LatAmOil - Latin America Oil & Gas
Wall Street sees downside risk for Colombia's Ecopetrol shares despite Venezuela opportunity
Ecopetrol’s US-listed shares face potential downside of 18.2% over the next 12 months, according to Bloomberg’s analyst consensus, as Wall Street weighs the Colombian oil producer’s rally against valuation concerns and uncertain opportunities
Orion Energy commits over $170mn to three Ecuador oil blocks
Orion Energy has committed more than $170mn in private investment across three oil blocks in Ecuador's Amazon region, El Universo reported.
Argentina advances energy expansion and secures $1.3bn in IDB loans
Argentine state energy company YPF has commissioned a new crude oil processing plant and integrated gas compressor at the La Angostura Sur deposit, while the Argentine government approved two Inter-American Development Bank (IDB) credit lines
Argentine energy firm TGS closes in on $1.4bn loan for $3bn Vaca Muerta project
Argentine gas pipeline operator Transportadora de Gas del Sur (TGS) is near securing a $1.4bn syndicated loan from seven international banks to help fund a $3bn project to process and export natural gas liquids from the Vaca Muerta shale formation
Pemex studies sugar cane-based jet fuel biorefinery in Veracruz as debt weighs
Mexico's state oil company Pemex has begun a feasibility study for a biorefinery in the south-east of the country to produce sustainable aviation fuel (SAF) from sugar cane.
Argentina's YPF commissions $400mn processing plant to expand Vaca Muerta output
Argentine state-backed energy firm YPF has commissioned a new crude oil processing facility and integrated gas compression plant at the La Angostura Sur field to accelerate development at its Vaca Muerta South Hub.
Argentina faces setback as UK approves Sea Lion oil development in Falklands
British Foreign Secretary Ed Miliband has approved the development of the Sea Lion oil field near the Falkland Islands (also known as Malvinas), paving the way for production to begin as early as next year despite Argentina’s sovereignty claims.
Colombia lifts Israel coal export ban, reopening market for miners
Colombia has lifted its ban on thermal-coal exports to Israel, allowing shipments to resume under normal foreign-trade rules after more than two years of restrictions, according to Decree 1514, signed on October 9 and published by the government
Petrobras receives $550mn in Brazilian fuel subsidies
Brazilian state-controlled oil company Petrobras has received a further BRL2.8bn ($550mn) from the federal government under fuel subsidy programmes covering diesel and gasoline sales.
UK backs Falklands oil development as Argentina seeks to halt Sea Lion project
British Foreign Secretary Ed Miliband said on October 13 that residents of the Falkland Islands (also known as Malvinas) have the right to develop their natural resources as they choose.
Cox to invest $2.9bn in El Salvador energy and water
Spanish energy and water group Cox will invest $2.9bn in gas, solar power, battery storage and drinking water projects in El Salvador, President Nayib Bukele said.
Trump pushes Mexico on energy deals with US firms
US President Donald Trump has urged Mexico to sign energy agreements with American companies as bilateral trade negotiations stall.
Coinbase co-founder bets on Venezuela oil revival
Fred Ehrsam, the billionaire co-founder of Coinbase, is backing a new oil venture in Venezuela, betting that private capital and technical expertise can revive production in a country with some of the world’s largest petroleum reserves
Primavera recruits oil industry veterans to prepare for Venezuela field operations
Primavera is assembling an experienced management team as the Houston- and Caracas-based company prepares to begin operating Venezuelan oil fields under agreements signed with the country’s hydrocarbons ministry and state oil company
New charges deepen legal jeopardy for Venezuela’s former oil chief El Aissami
Tareck El Aissami, once one of Venezuela’s most influential officials, faces an expanding criminal case as speculation grows that the government of interim President Delcy Rodríguez could transfer him to US custody
Venezuela banks on oil and mining to finance debt restructuring
Venezuela is looking to oil and mineral revenues to finance an economic recovery and prepare for a potential restructuring of between $150bn and $200bn in external debt, according to a plan presented to the International Monetary Fund
UN urges Ecopetrol to advance reparations after Colombia ruling
Colombia’s state-controlled oil company Ecopetrol faces renewed calls to work with victims on reparations after a transitional justice ruling recognised the responsibility of a company director and several state agents in connection
Colombia’s unconventional gas potential dwarfs proven reserves, industry groups say
Colombia’s unconventional reservoirs could contain about 167 trillion cubic feet (4,729.88bn cubic metres) of recoverable prospective natural gas resources, roughly 97 times its proven reserves, four industry associations said
Brazil’s Petrobras to receive $859mn from Santos Basin partners
Brazilian state-owned oil company Petrobras is set to receive approximately $859mn from Shell, TotalEnergies and Petrogal following agreements to reconcile historical costs, revenues and production volumes from shared offshore oil reservoirs.
