LatAmOil - Latin America Oil & Gas
US expands Cuba sanctions to financial, mining entities
The US imposed sanctions on five Cuban state-linked entities and one individual on June 23, broadening pressure on Havana as the administration of President Donald Trump seeks to tighten restrictions on key sectors of the island’s economy
Cuba expands solar power network in Holguín with Canadian support
Cuba has installed 344 photovoltaic systems across 10 municipalities in the eastern province of Holguín under a joint programme with Canada aimed at expanding renewable energy access and supporting community development
Exxonmobil wins US supreme court backing in Cuba asset dispute
The US Supreme Court ruled that Exxonmobil can continue pursuing claims against Cuban state-owned entities over assets nationalised after the 1959 revolution, a decision that could encourage additional lawsuits under the Helms-Burton Act
Markets bet big on De la Espriella, Colombia's next president. Economists are not so sure
Colombian markets were upbeat on De la Espriella's victory. But two economists tell IntelliNews the celebration may be premature, with deep state cuts, fracking and a harsh security crackdown carrying steep hidden costs.
Petronas advances LNG project offshore Suriname with environmental impact statement
Petronas is advancing the Sloanea gas development through Suriname's environmental approval process, positioning Block 52 as an offshore production that could transform the South American nation into a significant LNG exporter.
Cuba oil lifeline hinges on Mexican firms willing to brave US sanctions
Cuba’s oil lifeline hangs by a thread. As Mexico attempts a risky private-sector workaround to bypass tightened US secondary sanctions, mid-sized firms face an overnight death sentence if they lose access to dollar clearing.
The debate over EU methane regulation and energy security
The EU’s methane regulation has split analysts, with Rystad saying it will not harm supply and Wood Mackenzie warning it could make large volumes of imports non-compliant.
Mexico's fuel sector faces dual pressure from price caps and supply chain strain
Mexico's petrol industry faces a compound squeeze: voluntary diesel price caps worth MXN27/L, gross margins of just MXN1.50/L before costs, and 60% of operators reporting rising fuel theft. Only 32% of stations grew sales in May.
Venezuelan crude gains ground in India as imports recover from supply disruptions
India’s crude oil imports have returned to more stable levels in June, supported by record purchases from Russia and additional supplies from countries including Venezuela, Angola, Brazil and Iran
Venezuela’s first-quarter oil revenue climbs as exports accelerate
Venezuela generated $5.49bn in oil export revenue during the first quarter, a 21% increase from the same period a year earlier, according to balance of payments data released on June 22 by the Central Bank of Venezuela
Venezuela bets on gas revival despite persistent energy shortages
Venezuela is seeking to revive its long-underdeveloped natural gas industry through new agreements with Shell, Eni and Repsol, even as the country continues to grapple with power cuts, electricity rationing and shortages of domestic cooking gas
Debt restructuring uncertainty sends Venezuelan bonds to two-month low
Bonds due in 2027 dropped below 50 cents on the dollar for the first time since April 10, while debt issued by state oil company Petróleos de Venezuela SA also declined
Venezuela’s oil revival hinges on political stability, economists say
According to experts, Venezuela’s efforts to attract foreign capital into its energy industry will struggle to gain traction unless investors see lasting political stability and stronger institutions
Colombia's Ecopetrol jumps in US premarket after De la Espriella election victory
Colombia's Ecopetrol surged in US premarket trading after president-elect Abelardo de la Espriella secured victory in the country's presidential runoff, with investors betting on a more favourable environment for the oil and gas sector
Colombia's Promigas draws record demand with $920mn hybrid bond sale
Promigas secured $920mn in a 30-year international hybrid bond offering after attracting orders worth $2.61bn, marking the strongest demand recorded for this type of instrument by a Colombian issuer
Colombia's De la Espriella win puts Ecopetrol governance shake-up on hold
Colombia’s presidential election result has halted plans for governance changes at Ecopetrol and increased the likelihood of a review of the state-controlled energy group under incoming President Abelardo de la Espriella
Colombia slips in WEF energy transition ranking despite clean power matrix
Colombia fell five places to 43rd in the World Economic Forum’s 2026 Energy Transition Index (ETI), highlighting growing concerns over the pace of the country’s energy transition despite maintaining one of the world’s cleanest electricity
Brazil’s Petrobras, Mexico’s Pemex sign deal with eyes on Gulf of Mexico pre-salt frontier
Brazil's state-owned oil company Petrobras and its Mexican peer Pemex signed a memorandum of understanding (MoU) on Tuesday for strategic and technical cooperation across exploration, production, petrochemicals and fertilisers, among others.
Argentina posts record energy trade surplus in May on oil export surge
Argentina recorded a new monthly record in its energy trade balance in May, posting a surplus of $1.39bn driven by a sharp increase in crude exports and a steep decline in fuel imports.
Guyana's oil and gas future to be sealed as Venezuela ICJ case enters final phase
The International Court of Justice is poised to enter final oral hearings in the Guyana-Venezuela border dispute following completion of written pleadings, a milestone that could determine the trajectory of Guyana's oil and gas sector future.
Ecuador mayor linked to $5mn ghost contract at Petroecuador refinery, prosecutors allege
Ecuador's attorney general's office has alleged that Esmeraldas mayor Vicko Villacís Tenorio benefited from a phantom contract worth over $5.3mn paid by state oil company Petroecuador to a consortium linked to his family.
Petroecuador sells 2.88mn barrels to China for $313mn in July-August deliveries
Petroecuador has awarded two international crude oil sales totalling 2.88mn barrels, generating estimated state revenue of over $313mn, with deliveries scheduled between July and August.
