LatAmOil - Latin America Oil & Gas
Venezuela opens for business, but investors weigh promise against reality
Reforms to oil, mining and financial laws have accelerated since the fall of Maduro, but legal ambiguity, institutional weakness and unresolved questions over democracy are tempering enthusiasm among investors, Orinoco Research says.
Colombia signals readiness to resume power exports to Ecuador amid policy standoff
Colombia said it is prepared to resume electricity exports to Ecuador, though any restart depends on decisions by President Daniel Noboa’s government, according to statements by the energy ministry
Colombia advances Venezuela gas import plan as pipeline talks progress
Colombia is moving forward with plans to import natural gas from Venezuela after a meeting between the Ministry of Mines and Energy, Ecopetrol and PDVSA outlined a roadmap to define commercial terms and restore key infrastructure
NFE locks Brazil LNG deal
New Fortress Energy said its Brazil unit has signed a long-term lease and capacity agreement for the Terminal de Gás Sul LNG import facility in Santa Catarina, with operations under the contract set to begin in August 2026.
Shell Brasil tops output mark
Shell Brasil exceeded 500,000 barrels of oil equivalent per day on March 24, reaching 502,200 boed, country head Cristiano Costa said in a social media post.
Argentina energy surplus seen topping $15bn as shale boom reshapes economy
Argentina’s energy sector could generate a surplus exceeding $15bn in 2026, driven by rising output from the Vaca Muerta shale formation, lower imports and favourable global prices, analysts and international banks said.
Phoenix to invest $6bn in Argentina shale under Milei incentive scheme
Oil producer Phoenix Global Resources, backed by Switzerland-based Mercuria Energy Group, plans to invest about $6bn in Argentina’s Vaca Muerta shale formation and will apply to the government’s large investment incentive programme.
US allows Russian oil cargo to Cuba on ‘humanitarian’ grounds, not policy shift
United States officials said on March 30 that Washington’s decision to permit a Russian oil tanker to reach Cuba was a one-off humanitarian measure rather than a change in sanctions policy
Cubans welcome Russian oil tanker but say supplies fall short
Cuba is preparing to receive a 730,000-barrel Russian crude shipment at its Matanzas port by March 31, offering limited relief to an energy crisis marked by recurring blackouts and fuel shortages.
Colombia to host global talks on fossil fuel phase-out with key producers
Colombia will host a global meeting in Santa Marta from April 24 to April 29 bringing together 45 countries, including major fossil fuel producers, to advance discussions on phasing out oil, gas and coal, Environment Minister Irene Torres said.
Colombia to host 45-nation summit aimed at advancing fossil fuel phase-out
Colombia will host a global summit in Santa Marta from April 24 to 29 bringing together 45 countries to push forward efforts to phase out fossil fuels and accelerate the energy transition, President Gustavo Petro confirmed
Brazil cushioned as oil shock hits
Brazil is limiting the impact of oil market volatility linked to tensions involving Iran, the United States and Israel, supported by a fuel system that allows drivers to switch between ethanol and petrol.
Brazil taps Fugro for wind study
Brazil’s Petrobras has awarded a contract to Fugro to carry out geotechnical investigations for a planned offshore wind pilot project.
Brazil moves to ease airline fuel shock
The Brazilian government has introduced measures to limit the impact of higher aviation kerosene prices on airlines, including an emergency credit line funded by the National Civil Aviation Fund, as oil prices rise amid tensions in the Middle East.