Brazil advances pre-salt exploration block towards potential auction
Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP) has approved geological and economic studies for the Oeste de Jubarte exploration block in the Campos Basin.
US considers more strategic financing for Argentinian oil and gas projects
The US is considering expanding financing for oil and gas, mining and infrastructure projects in Argentina beyond the $7bn framework announced by its Ex-Im Bank in September, while also exploring the use of strategic funds from the Pentagon.
Guyana collects $1.9bn as oil exports reach $15bn
Guyana shipped $15bn worth of crude oil abroad in the first six months of 2026 but collected just $1.9bn from the sector over that period.
Guyana's oil savings fund set to hit $34.9bn by 2031
Guyana's sovereign oil savings could reach $34.9bn by 2031, the International Monetary Fund (IMF) forecast, a sharp upgrade on the figure it published a year earlier.
Argentina’s Neuquén collects 85% of Córdoba’s revenue on Vaca Muerta oil boom
Neuquén province collected ARS 746.4bn (around $492mn) in September, equivalent to 85% of the revenue recorded by Córdoba despite having nearly five times fewer residents.
Brazil’s Lula defends fuel subsidies as inflation tops target before runoff
Brazilian President Luiz Inacio Lula da Silva defended his government's fuel subsidies, saying they were needed to stop the energy crisis caused by the Middle East conflict from further driving up food prices.
TGS, SLB launch second 3D seismic survey in Brazil's Pelotas basin
Norwegian energy data provider TGS and its joint venture partner SLB will carry out a new multi-client 3D seismic survey covering around 11,200 square kilometres offshore southern Brazil.
Argentina asks international tribunal to halt UK Falklands oil project
Argentina escalated its diplomatic confrontation with the United Kingdom over the Falkland Islands (also known as Malvinas) by formally requesting an international maritime tribunal to halt the development of a major offshore oil project.
Argentine President Javier Milei to meet US oil magnate Harold Hamm in Washington
Argentine President Javier Milei is scheduled to meet US energy billionaire Harold Hamm in Washington on October 14 as part of his fifth visit to the United States this year aimed at strengthening business ties and attracting investment to Argentina.
Freedom LNG applies to export US gas from Mexico
Freedom LNG has submitted a request to US regulators seeking permission to supply US natural gas to a proposed offshore liquefaction and export installation near Matamoros, in the northeastern Mexican state of Tamaulipas.
Trump touts Venezuela oil gains as US deepens ties with Rodríguez
US President Donald Trump said Washington has recouped the cost of its military intervention in Venezuela many times over, pointing to oil supplies and closer ties with the government led by interim President Delcy Rodríguez
Nabep deploys new rigs in Venezuela as it targets 1mn bpd
North American Blue Energy Partners has started deploying 11 workover rigs in Venezuela, expanding its equipment fleet as the company seeks to increase crude production and revive operations in the country's main oil-producing regions
Venezuela oil output edges higher in September, according to OPEC
Venezuela’s crude production rose in September, according to figures submitted to OPEC, as the country moves to expand oil-sector activity amid renewed energy ties with the United States
Cuba opens oil and gas sector to new investment models
Cuba has approved a new legal framework allowing foreign investors and domestic private businesses to participate in more areas of its oil and gas industry, as the government seeks to increase production and ease the island’s energy shortages
Brazil cuts fuel taxes ahead of presidential run-off
Brazil’s government has announced new fuel tax cuts and expanded subsidies to curb rising prices, less than three weeks before President Luiz Inácio Lula da Silva faces Senator Flávio Bolsonaro in the October 25 presidential run-off.
UK urges Interpol to reject Argentina’s arrest requests linked to Falklands oil project
Britain has asked Interpol to reject Argentina’s requests to arrest individuals involved in the Sea Lion offshore oil project near the Falkland Islands (also known as Malvinas), warning that the cases could be politically motivated.
Ecuador's Petroecuador lifts force majeure on SOTE pipeline
State-run EP Petroecuador has lifted the force majeure it declared on the Trans-Ecuadorian Pipeline System (SOTE) and returned crude transport to its regular capacity of 312,000 barrels a day, El Universo reported.
