LatAmOil - Latin America Oil & Gas

Citgo auction hinges on US court ruling over PDVSA 2020 bond

The long-running auction of Citgo Petroleum, the US-based refining arm of Venezuela’s PDVSA, has entered a decisive stage with a sharp split emerging among creditors

Maduro accuses US of using military deployment to seize Venezuela’s resources

According to Maduro, the United States is eyeing control of oil and gas reserves located in the Caribbean basin, alongside gold deposits, fertile farmland and water resources

Oil firms confront higher taxes in Colombia

Colombia's embattled petroleum sector faces fresh levies as President Gustavo Petro's government seeks $6.54bn through aggressive tax reform to address a mounting fiscal crisis.

Chevron to boost oil production in Argentina's Vaca Muerta

Chevron plans to boost its oil production in Argentina's Vaca Muerta shale formation to approximately 30,000 barrels per day by year-end, up from current levels of around 25,000 bpd.

Brazil’s Petrobras shares climb over 2% as oil prices surge and strategic plan optimisation eyed

Petrobras shares posted strong gains on September 10, rising more than 2% as crude oil futures climbed and analysts highlighted potential investment optimisation worth billions in the state oil giant's upcoming strategic plan.

BW Energy secures $365mn financing for Brazil's Maromba FPSO development

BW Energy completed a $365mn project finance facility backed by China Export & Credit Insurance Corporation to fund refurbishment and redeployment of the Maromba FPSO to Brazil's offshore Maromba field

Legal cocaine and oil ban could save the Amazon, says Colombia’s president

Colombian President Gustavo Petro has called for ending petroleum extraction in the Amazon region and legalising cocaine production to preserve the world's largest tropical rainforest

Mexico doubles Pemex support to $14.1bn for 2026 debt payments

Mexico will inject MXN263.5bn ($14.1bn) for state oil company Pemex to service financial debt and cover previous bank credits under the 2026 federal budget proposal, Bloomberg Línea reported.

Moody's upgrades Mexico's Pemex to 'B1' rating with stable outlook

Moody's elevated state-owned Petróleos Mexicanos' corporate rating from B3 to B1 with stable outlook, reflecting stronger government commitment to financial support despite persistent structural challenges, El Periódico de la Energía reported.

Petronas to drill four new wells offshore Suriname

Malaysia's national oil company, Petronas, announced plans to drill four new oil wells in Suriname, signalling expanded investment in the South American nation's emerging energy sector.

ExxonMobil continues Guyana exploration as US ramps up Caribbean presence

ExxonMobil Guyana has decided to continue exploration drilling at the Ranger-3 well site in the Stabroek Block, according to the Maritime Administration Department.

Argentina positioned to become regional gas export leader amid Bolivia, Paraguay and Uruguay interest

South America is poised for a transformative year in regional energy integration as multiple countries compete to capitalise on Argentina's vast Vaca Muerta natural gas reserves, with representatives from five nations set to meet in Paraguay.

Oil and gas to remain priority as Guyanese president earns election victory

Guyana’s oil and gas sector growth is set to remain a national priority after President Irfaan Ali secured a decisive electoral victory on September 1, with his People's Progressive Party capturing approximately 55.3% of the vote.

Challenger Energy launches farm-out for Uruguay AREA OFF-3 after strong technical results

The programme, which included reprocessing, interpretation and mapping of 1,250 km² of 3D seismic data along with supporting geophysical and geochemical analysis, identified multiple new prospects and anomalies

Colombian overseas workers' transfers exceed oil revenue for first time

US sanctions block Colombia's Ecopetrol from Venezuelan gas imports and Monomeros deal

Colombia's state-owned energy company Ecopetrol cannot proceed with planned gas imports from Venezuela or acquire fertiliser producer Monomeros Colombo Venezolanos due to US Treasury sanctions.

Arrow Exploration lifts Colombian output with four new wells online

Arrow Exploration Corp expanded its Colombian operations with four wells commencing production during the second half of 2025, driving corporate output above 4,800 barrels of oil equivalent daily.