Colombia oil output steady above baseline despite reserve concerns, ANH says
Colombia’s crude production has remained stable and above technical benchmarks in early 2026, the Agencia Nacional de Hidrocarburos (ANH) said on March 30, even as concerns persist over declining reserves and the strategic direction of Ecopetrol
Colombia sets rules for clean energy auctions to draw investment
Colombia has established a regulatory framework for long-term clean energy auctions aimed at attracting investment and stabilising electricity prices, the Ministry of Mines and Energy said
Colombia's Ecopetrol folds solar unit into core structure to deepen renewables push
Colombia’s Ecopetrol said on March 30 that shareholders approved the absorption of its subsidiary Parque Solar Portón del Sol, consolidating renewable assets as part of its energy transition strategy
Guyana's Stabroek output hits record 918,000 b/d in February as million-barrel threshold nears
Colombia's Ecopetrol cuts dividend as profit allocation shifts toward reserves
Ecopetrol’s shareholders approved a dividend of COP121 ($0.032) per share for 2025 earnings at a meeting on March 27, marking a sharp reduction from prior years as the state-controlled oil group redirects a larger share of profits to reserves
Pemex crude exports jump 76% m/m in February as oil price surge opens new revenue window
Uruguay raises fuel prices 7% as government cushions global oil surge
Uruguay will raise fuel prices by an average of 7% from April, the government said on March 27, opting to absorb part of a sharp rise in global crude costs rather than pass the full burden onto consumers.
Former Chevron executive targets Patagonia oil fields as foreign investment returns to Argentina
Energy investor Ali Moshiri, a former regional president of Chevron and an early backer of Argentina’s Vaca Muerta shale development, is returning to the country to acquire conventional oil assets in Patagonia.
Fitch assigns ‘BB-’ rating to Vista Argentina bonds on growth outlook
Fitch Ratings has assigned a ‘BB-’ rating to proposed senior unsecured notes by Vista Energy Argentina S.A.U., as the oil and gas producer seeks funding to support acquisitions and expand operations.
Guyanese crude production spikes in February
Guyanese crude production reached a record 918,000 barrels per day in February 2026, stemming from optimisation gains across ExxonMobil's offshore Stabroek Block operations.
US court rules in favour of Argentina in YPF case
A US federal appeals court has struck down a $16.1bn judgment against Argentina stemming from the 2012 expropriation of oil company YPF.
Guyana to play pivotal role in lifting Chinese CNOOC's reserve levels
Chinese national oil company CNOOC has outlined its oil production and reserves targets for 2026, with its Guyana operations positioned as a critical driver of growth as the company seeks to expand output and replace reserves.
China demands US lift Cuba blockade as Russian tanker docks at Matanzas with 730,000 tonnes of crude
China called for an immediate end to the US oil blockade on Cuba, as a Russian crude carrier arrived at the island's principal oil terminal and President Donald Trump signalled he would not obstruct such shipments
Brazil Wahoo output ramps up
Brazilian oil and gas company PRIO has started output from a second well at its Wahoo field in the Campos Basin, days after bringing the first well onstream.
Brazil's Petrobras finds new pre-salt oil, also to drill in Equatorial Margin
Petrobras said it has identified a new oil accumulation in the pre-salt of the Campos Basin after drilling an exploratory well in the Alto de Cabo Frio Central block.
Colombia's debt hits 26-year high at 64.4% of GDP as risk premium diverges from regional peers
Chevron, QatarEnergy enter Uruguay offshore blocks
Both companies joined existing projects in the Pelotas basin through agreements with Shell, which remains operator of the blocks
Brazil plant drives offshore push
NOV, a Houston-based company tha provides oilfield equipment and technologies, said it will invest $200mn to expand its subsea flexible pipe plant in Açu, Brazil, aiming to increase capacity to meet offshore demand linked to deepwater projects.
Brazil backs new offshore drilling
Petrobras has renewed an environmental licence to drill the Mãe de Ouro well in the Potiguar Basin, offshore Rio Grande do Norte, allowing three wells to be explored in the area.
US-backed firm acquires Vaca Muerta assets as Argentina seeks to boost investment
An Argentine oil and gas asset transfer to a US-backed company is set to deepen foreign participation in the Vaca Muerta shale formation.
Venezuela oil overhaul faces investor scepticism despite US push
US officials say control over Venezuela’s oil revenues will help keep Caracas aligned with global partners until elections are held
Argentina allows higher ethanol blend to ease fuel price pressure after oil surge
Argentina’s government said on March 27 it will permit fuel producers to voluntarily increase ethanol blending in gasoline to up to 15%, as authorities seek to mitigate rising fuel costs driven by higher global oil prices and geopolitical tensions.
