LatAmOil - Latin America Oil & Gas
Shell lines up drillship for Brazil presalt
Shell has awarded Valaris Ltd a multi-year contract for the VALARIS DS-8 drillship to support development of the Orca project offshore Brazil.
Brazil’s Petrobras moves into solar via Lightsource bp deal
Petrobras has agreed to form a joint venture with Lightsource bp to develop onshore renewable energy projects in Brazil, including solar generation.
Pemex's Deer Park refinery to undergo maintenance in 2026, Mexico President Sheinbaum confirms
Deer Park, the refinery owned by Petróleos Mexicanos in the United States, will enter maintenance in 2026, Mexican President Claudia Sheinbaum revealed, Bloomberg Línea reported.
Mexico announces $4.75bn private renewable energy investment, 34% below government forecast
Gas talks reshape Brazil energy map
Brazil’s Brava Energia is in talks to sell three natural gas wells to Eneva in a transaction that could reach about $450mn.
Mexico’s Pemex awards five mixed contracts securing $49.5mn in bonuses for state oil company
Mexican state oil company Pemex awarded the first five of its new mixed contracts and will carry out their signing on December 19, the company's director general Víctor Rodríguez Padilla informed investors, El Economista reported.
Argentina, Guyana, and Brazil to dominate non-OPEC oil growth, US finds
Latin America is poised to dominate non-OPEC oil supply growth in 2026, with Brazil, Guyana, and Argentina collectively accounting for half of the projected 0.8mn barrels per day increase, according to the US Energy Information Administration.
Brazil’s Petrobras receives four bids for $1bn-plus subsea systems contract at Sepia field
Four companies have submitted commercial proposals in a tender held by Brazilian state-owned oil major Petrobras to contract a large subsea umbilicals, risers and flowlines system to serve the Sepia-2 pre-salt project in the Santos basin
Brazil’s Petrobras strike enters third day with 28 platforms affected as output remains stable
A strike at Brazil's state-owned oil major Petrobras expanded to 28 offshore platforms and nine refineries on its third day on December 17
Brazil faces oil output decline after 2030 as new field discoveries plummet, gas imports rise
Brazil's oil and gas self-sufficiency faces threats in the coming decade as new field discoveries plummet and domestic production approaches its peak.
Oil prices jump after Trump orders blockade of Venezuelan tankers
Brent and West Texas Intermediate both gained more than 2% before giving up part of the advance
Chevron cuts Venezuelan crude prices after US seizure raises supply risks
The company sold a batch of Venezuelan oil on December 11, a day after the seizure of a vessel off Venezuela’s coast, at lower prices than cargoes offered earlier in the week
Asian buyers push Venezuela to deepen oil discounts
Asian refiners are pressing Venezuela to offer sharply lower prices for its crude as abundant discounted supplies from Russia and Iran crowd the market and rising geopolitical risks add to buyer caution
Venezuela bond rally builds on hopes of political change
Prices have climbed to about 33 cents on the dollar, up roughly 40% since early October, as the Trump administration steps up pressure on Caracas
BW Energy locks long-term rig deal for Brazil project
BW Energy has converted a short-term lease for a jack-up rig destined for offshore Brazil into a long-term charter, the Oslo-listed company said in a press release, confirming a change in financing for its Maromba field development.
Pemex physical investment reaches $11.39bn through November as financing programme expands for 2026
Mexican state oil company Pemex reported it is executing its physical investment programme in line with what was approved in the federal budget for the current fiscal year.
Mexican oil refining reaches 11-year peak as Dos Bocas facility nears full capacity
The country's largest oil-processing plant is finally running at close to full capacity after approximately three years, sending national refining to the highest level in more than a decade, Bloomberg reported.
Mexico president says Gasolinas del Bienestar operates as Pemex subsidiary, denies irregularities
President Claudia Sheinbaum clarified on December 16 that Gasolinas del Bienestar operates as a subsidiary of state oil company Pemex and that there is "nothing obscure" in its operation, El Economista reported.
Pemex investment to reach $21.9bn in 2025 targeting hydrocarbon production stabilisation
Mexico state oil company Pemex will invest a total of MXN395bn (€18bn) during the year to attempt stabilising liquid hydrocarbon production at 1.8mn barrels per day, the company stated in a communiqué, El Financiero reported.
Argentina's industrial sector slumps to two-decade low
Uruguay restricts hydrocarbon exploration to protect marine wildlife
Uruguay has imposed new restrictions on offshore hydrocarbon exploration, limiting prospecting areas and banning seismic activity within one kilometre of marine animals.
Trump announces total blockade of “sanctioned” Venezuelan oil tankers
US President Donald Trump has ordered a complete blockade of sanctioned oil vessels entering and leaving Venezuela, dramatically escalating Washington's military pressure campaign against the Maduro regime.
Falkland Islands undergoes sweeping leadership change in election
The Falkland Islands Legislative Assembly underwent near-complete renewal in last week's election, with voter dissatisfaction producing a dramatic turnover.
Colombia proposes temporary LNG resale rules to ease supply constraints
Colombia's Energy Ministry proposed temporary regulations permitting thermal power plant operators to resell unused imported liquefied natural gas to third-party purchasers including industrial consumers and households
Irregular tankers dominate Venezuela oil traffic, Transparency says
About 40% of international oil tankers calling at Venezuelan terminals are operating irregularly, according to Transparency Venezuela
Brazil’s Petrobras says operations, output unaffacted by strike over wages, pensions
Brazilian oil workers at state-owned oil major Petrobras began an indefinite nationwide strike at midnight on December 15 after rejecting the company's third proposal for a collective labour agreement.
