Oil And Gas

Brazilian national oil company Petróleo Brasileiro SA, aka Petrobras, managed to avoid expensive LNG imports during the first quarter amid historically high reservoir levels at the country’s hydroelectric dams. The majority state-owned firm sourced 63% of its gas supply from domestic production and 37% via pipeline imports from Bolivia during the first quarter. In 1Q2022,…

Executives at Argentina’s state oil and gas firm YPF SA in an earnings call acknowledged the difficult economic environment in the country but said upstream plans remained unchanged. Hydrocarbon production hit 511,000 boe/d in the first quarter of 2023, up 1% year/year. Shale oil and natural gas led the way, mainly from the Vaca Muerta…

Mexico’s private oil and natural gas industry has made major strides adding reserves and production since the sector was opened to non-state firms in 2014. The most recent major announcement was German company Wintershall Dea’s Kan-1 discovery. Wood Mackenzie Latin America analyst Adrian Lara said the discovery “is one of the largest in Mexico’s shallow…

Oilfield services (OFS) companies continue to report steady growth in revenue and upstream activity throughout Latin America, with onshore and offshore operations each playing a role. Halliburton Co. reported a 40% year/year increase in Latin America revenue to $915 million during the first quarter. The growth was “due primarily to increased well construction services and…

The U.S. natural gas rig count climbed two units to 161 for the week ended Friday (April 28), while a mix of regional activity changes left the domestic oil drilling count unchanged at 591, according to the latest figures from Baker Hughes Co. (BKR). The combined domestic rig count ended the period two units higher…

A consortium led by Germany’s Wintershall Dea has made a “significant oil discovery” at the Block 30 exploration license in shallow waters off Mexico’s southeastern coast, the company said.  Preliminary estimates indicate the Kan exploration prospect may contain 200-300 million boe of oil and gas in place, the company said.  Wintershall Dea holds a 40%…

Languishing U.S. natural gas prices have led SLB Ltd. to revise the North American outlook for 2023, CEO Olivier Le Peuch said Friday. The No. 1 oilfield services company is “primed” for growth and margin expansion this year, but the gains are likely to be led by a “very solid international outlook,” Le Peuch said…

Mexico hasn’t paid enough attention to its rich natural gas resources, Gustavo Hernández, one of Mexico’s most experienced petroleum engineers and executives, told NGI Mexico GPI. He suggested an incentives program to kickstart natural gas production.  Hernández has a long and distinguished career in the national and international energy industry. He currently serves as President…

The U.S. natural gas rig count eased one unit lower to finish at 157 for the week ended Friday (April 14). A two-rig decline in oil drilling lowered the combined domestic tally to 748, down three units week/week, according to the latest figures from Baker Hughes Co. (BKR). Domestic declines for the period reflected a…