Petrobras plans to invest $102 billion between 2024-2028 under its new strategic plan, up 31% compared to their 2023-2027 plan, aiming to achieve production of 3.2 MMboe/d by the end of the five-year timeframe.
In 2024, energy investors interested in Latin America will likely find the most attractive opportunities linked to developments in Argentina, Brazil, Guyana, Mexico and Venezuela. That’s if they can hold their nerves amid ongoing uncertainties mainly tied to politics in many of the countries.
Amid an all-stock buying bonanza in recent weeks spurred on by Exxon Mobil and Chevron to snatch up shale and international assets, APA remains focused on creating value.
Venezuela’s Vice President Delcy Rodríguez accused Guyana’s president Mohamed Irfaan Ali of following mandates from Exxon Mobil Corp. and the U.S. Southern Command regarding the small English-speaking country’s claims to the disputed Essequibo territory located between the two South American countries.
Chevron’s recent $53 billion all-stock deal to acquire Hess Corp. will boost the company’s portfolio in Latin America, a former Chevron executive told Hart Energy.
Petrobras reported a near double digit rise in combined production in the third quarter 2023 to 2.88 MMboe/d, owing to better operating performance, new wells and the ramp-up of various offshore platforms.
TotalEnergies SE CEO Patrick Pouyanné believes recent exploration successes in South America and Africa hold potential to boost the French company’s production and cash flow.
Hess Corp.’s combined oil, gas and NGL production from onshore Bakken in this year’s third quarter is close to reaching its peak of 200,000 boe/d.
Chevron’s $53 billion all-stock deal for Hess Corp. will see the California oil giant team up with its Texas counterpart Exxon Mobil to create an American “dream team” in Guyana’s offshore Stabroek Block where production has been rising exponentially each year.
The Guyanese government anticipates its petroleum sector will need at least 150,000 skilled laborers over the next two to five years to meet this demand.