LatAmOil - Latin America Oil & Gas
Mexico's Sheinbaum touts $20bn Pemex debt cut and 32,000MW power push
Mexico's power sector is set for a 32,000MW capacity expansion by 2030, part of a broader energy strategy President Claudia Sheinbaum outlined in her two-year progress report, alongside a $20bn reduction in Pemex's debt load.
Pemex support squeezes Mexico's fiscal room as credit rating risks mount
Mexico's continued financial backing for Pemex is testing the limits of the country's fiscal space, with markets watching the 2027 Economic Package for signs of how far the government can go without further damaging its credit rating.
Bolivia orders temporary takeover of YPFB as fuel crisis deepens
Bolivia's government has ordered an "extraordinary" and temporary intervention in state oil company YPFB, aiming to restore operational efficiency after irregularities in fuel supply, though business leaders say the move comes too late.
Argentina's Vaca Muerta has more than a decade of oil and gas growth ahead, Enverus says
Vaca Muerta shale formation has enough commercially viable oil and gas resources to support more than a decade of continued development, although greater access to export markets will be needed to unlock its full potential.
US lays out sweeping Venezuela oil pact as legal and political risks mount
The White House has set out the architecture of the sweeping US-Venezuela oil agreement President Donald Trump unveiled last week.
Ecuador's TPG commits $50mn to expand Guayaquil port capacity
Ecuador's Petroecuador strengthens 27 sites as El Niño risks rise
Petroecuador has deployed preventive measures at 27 strategic sites across Ecuador since May to protect oil infrastructure and maintain fuel and liquefied petroleum gas supplies amid potential impacts from the El Niño-Southern Oscillation
Colombian oil services firms enter Venezuela as US secures majority control of 65bn barrels, Campetrol says
Colombian oil services and goods companies are deploying into Venezuela to capture opportunities created by the reactivation of the country's petroleum sector, following President Donald Trump's announcement that the US had secured majority control
Chevron to invest over $7bn in Venezuela, Colombia’s GeoPark and Italy’s Eni will also enter
Chevron plans to invest over $7bn in Venezuela over the next five years as it targets more than a doubling of its oil production in the South American country to 600,000 barrels per day.
Mexico extends fuel price pact with retailers to February 2027
Mexico's government has renewed a voluntary agreement with fuel retailers to cap petrol and diesel prices for a further six months, extending the deal until February 2027 as part of efforts to contain inflation, President Claudia Sheinbaum announced.
Uruguay holds fuel prices steady for second consecutive month
Uruguay's government kept retail fuel prices unchanged for September, the second straight month it has frozen prices despite pressure from international oil markets to raise them, the Ministry of Industry and the Ministry of Economy and Finance said
Brazil's Raizen completes $1.42bn sale of Argentina downstream operations to Mercuria units
Raizen has completed the sale of its Argentine operations to Latam Downstream Holdings and Silver Projects I, companies owned by Mercuria Energy Group, for a total enterprise value of $1.42bn.
Argentina lawyers, veterans file lawsuit against British-Israeli oil project off the Falklands
Argentine environmental lawyers and veterans of the 1982 war against Britain have filed a lawsuit seeking to halt the Sea Lion offshore oil project backed by Israeli energy company Navitas Petroleum and Britain's Rockhopper Exploration.
Asian refiners turn to Argentine crude as Iran war disrupts Middle East supply
Asian refiners in Japan, South Korea and China have increased purchases of Argentine Medanito crude in recent weeks as disruptions linked to the Iran war intensify competition for Middle Eastern oil and encourage buyers to diversify supply.
US-backed firm to displace Chinese and Russian oil operators in Venezuela
A US-backed energy company is set to assume control of Venezuelan oil projects that have been run by Chinese and Russian interests
Trump signals ExxonMobil return to Venezuela as oil industry reopens to foreign firms
ExxonMobil may be preparing to re-enter Venezuela, nearly 20 years after leaving the country, as the Trump administration pushes to revive its oil industry and bring international energy companies back
India boosts Venezuelan oil imports to highest level since 2020
India sharply increased purchases of Venezuelan crude in August, taking shipments from the South American producer to their highest level since 2020 as refiners responded to the easing of US sanctions
Chevron plans Venezuela expansion as Trump pushes new oil deal
Chevron is preparing to expand its operations in Venezuela, according to a US official, as President Donald Trump accelerates efforts to bring American companies back into the country’s oil industry
Venezuela may leave OPEC, Trump says it is up to Caracas
Venezuela is mulling whether it should leave OPEC, Bloomberg has reported, citing sources. Venezuela is one of five founding members.
