LatAmOil - Latin America Oil & Gas
Brazil pushes biodiesel beyond limits
Brazil’s biodiesel industry and farm lobby are pressing the National Petroleum Agency (ANP) to loosen rules on voluntary blending above the current 15% mandate, seeking to remove prior approval requirements for higher shares.
Russia tightens grip on Brazil diesel market
Russia remained Brazil’s largest diesel supplier in March for a second month, even as tensions in the Middle East tightened global fuel markets, according to data from the Foreign Trade Secretariat (Secex).
Brazil expands pre-salt auction
Brazil’s oil regulator ANP said the next pre-salt auction will include 23 exploration blocks, following an update to the notice for the Permanent Production Sharing Offer.
Brazil set to launch biomethane market
Brazil’s oil and gas regulator ANP expects the first biomethane guarantee-of-origin certificates to be issued in May, triggering compliance requirements under the Fuel of the Future law.
Argentina seen as key Latin American beneficiary of higher oil prices, JPMorgan says
Argentina is poised to be the only major Latin American economy structurally positioned to benefit from higher global oil prices, according to a report by JPMorgan.
Argentina's YPF chief says fuel prices to remain steady even if oil falls after freeze
YPF Chief Executive Horacio Marín said the state-controlled energy company will keep fuel prices steady even if international oil prices decline, following a 45-day freeze introduced earlier this month by the Argentine state-run oil company,
Bolivia fuel import crisis continues
Bolivia and Chile have stepped up bilateral cooperation to tackle a cross-border fuel adulteration network, as probes reveal systematic tampering with shipments destined for the Bolivian market.
Russia to dispatch second oil tanker to Cuba
Russia plans to send a second oil tanker to Cuba following the delivery of hundreds of metric tonnes at Matanzas port earlier this week, Russian Energy Minister Sergei Tsivilev stated.
Venezuela opens for business, investors weigh promise against reality
The months since Nicolás Maduro's capture have brought Venezuela closer to the global economy than at any point in a generation.
US allowing Russian oil cargo to Cuba is ‘humanitarian’, not policy shift
A Russian oil tanker has reached Cuba with a cargo of crude, marking the first significant delivery to the island in months and highlighting a limited but notable shift in US enforcement of its sanctions.
US concerns stall Citgo sale as political risks mount
A planned transfer of control of Citgo Petroleum, Venezuela’s most valuable overseas asset, has run into delays amid mounting reservations within the Trump administration over pricing and political fallout
Venezuela seen entering sustained recovery by 2026, analyst says
Venezuela’s economy is poised to enter a phase of sustained recovery by 2026, underpinned by energy sector liberalisation and updated legal frameworks, according to Luis Vicente León, president of market research company Datanálisis
Petroecuador doubles output at Drago field to near 6,000 bpd after technical overhaul
Ecuador’s state oil company Petroecuador has sharply increased production at its Drago field, underscoring a broader strategy to lift national crude output through operational upgrades and targeted investments.
Valaris Halliburton and Petronas join forces to advance Suriname offshore development
Valaris, Halliburton and Petronas align drilling, subsurface and project execution in Suriname, targeting early-stage efficiency and long-term offshore development value in a fast-growing basin.
Cuba women protest US oil curbs as energy strains deepen
Hundreds of women marched in Havana on April 7 to denounce US restrictions on oil supplies to Cuba, as government officials intensified criticism of Washington’s pressure campaign amid worsening energy shortages
Oil surge masks Colombia's Ecopetrol's political risk, but analysts warn rally may be borrowed time
Ecopetrol's share price has held up amid a wave of corporate governance turbulence, but analysts warn that a surge in global oil prices driven by the conflict in Iran is doing much of the heavy lifting
Venezuela pauses US legal fight to protect Citgo and other key assets
At the core of the dispute is the question of legal representation, as both sides must determine who is authorised to speak for Venezuela in US courts
India boosts Venezuelan oil imports to six-year high amid supply shift
The volumes, the highest since February 2020, reflect a longer-term diversification effort rather than a short-term reaction to recent disruption
Venezuela exports reach highest level since 2018 as non-oil sector accelerates
Oil remained the country’s primary source of foreign income, generating $18.212bn, although this represented a slight decline of 0.87% compared with 2024
India replaces China as top buyer of Venezuelan crude under US oversight
The increase has been underpinned by higher imports of diluents used to process Venezuela’s heavy crude, with nine cargoes arriving in March compared with seven in February
Argentina advances VMOS pipeline project with key storage tank milestone
Argentina has reached a new milestone in the construction of the VMOS oil pipeline project, with the installation of a geodesic roof on a major storage tank at the Punta Colorada export terminal, provincial authorities said.
