LatAmOil - Latin America Oil & Gas
Colombian oil firms navigate financial challenges amid market pressures while GeoPark divests
Colombia's leading oil companies, Ecopetrol and GeoPark, have reported mixed financial outcomes for 2024, reflecting the volatile energy market and internal strategic decisions.
Brazil's sustainable aviation fuel industry poised for 2027 takeoff
Brazil's nascent sustainable aviation fuel industry is preparing for takeoff in 2027 when the country's blend mandate begins, with potential for both domestic supply and exports.
Brazil’s Petrobras signs deal with France's IFPEN for decarbonisation projects
Brazil’s national oil company Petrobras has signed a five-year partnership with French research institute IFP Energies Nouvelles to collaborate on energy transition and decarbonisation projects
Brazil’s Petrobras discoveries in Campos, Santos and Buzios are 'significant', says executive
Brazil’s national oil company (NOC) Petrobras has made "significant" oil discoveries this year in the Campos and Santos basins and in the Buzios field
Brazil's Karoon restarts Bauna oilfield after maintenance
Brazil-focused Australian oil and gas company Karoon Energy has resumed production at its Bauna oilfield in the offshore Santos basin following the completion of intervention works at the SPS-88 well.
Colombia's Helicol challenges Ecopetrol's contract termination amid allegations of unfair practices
On March 5, 2025, Helicol formally requested that Ecopetrol SA reconsider its decision to terminate synergy contract No. CW215358.
Guyana receives seven bids for historic Gas-to-Energy project
Guyana has received seven bids for the second phase of its Gas-to-Energy project, a critical infrastructure initiative designed to transform the country's energy landscape.
Argentina's YPF to inject $3.3bn into Vaca Muerta in 2025
Argentina's national oil company YPF plans to invest $3.3bn in the Vaca Muerta shale formation in 2025, representing approximately two-thirds of its total $5bn capital expenditure for the year.
Oil prices surge on Trump threat to slap tariffs on Russian oil
Should tariffs come into force, Russian flows to its key customers could drop, tightening supply and potentially prompting OPEC+ to act to stabilise the market, according to Rystad.
Brazil’s Petrobras awards new helicopter contracts for Roncador field operations
Brazil’s national oil company (NOC) Petrobras has awarded two new helicopter service contracts to CHC Helicopter's Brazilian unit to support operations at its Roncador field in the Campos basin.
Brazil’s Petrobras sets global CO2 reinjection record with pre-salt FPSO fleet
Brazil’s national oil company (NOC) Petrobras has achieved a new carbon dioxide (CO2) reinjection milestone in the Santos Basin pre-salt fields, injecting 14.2mn tonnes of CO2 in 2024, surpassing the previous year's 13mn tonnes.
Brazil’s Petrobras launches new FPSO tender for Campos basin field
Brazil’s national oil company (NOC) Petrobras has launched a fresh tender to contract a mid-sized floating production, storage and offloading (FPSO) vessel for its mature Albacora field in the Campos basin.
Chile's GeoPark divests non-core assets in Colombia and Brazil
GeoPark, the Latin American oil and gas explorer, has announced the sale of its non-core interests in Colombia's Llanos 32 Block and Brazil's Manati gas field for a combined $20mn.
Mexico private oil investments to exceed $45bn for 30 years
Mexico has approved over $45bn in private oil investments for 2024-2054, with 56% allocated to production.
Sempra to sell Mexico energy assets, stake in infrastructure unit
Utility firm Sempra plans to sell energy infrastructure assets in Mexico and a minority stake in Sempra Infrastructure to fund its five-year capex plan of $56bn.
Beijing blocks BlackRock's Panama port deal amid US-China tensions
The proposed sale of two key Panamanian ports by Hong Kong-based CK Hutchison to a consortium led by BlackRock has hit a roadblock, as China exerts pressure to halt the deal.
Mexican authorities seize record fuel shipment in “Anti-Huachicol” operation
A recent confiscation of millions of litres of illicit fuel in Mexico has sparked discussions about the country's ongoing battle against fuel smuggling, widely known as "huachicol."
Venezuela defies US oil sanctions, urges foreign firms to stay
Venezuela has reaffirmed its commitment to maintaining oil operations with foreign companies despite Washington’s decision to revoke export permits for key PDVSA partners, including Spain’s Repsol.
Venezuela boosts oil shipments to China as US pressure mounts
Venezuela is ramping up crude exports to China, with shipments set to reach 400,000 barrels per day this month—the highest level since June 2023—despite escalating US sanctions.
Venezuela’s PDVSA cuts office hours amid energy crisis
Venezuela’s state oil company PDVSA will reduce working hours at non-essential administrative offices to save energy.