Brazil’s Petrobras says output, operations unaffacted by ongoing strike
Brazilian oil workers at state-owned oil major Petrobras began an indefinite nationwide strike at midnight on December 15 after rejecting the company's third proposal for a collective labour agreement.
Brazil's Novonor reaches deal to shed Braskem stake in $3.7bn credit transaction
Novonor has reached an agreement to dispose of most of its stake in Brazilian petrochemicals giant Braskem after a fund controlled by Vórtx Capital and IG4 agreed to acquire roughly BRL20bn ($3.7bn) in bank credits from the debt-laden conglomerate.
Shell awards Brazil drilling contract to Valaris
Valaris has won a multi-year contract from Shell for the drillship VALARIS DS-8 to operate offshore Brazil, the offshore drilling contractor said in a press release, with work due to begin in the first quarter of 2027.
Guyana's oil sector ends 2025 on a high as revenue rolls in
Guyana's crude oil production is projected to average between 700,000 and 725,000 bpd for 2026, driven by the Yellowtail project's successful ramp-up to nameplate capacity and work across ExxonMobil's Stabroek Block operations.
BW Energy secures long-term lease for Maromba platform in $274mn financing deal
BW Energy said it has converted a short-term lease for its BW Maromba B jack-up rig into a long-term financing agreement covering $274mn of development costs for the Maromba offshore oil field in Brazil.
Brazil’s Petrobras auctions two offshore platforms for recycling in decommissioning push
Brazil's state-owned oil major Petrobras has launched an auction to sell two decommissioned offshore platforms for sustainable recycling, as the oil company accelerates efforts to remove ageing infrastructure from its offshore fields.
Oil slides as Venezuelan disruptions clash with fears of global oversupply
Losses extended declines from last week, when markets were weighed down by forecasts pointing to excess supply in the years ahead
Dozens of tankers near Venezuela face US seizure risk
Samir Madani, chief executive of Tanker Trackers, said 37 vessels listed by the US Treasury’s Office of Foreign Assets Control are still operating in Venezuelan waters, with only limited departures in recent days
PDVSA alleges cyberattack as tensions with US escalate over oil seizure
In a statement, the company said the attempted attack formed part of Washington’s “public strategy to seize Venezuelan oil through force and piracy.”
OPEC points to drop in Venezuelan output as data gap and export risks grow
OPEC said production slipped 2.8% to 934,000 barrels per day (bpd) based on secondary sources, while Venezuela’s Ministry of Hydrocarbons reported a 0.9% increase to 1.14mn bpd
Venezuela accuses US of ‘international piracy’ over tanker seizure
Venezuela’s government condemned the United States for seizing a massive oil tanker off its coast
Venezuela’s oil potential remains limited despite US pressure
Talk of a political shift in Venezuela has intensified as the US bolsters its military footprint offshore, with analysts at RBC flagging the possibility of regime change as early as the first quarter of 2026
Venezuela cuts gas supply to Trinidad after oil tanker seizure
Venezuela has terminated all natural gas agreements with Trinidad and Tobago in retaliation for the Caribbean nation's alleged involvement in the US seizure of a Venezuelan oil tanker on December 10, President Nicolás Maduro announced.
US seizure tanker carrying Venezuelan oil targeted Caracas–Havana oil link
Cuban and Venezuelan authorities condemned the operation as “piracy,” while US officials told The Economist that further seizures are planned as Washington tightens enforcement against Venezuela’s oil export network
US seizure of tanker signals tougher stance on Venezuelan oil smuggling
The US has seized the Skipper, a tanker carrying illicit Venezuelan crude, marking a significant escalation in efforts to curtail the Maduro regime’s oil revenues
Venezuelan oil exports slow after US seizure and fresh sanctions
Venezuela’s oil shipments have declined following the US seizure of a tanker earlier this month and the imposition of fresh sanctions on ships and maritime firms involved in the country’s crude trade
Chevron presses case to maintain Venezuelan operations
Chevron Corp. is in talks with the Trump administration over how its Venezuelan business can continue to operate within the boundaries of US sanctions
US-intercepted supertanker near Venezuela heads toward Houston
The vessel, the Skipper, is transporting about 1.85mn barrels of Merey heavy crude, based on satellite monitoring
Argentina to oppose Falkland Islands' first offshore project as Rockhopper and Navitas reach FID
Argentina has vowed to oppose Rockhopper Exploration and Navitas Petroleum's $2.1bn final investment decision on the Sea Lion offshore oil field near the Falkland Islands due to the ongoing territorial dispute.
Argentina to include upstream oil and gas projects in RIGI incentive programme
Argentina is moving to extend its flagship Large Investment Incentive Regime to include upstream oil and gas development as the government seeks to capitalise on surging production and renewed investor confidence.
US tanker seizure threatens Cuba's energy supply as Venezuelan shipments decline
US Coast Guard seizure of the 1.8mn-barrel capacity Skipper tanker on December 10 threatens Cuba's already constrained oil supply chain as Venezuelan shipments averaged 27,000 barrels daily through November compared with 32,000bpd in 2024
BlackRock predicts Mexico’s Pemex return to international debt markets despite government resistance
Shell seeks partner for Brazil offshore oil project to share development costs
Shell is looking to sell a 20% stake in a Brazilian oilfield cluster to help fund the multibillion-dollar offshore development while remaining operator.
Brazil’s Petrobras workers approve nationwide strike over labour dispute
Oil workers at Brazil's state-owned oil producer Petrobras approved a nationwide strike starting on December 15 after rejecting the company's second counteroffer for a labour agreement, according to the Brazilian oil workers union federation FUP.
TGS wins seismic survey contract in Brazil's Campos basin
TGS has been awarded a 4D seismic streamer contract in Brazil's Campos basin, deploying advanced imaging technology to help an unnamed energy company optimise offshore production.
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