LatAmOil - Latin America Oil & Gas
Brazil launches first biorefinery complex for advanced biofuels
Brazil laid the cornerstone for its first integrated biorefinery complex for advanced biofuels, with production set to begin in 2026.
Brazil’s Petrobras hits 2024 output targets, boosts pre-salt production
Brazil’s national oil company (NOC) Petrobras met its 2024 production targets, with total oil and gas output reaching 2.7mn barrels of oil equivalent per day (boed).
Brazil’s Petrobras CEO signals diesel price shift
The CEO of Brazil's national oil company (NOC) Petrobras informed President Luiz Inacio Lula da Silva that the company would modify diesel prices.
Venezuela's Citgo parent auction relaunches with new terms to boost bids
A Delaware court has approved fresh terms for the sale of Venezuela's PDV Holding, parent company of US refiner Citgo Petroleum, in a renewed effort to attract higher bids after creditors rejected an earlier offer last year.
Guyana leads Caribbean's 2024 export recovery, IDB reports
Guyana's oil sector emerged as the dominant force behind the Caribbean's export recovery in 2024, achieving a remarkable 59.6% growth according to the Inter-American Development Bank's latest trade trends report.
Pemex oil output drops 6.2% in 2024 to 45-year low
Petroleos Mexicanos (Pemex) oil production fell to 1.759m b/d in 2024, its sharpest annual decline since 2019, the state oil company said in its monthly report on January 27.
Innergy secures new agreement for natural gas supply from Argentine to Chile
Innergy has secured new agreements to maintain Argentine natural gas supply to Chile's Bío Bío and Ñuble regions through 2026, marking a significant expansion of energy cooperation between the two nations.
Guyana to assume leadership of new group of emerging oil powers
Guyana has been invited to assume leadership of a newly formed group of emerging oil-producing countries starting next month, marking a significant recognition of its rapid rise in the global energy sector.
TotalEnergies readies itself for $10.5bn investment offshore Suriname
TotalEnergies' Country General Manager for Suriname has highlighted the critical importance of stability for the company's planned $10.5bn investment in the Gran Morgu offshore development, the country's first such project.
Venezuela’s gas crisis and the lethal mix of neglect and environmental catastrophe
In the northern Monagas region, the incessant roar of flares from oil fields like Santa Bárbara and Jusepín creates an unbearable cacophony, accompanied by the glow of flames and a growing radioactive cloud of toxic emissions
Venezuela criticises US support for Guyana amid territorial dispute
Guyana's recent granting of oil licenses, including one to US-based ExxonMobil, has triggered a sharp response from Venezuela, which continues to assert its claim over the Essequibo region, a territory of 160,000 square kilometres
Ecuador offers oil supply to nations that cut imports from Venezuela
President Daniel Noboa announced Ecuador’s willingness to supply 250,000 barrels of oil per day to nations that cut imports from Venezuela
PDVSA’s revenues surge in 2024 amid recovery in Venezuelan oil production and exports
Petróleos de Venezuela (PDVSA) wrapped up 2024 with a notable revenue increase, reaching $15.7bn—an 18% rise compared to the previous year
Venezuela’s oil recovery at risk amid potential US sanctions shift
Venezuela’s fragile recovery in oil production, which grew 17.6% last year, could reverse sharply if the administration of US President Donald Trump enforces stricter sanctions
Petrobras hits 2024 production targets amid pre-salt record output
Petrobras met its 2024 oil and gas production targets within the ±4% margin set out in its 2024-2028 Strategic Plan, the state-run company said.
Mexico's $20bn refinery crisis threatens energy sovereignty
The ambitious Dos Bocas refinery project in Mexico, once hailed a symbol of energy independence under President Andrés Manuel López Obrador (AMLO), is now facing severe setbacks that threaten its future.
Trump calls on OPEC to ramp up oil supply
"Right now the price is high enough that that war will continue," Trump said at Davos.
Argentine record trade surplus driven by peak oil production
Argentina achieved its largest annual energy trade surplus in nearly 20 years during 2024, reaching $5.7bn as record shale production from the Vaca Muerta formation drove oil exports and reduced gas imports.
Petroecuador seals $251mn crude oil deal
Petroecuador has secured buyers for 3.9mn barrels of crude oil scheduled for February delivery, a deal that will generate $251mn in revenue for Ecuador.
Guyana in search of LNG plant maintanence provider
Guyana's landmark Gas-to-Energy project is advancing with new requests for proposals, as the government seeks to maximise the utilisation of natural gas from the ExxonMobil-operated Stabroek Block.
How Trump's agenda may rock Argentina's oil and gas sector
Trump's planned energy policy shift could create significant headwinds for Argentina's oil and gas sector, according to market analysts.
Gran Tierra to focus on Colombia and Ecuador in 2025 production targets
Gran Tierra Energy has unveiled its 2025 capital budget and production guidance, targeting capital expenditure between $240mn and $280mn while forecasting operating cash flow in the range of $260mn to 300mn.
Global subsea tree demand driven by Guyanese oil sector
Global subsea tree orders reached 255 units in 2024, marking an 11% quarterly decline, yet the market is expected to rebound in 2025, with forecasts pointing to 290 units driven by increased offshore activities from emerging players like Guyana.
