LatAmOil - Latin America Oil & Gas
Uruguay retains title of Latin America’s most expensive gasoline market
The country remains far ahead of regional peers despite the recent adjustment
Venezuela's Rodríguez reviews energy strategy with PDVSA leadership amid sector reforms
The session brought together Petróleos de Venezuela SA (PDVSA) president Héctor Obregón, members of the state company’s board and vice ministers from the Ministry of Hydrocarbons
Chevron, Shell near major oil deals in Venezuela after sector reforms
The negotiations could enable both companies to expand operations in key hydrocarbon regions as part of a broader effort backed by US President Donald Trump to rebuild Venezuela’s oil industry
Guyana's oil production hits record high in January
Guyana's offshore oil production surged to 915,000 barrels per day in January 2026, a new record volume
Repsol sees Venezuela as growth opportunity despite exclusion from 2026–2028 forecasts
According to Imaz, Repsol aims to raise its oil production in Venezuela by about 50% over the next twelve months and potentially triple it in the years ahead
African Energy Chamber and Venezuela advance energy cooperation after reciprocal high-level visits
A government delegation from Venezuela has visited South Africa to advance collaboration across the hydrocarbon value chain.
Milei says Middle East conflict could boost Argentina’s oil and agricultural exports
Argentine President Javier Milei said tensions linked to the war involving Iran could benefit Argentina by pushing up global commodity prices and improving the country’s export revenues from oil and agricultural products.
Petrobras moves to shield Brazil fuel prices
Petrobras said it can limit the impact of rising oil prices on the Brazilian market while maintaining profitability. The statement comes as global energy markets react to tensions involving Iran and developments in the Strait of Hormuz.
Pemex raises wholesale fuel prices as Mexico weighs subsidies amid Middle East oil shock
Chevron expresses interest in Trinidad and Tobago's oil and gas sector
Chevron has approached Trinidad and Tobago for discussions on energy sector cooperation, presenting an opportunity to the Caribbean country to attract new customers amid Middle Eastern volatility.
Parex to buy Frontera’s Colombia assets for $525mn after GeoPark withdraws
Canadian producer Parex Resources agreed to acquire the Colombian exploration and production portfolio of Frontera Energy for $525mn after GeoPark decided not to increase its competing offer, the companies said
Citgo posts $452mn profit in 2025 on record US refining performance
Citgo Petroleum Corp. reported a net profit of $452mn in 2025, supported by record refining operations that helped the PDVSA subsidiary navigate a competitive global energy market
Brazil diesel rift hits farm supply
Petrobras is declining requests from fuel distributors for additional diesel volumes as domestic prices fall far below international levels, according to four people familiar with the matter who spoke to Reuters.
Bolivia to reassess fuel prices in June amid global oil volatility
Bolivia will review domestic fuel prices in June as part of its new energy pricing framework, a move that could lead to further increases if international oil markets continue to rise.
Bolivia weighs gas expansion against environmental pressure as reserves decline
Bolivia’s government is facing mounting pressure to revive hydrocarbon production as output falls to its lowest level in two decades.
Ecuador's macro gains fail to reach citizens as tax revenue hits $17.35bn amid IVA payment delays
LATAM BLOG: Iran war fuels Venezuela's oil comeback, but democracy lags behind
Caracas stands to gain from surging crude prices triggered by the closure of the Strait of Hormuz, but Washington's control over its oil income means the bonanza may consolidate authoritarian rule rather than rebuild a broken state.
Oil spike lifts Brazil revenue
El Salvador rules out short-term oil price impact from Iran conflict
El Salvador's economy minister said the country does not expect a near-term economic impact from the conflict in Iran, even as West Texas Intermediate crude surged past $100 a barrel following a US-Israeli attack on the country last month.
Phoenix Global shale wells lift Argentina's Río Negro oil to 23,536 bpd
Río Negro crude production reached 23,536 bpd in January, marking a five-year high and reversing a long-term structural decline, provincial reports indicated on March 10.
Argentina’s Puerto Rosales surpasses 100 tanker operations exporting Vaca Muerta crude
The oil export terminal at Puerto Rosales in Argentina has surpassed 100 tanker operations at its new offshore jetty, marking a milestone for shipments of crude produced in the Vaca Muerta shale formation.
Argentina's YPF to use "micropricing" to steady fuel prices amid global tensions
Argentina state oil firm YPF will adopt a "micropricing" model to prevent sharp increases at petrol pumps after international crude prices surpassed $100 a barrel, the company's chairman announced on March 10.
Argentina seeks halt to discovery process in YPF expropriation case ahead of key New York hearing
Argentina has filed an emergency motion with the United States Court of Appeals for the Second Circuit in New York City seeking to suspend the discovery process in ongoing litigation related to the expropriation of oil state company YPF.
