LatAmOil - Latin America Oil & Gas
Latin America gasoline prices: Uruguay tops regional list whilst Venezuela remains cheapest
The average global gasoline price stands at approximately $4.84 per gallon (Octane-95) and $1.28 per litre, with marked differences amongst Latin American countries, Bloomberg Línea reported, citing updated figures from Global Petrol Prices.
Washington finalises inaugural $500mn Venezuelan crude transaction with Qatar-based revenue account
Venezuela’s ultra-heavy, super-sour Orinoco crude will be popular with most US Gulf Coast refineries for decades to come
Donald Trump’s grab of Venezuela’s oil is not just about making money. He is also grabbing an ultra-heavy grade of highly sulphurous oil that is very difficult to refine.
Venezuela would need $183bn and sweeping reforms to restore oil output to past highs, Rystad says
Venezuela would need $183bn in oil and gas investment over the next 15 years to lift crude production back to 3mn bpd by 2040, a level last seen more than two decades ago.
Eco Atlantic in talks with Guyana over offshore oil licence extension
Eco Atlantic Oil & Gas is in discussions with Guyana's government to continue its oil exploration and appraisal programme offshore the South American nation after its licence expired this week, the company said.
Bolivia declares energy emergency, frees fuel imports amid inflation surge
Bolivia has moved to partially liberalise its fuel market after declaring a nationwide “energy and social emergency”, a step aimed at cushioning the economy from rising inflation, fuel shortages and an acute lack of foreign currency.
Trump hails “fantastic” phone call with Venezuela's Rodríguez as Machado visit looms
US President Donald Trump said he has held a lengthy telephone conversation with Venezuela's interim president Delcy Rodríguez, lavishing praise on the Chavista administrator as a "terrific person" with whom he is working "very well."
Brazil deepens China trade as US tariffs bite
SLB lines up for Venezuela work
Oilfield services group SLB is in talks to expand its operations in Venezuela and is positioned to compete for early contracts under a plan by US President Donald Trump to revive the country’s oil sector.
Colombia launches monitoring plan for strategic gas projects
Colombia’s Ministry of Mines and Energy has launched an institutional monitoring plan for strategic gas projects, aiming to safeguard fuel supply and ensure the reliable operation of the energy system, the ministry stated
Former oil minister says Venezuela can restore output without full industry overhaul
The former official said the technical and legal structures required to sharply raise output are already in place.
China’s Venezuelan oil intake set to drop after US blockade disrupts tanker flows
China’s purchases of Venezuelan oil are poised to decline sharply from February as US enforcement measures disrupt tanker movements following Washington’s assertion of control over the OPEC producer
Trump threatens to cut Venezuela oil lifeline to Cuba after Maduro ouster
The comments mark a sharp shift from remarks days earlier, when Trump suggested Cuba’s government could collapse on its own following the capture of Venezuelan leader Nicolás Maduro
Petrobras' Tupi/Iracema field returns to 1mn bpd output in Brazil
Petrobras' Tupi/Iracema field in the Santos Basin pre-salt has returned to producing 1mn barrels of oil per day (bpd), matching its 2019 record and giving the Brazilian state-owned oil company two fields with this production capacity in the region.
Venezuela oil shipments stir as tankers leave after export freeze
Venezuela’s oil trade showed early signs of movement after weeks of near standstill, with at least two supertankers departing the country on January 12 carrying crude, according to shipping data
Venezuela stocks rally to records as investors bet on post-Maduro shift
The benchmark IBC index has risen more than 130% since January 3, building on a surge that delivered gains of 1,644% in 2025
France’s Vallourec wins Shell contract for Brazil offshore Orca project
French tubular solutions manufacturer Vallourec has secured a contract to supply oil country tubular goods and services for Shell's offshore Orca project in Brazil, with drilling scheduled to begin in April 2027.
Will Guyana's oil and gas sector be stabilised following US action on Venezuela?