Mexico's reliance on US pipeline gas hits record as storage gap leaves power sector exposed
Mexico imported a record average of 6.8Bcf/d of US natural gas between January and July 2026, up 1.8% year on year, according to the US Energy Information Administration (EIA).
Colombia consultant sees gas import reliance easing within three years
Colombia’s dependence on imported gas could begin to ease within one to three years, though not to full self-sufficiency, energy consultant Nelson Baldeón said
YPF to invest $400mn in new Argentine processing plant
Argentina’s national oil company YPF announced that it has inaugurated its $400mn Crude Oil Treatment Plant and integrated gas compression facility at the La Angostura Sur field.
Chevron to invest $90mn in El Salvador fuel network
US energy company Chevron (NYSE: CVX) will invest $90mn in El Salvador over the next five years.
Guyanese crude slumps to record lows as freight rates spike
Soaring global shipping costs have dealt a severe blow to South America's fastest-growing energy producer, pushing assessments for Guyanese crudes to their weakest levels relative to Dated Brent since 2023.
US considers expanding strategic financing for Argentina’s energy and mining projects
The United States is considering expanding strategic financing for energy, mining and infrastructure projects in Argentina beyond the $7bn framework announced by its Export-Import Bank in September.
Guyana's oil revenues to reach unprecedented heights in 2031, IMF projects
Guyana’s Natural Resource Fund (NRF) is on track to reach an unprecedented $34.9bn by 2031, the International Monetary Fund projected.
Brazil's Oceanica signs $71mn diving contract with Petrobras
Brazil energy investment needs to reach $662bn by 2036
Brazil will need around $662bn in energy investments between 2027 and 2036, according to the government's latest ten-year energy plan.
Argentina grants Phoenix 35-year concession to develop Vaca Muerta oil and gas fields
Argentina’s Rio Negro province has granted Phoenix Global Resources a 35-year concession to develop the Confluencia Norte and Confluencia Sur areas in the Vaca Muerta shale formation, with the company planning an initial investment of $494.4mn.
Borders & Southern raises $2.7mn to advance Falklands gas condensate discovery
London-listed oil and gas explorer Borders & Southern Petroleum (LSE: BOR) has raised GBP2mn ($2.7mn) through a share placement to fund further technical and commercial work on its Darwin gas condensate discovery offshore the Falkland Islands.
Argentina approves third Vaca Muerta oil project under investment incentive scheme
Argentina has approved Tecpetrol’s Los Toldos II Este oil project for its incentive regime for large investments (RIGI), making it the third onshore oil development to qualify since the rules were amended to include upstream projects.
Colombia proposes speeding up energy licensing
Colombia’s government has proposed letting environmental licence reviews run alongside prior consultation with ethnic communities, a draft decree Interior Minister Rodrigo Lara said could speed projects such as the Sirius gas discovery
Venezuela’s PDVSA targets 1.3mn bpd by year-end
Venezuela’s state oil company PDVSA aims to raise crude production to 1.3mn barrels per day (bpd) by the end of 2026
Colombian billionaire turns Venezuelan oil contract into $515mn GeoPark stake
Colombian billionaire Jaime Gilinski is using a newly secured Venezuelan oil contract to strengthen his grip on GeoPark Ltd.
Canada's Gran Tierra shareholders approve $1.33bn sale of Colombia and Ecuador businesses
Gran Tierra Energy shareholders approved the sale of its Colombian and Ecuadorian operations to French oil company Maurel & Prom for about $1.33bn, including debt assumed and subject to adjustments
YPF-backed biofuel project secures long-term deal with France’s TotalEnergies
An Argentine joint venture involving state-controlled oil company YPF has signed a long-term sales agreement with France’s TotalEnergies for sustainable aviation fuel and other renewable fuels to be produced at a planned biorefinery in San Lorenzo.
Citi questions leadership of Colombia's Ecopetrol, Vanezuela offers growth potential
Citi has questioned whether Ecopetrol’s new president, Joaquín Gutiérrez, has the experience needed to lead Colombia’s state-controlled oil producer, while identifying potential growth opportunities in Venezuela and unconventional hydrocarbons
QatarEnergy joins Petrobras in Brazil’s Equatorial Margin push
QatarEnergy has secured a 30% stake in seven offshore exploration blocks in northeastern Brazil alongside state-controlled Petrobras, expanding its presence in the country’s oil and gas sector as the government opens new areas for exploration.
