LatAmOil - Latin America Oil & Gas
Fuel shortages and plant failures leave two-thirds of Cuba in the dark
Cuba's electricity deficit reached a critical 67% during peak hours on December 9, leaving two-thirds of the island without power as fuel shortages and ageing infrastructure pushed the National Energy System to breaking point
US seizes tanker carrying Venezuelan oil in unprecedented escalation
The US has seized an oil tanker carrying Venezuelan crude off the country's coast, President Donald Trump announced on December 10, in a move that sent oil prices higher and ratcheted up tensions between Washington and Caracas.
Colombia's gas reserves fall to 5.9-year low as Canacol seeks insolvency protection
Colombia's proven natural gas reserves declined to 5.9 years of consumption in 2024, the lowest level in two decades, whilst second-largest producer Canacol Energy's insolvency crisis threatens 10.2% of national supply
US seizure of tanker carrying Venezuelan crude escalates standoff with Maduro
The United States seized an oil tanker off Venezuela in international waters, President Donald Trump told media on December 10, describing the vessel as “a big tanker, a very big one—the biggest ever seized, in fact.”
Venezuela to donate first gas shipment to Colombia, says Maduro
Venezuela will deliver its first shipment of gas to Colombia as a donation aimed at supporting border communities, President Nicolás Maduro announced
Rockhopper and Navitas confirm FID on Falkland Islands' Sea Lion field
Rockhopper Exploration and operator Navitas Petroleum have approved their final investment decision on the Sea Lion field offshore the Falkland Islands. This marks a pivotal milestone for a project that has missed FID deadlines repeatedly since 2016.
Challenger Energy welcomes Uruguay seismic permits
The Isle of Man–based company said the Uruguayan Ministry of Environment had authorised several seismic contractors to begin data acquisition in national waters, including permission to carry out 3D seismic surveys over the AREA OFF-1 block
US seizure of Venezuelan tanker escalates standoff with Maduro
Trump offered no details on the ship’s destination or cargo but warned that “there are other things happening, you’ll see them later”
YPF achieves oil output efficiency milestone in Argentina using groundbreaking fracking technology
Argentine national oil company YPF has achieved a breakthrough in Vaca Muerta development efficiency, completing 22 fracturing stages in 24 hours at the Aguada del Chañar area using dual simultaneous fracturing technology.
The Hague settles three-decade battle between Ecuador and Chevron
A European court ruling has resolved a three-decade legal battle between Ecuador and Chevron, slashing the South American nation's liability from $3.35bn to $220mn.
Mexico federal government transferred $21.2bn to Pemex from January to October, exceeding budget by $13.7bn
Between January and October, Mexico's federal government transferred MXN386bn to Petróleos Mexicanos (Pemex), the largest amount recorded for a comparable period, to support the financial situation of one of the world's most indebted oil companies
Brazil’s prosecutors seek to suspend Petrobras Amazon oil licence over fishing concerns
Brazil's Federal Public Prosecutor's Office has filed a lawsuit seeking immediate suspension of state-owned energy major Petrobras' licence to drill for oil in the Amazon River estuary, arguing the authorisation failed to protect fishing communities
Brazil's PPSA to auction 106.5mn barrels of pre-salt oil in 2026
Brazil's state-owned oil commercialisation company PPSA will auction 106.5mn barrels of pre-salt oil on 29 July 2026, while projecting the government could collect BRL1.0 trillion ($184bn) in revenue from the pre-salt layer over the next decade.
Brazil's gas market transformation accelerates as production set to double by 2035
Brazil's natural gas sector is undergoing a dramatic transformation, with industrial consumers migrating to a liberalised market at a record pace while the government projects domestic production will double by 2035.
Brazil's industrial gas market hits 13.3mn cubic metres per day as liberalisation drives migration
razil's natural gas market liberalisation has driven 13.3mn cbmd to migrate from traditional distribution channels to the free market, with ceramics and steel industries leading the shift, a report by Wood Mackenzie said.
