LatAmOil - Latin America Oil & Gas
Trump to reinstate Chevron's Venezuela licence
President Donald Trump’s administration is to reinstate Chevron’s licence to operate in Venezuela, authorising the US oil major to resume crude production in its joint ventures alongside state-run PDVSA, according to the WSJ.
Venezuela claims growth with rising oil output, but data faces scrutiny
According to the Central Bank of Venezuela (BCV), the nation’s GDP saw notable gains led by a 12.27% surge in oil-related activity. Non-oil sectors also contributed, registering a 4.41% increase overall
Mexico’s Pemex burns through 67% of rescue funds as debt crisis deepens
Mexican state oil giant Pemex has consumed MXN91.3bn of the MXN136bn federal bailout package allocated under the government's debt relief programme, having spent over two-thirds of its rescue funding by May 2025, Mexico Buisness News reported.
Ecuador heavy crude pipeline resumes operations
Ecuador's heavy crude oil pipeline resumed operations at 9:20 a.m. on July 23 following the completion of a second bypass designed to address erosion challenges that had disrupted transportation since early July.
Argentina on course to $54bn energy and mining export surplus, economy minister states
Argentina's Economy Minister, Luis Caputo, has projected the country will achieve a combined energy and mining export surplus of $54bn by 2033, potentially transforming the nation's traditional economic structure.
US Chevron closes Hess acquisition following Guyana arbitration decision
Chevron has completed its delayed $53bn acquisition of Hess, close to two years after it first struck the deal.
Brazil’s Petrobras gets go ahead on Jubarte
Brazil’s oil regulator ANP has approved the Production Individualisation Agreement (AIP) covering the Jubarte pre-salt shared reservoir in the Campos Basin. The agreement will take effect on August 1, 2025.
Brazil's oil exports may be hit quickly by US tariffs
A US-Brazil tariff war has the potential to impact Brazilian oil exports quickly and raise Brazil’s diesel prices, says Marcus D'Elia, partner at Leggio Consultoria.
Colombia's Ecopetrol defies Petro's clean energy push with $707mn gas investment
Colombia's state oil company Ecopetrol will invest $707mn in natural gas exploration this year despite President Gustavo Petro's demands to abandon fossil fuel development.
Argentina fires more than 60 staff over leaks in YPF compensation case, will not negotiate with Burford
Argentina's National Treasury Attorney General's Office has dismissed more than 60 employees
Venezuela, Mexico among top nine global gas flaring countries as volumes reach 20-year high
Venezuela taps fuel stockpiles to offset Chevron exit and sustain oil output
Venezuela’s oil sector has proved more durable than anticipated following Chevron Corp.’s forced withdrawal, with emergency purchases of key blending agents helping maintain production near 1.1mn barrels per day through June and July
Venezuela defies sanctions with stable oil output and pivot to China
The expiry of wind-down periods for some sanctioned customers in late May prompted PDVSA to swiftly redirect cargoes, mostly to Chinese buyers, sidestepping restrictions through intermediaries
Brazil’s Brava brings more wells online
Brava Energia has reactivated two additional wells at the Atlanta field offshore Brazil, bringing the total number of connected wells to six.
Brazil’s Petrobras drills deeper in Búzios
Petrobras has commenced drilling a new well, 9-BUZ-103D-RJS, in the Búzios field in the pre-salt layer of the Campos Basin. The operation is taking place at a water depth of 1,700 metres, using the drillship Atlantic Zonda.
Mexico issues $10bn bonds to ease Pemex debt crisis
Mexico has launched a bond strategy using discounted debt instruments (*Notas Pre-Capitalizadas*) to provide Pemex with up to \$10bn in short-term liquidity, without offering a formal state guarantee.
Venezuela reports 6% GDP growth in second quarter, Maduro says
Venezuela's economy expanded by more than 6% in the second quarter, President Nicolás Maduro announced last week, marking the country's 17th consecutive quarter of growth despite the reimposition of US sanctions on its key oil sector.
Fitch signals possible Pemex upgrade after $9.5bn government-backed debt deal
Fitch Ratings placed Mexico’s state oil firm Pemex on “Rating Watch Positive” after a major debt deal, signalling a potential multi-notch upgrade of its long-term foreign and local currency ratings.
