HOUSTON, TEXAS (Editors at Energy Analytics Institute, 7.Mar.2025) — LatAm and other NRG highlights, headlines and “heard on the street,” for the week ended 7 Mar. 2025.
—Argentina: The divestment of assets by IOCs in Argentina, such as those announced by Norway’s Equinor and the US’ ExxonMobil Corporation, points to increased mkt opportunities for domestic players that are accustomed to dealing w/ the political uncertainties as well as economic issues like inflation and currency controls and financial issues like getting money out of Argentina.
—Guyana: The gov’t of Guyana is getting increasingly worried about Venezuela’s plans to hold elections in Guyana’s Essequibo region, which Venezuela claims as its own. This, after the Venezuelan Coast Guard recently crossed into Guyana’s exclusive economic zone.
—Mexico: Mexico’s Secretary of Economy Marcelo Ebrard’s recent foreign direct investment (FDI) in Mexico video on social media still includes Mexico Pacific Ltd‘s planned $15bn FID in Saguaro Energía LNG Phase 1 (15 MTPA) as well as Talos Energy‘s planned investments but excludes Sempra Infrastructure‘s $3.55bn ongoing investments in 2 projects in Baja California: Energía Costa Azul (ECA) Phase 1 and the Cimarrón wind park.
—Mexico: Mexico Pacific Ltd, which has the backing of private equity firm Quantum Capital and which has plans to develop the 30 MTPA Saguaro Energia LNG project (Phase 1: 15 MTPA, and Phase 2: 15 MTPA) on Mexico’s Pacific Coast, has an eye on cutting salaries as a way to reduce expenses. Layoffs have yet to officially be announced in Houston and Singapore but Mexico Pacific’s decision to move its main office from Houston to Polanco in Mexico City has raised some eyebrows.
—Venezuela: The administration of US president Donald Trump is said to be looking to pressure other IOCs still in Venezuela to quit the country. This, after the US Office of Foreign Assets Control (OFAC) issued General License No. 41A to Chevron Corporation, which stipulates the US co. wind down operations by 1 Apr. 2025. IOCs w/ an ongoing presence in the OPEC country include Spain’s Repsol, Italy’s Eni, and France’s Maurel & Prom.
—Venezuela: The departure of Chevron Corporation from Venezuela on 1 Apr. 2025 will open the door for other operators w/ a presence in the OPEC country including cos. from China and Russia, among smaller Venezuelan producers and state-owned PDVSA to take over operations handled by 4 Chevron JVs which produced an avg. 242,000 b/d in late-Feb. 2024 or around 27% of Venezuela’s total production.
RELATED: Chevron Venezuela JVs Producing Around 242,000 b/d or 27% of Venezuela’s Production
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By Editors at Energy Analytics Institute. © 2025 Energy Analytics Institute (EAI). All Rights Reserved.