Iran war shockwaves hit Latin America
That is although region is many thousands of kilometres from Tehran.
Sheinbaum vows to activate fuel tax mechanism if Middle East conflict drives up petrol prices
Frontera says Parex bid for Colombia upstream assets tops GeoPark deal
Frontera Energy stated that its board has determined a binding offer from Parex Resources to acquire the company’s Colombian upstream oil and gas operations represents a “superior proposal” to the previously announced agreement with GeoPark
Cuban students stage rare protest over power, internet disruptions
More than 20 students staged a rare protest at the University of Havana on March 9 over repeated class disruptions linked to electricity outages and internet failures, highlighting growing strain on the island’s higher-education system
Shell and Venezuela sign deal to develop PDVSA’s Punta de Mata division
The agreements were signed during a ceremony led by interim president Delcy Rodríguez and representatives of Shell, coinciding with a two-day visit to Caracas by US Secretary of the Interior Doug Burgum
Brazil’s Petrobras speeds up Búzios output
Petrobras plans to bring forward the production ramp-up of two offshore platforms operating in the Búzios field, as the company seeks to increase output from its pre-salt assets.
Viridien launches multi-client seismic survey off Uruguay
French geoscience company Viridien has launched a multi-client 3D seismic survey offshore Uruguay, expanding the country's offshore data coverage as exploration activity in the region gathers pace.
Argentina's YPF plans $6bn investment in 2026 as shale strategy targets export growth
Argentina’s state-controlled energy company YPF plans to invest about $6bn in 2026 to expand shale production and energy infrastructure, Chief Executive Horacio Marín said.
Brazil's Petrobras floats extra dividend on Mideast risk, but sees no immediate payout
Petrobras could distribute extraordinary dividends this year if surging crude prices driven by Middle East conflict provide a sustained boost to cash flow.
Oil price spike at over $100 per barrel as market faces possibly worst crisis in history
Brent was trading at over $108 per barrel as of 06:30 GMT today, up from the early $70s prior to the US and Israel launch of strikes against Iran on February 28.
Brazil gas plan may drive investments
Brazil’s Gás do Povo programme could trigger about $2bn in investment in liquefied petroleum gas logistics across the country, according to Sérgio Bandeira de Mello, head of Sindigás.
Brazil’s Petrobras profit jumps to triple its income a year earlier
Petrobras reported net income of BRL110.1bn ($19.6bn) for 2025, tripling from BRL36.6bn a year earlier, as higher oil and gas output offset a decline in global crude prices.
Ecuador declares emergency at Esmeraldas oil refinery after fire halts operations
Ecuador declared an emergency at its largest oil refining facility after a fire forced a full shutdown of operations at the Esmeraldas refinery, state-owned Petroecuador said on March 5
Ecuador's Petroecuador targets higher crude output in 2026 as investment plan advances
Ecuador’s state oil firm Petroecuador aims to raise average crude production to about 369,760 barrels per day (bpd) in 2026, up from roughly 358,080 bpd recorded, as the company deploys additional drilling and well-rehabilitation equipment
Cuba works to restore power after major blackout hits western grid
Large areas of western Cuba remained without electricity on March 5 after a widespread blackout disrupted power supplies across the island’s capital and surrounding regions, with authorities warning that full restoration could take several days
Colombia's Ecopetrol signals potential output increase as oil rally offsets profit drop
Ecopetrol may consider increasing investment and short-term oil output if elevated crude prices persist amid tensions in the Middle East, chief executive Ricardo Roa said, as the Colombian state-controlled producer reported weaker annual earnings
Petro, Rodríguez to meet in Cúcuta as Colombia–Venezuela trade rebounds
Colombian President Gustavo Petro will meet Venezuelan Vice-President Delcy Rodríguez on March 13 in the border city of Cúcuta to discuss energy cooperation and other issues.
US removes sanctions on Arctic Voyager and Kiara M tanker
The shipping company, incorporated in the Marshall Islands on November 8, 2024, had previously been sanctioned for engaging in Venezuela’s oil sector, in breach of restrictions imposed during Donald Trump’s presidency
Venezuela’s economy expands 8.66% in 2025 driven by oil and non-oil sectors
Oil production led growth in the fourth quarter with a 13.41% increase, while non-oil sectors expanded by 5.30%
Argentina's Pampa Energía reports 32% rise in oil and gas output as Vaca Muerta drives growth
Pampa Energía, Argentina's largest independent energy company, said its oil and gas production increased 32% in 2025, supported by expanding operations in the shale formation Vaca Muerta.
Argentina signs record LNG export deal with Germany’s SEFE
Argentina has signed the largest liquefied natural gas (LNG) export contract in its history, with energy consortium Southern Energy agreeing to supply 2 million tonnes of LNG per year to Germany’s SEFE Securing Energy for Europe.