The capture of Venezuelan President Nicolás Maduro by US forces is believed to have substantially reduced geopolitical risks threatening Guyana's rapidly expanding oil sector.
Trump’s Venezuela move exposes China’s need for sanctioned oil, invites China and Russia to buy Venezuelan output
Donald Trump’s intervention in Venezuela has unsettled Chinese crude buyers by highlighting Washington’s capacity to disrupt oil flows from countries under US sanctions, intensifying concerns in Beijing that Iran could be next.
Moscow says Russian firms will keep working Venezuela oil assets
Russia said it will continue operating its oil projects in Venezuela and insisted the assets under development there remain Russian property
TotalEnergies evaluates Venezuela return but demands 'clear framework' for investment
TotalEnergies chief executive Patrick Pouyanné stated from Abu Dhabi the company is "evaluating" options to return to Venezuela, though a "clear framework for investment" is required first, El Periódico de la Energía and World Oil reported.
Guyana oil exports hold steady despite lower crude prices
Shipping data reviewed by OilNOW show that 27 cargoes of roughly one million barrels each left Guyana in December 2025, a volume broadly unchanged from November, confirming that offshore output remained steady even as market conditions deteriorated
US will allow Mexico to continue oil shipments to Cuba
Touchstone bets on Trinidad onshore revival with Guyana-style geology
Touchstone Exploration is positioning itself to revitalise Trinidad and Tobago’s onshore hydrocarbons sector by advancing a multi-prospect drilling strategy that could reshape perceptions of the country’s geological potential.
EnerMech secures pre-commissioning work for Guyana offshore oil development
Scottish energy services firm EnerMech has won a contract to provide pre-commissioning work for the Whiptail offshore oil project in Guyana, awarded through Italian contractor Saipem.
Banks in talks to lend $1bn for Argentine gas pipeline project
A group of international banks led by JPMorgan Chase & Co and Citigroup Inc is in discussions to provide around $1bn in loans for a natural gas pipeline in Argentina.
Argentine to boost crude exports with Vaca Muerta Oil Sur project date confirmed
Argentina is positioned to begin crude oil exports from Río Negro province by December 2026 through the $3bn Vaca Muerta Oil Sur pipeline.
Brazil’s Petrobras’ Tupi field returns to 1mn barrels
The Tupi/Iracema field in Brazil’s Santos Basin reached output of 1mn barrels per day, returning to a level last recorded in 2019, according to Petrobras.
Venezuela moves to overturn Citgo sale order
Venezuela, its state oil company PDVSA and related entities have asked the United States Court of Appeals for the Third Circuit to set aside a Delaware judge’s order approving the sale of PDV Holding.
Canada could offer oil expertise to US on Venezuela
A Canadian oil industry executive has proposed that Canada use its heavy oil expertise to assist the United States in restoring Venezuela’s oil sector, saying Ottawa is well placed to support recovery efforts.
Venezuela could add 300,000 barrels daily under favourable terms
Venezuela could increase petroleum output by 200,000 to 300,000 barrels daily within months if upstream investment resumes under appropriate conditions, though structural obstacles and elevated breakeven costs constrain longer-term recovery prospects
Venezuela oil revival under US spotlight
Venezuela’s oil industry, once the backbone of its economy, has become the focus of renewed US attention amid years of declining output and fuel shortages, according to statements by US officials and energy experts.
Offshore drilling activity stabilises in Mexico as Pemex clears contractor debts including in Veracruz
The number of offshore oil rigs operating in Mexican waters stabilised at the end of 2025 following renewed payments to contractors by state oil company Pemex and tentative signs of increased activity by international oil companies.
Peru to open Petroperú assets to private capital under June timeline
Peru’s government expects to sign the first contracts allowing private capital into state oil company Petroperú by June, as part of a restructuring designed to stabilise the heavily indebted refiner without relinquishing state control.
Brazil oil and gas output rises nearly 14% in November, more pre-salt reserves to be developed
Brazil's oil and natural gas production reached 4.920 mn barrels of oil equivalent per day in November 2025, with crude output climbing 13.9% from the same month a year earlier despite a monthly decline.
