LatAmOil - Latin America Oil & Gas
Brazil's oil export tax faces legal challenge risk as government uses levy to fund fuel subsidies
Brazil's decision to impose a 12% export tax on oil and diesel to fund fuel subsidies is reviving memories of a similar measure in 2023 that was struck down by the courts, with lawyers warning fresh legal challenges from the oil sector are likely.
Brazil's airlines seek tax relief as players warn Petrobras could hike jet fuel by 50%
Brazil's aviation sector is seeking emergency tax relief as the Iran war risks driving jet fuel prices up by as much as 50%, industry sources warn.
Brazil fuel crisis deepens as diesel surges, truckers weigh strike
Brazil is facing a deepening fuel crisis as diesel prices soared nearly 20% at the pump in the first half of March, President Luiz Inácio Lula da Silva blamed unscrupulous market participants, and truck drivers threatened a nationwide strike.
Neuquén plans hydrocarbons licensing round to boost Vaca Muerta development
Argentina’s Neuquén province is preparing to launch a new hydrocarbons licensing round on August 19, Governor Rolando Figueroa said, as authorities seek to expand investment in the Vaca Muerta shale formation and capitalise on growing interest.
Colombia's Terpel posts 18.4% EBITDA surge in 2025 as EV charging and solar push beyond fuel roots
Organización Terpel reported full-year 2025 revenues of COP 38.1 trillion ($8.86bn), up 4.3% year-on-year, and a consolidated EBITDA of COP 1.76 trillion ($409mn), a rise of 18.4%, according to the company's 2025 management and sustainability report
Petrobras and Ecopetrol confirm deepwater gas find off Colombia, strengthening Caribbean gas province
Petrobras and Ecopetrol confirmed a natural gas discovery at the Copoazú-1 exploratory well in Block GUA-OFF-0, located roughly 36km off Colombia's Caribbean coast in 964 metres of water, according to joint announcements by both companies
Mexico's Pemex names Cárdenas to lead new advisory commission on anniversary of oil nationalisation
Floodwater carrying oily residue ignites outside Pemex's Olmeca refinery in Mexico killing five
US appeals court pauses YPF-related lawsuits as Argentina awaits key ruling
A US appeals court has ordered a temporary suspension of all legal proceedings linked to the expropriation of Argentine oil company YPF, granting Argentina’s request to halt enforcement actions.
Brazil eyes higher Bolivian gas imports to shore up supply amid regional energy push
Brazil is seeking to expand natural gas imports from Bolivia as part of a broader strategy to reinforce energy security and deepen bilateral integration, following high-level talks between the two countries.
Venezuela oil output tops 1mn bpd as post-Maduro reforms and US ties reshape sector
Venezuela’s oil sector is showing renewed momentum, with crude production rising close to 10% in February to surpass the symbolic threshold of 1mn barrels per day, according to figures from OPEC.
Latin America protects domestic markets as oil, gas prices rise
Mexican President Claudia Sheinbaum announced her government will apply fuel subsidies through reductions in the IEPS excise tax on both petrol and diesel as the Middle East conflict pushes up global oil prices and strains domestic fuel costs.
Colombia, Venezuela eye natural gas integration amid sanctions and supply pressures
Natural gas has become a central pillar in the evolving energy relationship between Colombia and Venezuela as both countries seek to rebuild ties while addressing shifting supply dynamics and geopolitical constraints.
US refiners ramp up Venezuelan crude intake as global oil flows shift
Imports of Venezuela’s heavy crude — a key feedstock for complex Gulf Coast refineries — jumped sharply in early March, with volumes rising in a short span
Oil majors reassess Venezuela as price surge revives investment appeal
Once labelled “uninvestable” amid political turmoil, the country is being reconsidered due to its vast reserves
Brazil's fuel market rattled by price surge as Petrobras cancels auctions and distributors fear shortfall
Brazil's fuel market has been thrown into turmoil by the ongoing conflict in the Middle East, with gasoline and diesel prices hitting fresh highs, the state-owned oil company Petrobras suspending fuel auctions, and distributors worried about supply.
