LatAmOil - Latin America Oil & Gas
Ocean Installer lands Brazil subsea deal
Ocean Installer, a subsidiary of Norway’s Moreld, has secured a contract from Equinor for work on the Bacalhau offshore oil project in Brazil, marking the company’s first award in the country and its entry into the Brazilian subsea market.
Brazil oil output hits fresh high
Brazil’s oil and natural gas production reached a record 5.64mn barrels of oil equivalent per day in April, marking the third consecutive monthly high, according to data released by the National Petroleum Agency (ANP).
Venezuela's Rodríguez visits India to seal Caracas's oil comeback
Behind Delcy Rodríguez's New Delhi visit lies a bigger story: how Venezuela's resurgent oil exports fit into Washington's strategy to wean India off Russian crude.
ExxonMobil AI model finds Guyana's known oilfields with 90% accuracy in exploration breakthrough
Rockhopper advances Falklands' Sea Lion project with first oil targeted for 2028
Rockhopper Exploration said its Sea Lion offshore oil project north of the Falkland Islands moved into the full development phase in 2025 after receiving final sanction and financing, with first oil production targeted for the first quarter of 2028.
TGS targets 2030 start-up for $3bn natural gas liquids project in Argentina
Transportadora de Gas del Sur (TGS) expects its $3bn NGL processing and transportation project in Argentina to enter service by the southern hemisphere winter of 2030.
New York appeals court rejects Burford bid to revive $16bn YPF Argentine expropriation judgment
A US appeals court in New York has rejected an attempt by litigation funder Burford Capital to obtain a further review of a ruling that overturned a more than $16bn judgment against Argentina over the 2012 nationalisation of YPF
Costa Rica tests first agrovoltaic project to expand solar use on farmland
Costa Rica has launched its first experimental agrovoltaic facility, combining crop production and solar power generation on the same plot of land
Fuel shortages deepen Havana waste crisis as rubbish piles up
Havana is facing a worsening waste management crisis as fuel shortages and disruptions to municipal services leave rubbish accumulating across the Cuban capital, affecting public health and sanitation conditions
Canada's Sherritt names interim finance chief amid Cuba sanctions pressure
Sherritt International has appointed long-serving executive Fitzroy Richardson as interim chief financial officer as the Canadian mining company works through financial and regulatory challenges stemming from tighter US sanctions on Cuba
Brazil’s Petrobras joins diesel aid plan
Petrobras’ board has approved the company’s participation in Brazil’s public subsidy scheme for diesel producers and importers, granting payments of BRL1.12 ($0.23) per litre sold for road transport use.
Venezuela taps Hogan Lovells to lead $170bn debt restructuring effort
The total includes defaulted sovereign debt, obligations linked to state-owned oil producer PDVSA, institutional borrowing and accumulated interest built up over recent years
Rodríguez begins India visit as Venezuela seeks deeper energy ties
Venezuelan interim President Delcy Rodríguez arrived in New Delhi on June 3 for a five-day visit centred on strengthening energy cooperation with India, as both countries seek to expand commercial ties amid turbulence in global oil markets
ExxonMobil weighs return to Venezuela as oil opportunity meets financial risks
ExxonMobil is discussing the possibility of securing new oil production rights in Venezuela, a move that could reshape the company’s long-term strategy and mark a return to a market it left years ago following legal disputes
Venezuela Energy Week aims to draw investment for oil expansion
The conference and exhibition is being promoted as the country’s principal platform for global energy investment
Colombian energy firms eye Venezuela as industry rebuild draws interest
Venezuela’s vast hydrocarbon wealth is drawing renewed attention from Colombia’s energy sector following the political changes that followed Nicolás Maduro’s removal
Investor caution persists as Venezuela seeks foreign capital
Companies exploring opportunities in industries ranging from oil and shipping to chemicals and pharmaceuticals remain hesitant to commit funds
Uruguay emerges as offshore exploration hotspot as YPF, majors and independents expand activity
Uruguay is increasingly being viewed as one of the most promising offshore oil frontiers in the Western Hemisphere.
Eight tremors hit Argentina's Vaca Muerta shale region in five days
The town of Añelo in Argentina’s Neuquén province was shaken by eight earthquakes between May 27 and May 31, marking an unprecedented sequence of five consecutive days of seismic activity in the heart of the Vaca Muerta shale formation.
