LatAmOil - Latin America Oil & Gas
Brazil’s Petrobras nears Amazon offshore drilling permit
Brazil’s state-run oil company Petrobras is moving closer to securing approval to drill in the Foz do Amazonas area of the Equatorial Margin, according to Senator Randolfe Rodrigues.
Ecuador's gas prices rise in August
Ecuador's gasoline prices have increased and will remain in effect until September 11, according to the National Chamber of Petroleum Derivatives Distributors.
YPF announces SAF production investment in Argentina
Argentine national oil company YPF has announced a $400mn investment to produce sustainable aviation fuel through a new joint venture with Essential Energy.
Tecpetrol to spend $2.5bn on boosting Argentine oil production
Tecpetrol, the oil arm of Techint Group, has unveiled plans to invest over $2.5bn to quintuple its crude oil production in Vaca Muerta from 20,000 to 100,000 barrels per day, CEO Ricardo Markous announced.
Mexico renews voluntary gasoline price cap at $1.29 per litre
Mexican President Claudia Sheinbaum announced on August 12 that the government will extend its voluntary agreement with gasoline retailers to maintain regular fuel prices at MXN24 ($1.29) per litre through a renewed six-month commitment
Texas businessmen charged with bribing Pemex officials for $2.5mn contracts in Mexico
Amigo LNG secures marine contractor as Mexico export project advances
Mexican liquefied natural gas developer Amigo LNG has contracted Constructora Manzanillo SA de CV for marine infrastructure construction at its planned Guaymas export facility
Mexico's Pemex explores lithium extraction from oilfield brines in diversification push
Chevron resumes Venezuelan oil exports to US under new curbs
Chevron Corp. has restarted Venezuelan crude shipments to the United States after a months-long pause, with the first cargo under its new restricted licence set to depart this week
Venezuela’s Citgo auction sees Vitol challenge Gold Reserve’s lead with higher offer
The battle for control of Citgo Petroleum, Venezuela’s prized US refining asset, has intensified as a Vitol subsidiary pushes to dislodge a Gold Reserve-led consortium from pole position in the court-ordered auction
Chevron’s Venezuela waiver poised to ease heavy crude shortage on US Gulf Coast
Gulf Coast refiners, many designed to handle heavier grades, have been squeezed by the loss of Venezuelan barrels
Excelerate Energy posts strong second quarter on back of Jamaica LNG acquisitions
US LNG firm Excelerate Energy recorded strong second quarter results and lifted its full-year outlook after closing its acquisition of Jamaican LNG assets.
Colombia's Ecopetrol profits tumble 33% as crude price slump overshadows record output
Colombia's state-controlled oil producer Ecopetrol reported a sharp 33.2% decline in first-half profits to COP4.9 trillion ($1.22bn) marking the company's weakest earnings performance since 2021 despite achieving record production levels.
Colombia's Ecopetrol reports 46% earnings decline amid oil price pressure
Colombia's state-owned Ecopetrol suffered a dramatic profit contraction in the second quarter as sustained commodity price weakness undermined Latin America's fourth-largest oil producer.
Colombia's Ecopetrol disputes Petro's claims over fuel subsidy impact
Colombia's state oil company Ecopetrol has challenged President Gustavo Petro's assertion that fuel subsidies caused the nation's fiscal deficit
Brazil’s Petrobras hires two DOF vessels in $275mn deal
Norwegian offshore service provider DOF Group has secured two four-year contracts with Brazilian state-controlled oil producer Petrobras, together valued at more than $275mn.
Argentina’s Southern Energy agrees to 20-year FLNG charter with Golar
Argentinian firm Southern Energy S.A. has made a positive final investment decision on the 20-year charter of Golar’s MK II Floating LNG unit.
Robots take over risky FPSO tank cleaning in Brazil
Ambipar, a Brazil-based environmental services firm, and Netherlands-headquartered SBM Offshore have introduced a remote robotic system for cleaning cargo oil tanks on floating production, storage and offloading (FPSO) units.
Brazil’s EPE backs Petrobras gas pipeline in Sergipe state
Brazil's Energy Research Company (EPE) has recommended approval for Petrobras’s Sergipe Aguas Profundas (SEAP) gas pipeline project, following a review in coordination with the National Petroleum Agency (ANP).
Guyana open to entering CARICOM oil deal
Guyana has signalled openness to exploring crude oil sales arrangements with Caribbean Community (CARICOM) member states, potentially including discounted barrel deals linked to cheaper refined fuel supplies.
Brazil faces diesel supply threat as Trump targets Russian imports
Brazil's heavy reliance on Russian diesel imports has placed the country at risk of US secondary sanctions, potentially driving up fuel prices as more than half of Brazil's diesel supply comes from Russia.
