdue payment regarding their Brazil's Santos Basin blocks.

Moody's: LatAm Oil Companies Need Over $55/Bbl To Break Even
Tuesday, June 14, 2016 Latin American national oil companies need crude prices to surpass $55 per barrel to break even, a level that would allow them to invest capital enough to start reverting declining output, according to credit rating firm Moody's Corp.

Brazil's Petrobras CEO Seeks To Cut Salaries
Tuesday, June 14, 2016 Brazil's Petroleo Brasileiro SA plans to propose a deal with unions to reduce salaries and working hours at the state-run oil company to help cut a massive debt.

ConocoPhillips, ENAP to Explore for Gas in Southern Chile
Monday, June 13, 2016 Chilean state oil company ENAP signs a deal with ConocoPhillips to explore and eventually exploit gas deposits in the nation's remote southern Magallanes region, a source familiar with the agreement confirms.

Union: Petrobras 24-hour Strike Against Temer Will Not Cut Output
Friday, June 10, 2016 Brazil's main oilworkers' union hold a 24-hour strike as part of nationwide protests against the government of interim-President Michel Temer, attacking his oil policies and seeking the return of suspended President Dilma Rousseff.

Mammoet Prepares for P-76 FPSO Module Integration in Brazil
Wednesday, June 08, 2016 Mammoet prepares for integration of modules for the P-76 FPSO (floating production, storage and offloading) facility in Brazil.

Ecuador Sees Oil Trading Around $50 a Barrel for Rest of 2016
Wednesday, June 08, 2016 Ecuadorean President Rafael Correa predicts the global oil price would hover around $50 a barrel for the rest of 2016, though he also says that would not be enough to relieve the financial strain on the smallest OPEC nation.

US Top Court Rejects Ecuador Challenge to Chevron Arbitration Award
Monday, June 06, 2016 The US Supreme Court lets stand a $96 million international arbitration award issued in 2011 in favor of energy company Chevron in a dispute over the development of oil fields in Ecuador.

Engie Brazil Unit Seeks to Sell Bahia, Maranhao Natgas Blocks
Monday, June 06, 2016 The Brazilian unit of France's Engie SA seeks to sell its natural gas blocks in Brazil's Bahia and Maranhao states as part of a global strategy to focus on renewable energy.

Exxon CEO Says Argentina Shale Investment May Exceed $10B
Friday, June 03, 2016 Exxon Mobil Corp. may invest more than $10 billion in Argentina's Vaca Muerta shale formation in the next decades, Chairman and Chief Executive Officer Rex Tillerson says.