YPF says Argentina LNG project will require $50bn investment
Argentina's state-controlled energy company YPF said its Argentina LNG project will require a total investment of $50bn and is expected to begin development in 2027.
Chevron seeks record $14bn investment in Vaca Muerta under RIGI scheme
Chevron has applied to Argentina’s Large Investment Incentive Regime (RIGI) for a $13.8bn upstream development project in the El Trapial area of Neuquén province.
Mexico's Pemex escapes Moody's downgrade as investors urge the company to tap global bond markets
Moody's has affirmed Pemex's ratings despite recently cutting Mexico's sovereign rating one notch to Baa3, citing expectations of continued strong government support for the state oil company.
Brazil’s Lula says Petrobras close to Equatorial Margin announcement as oil investments mount
Lula da Silva said Petrobras is on the verge of announcing whether commercially viable oil reserves exist in the country's Equatorial Margin while the company separately confirmed a deal with SBM Offshore for two deepwater production vessels.
Peru throws another $2bn into the Petroperu black hole
Peru's new $2bn trust buys operational time for Petroperú but cannot fix a deeper crisis of collapsing governance, union warfare, and looming New York cross-default risks. A deep dive into why financial engineering isn't enough.
Guyana set for major oil revenue increase with higher prices, greater state cost recovery
Guyana could collect about $4.3bn in oil revenues in 2026, a 67% increase from the previous year, if crude prices remain at $100 per barrel through the end of the year.
Chevron sees Venezuela output reaching 250,000 bpd by 2028, ExxonMobil and ConocoPhillips still mulling returning
Chevron Corp. expects to significantly expand its Venezuelan oil production over the next several years as the company positions itself to benefit from a broader reopening of the country’s energy sector.
Brazil on track to exceed pre-salt oil revenue target as Middle East conflict lifts crude prices
Brazil's government had already collected 80% of its full-year pre-salt oil revenue forecast by May, with surging crude prices following the outbreak of the Middle East conflict pointing to a significant overshoot of the original target.
Brazil pushes new offshore frontier
Petrobras has signed agreements with SBM Offshore for two floating production, storage and offloading vessels tied to the Sergipe Deepwater Project, advancing plans to expand oil and gas production off Brazil’s north-eastern coast.
Guyana crude output dips to 903,000 bpd in April but stays near record on four-month average
Guyanese crude output dips lower in April
Guyana's offshore crude oil production averaged 903,000 barrels per day in April 2026, representing a modest monthly decline from 910,000 bpd in March, government data showed.
Guyana poised for massive oil growth amid Strait of Hormuz blockade
The US-Israeli war with Iran has crystallised Guyana's position as a geopolitically indispensable energy source, accelerating an economic transformation that has already established the Caribbean country as the world's fastest-growing economy.
Canada’s Frontera Energy pivots from exploration to LNG
Calgary-headquartered Frontera Energy has completed the divestiture of its Colombian exploration and production assets to Parex Resources.
Venezuela pushes oil investors toward self-generated power amid grid strains
Venezuela is moving to require oil and gas operators to produce their own electricity, a policy designed to shield energy projects from the country’s fragile power network while supporting plans to expand hydrocarbon output
US Treasury custody requirement reshapes fuel payments in Venezuela
Operators must transfer funds to a custody account overseen by the US Treasury and submit proof of payment to PDVSA to maintain uninterrupted access to fuel services at the country’s airports and ports
Venezuela signals new oil investment push as Rodríguez heads to India
Venezuela is preparing to secure fresh capital for its energy industry, with interim president Delcy Rodríguez saying a new round of agreements aimed at expanding crude production is expected to be completed this week before she departs for India
ExxonMobil's Guyana activities are yielding higher output and cost advantages
ExxonMobil's planned eight-vessel floating production, storage and offloading (FPS) network in Guyana's Stabroek Block is creating a critical infrastructure advantage: the ability to develop smaller oil accumulations through low-cost tiebacks.
YPF eyes offshore expansion starting with Uruguay block, CEO says
Argentina's state-owned energy firm YPF is turning its attention to deepwater exploration as it looks to diversify beyond its core onshore business, chief executive Horacio Marin said on June 1.