Pemex owes Carlos Slim’s Carso $700mn
Pemex faces growing scrutiny as Grupo Carso, owned by billionaire Carlos Slim, claims over $700mn in unpaid drilling and hydrocarbon contracts, some overdue by up to two years.
Fitch affirms Capex's 'B-' rating despite small production profile
Fitch Ratings has affirmed Argentine energy company Capex S.A.'s long-term foreign and local currency issuer default ratings at 'B-' with a stable outlook, citing the firm's moderate leverage profile despite constraints from its small oil production
Halliburton cites Mexico output decline pressures amid Pemex payment delays
US oilfield service provider Halliburton reported that Mexico's crude production decline rates are creating pressure for business reactivation despite ongoing payment delays from state-run Pemex, Reuters reported.
RelyOn expands Mexico training capacity with new Altamira safety centre
Global safety and technical training leader RelyOn has bolstered its Mexican operations with a new Altamira centre designed to enhance training capacity for the energy sector across Mexico and Latin America, Mexico Business News reported.
Argentina's Paesa faces potential ownership change following Tango Energy funding
Debt-burdened Argentine upstream operator Petrolera Aconcagua Energía (Paesa) is poised for a potential ownership change as Tango Energy has agreed to inject $36mn for a 90% stake in the struggling company.
ExxonMobil considers returning to Trinidad and Tobago, sources claim
ExxonMobil is reportedly in negotiations to re-enter Trinidad and Tobago's oil and gas sector after a 22-year absence, exploring opportunities in up to seven deepwater blocks off the Caribbean nation's East Coast.
Chevron gains access to Guyana's oil market through Hess acquisition
Chevron has successfully completed its $55bn acquisition of Hess, securing entry into Guyana's lucrative offshore oil sector after prevailing in a legal battle with ExxonMobil over the landmark deal.
Errea Wittu to become Guyana's biggest offshore vessel to date, ExxonMobil confirms
ExxonMobil's offshore Guyana operations are set to receive their largest floating production vessel yet, with the Errea Wittu FPSO confirmed as the most substantial unit in the company's growing fleet.
Mexico Pacific requests DoE for 7-year extension for Saguaro Energia LNG plant
Mexico Pacific Limited has filed an application for a seven-year extension of the export deadline for its Saguaro Energia LNG plant with the US Department of Energy.
Brazil’s PRIO moves ahead on Wahoo development
Brazil’s PRIO has received a preliminary environmental licence from the country’s environmental agency Ibama for the production system at the Wahoo field and the subsea link to the FPSO Frade.
Brazil’s Brava boosts output at Atlanta field
Brava Energia has brought two additional wells at Brazil’s offshore Atlanta field online, with production routed to the FPSO Atlanta vessel, the company said.
Expro secures three-year Trion deepwater contract for Mexico's first offshore oil facility
Expro has been awarded a three-year contract by Woodside Energy for the Trion deepwater oil and gas development offshore Mexico, establishing the country's first deepwater oil production facility, Mexico Business News reported.
ASEA introduces new air pollution controls for Mexico's petrol stations
Mexico's Agency for Safety, Energy and Environment has published new regulations establishing measures for controlling and monitoring atmospheric pollutant emissions at gasoline and diesel service stations nationwide, Mexico Business News reported.
Brazil’s fuel distributor Vibra eyes Cosan’s Moove in early talks
Brazilian fuel distributor Vibra is in early discussions with Cosan over a potential acquisition of its lubricants subsidiary, Moove, according to a report by Brazil Journal citing people familiar with the matter.
YPF to hike Argentine gasoline and diesel prices by 2.5%
YPF confirmed that it will implement a nationwide 2.5% increase in gasoline and diesel prices at midnight, bringing total fuel price increases to 6% for July following a 3.5% hike at the month's beginning.
Nigeria among top five global gas flaring nations as volumes reach 20-year high
Nigeria recorded one of the largest increases in gas flaring in 2024, placing it among the top five global contributors, the World Bank’s Global Gas Flaring Tracker report shows.
Argentina rejects negotiations over YPF stake following lawsuit
Argentina has firmly rejected negotiations with Burford Capital over a $16bn judgment, as the government faces mounting pressure to surrender its controlling stake in state oil company YPF.
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