CNOOC production surges, driven by Guyana oil sector
China's national oil company CNOOC reported a substantial 10.8% y/y increase in its overseas production in 2024, reaching 234mn barrels of oil equivalent, up from 211.3mn in 2023.
Woodside Energy sells portion of Trinidad and Tobago assets to Perenco
Australia's Woodside Energy has agreed to sell a portion of its offshore oil and gas assets in Trinidad and Tobago to London-based Perenco for $206mn.
BP Trinidad and Tobago makes final investment decision on offshore gas project
BP Trinidad and Tobago has reached a final investment decision on its Ginger gas development and confirmed a new gas discovery at the Frangipani exploration well, bolstering the company's production outlook in the Caribbean country.
Venezuela is latest US-China battleground for oil
China's crude oil trade with Venezuela has experienced a significant slowdown of late following a fresh directive from US President Donald Trump.
SLB wins major drilling contract for Mexico's Trion offshore project
Global energy technology company SLB has been awarded a major drilling contract by Australian independent Woodside Energy for its ultra-deepwater Trion development project, offshore Mexico, SLB reported in a press release on March 31.
Colombian oil firms navigate financial challenges amid market pressures
Colombia's leading oil companies, Ecopetrol and Geopark, have reported mixed financial outcomes for 2024, reflecting the volatile energy market and internal strategic decisions.
Colombia's Ecopetrol and Frontera Energy face sanctions over Campo Rubiales environmental breaches
Colombia's National Authority of Environmental Licences (Anla) has initiated sanction proceedings against state-owned Ecopetrol and Frontera Energy Colombia for alleged environmental violations at the Campo Rubiales oil field in Puerto Gaitán.
GeoPark sells Colombia and Brazil assets in $20mn deals
GeoPark Ltd, an independent oil and gas exploration and production company, has agreed to sell non-core, non-operated assets in Colombia and Brazil for a total of $20mn as part of a broader cost-cutting strategy.
Brazil’s last chance for Amazon oil expansion faces uncertainty
The auction of 47 oil blocks in the Foz do Amazonas basin, scheduled for June 17, may be President Luiz Inácio Lula da Silva’s administration’s final opportunity to expand exploration in Brazil’s equatorial margin.
Brazil’s Constellation wins Petrobras deal for offshore well closure
Brazilian offshore drilling firm Constellation has secured a $170mn contract with Petrobras to operate the Admarine 511 rig for plugging and abandoning wells in shallow waters off Brazil.
US revokes Repsol, Eni, and Maurel et Prom Venezuela oil licences
The Trump administration has stripped oil majors Repsol, Maurel et Prom and Eni of Venezuela crude export licences, ratcheting up pressure on the regime of President Nicolas Maduro.
Ecuador oil spill situation worsens after containment dyke collapse
Ecuador's ongoing oil spill crisis worsened when an improvised containment dike on the Caple River collapsed amid heavy rainfall in Esmeraldas province, allowing thousands of additional barrels of crude to flow toward the Pacific Ocean.
Woodside to sell Trinidad and Tobago assets to Perenco for $206mn
Woodside has reached an agreement to sell its Greater Angostura assets in Trinidad and Tobago to Perenco for $206mn, the company announced.
Brazil’s Petrobras, banks negotiate shared governance for Braskem
Creditor banks holding Novonor's controlling stake in Brazil’s petrochemicals major Braskem are negotiating governance arrangements with the second largest shareholder, national oil company (NOC) Petrobras.
Shell Brazil’s Gato do Mato project awards large contract to TechnipFMC
TechnipFMC has secured a major integrated engineering, procurement, construction and installation contract worth more than $1.0bn from Shell for the Gato do Mato pre-salt development offshore Brazil.
Brazil wins UN approval for expansive "Blue Amazon" maritime claim
Brazil has secured UN recognition for a significant expansion of its northern maritime boundary, gaining sovereign rights over an additional ocean area equivalent to the size of Germany.
Venezuelans rush to buy dollars as currency tumbles on US oil sanctions
Venezuelans are scrambling to buy dollars, sending the bolívar to historic lows as fears grow that the latest US sanctions will further destabilise the country’s fragile economy
US tariffs on Venezuelan oil disrupt exports to China and India
A new 25% tariff imposed by the United States on buyers of Venezuelan oil and gas has upended trade flows to China and India, the primary customers of Nicolás Maduro’s regime, which together account for more than half of the country’s crude exports
Trinidad and Tobago reaffirms offshore gas project as US tightens Venezuela sanctions
Trinidad and Tobago’s Prime Minister Stuart Young said that work on a major offshore gas venture with Venezuela remains on track, despite mounting US pressure on Caracas and uncertainty over the renewal of a key Washington-issued licence
Legal battle over Venezuela's Citgo intensifies as creditors contest initial bid
A legal dispute over Citgo Petroleum has escalated in a Delaware court as creditors challenge a proposed starting bid for shares in Venezuela’s largest foreign asset
Maduro dismisses US warning over Essequibo dispute
Venezuela’s Nicolás Maduro lashed out at US Secretary of State Marco Rubio, calling him an “imbecile” after the top diplomat warned of consequences if Venezuela attempted military action against Guyana
Panama revokes 128 ship registrations in crackdown on Russia and Iran’s shadow fleet carrying oil
Panama has intensified its crackdown on sanctioned vessels by revoking the registration of 128 ships, a move primarily targeting the "shadow fleet" facilitating oil exports from Russia and Iran.