Brazil regulator orders merger of offshore fields, to raise Petrobras taxes
Brazil's national oil and gas regulator ANP has ruled to merge the Berbigão and Sururu offshore fields, a decision that will increase taxes on the assets and potentially impact Petrobras' financial performance, the national oil company (NOC) said
Brazil’s Petrobras moves forward with Tartaruga Field stake sale
Petrobras has initiated the binding phase to sell its 25% minority interest in the Tartaruga Field, located in the shallow waters of the Sergipe-Alagoas Basin.
Colombia's Ecopetrol’s proven reserves to fall 4.6%
Ecopetrol’s proven reserves are expected to decline by 4.6% by the end of 2024, primarily due to limited efficiency gains.
World Bank upholds $8.37bn ruling in favour of ConocoPhillips over Venezuela
A World Bank arbitration tribunal has rejected Venezuela's request to annul an $8.37bn award to ConocoPhillips, reinforcing the US oil producer's claim to compensation for expropriated assets under Hugo Chavez's nationalisation program.
US poised to cut Venezuelan oil ties as supply glut looms
Venezuela, once a significant supplier of crude oil to the United States, may be on the brink of losing its position as a key energy partner as Trump floats plans to end export licences.
Argentine governor seeks regional energy integration with Uruguay, eyes Vaca Muerta gas
Argentine governor Rolando Figueroa held a meeting with Uruguay's president-elect, Yamandú Orsi, to discuss regional energy cooperation, with a particular emphasis on the potential of the Neuquén basin’s gas and oil resources
TGS, Petrobras open imaging centres for Brazil offshore exploration
Norwegian energy data firm TGS has launched advanced imaging centres in partnership with Petrobras to enhance subsurface data interpretation in Brazil’s Campos and Santos basins.
Ecuador eyes foreign investments of $42bn in oil industry through 2029
Ecuador has outlined ambitious plans for its oil sector, with acting Energy Minister Ines Manzano announcing expected foreign investments of $42bn over the next five years.
El Salvador's electricity demand rises 4.3% in 2024
El Salvador's electricity demand grew 4.3% to 7,145.2 GWh in 2024, according to the national energy market administrator Unidad de Transacciones.
Brazil’s Azevedo & Travassos secures Petrobras platform maintenance deal
Azevedo & Travassos, through its subsidiary Heftos Óleo e Gás Construções S.A., has signed a BRL298.3mn ($50.7mn) contract with Petrobras for integrated industrial maintenance services on oil platforms in the Campos Basin.
The state of Rio de Janeiro leads Brazil’s exports to China, driven by oil
The state of Rio de Janeiro maintained its position as Brazil’s top exporter to China for the second consecutive year, largely due to oil shipments, according to a report by the Brazil-China Business Council (CEBC) based on 2024 trade data.
CNOOC seeks record production growth focused on Guyana
CNOOC Limited has unveiled its ambitious 2025 Business Strategy and Development Plan, targeting unprecedented production growth and sustainable development.
SLB announces cut in Guyana spending despite optimistic outlook
SLB, formerly known as Schlumberger, has announced a reduction in upstream spending in Guyana as part of its 2024 performance review and 2025 outlook.
Brazil’s Petrobras extends Tupi Field FPSO contract to 2030
Brazilian national oil company (NOC) Petrobras has extended the charter of the floating, production, storage, and offloading (FPSO) vessel Cidade de Angra dos Reis at the Tupi field for five years until 2030.
Canacol Energy in Colombia partners with Bolivia's YPFB in gas exploration deal
Bolivia's state energy firm YPFB has signed agreements with Colombia’s Canacol Energy for hydrocarbon exploration and production in four areas within the Santa Cruz region.
Guyana to withdraw $2.5bn from oil revenues to support 2025 budget
The Guyana government plans to withdraw $2.5bn from its oil revenues to support its 2025 budget of $6.628bn, Finance Minister Dr Ashni Singh announced.
Trump says the United States could halt purchases of Venezuelan oil
US President Donald Trump has indicated that the US could halt oil purchases from Venezuela as part of efforts to weaken Maduro’s regime, declarin: “We don’t need it.”
Argentina's Neuquén province forecasts 5% rise in economic growth driven by oil and gas
Argentina's Neuquén province – which includes the prolific Vaca Muerta shale play - is projecting 5% economic growth in 2024, driven primarily by hydrocarbon investments and infrastructure development, says Economy Minister Guillermo Koenig.
Latin America-focused energy company GeoPark gets B+ rating from Fitch for new bond issue
Oil and gas explorer GeoPark Ltd received a B+ rating from Fitch Ratings for its proposed benchmark-sized unsecured bonds, the ratings agency said on January 21.
Guyanese economy grows 43.6% in 2024, offshore discoveries rise
Guyana's economy surged 43.6% in 2024, marking its fifth consecutive year of double-digit growth, driven primarily by expanding oil output and exports.
Argentina's YPF seals memorandum of understanding with Indian firms for LNG exports
Argentina's national oil company YPF has signed a memorandum of understanding (MoU) with three Indian firms that could lead to LNG exports of up to 10mn tonnes per year.
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