Argentina's YPF to hold fuel prices steady for 45 days amid Iran conflict pressures
Argentina’s state-run energy company YPF will keep fuel prices stable for the next 45 days, its chief executive said, as the government seeks to shield consumers from rising global oil prices linked to the conflict in Iran.
Argentina's YPF shares gain as banks raise targets after court ruling and oil rally
Shares of Argentina’s state-controlled oil company YPF have risen sharply in 2026, prompting banks and investment funds to increase their price targets after a favourable US court ruling and stronger global crude prices improved the company’s outlook
Argentina's Tecpetrol, GyP seek incentives for $2.4bn Vaca Muerta oil project
Argentine energy firms Tecpetrol and Gas y Petróleo del Neuquén (GyP) have applied to include a $2.4bn unconventional oil project in the government’s investment incentive regime, aiming to boost production in the Vaca Muerta shale formation.
Haliburton, Petronas, and Valaris sign Suriname offshore agreement
Halliburton announced that it has signed a Strategic Collaboration Agreement with PETRONAS Suriname and Valaris to support the development of offshore assets in Suriname.
Afreximbank to provide Surinamese companies with direct financing for oil and gas projects
Afreximbank is positioning itself as a direct financing partner for Surinamese companies competing for domestic oil and gas contracts, Okechukwu Ihejirika, Acting Regional Chief Operating Officer for the Caribbean, confirmed.
Colombia's Ecopetrol wins approval for $1.25bn loan to refinance debt and extend maturities
Colombia’s state-controlled oil producer Ecopetrol has secured authorisation to raise up to $1.25bn in debt as part of a refinancing strategy aimed at lowering financing costs and extending maturities
Colombian engineers back NASA’s historic Artemis II mission as Europe powers spacecraft, Russia eyes lunar push
Colombia firms rank among top regional multilatinas, IDB study shows
Colombia placed three companies among Latin America’s 50 largest multilatinas by sales, led by Ecopetrol in sixth position, according to a report by the Inter-American Development Bank
Valaris locks Brazil’s Petrobras extension
Valaris said it secured a contract extension with Petrobras for the drillship VALARIS DS-4, alongside a separate agreement with Petronas and Halliburton covering offshore activity in Suriname.
Brazil unveils $6bn fuel subsidy package as Iran war hits prices, freezes Lula-Trump thaw
Brazil's government unveiled a sweeping package of measures on April 6 to shield consumers and businesses from surging fuel prices driven by the US-Israeli war with Iran, at an estimated fiscal cost of BRL31bn ($6bn).
Ventura extends Brazil rig deals
Ventura Offshore said it has secured contract extensions for two units operating offshore Brazil, adding more than $600mn to its backlog.
Fuel surge hits Brazil airlines
Petrobras has raised jet fuel prices by about 55% since April 1, Abra Group said, citing higher global oil costs linked to conflict involving Iran, the United States and Israel.
Colombia's Isagén, US Atlas secure financing for $453mn solar project in Colombia
Isagén and Atlas Renewable Energy have reached financial close for the El Campano solar project in Córdoba, paving the way for construction of a 128.8 MWdc facility expected to begin operations in the third quarter of 2027
Colombia's Ecopetrol chief steps aside temporarily amid probes and political tensions
The board of Colombia’s state-controlled oil company Ecopetrol has asked its chief executive Ricardo Roa to step aside temporarily until after the presidential election cycle, following mounting legal scrutiny and internal dissent
Cuba to boost power output with Russian fuel as floating plants add 124MW
Cuba said two floating power units will generate 124MW of electricity from mid-April following the arrival of Russian fuel shipments, as the island seeks to ease a deepening energy shortfall
US lawmakers urge end to Cuba energy curbs after Havana visit
Two US lawmakers called for an end to restrictions on fuel supplies to Cuba after a five-day visit to Havana, warning that tightening curbs are worsening the island’s economic crisis
Stena Carron seeks lifting equipment suppliers as Guyana drilling continues through 2026
Pemex's aging pipelines under scrutiny as Gulf of Mexico spill triggers cover-up allegations
A hydrocarbon spill stretching more than 630 kilometres along Mexico's Gulf coastline has become something more than an environmental emergency. It has become a test of whether Pemex and the government told the truth about when they knew.