Equinor extends Floatel Victory contract for Brazil offshore operations
Norwegian energy firm Equinor has extended its contract with Floatel International for the Floatel Victory accommodation unit at its Peregrino oilfield offshore Brazil.
Brazil pushes for ethanol edge in Japan
A Brazilian delegation in Japan is advocating for the country to prioritise Brazilian ethanol under a new biofuel mandate, arguing it has a lower carbon footprint than US ethanol.
Colombian congress advances energy tariff reform amid rising public pressure
Colombia's Congress is progressing with legislation aimed at reducing electricity and gas tariffs, a move that has garnered bipartisan support and addresses longstanding public grievances over high utility costs, particularly in the Caribbean region.
Colombia's Ecopetrol to invest $1.2bn to continue improving petrol quality
Ecopetrol, Colombia's leading petroleum company, has announced plans to invest approximately $1.2bn over the next seven years to upgrade the quality of petrol produced at its Barrancabermeja refinery.
Pemex crude exports from Mexico rise 33% in February versus January
Crude oil exports by Mexican state energy company Pemex grew 33% in February compared to January. Despite the recovery from a tumble the month before, exports were still down 25% compared to February 2024.
US seeks strategic foothold in Caribbean with Rubio visit
US Secretary of State Marco Rubio embarked on a critical diplomatic tour of the Caribbean, addressing pressing regional issues including Haiti's security crisis and Guyana's emerging geopolitical significance amid its oil boom.
Vibra launches Brazil’s first sustainable aviation fuel supply
Vibra has begun supplying sustainable aviation fuel in Brazil, the company said in a press release. The imported biofuel is now available at Tom Jobim International Airport in Rio de Janeiro, the first distributor of SAF in the country.
Rockhopper confirms FID deadline for Falkland Islands offshore development
A final investment decision for the Sea Lion offshore development in the Falkland Islands could be reached by mid-2025, according to Rockhopper Exploration, which partners with Israeli operator Navitas Petroleum on the project.
Trading firm Vitol enters bidding race in Citgo auction, Red Tree selected as stalking horse
Vitol, a prominent trading firm, has entered the bidding race to acquire US refiner Citgo and filed a request with a federal court seeking further details on the stalking horse bid.
US tariffs on Venezuelan oil put China, India, Spain in spotlight
Washington’s move to impose 25% secondary tariffs on nations purchasing Venezuelan oil and gas has drawn sharp reactions, particularly from China, the top buyer of the South American country’s crude.
Pemex production plunges 11% in February
State oil company Pemex’s crude production dropped to 1.36mn barrels per day (b/d) in February, representing an 11.5% year-on-year (y/y) decline
Trading firm Vitol joins legal push for more information in Citgo sale auction
Vitol, a prominent trading firm, has entered the bidding race to acquire US refiner Citgo and filed a request with a federal court seeking further details on the stalking horse bid
India’s Reliance Industries to halt Venezuelan oil imports amid US tariff threat
Reliance Industries, the operator of the world's largest refining complex, has decided to cease importing Venezuelan oil following the United States' announcement of a 25% tariff on countries purchasing crude from Venezuela
Explosion on Venezuelan oil barge kills three, injures six
A deadly explosion on an oil barge in Lake Maracaibo, Zulia state, resulted in three fatalities and six injuries
Spain signals retaliation if US tariffs on Venezuelan oil harm its economy
The Spanish government issued a strong warning on March 25 stating it will take action if newly proposed US tariffs on Venezuelan oil negatively impact Spain's economy
Oil prices rise amid supply concerns and US sanctions on Venezuela and Iran
Oil prices saw a modest uptick on March 26, driven by escalating concerns over global supply following new US efforts to curb oil exports from Venezuela and Iran, Reuters reported.
US tariff threat on Venezuelan oil poses new hurdle for India’s diversified strategy
The US’s proposed 25% secondary tariffs on countries importing Venezuelan oil represents a fresh challenge for India’s oil diversification strategy, particularly as it competes with China for access to Venezuelan crude
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