US weighs broader sanctions relief to unlock Venezuela oil output
The Trump administration is preparing additional measures to ease restrictions on Venezuela’s oil industry
PDVSA reappoints head of US units as Citgo control hangs in balance
The appointment remains largely symbolic for now. Asdrúbal Chávez cannot assume effective control without authorisation from the US Treasury’s Office of Foreign Assets Control
Petrobras tightens grip on offshore Brazil
Petrobras has moved to take full ownership of two offshore assets in Brazil’s Campos Basin by exercising its pre-emptive right to acquire stakes held by Petronas.
PRIO clears path for new Brazil wells
PRIO has received authorisation to drill multiple wells at the Frade field in Brazil’s Campos Basin after the environmental regulator issued an amended licence.
Russian oil tankers close in on Cuba after island's worst blackout in decades
Russia has sent two ships carrying crude oil and gas to Cuba as the Caribbean island endures its worst energy crisis in living memory, with a 29-hour nationwide blackout underscoring the depth of a sanctions-induced fuel emergency.
Russia sends fuel ships to Cuba as island battles power shortages
Russia has dispatched two vessels carrying oil and gas to Cuba as the Caribbean nation grapples with its worst energy crisis in decades
Rain delays keep Brazil ethanol high
Rainfall across Brazil’s centre-south is delaying the start of the 2026-27 sugarcane harvest and could keep ethanol prices elevated, as supply tightens alongside pressure from global fuel markets, according to market participants and data.
US eases Venezuela oil sanctions as Iran war drives crude prices higher
The Trump administration has issued a sweeping new sanctions licence allowing US companies to trade directly with Venezuela's state oil company, as surging crude prices driven by the conflict with Iran push Washington to hunt for new sources of crude
Caribbean energy producers eye revenue boost as Gulf tensions push oil prices higher
Guyana and Trinidad and Tobago stand to gain from rising oil prices driven by escalating conflict in the Middle East, though the broader Caribbean faces an uneven outlook, the Energy Chamber of Trinidad and Tobago said on March 15.
YPF to ramp up drilling rigs 50% in Argentina's Vaca Muerta
Argentine national oil company YPF has announced plans to increase drilling rigs in the Vaca Muerta shale formation from 12 to 18 units in 2026. This comes as the company looks to establish a $6bn investment programme for the year.
Petrobras takes full control of two offshore projects in Brazil
Petrobras said it will exercise its right to buy Petronas’ 50% stake in two offshore oil fields in Brazil for $450mn, according to a securities filing.
Brazil cuts diesel tax and hits oil exports
Brazil has removed federal taxes on diesel for domestic use and introduced temporary levies on oil exports, the government said in a provisional measure, as it seeks to contain fuel costs and raise revenue.
Brazil’s Petrobras joins diesel subsidy plan
Petrobras said its board approved participation in a federal diesel subsidy programme under Provisional Measure 1,340, aimed at supporting fuel sales in the domestic market.
Colombia seeks US licence to revive Venezuela energy ties, pipeline plans
Colombia is seeking a US sanctions exemption to invest in Venezuelan energy projects, including potential natural gas developments and the reopening of a cross-border pipeline, Mines and Energy Minister Edwin Palma said
Colombia weighs $30mn, two-year fix to revive Venezuela gas link amid sanctions hurdles
Colombia is assessing a plan to restore the Antonio Ricaurte gas pipeline linking it with Venezuela at a cost of about $30mn over up to two years, as it seeks to ease supply constraints and boost domestic gas availability
CIA advice and oil strategy shape Venezuela’s post-Maduro transition
In the lead-up to the US operation that resulted in the capture of Venezuelan president Nicolás Maduro, intelligence officials sought guidance from former Chevron executive Ali Moshiri on potential leadership scenarios in Caracas
Venezuela channels $300mn oil windfall to social protection programmes
Venezuela’s interim president, Delcy Rodríguez, said that the government had received $300mn in fresh revenues earmarked for a Social Protection Fund, derived from an extraordinary fuel-oil sale
Ecuador faces renewed scrutiny over failure to halt Amazon oil drilling despite court orders
Ecuador is under intensifying scrutiny for failing to halt oil extraction in a sensitive area of the Amazon, despite binding legal rulings and a national referendum mandating its closure, Human Rights Watch said.