Spain says no pressure on Repsol over Venezuela investment despite Maduro ouster
Spain's foreign minister said on January 12 the government would not pressure energy company Repsol over its plans to increase investment in Venezuela, despite the complex situation following the capture of President Nicolas Maduro.
Guyana's oil production to exceed 1mn barrels per day once Uaru gets underway
Guyana is advancing its Uaru offshore development to push national oil production decisively past 1mn barrels per day, deepening extraction in the proven Stabroek Block rather than opening new frontiers.
Mexican government's support of Pemex surges to historic $22.0bn
Transfers from the federal government to Petróleos Mexicanos (Pemex) continued increasing towards the end of 2025, far exceeding approved amounts for the year and surpassing spending in other areas including housing and environment
Mexican Maya crude faces competition as Venezuelan barrels re-enter market
Mexican Maya crude will likely face pressure from Venezuelan barrels as Mexico's export availability contracts and Venezuelan heavy crude re-emerges in Atlantic Basin trade, S&P Global reported, citing observers and analysts.
Offshore drilling activity stabilises in Mexico as Pemex clears contractor debts
The number of offshore oil rigs operating in Mexican waters stabilised at the end of 2025 following renewed payments to contractors by state oil company Pemex and tentative signs of increased activity by international oil companies
US moves in Venezuela are being felt half a world away in Asia
Venezuela itself has long occupied an unusual position in Asian oil markets. Its crude is heavy, sulphur-rich and difficult to process, yet it has found a natural home among a small subset of Asian refiners willing to adapt for the right price.
Trafigura and Vitol set to handle Venezuelan oil sales under US oversight
Global trading houses Trafigura and Vitol have agreed to provide logistics and marketing services for Venezuelan crude at the request of the US government
Venezuela says seized oil tanker is returning after joint operation with US
Venezuela said an oil tanker that departed the country without authorisation has been intercepted and is returning to its waters following what authorities described as a joint operation with the United States
Venezuela’s potential comeback adds strain to US shale amid low oil prices
The capture of Nicolás Maduro has weighed on the shares of independent drillers including Diamondback Energy and Devon Energy, reflecting investor unease about future supply dynamics
Trump weighs blocking Exxon from Venezuela investment after CEO criticism
US President Donald Trump said he is considering excluding ExxonMobil from investing in Venezuela after the company’s chief executive described the country as “uninvestable”
Trump orders protection of Venezuelan oil funds held in US accounts
The White House said the decision to protect the funds, which are deposited with the US Treasury Department, was taken under a declaration of national emergency
Trump hints at Venezuela talks after oil proposal
vSpeaking to reporters aboard Air Force One on January 11, Trump said Washington was “working very well with the leadership” in Caracas and suggested discussions could evolve further
Cuba braces for economic collapse as US blocks Venezuelan oil supplies
US President Donald Trump has warned Cuba it will no longer receive oil supplies or financial support from Venezuela, calling on the island's government to negotiate terms with Washington in the aftermath of last week's ouster of Nicolas Maduro.
Venezuela floating oil storage surges to three-year high as US tightens control
Venezuelan crude held in floating storage jumped to over 29mn barrels by January 10, up from approximately 20mn barrels earlier in the week, marking the highest level in more than three years as the United States tightened control over the OPEC
Guyana's oil and gas sector expected to be stabilised from US action in Venezuela
The capture of Venezuelan President Nicolás Maduro by US forces is believed to have substantially reduced geopolitical risks threatening Guyana's rapidly expanding oil sector.
Solstad extends Brazil’s Petrobras vessel contract by one year
Norwegian offshore vessel owner Solstad Offshore has extended its contract with Brazil’s state-owned oil company Petrobras for the anchor handling tug supply vessel Normand Turquesa by one year, pushing the total deal's value to around $100mn.