Canada's Parex becomes Colombia’s largest independent producer after Frontera asset deal
Parex Resources has completed the acquisition of Frontera Energy’s Colombian exploration and production business in a transaction valued at up to $750mn, including assumed debt, strengthening its position
Colombia's Ecopetrol activates contingency plan as union calls 24-hour strike
Ecopetrol activated a nationwide contingency plan on June 2 after the Unión Sindical Obrera (USO), the main union representing workers at Colombia’s state-controlled energy company, called a 24-hour strike
Colombia’s gas output slides as import dependence deepens ahead of El Niño
Colombia’s natural gas production fell 14.2% year-on-year in April to 694mn cubic feet per day (mmcfd) (19.65mn cubic metres per day), increasing the country’s reliance on imported fuel just as forecasts point to the arrival of El Niño
Canada's NG Energy boosts Colombia gas output after Maria Conchita well starts production
NG Energy International increased natural gas production in Colombia after bringing its Aruchara-5 development well online at the Maria Conchita block, lifting combined company output to about 23.2 MMcf/d net
Canada's Gran Tierra expands Colombia footprint with Tisquirama stake deal
Gran Tierra Energy has completed the remaining requirements under an agreement with Ecopetrol that will allow it to earn a 49% working interest in the Tisquirama block in Colombia’s Middle Magdalena Valley Basin
Colombia's Ecopetrol begins sulphur exports as Cartagena plant expands reach
Colombia's Ecopetrol is set to export its first containerised sulphur shipment in June from its Cartagena refinery, marking a new outlet for by-products generated at the 200,000-barrel-per-day facility
CEO of Grupo Energía Bogotá predicts that Colombia will be an importer of Argentine LNG
Colombia is likely to become a buyer of Argentine liquefied natural gas (LNG) once exports from the Vaca Muerta shale formation begin, potentially from late 2027, as the country faces a growing dependence on imported fuel
Colombia LPG consumption rises as industrial demand drives growth
Colombia's liquefied petroleum gas (LPG) consumption increased 7.6% in 2025, supported by stronger demand from industrial and commercial users, while the fuel continued expanding its role in energy access across the country
Greenpeace files complaints against Pemex over Gulf of Mexico oil spill and alleged cover-up
Greenpeace México has filed two formal complaints against Pemex over the Gulf of Mexico oil spill that contaminated more than 1,100 km of coastline across Tabasco, Veracruz and Tamaulipas, accusing the state oil company of environmental damage.
Offshore works begin in Argentina's Río Negro for Vaca Muerta oil export project
Offshore construction has begun off the coast of Sierra Grande in Argentina’s Río Negro province as part of the Vaca Muerta Oil Sur project marking a key step towards enabling crude exports.
Argentina’s YPF secures five new Neuquén concessions to support LNG development
Argentina’s Neuquén province has granted five new unconventional hydrocarbon concessions to state-controlled energy company YPF, a move aimed at advancing the country’s liquefied natural gas (LNG) ambitions and expanding shale and gas dvlpmt.
Argentina eyes energy boom to ease 2027 election concerns
Argentina’s government believes growing oil and gas exports from the Vaca Muerta shale formation could help shield the economy from political uncertainty ahead of the 2027 presidential election.
Continental Resources seeks Río Negro shale block in Vaca Muerta
Continental Resources, the US oil company founded by businessman Harold Hamm, has submitted a private initiative to the government of Río Negro province seeking access to a Vaca Muerta block covering 506 square kilometres.
YPF shares hit record high as market value approaches $22bn
Shares of Argentine energy company YPF have climbed above $55 per share, pushing the firm's market capitalisation close to $22bn and marking the highest nominal valuation in its history, driven by strong production growth.
Rodríguez unveils AI-powered hub to support Venezuela’s oil industry
Venezuela is seeking to deepen the technological transformation of its energy sector with the launch of a new data and technology centre designed to support oil and gas operations through the use of artificial intelligence
Chevron seeks clearer tax terms before expanding investment in Venezuela
Chevron Corp. is holding back on committing additional capital to Venezuela's oil industry until the government provides greater certainty over the fiscal conditions that will govern future projects
Ecuador expects Esmeraldas refinery to reach 90% capacity from June
Ecuador's government expects the Esmeraldas refinery, the country's largest refining complex, to operate at 90% of capacity from June 1 as key processing units return to service following a fire earlier this year
Venezuela extends run as No. 2 oil supplier to US
The four-week average of Venezuelan exports to the United States rose to 529,000 bpd, the highest reading recorded since January 2019
Cuba's water crisis deepens as fuel shortages disrupt supplies
Nearly 3mn Cubans are facing daily disruptions to water services as severe fuel shortages hamper pumping and maintenance operations across the island
Venezuela ships 1.2mn bpd in May as overseas demand supports export growth
Venezuela increased overseas crude and fuel sales in May, with exports averaging 1.2mn barrels per day (bpd), reflecting stronger demand from buyers in the United States, India and Europe
Brazil’s Petrobras bets big on Sergipe gas
Petrobras plans to invest about BRL60bn in the Sergipe Deepwater Project, aiming to raise the north-east region’s share of Brazil’s natural gas supply to 31% by 2035 from 16% currently, company president Magda Chambriard said.