Guyana's oil revenues poised for growth amid Strait of Hormuz blockade
Guyana's Natural Resource Fund received $253mn in February from offshore crude sales, further building its sovereign wealth reserves. This comes as the Iran-Israel-US war threatens oil supply disruptions across the Middle East.
US expands sanctions waivers to boost Venezuelan energy investment and fertiliser exports
The United States has expanded sanctions waivers related to Venezuela, allowing broader investment in the country’s energy sector and enabling fertiliser exports to the US.
US Justice Department backs Argentina bid to halt discovery in YPF nationalisation case
The government of Argentina said the US Department of Justice has filed a memorandum supporting its request to suspend a discovery process in a court case in New York City linked to the 2012 nationalisation of state energy company YPF.
Vaca Muerta needs $22bn investment and 1,000 wells to meet export targets by 2032
Argentina’s Vaca Muerta shale formation will require about $22bn in additional capital investment and the drilling of roughly 1,000 new wells by 2032 to meet projected export capacity targets, according to a report by consultancy Wood Mackenzie
Argentine energy firms Tecpetrol and Pampa Energía sue Enarsa over gas payment debts
Argentine energy companies Tecpetrol and Pampa Energía have filed lawsuits against state-owned Energía Argentina (Enarsa) seeking payment of outstanding obligations linked to gas supply contracts under the government’s Plan Gas.
Argentina raises export tax on conventional oil after Brent price surge
Argentina’s government has decided to raise export duties on conventional crude oil from 3.36% to 8% following a sharp increase in global oil prices, as Brent crude climbed back above $100 per barrel, officials and industry sources said.
Brazil’s Petrobras awards $736mn in vessel contracts to Brazil's Oceanica
Brazilian state-owned oil company Petrobras has awarded long-term subsea vessel contracts worth BRL4.2bn ($736mn) to Brazilian provider Oceanica Engenharia e Consultoria.
Brazil’s Petrobras helicopter contracts could total $1.7bn as offshore aviation costs rise
Brazilian state-owned oil company Petrobras is expected to charter between 35 and 45 helicopters in 2026, generating contracts worth around BRL9.0bn ($1.7bn) as tight global aircraft availability pushes up costs, according to a source.
ExxonMobil files environmental assessment for Guyana's first non-associated gas project
Colombia, PDVSA review pipeline contract as Caracas signals exit
Colombia is assessing the future of a cross-border pipeline agreement after PDVSA indicated it intends to terminate a contract with Ecopetrol linked to the rehabilitation of the Antonio Ricaurte gas pipeline, Colombia’s energy minister said
Colombia's Ecopetrol profit drop weighs on Colombia corporate earnings in 2025
A sharp decline in profits at Ecopetrol weighed on overall corporate results in Colombia during 2025, as subdued industrial activity and policy uncertainty limited business momentum across sectors
Colombia, Venezuela launch working groups on security, trade, energy after postponing presidential summit
Venezuela and Colombia established four ministerial working groups on March 13 at Caracas's Miraflores Palace covering security, foreign relations, trade and energy following the cancellation of a planned summit
Venezuela ships first LPG tankers to Colombia across Simón Bolívar bridge, eyes pipeline restart
Venezuela dispatched its inaugural shipment of liquefied petroleum gas (LPG) to Colombia on March 13 via tanker trucks crossing the Simón Bolívar international bridge connecting San Antonio del Táchira to Cúcuta
Eni sees path for Venezuelan gas exports as sanctions ease
Italian energy group Eni SpA is exploring renewed prospects for Venezuelan gas exports, signalling a gradual re-entry of the Caribbean nation into global energy markets under a US-backed interim administration
Cuba opens investment to diaspora as energy crisis deepens
Cuba will allow citizens living abroad and their descendants to invest and establish businesses on the island, a policy shift aimed at attracting capital as the country struggles with a severe energy shortage and economic contraction
Brazil delays biodiesel blend rise
Brazil will not increase the mandatory biodiesel blend in diesel until feasibility tests are completed, despite calls from industry groups for a higher mandate as oil prices react to tensions involving the United States and Iran.
