LatAmOil - Latin America Oil & Gas
Brazil’s Petrobras backs tech drive at Mero
Brazil’s Petrobras and its partners in the Libra Consortium plan to invest about BRL151mn ($28.87mn) in the Libra Rocks project to advance geological modelling and technologies for the Mero field in the pre-salt Santos Basin.
Argentina broadens RIGI scheme to draw shale oil investment into Vaca Muerta
Argentina has expanded President Javier Milei’s flagship investment incentive programme to include shale oil wells in the Vaca Muerta formation.
SEFE seals eight-year Argentina LNG supply deal with Southern Energy
Germany’s Securing Energy for Europe (SEFE) has finalised an eight-year liquefied natural gas (LNG) sales and purchase agreement with Argentina’s Southern Energy (SESA).
Shell sees Brazil gain from Middle East tensions
Shell sees rising tensions involving the United States, Israel and Iran as an opening for Brazil to draw capital into its oil sector, its country head said, citing the nation’s stability and production record.
Middle East conflict raises energy price risks for Argentina
Escalating hostilities involving the United States, Israel and Iran have injected fresh volatility into global oil markets, prompting analysts to assess the potential impact on Argentina’s energy trade balance, fuel prices and investment outlook.
TotalEnergies' Suriname FPSO to rival Brazil's pre-salt with 220,000 b/d capacity
TotalEnergies' GranMorgu floating production, storage and offloading (FPSO) vessel offshore Suriname will carry a 50,000-tonne topside and gas-processing capacity of 500mn cubic feet per day (MMcf/d) (14.2mn cubic metres per day), Rystad Energy said.
Peru’s gas shock exposes structural weaknesses in energy security
Peru’s decision to declare a 14-day state of emergency in the natural gas system marks one of the most severe stress tests of its energy model in two decades.
Each $1 Brent move swings Colombia's Ecopetrol net income by $122mn, CEO says, as crude tops $77 on Iran tensions
Ecopetrol's net profit fluctuates by approximately $122mn (COP500bn) for every $1 change in the annual average Brent crude price — with EBITDA sensitivity reaching $186mn (COP760bn) per dollar — President Ricardo Roa stated
Licences ease pressure for Venezuela, sector recovers slightly
Venezuela’s oil industry is showing tentative signs of recovery as higher refining rates, revived export routes and renewed interest from foreign companies reshape a sector still constrained by US sanctions and operational bottlenecks
YPF posts best earnings in 10 years for 2025
YPF reported an adjusted EBITDA of $5bn for 2025, the highest in a decade, driven by record shale oil production in Vaca Muerta despite falling international crude prices.
Argentina's YPF to smooth fuel prices amid oil volatility triggered by Middle East crisis
Argentina’s state-controlled energy company YPF said it would avoid sharp increases in domestic fuel prices despite a surge in international oil prices driven by escalating conflict in the Middle East and tensions around the Strait of Hormuz.
Middle East conflict and court ruling threaten two key Milei economic reforms
Two key economic reforms pursued by Argentine President Javier Milei have come under pressure following a surge in global energy prices triggered by the war in the Middle East and a domestic court ruling challenging fuel market deregulation.
African Energy Chamber, Venezuelan petroleum authorities sign MoU to drive energy investment, collaboration
Venezuela’s leading petroleum authorities have signed a Memorandum of Understanding (MoU) with the African Energy Chamber (AEC), establishing a formal framework for long-term collaboration across the hydrocarbon value chain.
Venezuela oil shipments double in February as output rebounds
January exports had stood at roughly 383,000 barrels a day, when the Trump administration first took control of the country’s oil sales
Exxon Mobil weighs return to Venezuela with technical visit planned
The US oil major is exploring avenues for cooperation with the Venezuelan government and could resume operations if what it views as appropriate investment conditions are put in place
Brazil clears Wahoo for production
The Institute of the Environment and Natural Renewable Resources (Ibama) has issued an operating licence for the Wahoo field offshore Brazil, clearing the final regulatory step before production begins.
Cuba installs 5,000 Chinese-donated solar systems for clinics and isolated homes amid record blackouts
Cuba's Electric Union (UNE) is deploying 5,000 2-kilowatt photovoltaic systems donated by China to power essential facilities and remote households, with 2,671 units earmarked for polyclinics, maternity wards, traffic lights, bakeries, schools
Petro-Victory starts Brazil gas well
Petro-Victory Energy Corp. has begun drilling the SJ-12 well at the São João Field in the Barreirinhas Basin, Maranhão state, marking the start of its previously announced commitment under a memorandum of understanding.