Venezuela Communist Party rejects US oil pact, calls it ‘savage plunder’
Venezuela’s Communist Party rejected a 25-year oil agreement between Caracas and Washington, accusing the government of transferring control over the country’s resources without public scrutiny or constitutional oversight
Machado casts Venezuela as energy ally as oil deal reshapes sector
Venezuelan opposition leader María Corina Machado said the country could become a major driver of energy and commercial growth across the Western Hemisphere
Pentagon takes stake in Venezuelan oil venture as details of Trump's deal emerge
Controversial businessman Alejandro Betancourt's NABEP wins 100-year rights to 17 fields, but contradictions over ownership terms and unresolved legal questions cloud the "biggest oil deal in history."
Eni backs Venezuela energy revival as US expands oil role
Eni SpA said it is engaging with Venezuelan authorities as the country prepares for a major reshaping of its energy industry, with the US seeking a larger share of control over crude production
Brazil lands new offshore support deal
Floatel International has secured a letter of intent to deploy its Floatel Triumph unit for maintenance and safety services offshore Brazil for between four and eight months, with operations due to begin in the first quarter of 2027.
Ted Cruz calls for Venezuela elections to advance alongside US oil deal
US Senator Ted Cruz called for free and democratic elections in Venezuela to move forward alongside a new oil agreement with Washington, arguing that economic cooperation should not delay the country’s political transition
China seeks protection for oil interests in Venezuela after US deal reports
China called on August 31 for its interests in Venezuela to be protected after reports suggested a landmark oil agreement between Caracas and Washington could alter control of fields operated by Chinese companies
US Energy Secretary Wright heads to Caracas as Venezuela oil deals accelerate
US Energy Secretary Chris Wright is scheduled to travel to Caracas as Washington moves to deepen its involvement in Venezuela’s oil industry, with a series of agreements expected to be unveiled during the visit
Bolivia's Paz defends fuel subsidy cuts as government inaugurates $6.4mn gas well
Bolivian President Rodrigo Paz Pereira defended the elimination of fuel subsidies as a response to the country's energy crisis while inaugurating drilling at a gas well in Santa Rosa del Sara, Santa Cruz department, on August 28.
Pemex's debt reduction traced entirely to government capital injections, analysis finds
Petróleos Mexicanos (Pemex) has only reduced its financial debt because of direct capital transfers from Mexico's federal government, according to an analysis by the Observatorio Ciudadano de la Energía.
Mexico's Pemex, financial intelligence unit join forces against fuel theft
Mexico's Finance Ministry (SHCP), through its Financial Intelligence Unit (UIF), has signed a collaboration agreement with state oil company Pemex to combat financial crime and hydrocarbon theft.
Petroecuador taps new horizontal well as it eyes 380,000 bpd target
State oil firm Petroecuador has brought online a new horizontal well, Shushufindi-240H ST2, in the Shushufindi field in Sucumbíos province, adding 1,289 barrels of oil per day (bpd) to national output, the company said.
Petroperú moves to secure $475mn as legal uncertainty clouds restructuring
Petroperú is moving to secure a $475mn bridge loan, but the financing comes as Peru’s Constitutional Court reviews the legal framework behind its restructuring, exposing the state oil company to both financial and regulatory risk.
Brazil set for new Búzios production boost
Singapore-based Seatrium will send two floating production, storage and offloading vessels to Petrobras’ Búzios field in Brazil within weeks of each other, adding up to 450,000 barrels per day of production capacity when both enter service.
Brazil oil export tax faces fresh legal uncertainty
Brazil’s 12% tax on crude oil exports faces renewed uncertainty after a federal court suspended the levy on the same day the government extended it for another 60 days, setting up a dispute with oil producers.