Fracturing activity in Argentina's Vaca Muerta hits record high in March
Hydraulic fracturing activity in Argentina's Vaca Muerta shale formation reached a record high in March with 2,616 fracturing stages in the unconventional segment.
Shearwater and Searcher complete third season of 3D seismic acquisition in Brazil's Pelotas Basin
Norway's Shearwater GeoServices and Australia-based Searcher have completed the third phase of their multi-client 3D seismic acquisition campaign in Brazil's Pelotas Basin, bringing total regional coverage to more than 17,000 square kilometres.
Brazil's offshore supply vessel demand peaked in 2025, set to stabilise to 2030, says Rystad
Brazilian demand for platform supply vessels reached a peak of 140 vessel-years in 2025, but is expected to ease slightly this year and stabilise through 2030, according to a survey by energy consultancy Rystad Energy.
Brazil’s Vast Infraestrutura completes first ExxonMobil oil transshipment in Brazil
Vast Infraestrutura has completed the first oil transshipment operation for ExxonMobil in Brazil, moving 1mn barrels from the Bacalhau field through its T-Oil terminal at Porto do Açu in Rio de Janeiro state.
Brazil’s Ventura Offshore secures $611mn in Petrobras contract extensions for two deepwater rigs
Ventura Offshore has locked in contract extensions worth around $611mn in combined backlog with state-owned oil company Petrobras, covering a semi-submersible rig and a drillship it manages on behalf of Norwegian-backed Eldorado Drilling.
Brazil’s Constellation locks in $1.1bn in extra Petrobras backlog through rig extensions
Brazilian drilling contractor Constellation has secured $1.1bn in additional contract backlog through extensions on three rigs working for Petrobras, boosting the company's total backlog by 67% to approximately $2.8bn through 2030.
Brazil’s Brava Energia launches four-well drilling campaign
Brazilian oil producer Brava Energia is to start a four-well drilling campaign across two offshore fields, the company said on April 6, sending its shares up more than 5% after the announcement.
Brazil’s Belov Engenharia signs BRL2.7bn Petrobras deal for diving, ROV services
Belov Engenharia has signed eight contracts with Petrobras worth a combined BRL2.7bn ($526mn) for the provision of shallow diving and remotely operated vehicle (ROV) services using four diving support vessels.
Transocean adds $1bn to backlog with Petrobras extensions, Norway contract
Transocean has announced contracts and extensions worth approximately $1bn in combined backlog, led by two drilling rig extensions with state-owned oil company Petrobras in Brazil and a new contract in Norway.
Brazil’s Petrobras fires commercialisation director over rogue LPG auction as cabinet tightens grip on fuel policy
Petrobras has dismissed its executive director of logistics, commercialisation and markets, Claudio Schlosser, amid the fuel price crisis after an auction of LPG last week produced prices well above Petrobras’ own reference prices.
Brazil's Petrobras delivers LPG at high auction prices despite Lula move to annul sale, say sources
etrobras has delivered liquefied petroleum gas (LPG) auctioned off at steep premiums to distributors even after President Lula said the government would annul the tender to protect consumers from fuel price spikes.
Brazil scraps aviation fuel taxes, subsidises diesel and cooking gas on crude price spike
Brazil's government has eliminated federal taxes on aviation kerosene as part of a sweeping package in an effort to contain the economic fallout from the US-Israeli war with Iran which has pushed oil prices up sharply.
Argentina gas exports to Chile briefly halted over quality issues at Vaca Muerta supply
Reliance begins direct purchases of Venezuelan crude
A unit of India’s Reliance Industries has started loading a 2mn-barrel cargo of Venezuelan heavy crude purchased directly from state-run PDVSA.
