Production News for South America


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OPEC Expected to Cut Oil Output
Wednesday, November 28, 2018 OPEC and its allies will announce production cuts to check a slump in oil prices when they meet next week, according to a Bloomberg survey.

OPEC+ Said to Weigh Bigger Production Cut
Thursday, November 15, 2018 OPEC+ is considering cutting oil output by more than the 1 million barrels a day Saudi Arabia proposed earlier this week, according to people familiar with the matter.

NOPEC to Take Gloves Off, Production Cuts In 2019?
Wednesday, November 14, 2018 OPEC, in cooperation with Russia, are currently discussing the option to put another production cut in place.

Saudis See Need for Producers to Cut 1MM Barrels
Monday, November 12, 2018 Saudi Arabia expresses the need for oil producers to cut 1 million barrels a day from October levels.

Vaca Muerta Shale Output Projection Revised
Friday, October 26, 2018 YPF SA will produce more oil and gas than originally planned over the next five years as shale output from the Vaca Muerta formation picks up, according to the Argentine producer's top two executives.

OPEC Could Cut Production in 2019
Thursday, October 25, 2018 OPEC signaled it could cut output in 2019 due to concerns about rising oil inventories and economic uncertainty.

Petrobras FPSO Achieves First Oil
Wednesday, October 24, 2018 The Petrobras-operated FPSO P-69 is now producing at the Lula Extrema South in Brazil's offshore Santos Basin.

OPEC in Maximum Production Mode
Tuesday, October 23, 2018 Saudi Arabia says OPEC and allies are in a 'produce as much as you can mode'.

IEA Urges OPEC to Open Taps as Oil Markets Enter 'Red Zone'
Tuesday, October 09, 2018 The International Energy Agency made a direct appeal to OPEC and other major oil producers to boost output.

YPF Is Said to Shut Gas Wells as Argentine Economy Flops
Tuesday, October 02, 2018 YPF is closing the tap on some of its natural gas wells as the nation's second recession in three years curbs demand, according to sources.

OPEC Output Edges Higher
Tuesday, October 02, 2018 OPEC production rose last month as deepening losses in Iran due to looming US sanctions were countered by other members.

OPEC's Barkindo: Oil Demand To Hit 100 MMbpd Sooner Than Projected
Wednesday, September 05, 2018 World oil consumption will reach 100 million barrels per day later this year, hitting that level much sooner than previously forecast, OPEC's Barkindo says.

Reuters Survey: OPEC August Oil Output Hits 2018 High Despite Iran Losses
Friday, August 31, 2018 OPEC oil output has risen this month to a 2018 high as Libyan production recovered and Iraq's southern exports hit a record, a Reuters survey found.

OPEC+ Committee: Oil Producers Cut July Output By 9% More Than Agreed
Monday, August 27, 2018 An OPEC and non-OPEC monitoring committee found that oil producers participating in a supply-reduction agreement cut output in July by 9% more than called for in their pact, sources say.

Saudi Cuts Oil Output As OPEC Points To 2019 Surplus
Monday, August 13, 2018 OPEC forecast lower demand for its crude next year as rivals pump more and said top oil exporter Saudi Arabia, eager to avoid a return of oversupply, had cut production.

OPEC Oil Output Climbs as Saudi Arabia Pumps Near Record
Thursday, August 02, 2018 OPEC's crude output increased last month as Saudi Arabia pumped near-record volumes.

Reuters Survey: OPEC July Oil Output Hits 2018 Peak, But Outages Weigh
Monday, July 30, 2018 OPEC oil output has risen this month to a 2018 high as Gulf members pumped more after a deal to ease supply curbs and Congo Republic joined the group, a Reuters survey found.

Offshore Guyana Block Could Require Five FPSOs
Monday, July 23, 2018 The estimated recoverable resources for the Stabroek Block offshore Guyana has risen by at least 25%.

Saudi Aramco CEO Says Has 2 Million Barrels Per Day Of Spare Capacity
Monday, June 25, 2018 Oil giant Saudi Aramco says it has a spare capacity of 2 million barrels per day and can meet additional oil demand in case of any interruption in supplies.

WoodMac: New Regulations to Help Boost Brazil's Pre-Salt Oil Production
Wednesday, June 20, 2018 A new report by Wood Mackenzie finds that Brazil's new local content policy can speed up the deployment of FPSO units.

Sources: US Asks OPEC Producers To Pump More Oil, No Specific Figure
Tuesday, June 05, 2018 The US government has unofficially asked Saudi Arabia and some other OPEC producers to raise oil output.

OPEC's Reason for Sticking With Cuts Rests on Shaky Ground
Wednesday, May 02, 2018 OPEC and Russia seem determined to keep on cutting production even after their campaign to rebalance world oil markets achieved its main target.

UAE Says Most Countries In Oil Cut Deal Like Idea Of Long-Term Alliance
Thursday, April 12, 2018 A majority of the OPEC and independent oil producers participating in a current deal to cut supply like the idea of a long-term producers' alliance, the energy minister of the United Arab Emirates says.

Chile's ENAP, Argentina's YPF Inaugurate $354MM Offshore Gas Project
Wednesday, April 04, 2018 The state-run energy firms of Chile and Argentina said they had inaugurated a $354 million project to increase production of natural gas.

Ecuador Seeks $800MM Investment In Oil And Gas Bid
Wednesday, March 14, 2018 Ecuador launches a bidding round for foreign companies to develop oil and gas reserves.

Down Is Up as Aging Oil Fields Defy Gravity to Pump More
Friday, March 09, 2018 Bob Dudley has never seen anything like what happened with BP's old fields last year: They gushed more crude.

IEA: Surge In Global Oil Supply May Overtake Demand In 2018
Tuesday, February 13, 2018 The rise in global oil production, led by the US, is likely to outpace growth in demand this year, IEA says.

ExxonMobil's Reserves Jump 19% On Growth In US Shale, UAE
Friday, February 09, 2018 ExxonMobil says its oil and gas reserves surged 19% last year, thanks to growth in US shale, the United Arab Emirates and Guyana.

Canada's Frontera Suspends Work At Colombia Oilfield After Attacks
Monday, February 05, 2018 Frontera Energy has suspended operations at its Cubiro oilfield in northeastern Colombia after threats and attacks against workers, the company said.

Crisis-Hit Venezuela's Oil Output Plummets In 2017 To Decades Low
Thursday, January 18, 2018 Venezuela's crude oil production fell nearly 13% last year, according to figures released by OPEC.

Petrobras Reaches Deal With Modec For Libra Platform
Monday, December 18, 2017 Brazil's Petroleo Brasileiro SA has closed a deal with Japan's Modec Inc, which will build and operate a platform for oil production in the nation's Libra block.