Acteon wins Brazil’s Petrobras subsea deal
Acteon has secured a multi-million-dollar contract to support light workover and abandonment activities on subsea Christmas trees for Petrobras, the company said.
Brazil offshore groups unite in $778mn deal
OceanPact and CBO have agreed to combine their operations through the merger of CBO’s holding entity into OceanPact, the companies said in a regulatory filing.
Mexico's Pemex cuts debt to 11-year low but posts $2.6bn annual loss as turnaround remains incomplete
Mexico's state oil company Pemex reduced its financial debt to an 11-year low and cleared nearly $34bn in overdue supplier payments in 2025 following a massive government bailout.
Uruguay greenlights offshore seismic survey as legal challenges fail
Canadian oil and gas company Sintana Energy said on March 3 that a three-dimensional seismic acquisition campaign has commenced on the AREA OFF-1 block offshore Uruguay, following court rejections of legal challenges mounted by environmentalists.
Iran conflict clouds Brazil rate cut outlook as oil surge lifts Petrobras
The military conflict in the Middle East sent shockwaves through Brazilian financial markets, lifting shares in Petrobras and other domestic oil producers while stoking fears that surging crude prices could push up inflation and slow rate cuts.
YPF sees 2026 EBITDA rising to around $6bn, plans up to $5.8bn in investment
Argentina’s state-run energy company YPF expects EBITDA of between $5.8bn and $6.2bn in 2026, up from $5bn reported in 2025, Chief Executive Horacio Marín said.
Navitas signs farm-in deal for 65% stake in North Falklands licence
Israeli oil and gas exploration firm Navitas Petroleum has signed a definitive farm-in agreement to acquire a 65% working interest in the PL001 North Falklands Basin Licence from JHI Associates Inc.
Brazil’s Petrobras waits as oil jumps
Brazil’s Petrobras is assessing the impact of the conflict in Iran and will track oil prices over the coming week before deciding on domestic fuel adjustments.
Brazil's oil output jumps 14.6% in January to near 4mn bpd, driven by pre-salt surge
Brazil's oil production rose 14.6% year on year in January to 3.953mn barrels per day, building on a record-breaking 2025 as output from the country's prolific pre-salt reserves continued to expand, the oil and gas regulator the ANP said.
Washington carves out oil lifeline for Cuba's private sector while tightening grip on Havana
The Trump administration moved to ease its energy stranglehold on Cuba, authorising US companies to export fuel directly to the island's private sector and permitting applications to resell Venezuelan-origin oil to non-government entities
Cuba's power crisis hits record depths as blackouts paralyse up to 64% of the country
Cuba's electricity system reached a new low on March 2, with blackouts set to affect up to 64% of the country during peak hours, according to official data from Unión Eléctrica (UNE), as a dual crisis of US fuel restrictions
Colombia's Ecopetrol launches dedicated oil export vessel with 525,000-barrel US shipment
Colombian state oil company Ecopetrol SA commenced operations with its first dedicated export vessel, dispatching the Atlantic Majesty from Coveñas maritime terminal carrying 525,000 barrels of heavy crude
Venezuela oil sales under US deal seen reaching $2bn
Venezuela oil sales under US deal seen reaching $2bn
US Energy Secretary Chris Wright said shipments could total about 40mn barrels by month-end, with prices hovering near $50 a barrel
Venezuela fuel retailers declare emergency as price dispute deepens
The move follows a breakdown in negotiations with the government over raising margins and addressing what the group described as deep-rooted operational problems
US prosecutors move to sell seized Venezuelan oil tanker in test case
The vessel, the Skipper, was detained by the US Coast Guard on Dec. 10 and is currently anchored off the Texas coast
Oil-for-gas deal lets Venezuela start clearing Eni arrears
Chief Executive Officer Claudio Descalzi said the shift allows Caracas to start addressing about $3bn in outstanding obligations that accumulated while conventional payments were effectively frozen
Optimism fuels Venezuela’s growth outlook as energy sector leads recovery
Rising confidence among businesses and consumers is reshaping Venezuela’s economic outlook, according to economist and financial adviser Leonardo Buniak
Rodríguez presses for sanctions relief as Venezuela courts energy partners
Speaking to domestic and foreign executives, including representatives from Repsol, Chevron, Shell and Maurel & Prom, Rodríguez framed the appeal as part of a broader push for sovereignty, independence and a self-directed energy policy
Argentina's Vista posts 59% production surge in fourth quarter, cuts costs
Argentina’s largest independent oil producer Vista reported a 59% year-on-year rise in total output in the fourth quarter of 2025, alongside an 8% reduction in lifting costs.