Brazil's Lula orders fossil fuel exit roadmap after COP30 push fails
Brazilian President Luiz Inacio Lula da Silva has ordered his cabinet to draft a national roadmap for reducing dependence on fossil fuels, following his unsuccessful attempt to secure a global agreement on the issue at last month's UN climate summit.
Brazil’s Petrobras fast-tracks new output
Petrobras expects to begin output at the Sudoeste de Tartaruga Verde block in roughly two years, the company’s head of exploration and production, Sylvia Anjos, said.
Platforms get second life in Brazil’s Petrobras shift
Petrobras has opened a tender to refurbish and reuse the topside units of its decommissioned P-35 and P-37 platforms in the Campos Basin, the company said.
Petrobras, Shell acquire Brazil pre-salt stakes for $1.6bn as Tupi receives no bids
A consortium formed by Brazil’s state-owned oil major Petrobras and Shell won two of three areas offered in an unprecedented auction of the Brazilian government's stake in producing pre-salt blocks, raising BRL8.8bn ($1.6bn) for the Treasury.
Brazil debuts fully domestic SAF supply
Brazil’s state-controlled oil producer Petrobras has started commercial supply of sustainable aviation fuel fully produced in the country.
Colombia's Ecopetrol steps up exploration in hunt for new gas
Colombian state energy company Ecopetrol secured regulatory approval to drill two natural gas exploration wells in the prolific Llanos Foothills basin as the nation confronts a projected 560mn cubic feet per day supply gap by 2030
Ghana's Cybele Energy pens exploration deal in Guyana
Guyana's offshore oil sector is expanding its international appeal, with Ghana-based Cybele Energy Limited set to sign a petroleum agreement on December 9 for shallow-water Block S7.
Trump’s new Monroe Doctrine push puts Venezuela’s oil future at centre of market risks
Wood Mackenzie analysts said Venezuelan output could recover relatively quickly if operational support and financing improved
US pressure on Maduro revives trading frenzy in Venezuela’s defaulted PDVSA bonds
Escalating US pressure on Nicolás Maduro’s government has reignited investor attention on Venezuela’s long-defaulted sovereign and oil company debt
US threat spurs potential Venezuela supply shock, lifting heavy crude prices
A potential US military intervention in Venezuela could materially lift global oil benchmarks by removing a significant source of heavy crude from the market, according to analysis from Rystad Energy
YPF to make FID on Argentina's first major LNG project by mid-2026
Argentina's national oil company YPF expects to reach a final investment decision on its $20bn Argentina LNG project by mid-2026, potentially positioning the country as a major force in global gas markets.
Chile's ENAP inks deal to receive Argentine shale oil through 2033
Chile's national oil company, ENAP, has secured an eight-year supply agreement with Argentine counterpart YPF and partners Shell, Equinor, and Vista for Vaca Muerta shale oil exports.
New Fortress Energy and Puerto Rico finalise seven-year LNG deal
US LNG developer New Fortress Energy has received final approval from Puerto Rico authorities to conclude a seven-year LNG supply deal.
Mexico’s Pemex still struggles to maintain oil output amidst structural, operational pressures
Pemex's crude output has continued to struggle throughout 2025, marking the lowest annual production levels since 2018 and highlighting structural and operational pressures facing Mexico's state-owned oil company.
Vitol to supply Colombia’s new LNG import terminal
Energy and commodity trader Vitol is expected to supply Colombia’s new LNG import terminal on its northern Caribbean coast.
YPF expects FID for Argentina LNG by mid-2026
Argentina LNG could be a gamechanger for the South American country providing it with sustained dollar revenues and shift it to an LNG exporter from an importer.
Brazil pushback hits mega-merger
Brazil’s main oil operators have pressed antitrust authority Cade to take a harder line on the planned merger between Subsea7 and Saipem, according to industry submissions.
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