Brazil’s Petrobras swings to $4.89bn Q2 profit while tightening costs amid oil price decline
Brazil’s Petrobras reported second-quarter net profit of BRL26.7b ($4.89bn), reversing a BRL2.6bn loss from the prior year, while implementing cost controls to maintain its $18.5bn annual investment plan despite falling crude prices.
ExxonMobil Guyana begins Yellowtail production
ExxonMobil has commenced production at Yellowtail, its fourth offshore development in Guyana's Stabroek Block, marking another significant milestone in the South American nation's rapid oil industry expansion.
Colombian hydrocarbon output contracts as production pressures mount
Colombia's hydrocarbon sector faced renewed headwinds in June as both oil and natural gas output contracted year-on-year, according to data released by the National Hydrocarbons Agency.
Several foreign energy giants abandon Colombia amid regulatory squeeze
Colombia's offshore energy sector faces an exodus of international petroleum companies following disappointing exploration results and tightened regulatory frameworks.
Brazil’s Petrobras challenges Braskem over US asset talks
Venezuela's PDVSA crude flows to Cuba surge despite overall export decline
Venezuela's state petroleum company PDVSA increased crude deliveries to Cuba by 31,000 barrels per day during July, despite experiencing a 10% decline in total exports.
Brazil’s Petrobras swings to $4.7bn profit
Brazilian oil producer Petrobras reported a second-quarter net profit of $4.7bn, reversing a $469mn loss in the same period of 2024, the company said.
Argentina's Vaca Muerta faces drilling slowdown as prices decline
Argentina's Vaca Muerta shale formation faces a near-term drilling slowdown as companies pull back crews amid declining oil prices and recent merger activity, despite strong production growth in the world's second-largest shale gas deposit.
Mexico embraces fracking to reverse Pemex production decline
Mexico has authorised the expanded use of hydraulic fracturing to tap unconventional hydrocarbon reserves and arrest years of declining output, marking a significant policy reversal from the previous administration's environmental stance
Chevron tankers head to Venezuela as oil shipments close to resuming
At least three Chevron-chartered tankers are en route to Venezuelan waters to load crude for US refineries later this month, following a fresh US Treasury licence allowing the company to resume limited operations in the sanctioned country
Fresh bid complicates Venezuela’s Citgo sale as creditors battle for control
Court-appointed special master Robert Pincus informed Judge Leonard Stark of the offer but disclosed neither the bidder’s identity nor the submission date
Brazil’s Braskem says US tariffs will not bite
The 50% tariff on Brazilian goods announced by US President Donald Trump will not materially affect Braskem. The petrochemical producer’s basic chemicals and polymers are not covered by the measure.
ExxonMobil, Chevron beat profit expectations, see output rise
US-based supermajors ExxonMobil and Chevron both reported lower earnings for the second quarter of 2025 but nonetheless beat analyst expectations.
Colombia's Ecopetrol reports record quarterly output as production surges
Colombian state energy giant Ecopetrol achieved its strongest quarterly production performance in ten years during the second quarter of 2025.
Canada's Frontera divests from Ecuadorian oil blocks
Canadian energy company Frontera Energy has agreed to divest its 50% working interest in Ecuador's Perico and Espejo blocks for CAD 10.74mn ($7.8mn) cash, with potential additional payments of $750,000 contingent on production milestones.
TotalEnergies to sell Argentine shale assets to YPF
TotalEnergies announced that it has agreed to sell its 45% stake in two unconventional oil and gas blocks in Argentina's Vaca Muerta shale formation to Argentina's national oil company YPF for $500mn.
Mexico unveils comprehensive Pemex rescue plan targeting 2027 self-sufficiency
The Mexican government has announced a sweeping rescue programme for heavily indebted state oil producer Pemex, aiming to achieve financial self-sufficiency by 2027 and reduce debt from $99bn to $77.3bn by 2030, AFP and Reuters reported.
IMF ups growth forecasts for Latin America, Caribbean
The International Monetary Fund (IMF) has marginally revised its economic growth forecasts for Latin America and the Caribbean for 2025, reflecting a slightly more optimistic scenario.
Brazilian deepwater yields BP's biggest oil and gas discovery this century
BP has unveiled its most significant oil and gas discovery in 25 years following successful drilling at the Bumerangue prospect in Brazil's deepwater Santos Basin.
Oil firms’ return is lifeline for Venezuela, but Maduro downplays importance
Oxford Economics says the re-entry of Chevron and other international oil companies into Venezuela could stabilise crude output and ease currency pressures.
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