Trump floats 'friendly takeover' of Cuba, says Rubio in high-level talks with Havana on transition
Ecuador halts Esmeraldas refinery after third fire in nine months
Ecuador has temporarily suspended operations at its largest refining complex after a fresh blaze struck a processing unit, underscoring mounting operational strains at the country’s main fuel hub.
Bolivia deploys troops to shield YPFB facilities as fuel quality overhaul begins
Bolivia has placed its key hydrocarbon installations under military protection, as President Rodrigo Paz tightens control over state energy group Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) following a fuel quality scandal.
US oil intake from Venezuela rises after January raid, falls short of Trump claim
In his State of the Union address, Trump said the US had received more than 80mn barrels from Venezuela, a number that outstrips available import data
As the Middle East erupts, Guyana is poised for unprecedented oil growth
While the Iran-Israel-US conflict continues to rock the Middle East, Guyana could emerge as an unlikely beneficiary of the oil output and shipping crisis that appears set to occur.
Venezuela crude exports shift to supertankers under US-backed supply deal
The move is expected to increase export capacity from March and channel a greater share of shipments toward India, according to shipping records and people familiar with the flows
PDVSA reassesses oil partnerships after legal changes and US demands
The contracts were introduced after the now Interim President Delcy Rodríguez assumed the role of oil minister in October 2024 and included new structures such as productive participation agreements (CPPs)
Saipem poised for Venezuela return
Chief executive Alessandro Puliti said Venezuela is a market where Saipem has a long operational history and remains ready to re-enter once clients begin advancing projects
Tenaris weighs Venezuela expansion as drilling activity shows signs of revival
The pipe maker, part of Argentina’s Techint Group, kept a limited presence in the country and continued to provide technical and commercial support to Chevron, now the only large international oil producer operating at scale there
US urges court not to hold Argentina in contempt in $18bn YPF judgment dispute
The United States government has urged a federal judge not to hold Argentina in contempt over its alleged failure to hand over officials’ messages and emails in a long-running effort by former YPF shareholders to enforce a $18bn judgment.
YPF deepens shale shift in fourth quarter as conventional output declines
Argentina’s state energy company YPF accelerated its transition towards shale production in the fourth quarter of 2025, boosting unconventional oil and gas output while scaling back conventional operations.
Argentina’s VMOS pipeline 54% complete, targets 550,000 bpd exports by 2027
Argentina’s Vaca Muerta Oil Sur (VMOS) pipeline project is 54% complete and is expected to export up to 550,000 barrels per day (bpd) by 2027. The project is projected to generate more than $15bn in annual exports.
Russian tanker carrying 200,000 barrels to Cuba turns back mid-Atlantic, deepening island's fuel crisis
A vessel believed to be transporting 200,000 barrels of Russian gas oil to Cuba abruptly halted its journey and began drifting in the North Atlantic on February 26, likely deterred by the Trump administration's Caribbean blockade
US eases Cuba oil embargo under Caribbean pressure, authorising Venezuelan crude resale to private sector
The US Treasury announced that it would implement a "favourable licensing policy" allowing companies to resell Venezuelan oil to Cuba's private sector for "commercial and humanitarian use" — but not to government, military or intelligence entities
Canada fast-tracks $5.8mn in food aid to Cuba, bypassing government to deliver via UN agencies
Spain's Meliá, Iberostar shut five Cuba hotels as fuel crisis drains tourism, erasing €130mn in market value
Argentina’s YPF widens Q4 net loss to $649mn despite stronger shale output
Argentina’s state-controlled energy company YPF reported a fourth-quarter net loss of $649mn, more than double the $284mn loss recorded a year earlier, as shifting prices in oil and refined products and weaker gas sales weighed on results.
Brazil's ANP moves to expand production-sharing offer with 15 new offshore blocks
Brazil's oil and gas regulator ANP will hold a public hearing on March 13 to add 15 exploratory blocks to its Production-Sharing Permanent Offer, expanding the available portfolio from eight to 23 areas
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