El Salvador's Energía del Pacífico receives 40th LNG cargo
Tristar targets Guyana’s growing offshore logistics market
Guyana’s oil boom is increasingly driving investment onshore, as Tristar plans a 50-acre logistics hub on the West Bank Demerara to support offshore operators, cargo handling and industrial activity.
Argentina oil output hits record in July as Vaca Muerta drives production
Argentina’s oil production reached a record 916,200 barrels per day in July, up 17.2% from a year earlier, as Vaca Muerta accounted for about 70% of national crude output and continued to drive the expansion of the country’s energy sector.
Trump’s Venezuela oil deal puts Betancourt at centre of US energy push
The proposed arrangement would give the US an effective 55% share of production from the venture, while NABEP would manage operations
Trump’s Venezuela oil deal faces legal hurdles before $100bn investment
President Donald Trump’s sweeping oil agreement with Venezuela is facing questions over its legal foundation and ability to survive political changes, UBS said in a note.
Venezuela expects $209bn from 25-year US oil agreement, Rodríguez says
Venezuela expects to generate about $209bn from a 25-year oil agreement with the US, as the government seeks to expand crude production beyond 1.5mn barrels a day and attract investment into an industry battered by sanctions
Opposition leader warns Venezuela oil windfall must reach citizens, not ‘a few’
Edmundo González cautioned that the revenues expected from Venezuela’s new energy agreement with the US may fail to translate into broader economic gains for the population
Chevron, Eni and other energy firms near new Venezuela deals
Chevron, GE Vernova, India’s ONGC, Italy’s Eni and Colombia’s GeoPark are closing in on agreements that could deepen foreign involvement in Venezuela’s energy industry, following months of negotiations over oil, gas and power projects
Trump to meet US refiners as Venezuela deal targets $100bn oil investment
President Donald Trump is preparing to meet executives from major US refiners as Washington and Caracas advance a 25-year energy pact designed to channel as much as $100bn of private capital into Venezuela’s oil industry
Colombian companies target Venezuela as market reopens
Colombia's Ecopetrol seeks board-rule change ahead of September shareholder vote
Ecopetrol is seeking to amend its bylaws before a September 15 extraordinary shareholders’ meeting, potentially giving Colombia’s government greater flexibility to replace the oil company’s board as it seeks to reshape its leadership
Eni wins Uruguay approval for OFF-5 offshore block, partners with YPF unit
Italian state energy company Eni said it had received approval from Uruguayan authorities to explore the OFF-5 offshore block, taking a 50% stake and operatorship in partnership with a subsidiary of Argentina's YPF.
Guyana's proposed national oil company will seek to ensure the country's energy security
Guyana is looking to establish a national oil company which will act as a crude refinery, thereby plugging a hole in the country’s oil supply chain, as highlighted by the disruption around the Strait of Hormuz.
Argentina secures $900mn financing for Vaca Muerta LNG pipeline
Argentina’s San Matías Pipeline consortium has secured a $900mn seven-year project finance loan to build a 472-km pipeline linking the Vaca Muerta shale formation with planned floating LNG facilities on the Atlantic coast.
Brazil’s Petrobras investigates exporting LNG to Asia
Brazil’s state-run energy firm Petrobras is examining the possibility of exporting LNG to markets in Asia.
Creditors form committee to prepare for Venezuela debt restructuring
Companies with unpaid claims against Venezuela are forming a committee to coordinate their interests ahead of the country’s planned debt restructuring, according to the group’s legal and financial advisers
India’s ONGC plans $200mn Venezuela oilfield revival after US license
ONGC is betting $200mn on a sharp recovery in production from Venezuela’s San Cristobal oilfield, with a goal of eventually taking output back to levels last seen before sanctions and years of underinvestment
Trump announces deal giving US majority stake in Venezuelan oilfields
Washington-backed venture to take majority stake in 17 fields as Caracas seeks investment to revive its ailing oil industry and Trump faces pressure over petrol prices.
Argentina’s LNG projects seek $17bn in international financing
Two major Argentine liquefied natural gas (LNG) projects are seeking up to about $17bn in international financing as developers move to build infrastructure to turn Vaca Muerta’s gas resources into large-scale exports.
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