Argentina hits record oil output as Vaca Muerta drives growth amid global price surge
Argentina recorded its highest monthly crude oil production on record in January, government data showed, as output from the country’s vast shale formation Vaca Muerta accelerated while global oil prices climbed above $80 a barrel.
Arrow Exploration adds two wells at Colombia’s Tapir Block, boosting output
Arrow Exploration has brought two additional wells online at its Mateguafa field in Colombia’s Llanos Basin as part of its development programme on the Tapir Block, the company said in a statement.
Colombia recognises Canadian insolvency orders in Canacol
Colombia’s corporate regulator has recognised court orders issued in Canada as part of the insolvency proceedings involving Canacol Energy and its subsidiaries, enabling coordination between the two jurisdictions during the company’s insolvency
Cuba suffers nationwide blackout after Antonio Guiteras plant failure leaves millions without power
Cuba's national electrical grid collapsed on March 4 at 12:41pm after a boiler pipe burst at the Antonio Guiteras thermoelectric plant — the country's largest — knocking out power from Camagüey to Pinar del Río for an estimated 72 hours
Shell agreements signal new phase in Venezuela–US energy cooperation
Interim President Delcy Rodríguez said the deals form part of efforts to implement Venezuela’s recently approved hydrocarbons law through “new business models”
Venezuela economy expands 8.66% in 2025 as oil sector drives recovery
According to the central bank, Venezuela has now registered 19 consecutive quarters of economic growth after a decade in which the economy contracted by nearly 80%
Venezuela crude exports from Jose terminal set to hit multi-year high
Venezuelan crude exports are expected to rise sharply in March, with shipments from the Jose terminal projected to reach about 848,000 barrels a day
Venezuela signs new oil supply deals with US as export flows shift
According to PDVSA, the deals are intended to preserve the longstanding commercial relationship between Venezuela and the United States and reiterated its call for the removal of sanctions affecting the country’s oil industry
US Justice Department backs Argentina ahead of key hearing in YPF expropriation case
The US Department of Justice has requested permission to intervene in support of Argentina ahead of a court hearing scheduled for April 16 in New York in the long-running litigation over the expropriation of oil company YPF.
Venezuela oil resurgence adds pressure on Ecuador’s declining crude sector
Ecuador’s struggling oil industry faces renewed pressure as rising heavy crude output from Venezuela threatens to erode demand for the Andean nation’s key export grade, compounding structural problems that have pushed production steadily lower.
Bolivia’s YPFB sacks 410 staff as fuel quality crisis prompts military oversight
Bolivia’s state-owned energy company Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) has dismissed 410 employees as part of an internal restructuring effort amid a widening fuel quality crisis.
Despite losses, YPF continues to pivot towards shale
Venezuela’s exports surge as US Gulf Coast refineries process record volumes
Super tankers have also started to dock at the Latin American country’s main terminal.
Mexico launches development of $10.4bn Trion deepwater oilfield a decade after award
Mexico has formally launched development of the Trion ultra-deepwater oilfield, marking the country's first project at such depths and one of the largest single investments in the country's history.
Brazil’s Petrobras set for bumper 2025 profit as board nominations revealed
Petrobras is expected to report a sharp recovery in annual profit while the government and minority shareholders have put forward their candidates for the company's upcoming board election.
Brazil lawmakers urge biodiesel blend increase to 16% amid Iran war instability
Three Brazilian parliamentary groups have issued a manifesto calling for an increase in the mandatory biodiesel blend in diesel fuel to 16% (B16) to cut fuel imports and reduce the country's currency exposure amid global instability.
Shell eyes control of Raizen as $765mn rescue deal takes shape
Troubled Brazilian sugar and ethanol producer Raizen said this week it is evaluating a Shell-led capital injection of BRL4.0bn ($765mn) to address a deepening debt crisis, while leaving open the possibility of an out-of-court restructuring.
Norway's oil fund drops Colombia's Ecopetrol over alleged Awá human rights violations
Norway's Government Pension Fund Global (GPFG), the world's largest sovereign wealth fund with roughly $1.9 trillion in assets under management, divested its stake in Ecopetrol on February 26, with the exclusion taking effect on March 2
Colombia's Ecopetrol selects 13 buyers for imported gas via Cartagena terminal from 2026
Colombia’s state oil company Ecopetrol has chosen 13 companies to purchase natural gas it plans to import through a terminal in Cartagena from late 2026, after receiving expressions of interest from 44 firms during a commercial process
Colombia's Ecopetrol 2025 net profit falls 39.5% to $2.2bn
Colombia's state-controlled oil producer Ecopetrol reported full-year 2025 net income of $2.2bn (COP9 trillion) — down 39.5% from 2024's $3.6bn (COP14.9 trillion) — as lower Brent crude prices and unfavourable exchange rate movements
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