Mexico-based Pemex's Deer Park refinery logs second straight annual loss despite operational rebound
Sempra's Vista Pacífico LNG project dies in Mexico after regulatory rejection, environmental opposition
Eco Atlantic to acquire remainder JHI in $52mn deal, adding Falklands and Guyana assets
Eco Atlantic Oil & Gas has agreed to acquire the remaining shares of JHI Associates in a deal valued at about $52.3mn, expanding its offshore exploration portfolio with stakes in the North Falkland Basin and offshore Guyana.
Higher oil prices could accelerate investment in Argentina’s Vaca Muerta, Vista CEO says
Rising global oil prices linked to tensions in Iran could accelerate investment and production growth in Argentina’s shale sector, according to Vista Energy chief executive Miguel Galuccio.
YPF chief says Vaca Muerta could drive up to $50bn in Argentina energy exports
The head of YPF said the development of the Vaca Muerta shale basin could enable Argentina to generate between $40bn and $50bn in annual energy exports by 2032.
Bolivia’s YPFB rejects fuel additive concerns, blames social media misinformation
Bolivia’s state energy company Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) has defended its fuel additive programme after online reports alleged that gasoline sold in the country could damage vehicle components.
Brazil’s Petrobras pushes local build rule
Petrobras is seeking higher levels of domestic participation in offshore developments even where contracts do not require it.
Hormuz crisis lifts LNG prices in Brazil
Brazil’s Petrobras diesel auction hits market
Petrobras sold 20mn litres of diesel through an auction in Rio Grande do Sul, as authorities seek to increase competition in the domestic fuel market following price pressure linked to the conflict in the Middle East.
Brazil scraps diesel tax as oil jumps
Gas injection begins at Brazil’s P-78
Seatrium said gas injection has begun at the P-78 FPSO operated by Petrobras, marking a step in the vessel’s move towards full operations.
Brazil's Petrobras awards Oceânica subsea deals
Oceânica Engenharia e Consultoria said it has signed long-term service agreements with Petrobras valued at about $736mn (BRL4.2bn).
Colombia's Ecopetrol chief charged with influence peddling
Colombian prosecutors have formally charged Ricardo Roa, chief executive of Ecopetrol, with influence peddling linked to the purchase of an apartment allegedly acquired below market value in exchange for contracts with the state oil company
Venezuela’s oil revival hinges on winning back skilled diaspora
Venezuela’s push to restore its once-dominant oil industry is increasingly tied not only to securing fresh capital but also to persuading thousands of specialised workers who left during years of political turmoil and economic hardship to return
Venezuela signs gas supply deal with Repsol and Eni
The deal focuses on operations at Cardón IV, one of Latin America’s largest natural gas fields, which currently produces about 16.42mn cubic metres of gas per day
US Carlyle agrees sale of Colombia’s SierraCol to Philippines’ Prime infrastructure
Carlyle Group has agreed to sell Colombian oil producer SierraCol Energy to Prime Infrastructure Capital, part of the business empire of Filipino billionaire Enrique K. Razon Jr., marking another cross-border investment in Latin America
Colombia moves to revive Venezuela gas pipeline amid supply shortfall
Colombia is taking steps that could allow it to begin importing natural gas from neighbouring Venezuela by restoring a dormant cross-border pipeline, Energy Minister Edwin Palma said after talks with officials from Venezuela’s state oil company
Argentina delays winter tariff period amid LNG price volatility
The government of Argentina has postponed the start of the winter tariff period for natural gas by one month in a move aimed at aligning domestic pricing with the results of an upcoming liquefied natural gas (LNG) import tender as global prices surge
Chevron urges further reforms as Argentina seeks to expand shale investment
Chevron said more economic reforms are needed in Argentina to fully unlock the potential of the country’s shale industry, even as President Javier Milei moves to expand incentives aimed at attracting foreign investment in the sector.