Colombia's Promigas expands into solar power with $456.4mn Zelestra deal
Promigas has completed the acquisition of 100% of renewable energy platform Zelestra Latam for $456.4mn, expanding into utility-scale solar generation across Colombia, Peru and Chile as the Colombian energy company seeks to strengthen its position
Grenergy locks in 12-year hybrid PPA for Chile's Atacama solar-storage expansion
Spanish renewable energy developer Grenergy has signed a long-term hybrid power purchase agreement (PPA) in Chile linked to the fifth phase of its flagship Oasis de Atacama platform.
Fitch affirms Gran Tierra Energy at 'B+' with stable outlook
Fitch affirms Gran Tierra Energy's 'B+' rating with stable outlook, citing improved geographic diversification and expected deleveraging, as the Colombia-focused oil producer targets flat output of 45,000 boe/d through 2029.
Brazil extends fuel subsidies as diesel eases for sixth week but remains above pre-war levels
Lula da Silva signed a decree on establishing a $0.08 per litre gasoline subsidy as his government upped its intervention in fuel markets after the war-related price shock pushed diesel to record highs and threatened to breach the inflation target.
Brazil emerges as fourth largest oil supplier to India as Middle East conflict reshapes trade flows
Brazil rose to become India's fourth largest crude oil supplier in April as Indian refineries scrambled to replace Middle Eastern barrels disrupted by the US-Israeli war against Iran and the Strait of Hormuz closure.
Trinidad deepwater block draws Occidental as ExxonMobil shares stake near Stabroek basin
Investors call on Mexico's Pemex to tap global bond markets for first time in three years
Slim calls Lakach gas project 'irrational', says Pemex's low output is Mexico's biggest problem
Mexico's Pemex escapes Moody's downgrade but $80bn debt pile keeps it from cashing in on oil boom
LNG Energy signs deal for $200mn Venezuela oil venture
The companies plan to establish a new US-based joint venture company focused on existing and future Venezuelan energy blocks
US removes sanctions on two tankers tied to Venezuelan oil trade
The Treasury Department’s Office of Foreign Assets Control said the tankers Despina Andrianna and Magus had been removed from sanctions lists after an interagency review covering dozens of entities considered outdated
Chevron sees Venezuela output reaching 250,000 bpd within two years
The company projected a further 50% increase in production by the end of 2028 if authorities provide stronger legal guarantees and maintain favourable investment conditions
Rodríguez says more oil companies are preparing to enter Venezuela
The interim leader said new hydrocarbon companies will begin arriving in the country “in the coming weeks” as her government intensifies efforts to attract foreign and private investment following a rapprochement with the United States
GMO investor’s Venezuela bet delivers windfall after bond rally
When most investors abandoned Venezuela after its 2017 default, Tina Vandersteel moved in the opposite direction, steadily accumulating distressed bonds that many funds had already written off as worthless
Exxon and ConocoPhillips push for stronger guarantees in Venezuela return talks
The negotiations have gathered momentum alongside the Trump administration’s effort to revive Venezuela’s oil industry after Nicolás Maduro’s ouster
Tango Energy completes takeover of Aconcagua Energía after restructuring process
Tango Energy has completed the acquisition and integration of Argentine oil producer Aconcagua Energía, marking the final exit of the company’s founding partners and concluding a restructuring process.
Neuquén monitors methane emissions at 124 inactive oil and gas wells
Authorities in Argentina’s Neuquén province have carried out a methane emissions monitoring campaign at 124 inactive and abandoned oil and gas wells as part of efforts to assess environmental and safety risks linked to hydrocarbon operations.
Fitch upgrades YPF ratings to ‘B-’ after Argentina sovereign upgrade
YPF received an upgrade to its long-term foreign and local currency issuer default ratings to ‘B-’ from ‘CCC+’ by Fitch Ratings, following the agency’s recent upgrade of Argentina’s sovereign credit rating.
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