YPF forecasts $50bn annual energy exports by 2031 on LNG push
Argentina’s state-run energy company YPF expects the country’s energy exports to reach around $50bn annually from 2031, driven mainly by liquefied natural gas (LNG) sales, Chief Executive Horacio Marín said.
Venezuela and Texas representatives seal oil pact to boost production from 2026
The Venezuelan government and Texas oil businessmen have formalised a bilateral energy agreement set to take effect in 2026
Spain court drops Betancourt probe after Venezuela clears PDVSA loan
Spain’s National Court has shelved its investigation into Venezuelan businessman Alejandro Betancourt, concluding there is no evidence of money laundering linked to funds from state oil company PDVSA, EFE reported
Argentina wins reprieve in $16bn YPF case but legal battle set to run until 2027
A US appeals court has overturned a $16.1bn judgment against Argentina over the 2012 nationalisation of energy firm YPF, offering a significant legal respite for the South American country and prompting a strong political response from Milei.
Russia delivers first oil cargo to Cuba, after Trump signals easing of embargo
A Russian oil tanker has delivered the first crude shipment to Cuba in more than three months, after US President Donald Trump signalled he would allow supplies to reach the island despite an effective fuel blockade imposed earlier this year.
Venezuela oil output reaches 1.1mn bpd as US exports jump
Interim President Delcy Rodríguez disclosed the data during a virtual address to a conference in Miami on March 25, pointing to a recovery in output that includes condensate and natural gas liquids
Venezuela rebukes Machado’s energy sector privatisation plan
In a statement, authorities pushed back against a proposal unveiled by Machado in the US, where she argued that state control should be dismantled in favour of a model in which private actors dominate
PDVSA deploys teams after dual pipeline leaks near Cardón refinery
The first incident occurred on late March 25 in the Carirubana municipality, where a rupture in the LOL pipeline caused a spill described as “moderate”
Bolivia faces gas supply crunch as output slides and import risk looms
Bolivia’s natural gas sector is entering a critical phase, with declining production raising the prospect that the country may need to import fuel within the next five to six years to meet domestic demand.
Trump allows Russian oil tanker to dock in Cuba but warns island is "next" after Iran
The United States has allowed a Russian government-owned oil tanker to break its own blockade of Cuba, delivering the fuel-starved island its first significant energy shipment in three months.
Latin America re-emerges as key energy player amid Middle East conflict and Venezuela shift
Latin America policies, output in flux
Latin American markets are still being reshaped by escalating conflict in the Middle East, with disruptions to key supply routes affecting oil production strategies, trade flows, public finances and transport costs.
Brazil diesel crisis deepens as Middle East war hits hard
Brazil's diesel supply crisis has escalated sharply as private fuel importers halted foreign purchases and government subsidies proved insufficient to bridge a record price gap with international markets.
Bolivia taps Brazil as energy lifeline
Bolivia is seeking to reposition Brazil as a cornerstone economic partner as it attempts to reverse declining hydrocarbon output and attract fresh investment into its struggling energy sector.
Argentina’s Neuquén plans more Vaca Muerta licensing as region lags behind Permian basin in drilling costs
Neuquén province, where most of Argentina’s Vaca Muerta shale the formation is located, is preparing to launch a new hydrocarbons licensing round on August 19.
US weighs broader sanctions relief on Venezuela as oil companies reassess
The Trump administration is mulling easing restrictions on Venezuela’s oil industry as it seeks to temper a sharp rise in global crude prices
Brazil's Petrobras leads oil majors in market value surge
Brazilian state-owned oil company Petrobras has emerged as the world's best-performing major oil company by market capitalisation since the outbreak of the Iran conflict
Brazil Mero field wins new rig
Foresea has secured a $465mn contract with Petrobras to provide the drillship ODN I for operations at the Mero pre-salt field. The agreement follows a tender for a rig to support development drilling in the Santos Basin.
Brazil diesel supply under strain
Argentina targets 1.5mn bpd output by 2031, up to $45bn in energy exports
Argentina is on track to surpass 1mn barrels per day (bpd) of oil production by December and reach more than 1.5mn bpd by 2031, while potentially generating up to $45bn in annual energy exports.