Colombia reverses fuel price cuts as global oil costs widen budget deficit
Colombia raised domestic fuel prices from April 1 as climbing international oil costs inflated the subsidy burden on an already strained public balance sheet, reversing two consecutive monthly reductions that had briefly eased inflation pressures
Russia dispatches second oil tanker to Cuba amid US fuel embargo
Russia plans to send a second oil tanker to Cuba following the delivery of hundreds of metric tonnes at Matanzas port earlier this week, Russian Energy Minister Sergei Tsivilev stated, as the Caribbean island confronts deepening energy shortages
Mexico’s Amigo LNG inks 20-year offtake deal with UAE’s IRH
Mexico’s Amigo LNG, the flagship project of LNG Alliance, ha signed a 20-year Sales and Purchase Agreement (SPA) with Abu Dhabi-based International Resources Holding (IRH),
OPEC+ sets symbolic quota rise as Hormuz closure bites
OPEC+ has agreed a modest increase in oil production quotas from May, a move that is more about signalling future intent than shifting near‑term supply
Venezuela oil exports top 1mn bpd for first time in six months
Venezuela’s oil exports exceeded 1 million barrels per day (bpd) in March for the first time since September, driven by increased shipments to India and storage flows to the Caribbean, according to ship-tracking data.
Venezuela’s Rodriguez moves to take control of Citgo board
Venezuela’s government under interim President Delcy Rodriguez is preparing to take control of the boards of PDVSA’s US-based subsidiaries, including Citgo Petroleum, in a move that could intensify a long-running dispute over its control.
Shell weighs expanded Venezuela gas push as talks advance
The London-based energy group is aiming to take a final investment decision on Dragon by the end of the year, while simultaneously assessing nearby zones linked to the Mariscal Sucre development
OFAC clarifies compliance rules for Venezuela energy and mining Operations
The clarification reinforces that limited activities remain permitted under specific licences, while detailing how non-US companies can operate without breaching restrictions
Argentina's YPF to freeze fuel prices for 45 days amid Middle East-driven oil volatility
Argentine state oil company YPF will hold pump prices steady for 45 days to shield consumers from crude oil volatility driven by the Middle East conflict, its chief executive said on April 1.
Bolivia and Chile team up to combat cross-border fuel tampering network
Bolivia and Chile have stepped up bilateral cooperation to tackle a cross-border fuel adulteration network, as investigations reveal systematic tampering with shipments destined for the Bolivian market.
Bolivia probes cross-border fuel fraud as $150mn losses trigger political fallout
Bolivia has launched a sweeping investigation into an alleged international network accused of siphoning and adulterating imported fuel, as authorities estimate losses of around $150mn linked to the scheme.
Bolivia reshuffles YPFB leadership as fuel crisis forces sector overhaul
Bolivia has replaced the head of its state energy firm and unveiled a series of emergency measures aimed at restoring confidence in fuel supply, following weeks of disruption linked to contaminated petrol and mounting social pressure.
Bolivia suspends Vitol, Trafigura fuel deals as smuggling probe deepens supply concerns
Bolivia has halted fuel supply contracts with global traders Vitol and Trafigura as authorities intensify an investigation into a cross-border network accused of distributing contaminated petrol, raising fresh concerns over energy security.
YPF shares jump nearly 7% after favourable US court ruling
Shares of Argentina’s state-controlled oil company YPF have risen nearly 7% since a US appeals court ruled in favour of the Argentine state and the company in a long-running legal dispute over its 2012 nationalisation, market data showed.
Slovak refiner turns to Guyana and Latin America for crude as Hormuz closure cuts off Middle East supply
Pemex production rises for third straight month as oil price surge opens export opportunity
Mexico's public investment falls 44.9% in worst drop on record as Pemex spending collapses
Russia pledges continued Cuba oil supplies as sanctioned tanker docks at Matanzas with 730,000 barrels
The Russian-flagged tanker Anatoly Kolodkin docked at Cuba's port of Matanzas on March 31 carrying 730,000 barrels — equivalent to 100,000 tonnes — of crude oil, the first significant petroleum delivery to reach the island in over three months
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