China bets on Brazilian oil amid investment surge

China’s investments in Brazil more than doubled in 2024 as firms increased exposure to the country’s energy, mining and manufacturing sectors, according to a report by the Brazil-China Business Council (CEBC).

Argentina to achieve record-breaking energy production in 2025, report finds

Argentina is poised to achieve record-breaking energy production in 2025, with oil output expected to reach its highest level of the century and natural gas production set to surpass all previous records, according to a Rosario Stock Exchange report.

Blue Water bids $10bn for Venezuela’s Citgo, offers bondholders cash and equity

Blue Water Acquisition Corp., a special purpose acquisition company, has submitted a $10bn offer for PDV Holding, the parent company of Venezuelan refiner Citgo Petroleum, including a $3.2bn settlement for holders of a defaulted Venezuelan bond

Venezuela reports crude output growth amid US sanctions and regional tensions

State-owned Petróleos de Venezuela (PDVSA) reported that the country’s crude oil production continues to expand despite ongoing sanctions and external pressures

China Concord’s $1bn Venezuela project sets sights on Maracaibo Lake output boost

China Concord Resources Corp. (CCRC) has deployed its first floating oil production platform to Maracaibo Lake, Venezuela’s second-largest oil-producing region, marking a significant step in its $1bn investment to expand crude output

TGS, Viridien launch seismic survey offshore Brazil

Norway’s TGS and France’s Viridien have started a 5,300 square kilometres multi-client 3D seismic survey in the Barreirinhas Basin offshore northern Brazil.

Colombia's Ecopetrol evaluates Canacol aquisition as national gas reserves decline

Colombian state oil giant Ecopetrol has entered confidential due diligence with Canadian gas producer Canacol Energy, positioning itself to potentially acquire the country's largest independent natural gas operator valued at approximately $1.2bn.

Fitch puts Pemex on positive watch following $10bn government tender offer

Fitch Ratings placed Mexican state oil company Petroleos Mexicanos (Pemex) on rating watch positive on September 5, citing expectations that a government-backed tender offer will strengthen ties between the cash-strapped firm and Mexico's sovereign.

Brazil’s Petrobras evaluates corn ethanol market investment

Brazil’s national oil company (NOC) Petrobras plans to acquire a corn ethanol producer this year, marking its return to the biofuels sector after exiting through asset sales in the mid-2010s.

Colombia seeks to revive Venezuelan gas supply by end of 2025

Colombia aims to restore gas imports from Venezuela before the close of 2025, as part of a broader push for regional energy integration, Energy Minister Edwin Palma said at the “Border Vision 2025” forum in Norte de Santander

Chevron’s return helps push Venezuela’s oil exports to highest since November

Venezuela’s crude exports climbed to their strongest level since November, topping 900,000 barrels per day (bpd) in August, after Washington granted Chevron a licence to resume shipments to the United States

Viridien and TGS launch seismic survey offshore Brazil

French seismic services company Viridien and partner TGS have begun a 5,300 sq km 3D seismic survey in the Barreirinhas Basin, offshore northern Brazil, the companies said.

UK-Brazil team develops flexible subsea inspection robot

Engineers in the UK and Brazil have developed a tentacle-like underwater robot designed to transform how subsea pipelines and offshore structures are inspected, providing a safer and more precise alternative to rigid systems.

Brazil oil field stake draws new suitors

Brazil’s PRIO, Brava Energia and BW Energy are evaluating the purchase of Petroliam Nasional Berhad’s 50% interest in the offshore oil field Tartaruga Verde, according to people with knowledge of the matter.

Mexico extends petrol price cap for six months despite Pemex financial strain

Mexico will maintain petrol price caps near 24 pesos ($1.28) per litre for six additional months after fuel retailers agreed to extend the price stabilisation pact, though state oil company Pemex continues absorbing logistics costs, El País reported

Cox Energy plans $6bn investment in Mexico over five years

Brazil achieves historic 5mn-boepd production milestone fueled by pre-salt expansion

Brazil surpassed 5mn barrels of oil equivalent per day (boepd) for the first time in July, reaching 5.16mn boepd as pre-salt fields in the Santos Basin drove record production levels, according to the oil and gas regulator ANP.