Brazil’s Petrobras expands diesel partnerships as refinery boosts low-sulphur output
Brazil's state-owned oil company Petrobras has signed a contract with Vale to supply diesel for the mining major’s operations in Minas Gerais while boosting production capacity of low-sulphur fuel by 80% at its Henrique Lage refinery.
Brazil oil and gas output rises nearly 14% in November
Brazil's oil and natural gas production reached 4.921mn barrels of oil equivalent per day in November 2025, with crude output climbing 13.9% from the same month a year earlier despite a monthly decline, according to the oil and gas regulator/
Brazil oil regulator prioritises pre-salt development amid budget constraints
Brazil's oil and gas regulator the ANP is prioritising the full development of the country's pre-salt reserves while navigating severe budget constraints, according to the agency's director.
Brazil's Petrobras approves Sergipe deep water project, FPSO deal nearing completion
Brazilian regulators halt Petrobras Amazon drilling pending spill investigation
Brazil's oil industry regulator the ANP has blocked Petrobras from resuming drilling operations in the environmentally sensitive Foz do Amazonas Basin until the state-owned oil producer clarifies the cause of a synthetic fluid spill.
Venezuelan bondholders ready for debt talks as securities surge 30%
A key group of Venezuelan bondholders has said they were ready to start debt restructuring talks as the nation's default-stricken bonds surging more than 30% while state-owned oil company PDVSA's 2026 bond rose nearly 40%.
Argentina halts plan to relocate embassy in Israel to Jerusalem over Falklands oil development
Trump invites China and Russia to buy Venezuelan oil under US control
US President Donald Trump has invited China and Russia to purchase Venezuelan crude under Washington's control, defending his administration's extraordinary seizure of the country's oil sales following Nicolas Maduro's ouster.
Colombia's Petro warns Trump oil focus risks world war in Latin America
Colombian President Gustavo Petro warned that treating Latin America primarily as an oil source would trigger international law destruction and potentially provoke a third world war, proposing a $500bn clean energy alternative
Methane leaks cloud Trump’s push to revive Venezuela’s oil industry
The emissions underscore both lost income and deep operational risks, complicating President Donald Trump’s efforts to draw major US producers back after the capture of Nicolás Maduro
US seizes fifth tanker as Trump tightens control over Venezuelan oil flows
A US maritime crackdown on sanctioned tankers is disrupting Venezuela’s shadow fleet and altering the destination of the country’s crude exports
US blockade stalls Venezuela’s shadow fleet
A US maritime crackdown on sanctioned tankers is disrupting Venezuela’s shadow fleet and altering the destination of the country’s crude exports
Gold Reserve challenges Citgo sale as it reviews Venezuela return plans
The miner said it has also begun reviewing and updating security arrangements to support possible negotiations for a safe return to operations in the country, as conditions evolve after Maduro’s capture
Trump’s Venezuela move exposes China’s reliance on sanctioned oil supplies
Donald Trump’s intervention in Venezuela has unsettled Chinese crude buyers by highlighting Washington’s capacity to disrupt oil flows from countries under US sanctions, intensifying concerns in Beijing that Iran could be next
US oil majors seek guarantees as Trump pushes Venezuela investment drive
US oil companies are pressing Washington for firm legal and financial assurances before committing significant capital to Venezuela
Trump offers Venezuelan crude to China and Russia under US control
US President Donald Trump said on January 9 that China and Russia are welcome to buy Venezuelan crude oil managed by Washington
Chevron, Vitol and Trafigura compete for Venezuelan oil
Global oil companies and trading houses are competing for US government contracts to export Venezuelan crude, as Washington moves to control the country’s oil sales following the capture of Nicolás Maduro
US pressure deepens uncertainty for Venezuela’s stricken oil sector
Venezuela’s oil industry is entering a period of acute uncertainty as US pressure intensifies following Washington’s intervention and the capture of Nicolás Maduro
Mexico to maintain oil supplies to Cuba after Maduro’s removal, Sheinbaum says
Mexico will continue supplying crude oil to Cuba following the removal of Venezuelan leader Nicolas Maduro by US forces, President Claudia Sheinbaum said
Colombia sees opening for cheaper gas as US–Venezuela talks resume
Colombia is seeking access to lower-cost Venezuelan natural gas as renewed dialogue between the US and Venezuela raises the prospect of easing restrictions on cross-border energy trade
Massive methane plumes queer Trump’s Venezuelan oil fields revival plans
Massive methane emissions from Venezuela’s decaying oil infrastructure are raising alarms among energy analysts and threatening to derail efforts by the Trump administration to restart heavy crude production.