US-backed firm JPM Energía enters Vaca Muerta with asset purchase from Pluspetrol
US-backed JPM Energía has entered Argentina’s Vaca Muerta shale formation after acquiring stakes in two oil and gas blocks from Pluspetrol, marking its first move into hydrocarbon production in the country.
Renewables draw 15% of Colombia FDI projects as clean matrix underpins appeal
Renewable energy accounted for about 15% of foreign direct investment projects in Colombia in 2025, reflecting rising investor interest in the country’s energy transition, according to a report by ProColombia published on March 26.
Cuba seeks US dialogue as UN floats $94mn aid plan amid fuel crisis
Cuba is in early-stage talks with the United States as the United Nations advances a $94.1mn (€81.4mn) emergency plan to sustain critical services amid a deepening fuel shortage, officials said
Ecuador tariff surge disrupts Colombia oil flows from Putumayo, raising costs
Colombia’s oil producers operating in Putumayo are rerouting crude flows after Ecuador raised transit tariffs by 900% and closed a key border crossing, sharply increasing logistics costs and disrupting established export routes
Chile to lift fuel prices up to 54% as inflation outlook worsens and rate cut bets fade
Chile is set to sharply increase regulated fuel prices, in a move that could accelerate inflation, shift monetary policy expectations and intensify pressure on households and transport operators already facing weak economic growth.
Colombia gas import dependence raises midstream infrastructure strategic value, Fitch says
Colombia's declining domestic gas production and increased LNG import reliance have elevated midstream infrastructure's strategic importance whilst regulated pass-through mechanisms support stable credit profiles
Halliburton, ExxonMobil claim industry first in fully automated well placement off Guyana
Brazil’s Lula pitches Petrobras-Pemex Gulf of Mexico tie-up and vows to buy back Bahia refinery
Lula da Silva said has proposed a partnership between state-owned oil company Petrobras and Mexico's state-owned Pemex to explore oil in the Gulf of Mexico, while also pledging to recover a major refinery in Bahia state sold under his predecessor.
Norway’s Equinor starts drilling at $9.0bn Raia gas project off Brazil
Equinor has begun drilling at its Raia natural gas project in the pre-salt Campos Basin off Brazil, marking the start of a six-well campaign at what the company describes as its largest project under execution and its deepest water depth operation.
Brazil's Prio on track for 40,000 bpd at Wahoo field by end of April
Prio said its first producing well at the Wahoo field in the Campos Basin had reached stabilised output of 12,000 barrels of oil per day (bpd), with the remaining wells on track to bring total field production to 40,000 bpd by the end of April.
Brazil offshore group beats outlook
Constellation Oil Services reported adjusted EBITDA of $233mn for 2025, 37% above its guidance, supported by high fleet use and contract terms.
Continental chief urges Argentina to avoid investment barriers as Vaca Muerta grows
The chief executive of Continental Resources said the company is strengthening its presence in Argentina’s Vaca Muerta shale formation, highlighting its global potential and calling on policymakers to avoid measures that could deter investment.
Argentina holds fuel taxes steady despite oil price surge
Argentina’s government has ruled out cutting fuel taxes despite a roughly 15% increase in petrol and diesel prices in March, prioritising fiscal surplus targets while considering delaying planned tax hikes, according to officials.
Chile adjusts fuel price mechanism as global oil surge drives sharp increases
Chile is facing a steep rise in fuel prices as the government of President José Antonio Kast moves to recalibrate its stabilisation framework amid mounting global energy pressures.
Argentina to propose easing foreign ownership limits on rural land to attract investment
Guyana on track to largest oil-producing vessel in its history
ExxonMobil Guyana has submitted a proposal to increase production at its Yellowtail offshore development, establishing the project as Guyana's largest producing asset to date.
Colombia’s gas import dependence deepens as supply gaps loom
Colombia is set to deepen its reliance on imported natural gas as declining domestic output and delayed upstream projects tighten supply
Colombia's Ecopetrol board backs embattled chief executive as union threatens national strike
Ecopetrol's board of directors resolved on March 24 to retain president Ricardo Roa Barragán despite mounting pressure from the oil workers' union, minority shareholders and opposition legislators, the company disclosed in an official statement
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