Fuel price rises cloud Argentina’s inflation outlook and test peso strategy
Rising fuel prices in Argentina are complicating the government’s efforts to keep inflation under control in March, adding pressure just as authorities seek to manage nearly ARS10trn in debt maturities and maintain stability in the peso.
Argentina's TGS plans $3bn project to export NGLs from Vaca Muerta
Argentine energy infrastructure company Transportadora de Gas del Sur (TGS) said it will invest about $3bn to develop facilities to process and export natural gas liquids from the Vaca Muerta shale formation.
US prepares offshore transfer of seized Venezuelan crude near Texas
Authorities moved last month to claim ownership of the tanker Skipper and roughly 1.8mn barrels of oil on board after the vessel was intercepted in December
Venezuela’s Rodríguez appoints hydrocarbons minister
Paula Henao, previously vice minister of petroleum, takes over a portfolio Rodríguez herself had overseen since August 2024
Venezuela oil output tops 1mn barrels as recovery momentum builds
The increase pushed output back above the symbolic 1mn-barrel threshold, widely viewed as a key milestone in the country’s efforts to restore its energy industry after years of contraction
Brazil deepwater project taps Exail tech
Exail has secured contracts to supply more than 70 acoustic transponders and navigation systems for offshore energy developments in Brazil and Angola.
Gas injection begins at Brazil’s Petrobras P-78
Petrobras has started gas injection on the P‑78 FPSO, 61 days after first oil was recorded on December 31, 2025. The step, reached on March 2, 2026, moves the vessel closer to full operations and adds capacity at the Búzios field.
ExxonMobil's seventh Guyana oil project moves forward as ABL wins marine survey contract
Brazil output jump from Lapa start-up
TotalEnergies has started production at the Lapa South-West development offshore Brazil. The project is expected to raise output from the Lapa field by about 25,000 barrels per day to roughly 60,000 barrels per day.
Brazil's Raizen strikes record $12.6bn out-of-court debt restructuring deal
Brazilian sugar and ethanol producer Raizen, a joint venture between oil major Shell and conglomerate Cosan, has reached an out-of-court agreement with creditors to restructure approximately BRL65.1bn ($12.61bn) in debt.
Brazil’s biodiesel turns cheaper than imported diesel, fuelling debate over higher blend mandate
Biodiesel has fallen below the price of imported diesel in Brazil and the farming lobby is calling for a higher mandatory blending ratio as surging oil prices due to the Iran war squeeze margins for soy producers harvesting a record crop.
Middle East conflict poses price risk for Brazilian gas, analysts warn
The conflict in the Middle East does not pose immediate risks to Brazil's natural gas supply but could push up fuel prices in the country as distributor contracts tied to Brent crude come under pressure, according to analysts and industry groups.
Middle East war rocks Latin America
The Middle East war is the largest disruption to global oil output ever, and the jitters are rumbling through Latin America.
Frontera proposes selling upstream Colombian assets to Parex, not GeoPark
Frontera Energy’s proposed sale of its Colombian upstream oil and gas assets has shifted course after the company determined that a competing offer from Parex Resources represents a “superior proposal” to the transaction with GeoPark.
Bolivia weighs gas expansion as reserves decline and prepares fuel price review
Bolivia’s government is facing mounting pressure to revive hydrocarbon production as output falls to its lowest level in two decades, prompting authorities to consider new exploration projects.
Oil price tops $100 a barrel - again
Brent crude rose almost 9% in early Asian trading, surpassing $100 a barrel, despite the International Energy Agency (IEA) announcing late on March 11 that all 32 member countries would release up to 400mn barrels of oil.
Illegal fuel refining cost Colombia's Ecopetrol $63mn in 2025 as theft surges
Illegal fuel refining and hydrocarbon theft cost the Ecopetrol group about $63mn in 2025, with more than 730,000 barrels of fuel diverted from official supply chains, according to company statements
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