Oil prices rise for second day on Venezuela, Iran supply concerns
Oil prices climbed for second consecutive day on January 10 with Brent rising 0.71% to $62.43 per barrel on Venezuela and Iran supply concerns, heading for third weekly gain.
Brazil pushes aviation biofuel use
Brazil plans to widen the use of sustainable aviation fuel across its air transport network in 2026, after commercial flights began regular refuelling with the fuel at Salvador airport, the Ministry of Ports and Airports said.
Mexico faces US scrutiny over oil shipments to Cuba
US control of Venezuelan crude has focused attention on recurring hydrocarbon shipments to Cuba from Mexico, with the tanker Ocean Mariner departing Coatzacoalcos on January 6 carrying Mexican oil barrels to Havana, El País reported.
India's Reliance may resume Venezuelan crude purchases if non-US access opens
India’s Reliance Industries Ltd, which operates the world’s largest refining complex, has indicated it may resume purchases of Venezuelan crude oil if sales to non-US buyers are formally permitted
Guyana-Venezuela tension expected to cool following Maduro's capture
The capture of Venezuelan President Nicolás Maduro and his wife by US forces could temporarily defuse Venezuela's military pressure on Guyana's oil-rich Essequibo region, according to Carl Greenidge, Guyana's agent in the ongoing World Court case.
Bolivia fuel flows at risk as protesters occupy key YPFB pipeline hub
Bolivia’s hydrocarbons transport network faces renewed operational pressure after rural organisations occupied a key pumping and compression facility, raising concerns over fuel supply continuity in several regions of the country.
Colombia's Ecopetrol extends 50% ADR fee cut through 2026 with JPMorgan
Ecopetrol extended a 50% reduction in American Depositary Receipt issuance and cancellation fees through December 31, 2026, following renegotiations with JPMorgan Chase Bank NA as depositary institution for the Colombian oil producer's
Maduro's ouster reshapes Colombia energy strategy as gas crisis looms
Colombia faces potential relief from looming energy shortages following Nicolás Maduro's removal, though technical and regulatory obstacles may prevent Venezuelan gas imports from materialising before projected 2027 deficits materialise
Canada weighs impact of potential oil revival in Venezuela
Higher imports of Venezuelan crude to the US and beyond could displace oil coming from Canada.
YPF head asserts that Argentine oil not under threat from Venezuela following US action
YPF CEO Horacio Marín dismissed concerns that Venezuela's oil sector recovery could undermine Vaca Muerta development, citing Argentina's superior crude quality and long-term export projections exceeding $20bn annually by decade's end.
Venezuelan authorities to send 30mn-50mn barrels of sanctioned crude to the US
US President Donald Trump announced on January 6 that Venezuelan authorities will turn over 30mn to 50mn barrels of sanctioned crude to the US, redirecting exports from China to the US.
Venezuela’s oil will cost US oil firms billions in investment before earning dollar one
US President Donald Trump says that the US will help take over running Venezuela and get the oil sector back on its feet so everyone can “make lots of money.” But there has been underinvestment in the South American country’s vast oil reserves.
COMMENT: US control of Venezuelan oil can earn Indian refineries optimal margins
Reliance's Jamnagar refining complex is a 1.4mn barrel per day facility incorporating proprietary cracking and coking capacity, and was architecturally engineered for Venezuelan heavy-sour crude processing
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