Petrobras leads Brazil oil auctions despite limited competition
Petrobras committed more than BRL3.2bn ($590mn) in signing bonuses for 21 exploration blocks at Brazil’s latest oil auctions, accounting for most of the government’s proceeds as competition for new acreage remained limited.
Framo signs major Brazil’s Petrobras deal covering 30 offshore platforms
Norwegian pump manufacturer Framo has secured a four-year agreement to service pumping equipment across approximately 30 floating production, storage and offloading vessels (FPSOs) operated by Brazil’s Petrobras.
Brazil seeks more new oil basins as pre-salt output nears peak
Brazil is preparing to open additional areas for oil exploration, including offshore blocks in the south and projects using hydraulic fracturing.
Cuba condemns US seizure of $2.8mn in fuel shipments bound for island
Cuba has accused the US of threatening governments and businesses involved in supplying fuel to the island after American authorities seized or detained 90 biodiesel shipments worth about $2.8mn
PDVSA says fuel supplies remain secure after fire at Venezuela's Cardón refinery
Venezuela’s state oil company PDVSA said domestic fuel distribution would continue without disruption after a fire forced an emergency shutdown at the Cardón refinery in Falcón state
Venezuela oil recovery may take a decade and billions in investment, ConocoPhillips says
Venezuela faces a prolonged and costly path to restoring its oil industry to historical production levels, with recovery likely to take at least 10 years and require tens of billions of dollars in investment, according to ConocoPhillips chief
Pacific Coast Energy targets 40,000 bpd in Venezuela within six months
Pacific Coast Energy Co. has begun operating in Venezuela’s oil fields and aims to more than double its current output within six months, as smaller companies move to revive production under new opportunities in the country’s energy sector
Venezuela’s oil GDP seen growing as much as 18% in 2026, economist says
The outlook reflects a combination of stronger international prices and larger output compared with 2025. The war in Iran has pushed oil prices to recent highs, allowing Venezuela to benefit from improved market conditions alongside rising production
Reliance drives Indian oil imports from Venezuela to seven-year high
Reliance Industries is emerging as the main buyer of Venezuelan crude in India, capitalising on discounted prices and renewed access to supplies as the US eases restrictions on the South American nation’s oil industry
Colombia reserves 19.9mn hectares for future oil and gas offerings
Colombia has reserved an additional 19.9mn hectares for potential oil and gas development, including 4.7mn offshore hectares, under a resolution covering 12 sedimentary basins
US intercepts 90 Cuba-bound biodiesel shipments worth nearly $3mn
US authorities intercepted 90 shipments of biodiesel bound for Cuba, worth nearly $3mn and containing more than 600,000 gallons, in Houston and South Florida before the cargo left the country, as Washington steps up enforcement of sanctions on Havana
Oil overtakes soybeans as Brazil's top export in 2026
Crude oil has replaced soybeans as Brazil's biggest export so far this year, helped by higher volumes and prices.
TechnipFMC wins Petrobras flexible pipe contract for pre-salt fields
TechnipFMC has won a contract worth $75-250mn from Brazil's state-owned oil company Petrobras to supply flexible pipe systems for offshore developments.
Ecuador's heavy crudes sink to record discounts as freight costs and rival barrels bite
Ecuadorean heavy sour crudes fell to record-wide discounts to WTI on October 6, as higher freight rates and stiff competition from similar-quality grades weighed on prices.
Valaris wins $220mn in Suriname, Australia, North Sea deals
Offshore driller Valaris (NYSE: VAL) has booked roughly $220mn of new backlog since its August fleet update, winning fresh contracts and extensions in Suriname, Australia and the North Sea.
Mexico's private gasoline imports fall as Pemex pricing bites
Private gasoline imports into Mexico fell 34% year on year in August as delivered fuel costs climbed 45%.
Chevron names CFO to unit that includes Guyana
Chevron (NYSE: CVX) has appointed its chief financial officer, Eimear Bonner, to run its Oil, Products & Gas division, a business that includes the US major's stake in Guyana's Stabroek Block.
Rockhopper commits $44mn to second oil vessel for Falklands Sea Lion project
Britain’s Rockhopper Exploration has agreed to invest $44mn in a second floating production, storage and offloading vessel for the Sea Lion oil project near the Falkland Islands (also known as Malvinas)
Argentina vows to block Falklands offshore oil development, foreign minister says
Argentina will seek to prevent offshore oil development around the Falkland Islands (also known as Malvinas) as part of President Javier Milei's strategy to pursue the country's sovereignty claim through peaceful means, Foreign Minister Pablo Quirno
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