Steel pipes arrive for VMOS offshore pipeline as Argentina advances Vaca Muerta export infrastructure
Argentina’s Vaca Muerta Oil Sur (VMOS) project reached a new construction milestone this week as 721 steel pipes destined for its offshore pipeline system arrived and began being stored at the Port of San Antonio Este in Río Negro province.
ExxonMobil narrows Stabroek focus to appraisal and gas as exploration window tightens
ExxonMobil's H1 2026 Stabroek campaign targets appraisal at Barreleye-3, gas evaluation at Goatfish-1 near Suriname, and fresh oil at Goby-1 — but no new discoveries confirmed beyond the 11bn boe baseline.
Guyana opts for industry cooperation over legislation to speed oil supplier payments
Guyana's natural resources minister urges oil majors to cut supplier payment cycles voluntarily, warning that 90-120-day windows choke local firms — but stops short of legislating a fix.
Pánuco spill deepens PEMEX accountability crisis as navy suppresses footage and Congress demands testimony
PEMEX's Pánuco spill enters day eleven with two active discharge points confirmed, Congress demanding the director testify, and the Navy caught suppressing footage of a river that fishing families say never truly clears.
Mexico's Sheinbaum says she will skip Pemex-Petrobras agreement signing
Mexican President Claudia Sheinbaum said on June 19 she would not travel with the delegation from Petróleos Mexicanos (Pemex) set to formalise a legal collaboration agreement with Petróleo Brasileiro SA (Petrobras) this week.
Venezuelan oil exports nearly double as US remains top buyer
Venezuela’s seaborne crude exports have surged this year, with shipments rising 144% between January and mid-June as demand from the United States, India and the Bahamas helped drive a sustained recovery in the country’s oil trade
Oil revenue windfall raises transparency questions in Venezuela
Venezuela is on track to receive an estimated $35bn in oil export revenue this year, a sharp increase from 2025, but questions are mounting over how those funds are being managed and why the influx has yet to translate into broader economic relief
US eases Iran oil sanctions, price on Brent crude drops over 3.5%
The United States has partially lifted sanctions on Iranian oil exports following what officials have described as encouraging progress in negotiations aimed at ending hostilities between Washington and Tehran.
Brazil’s Petrobras orders four tankers in fleet expansion
Brazil’s state-controlled oil company Petrobras has contracted the construction of four medium-range oil tankers at Estaleiro Rio Grande shipyard in a deal worth $427mn.
Brazil’s Petrobras moves into biofuels push
Brazil’s state-controlled oil producer Petrobras has approved investment in a biorefining facility that will produce renewable diesel and sustainable aviation fuel, marking a step into low-carbon fuels alongside its core crude oil operations.
Brazil’s PRIO brings fourth Wahoo well online
Brazilian oil and gas producer PRIO has started production from a fourth well at its Wahoo subsea tie-back project in the Campos Basin offshore Brazil.
Cuba pushes renewable drive as US sanctions squeeze fuel supplies
Cuba is accelerating its energy transition programme while grappling with severe fuel shortages caused by tighter US sanctions, First Deputy Energy and Mines Minister Argelio Jesús Abad said during a visit to Uruguay
Australia's Melbana halts Cuba project support after US sanctions on Cupet
Australia's Melbana Energy has suspended its direct financial, technical and administrative support for its Block 9 oil exploration project in Cuba after the US government sanctioned state-owned oil company Cupet, the firm's contractual partner
Brazil's antitrust regulator clears Ecopetrol's acquisition of Brava Energia without conditions
Brazil's Administrative Council for Economic Defense (CADE) approved without restrictions Ecopetrol's acquisition of control in Brava Energia, removing a significant regulatory obstacle though operational completion remains contingent
Cocaine trade overtakes oil as Colombia's largest export
Colombia’s booming cocaine trade generated about $16.5bn in 2024, surpassing petroleum exports for the first time in more than a decade and accounting for roughly 4.4% of gross domestic product, according to a study by Eafit University’s Centre.
Colombia elects Trump-backed De la Espriella, extending region's rightward shift
Trump-backed lawyer Abelardo de la Espriella has won Colombia's presidency by a razor-thin margin, defeating Iván Cepeda as Latin America's rightward tilt gains another convert and Bogotá braces for unrest.
US LNG producer New Fortress Energy has restructuring plan approved
New York-headquartered New Fortress Energy has had its restructuring plan for two of the firm’s subsidiaries approved by a UK court.
Venezuela reviews recovery plan as focus turns to energy and investment
The strategy places significant emphasis on energy policy and the restructuring of PDVSA’s operations as Venezuela’s oil industry seeks to rebuild capacity after years marked by declining output, financial pressures and technological challenges
US-led alliance targets Orinoco belt expansion and oil export growth
Two US companies have formalised a partnership aimed at expanding Venezuela’s oil and gas output, with plans that include rehabilitating thousands of wells in the Orinoco Oil Belt and increasing crude exports to international markets
Ecuador targets 500,000 bpd output by 2027 as falling oil prices sharpen pressure to ramp up production
Ecuador's government is targeting national crude output of around 500,000 barrels per day by the end of this year or early 2027.
Colombia's oil-patch road blockades cost Ecopetrol 1mn barrels as labour dispute drags on
Road blockades that have paralysed operations at three of Ecopetrol’s key oilfields in Colombia’s Meta department for 50 days have prevented the production of about 1mn barrels of crude and placed 7,280 jobs at risk
Energy groups warn Air-e liquidation could strain Colombia's power market
Colombia's main energy industry associations warned that a proposed liquidation of power distributor Air-e could threaten electricity and natural gas supply stability, arguing that the company plays a critical role in the national energy system
Fitch affirms Argentina's Pluspetrol at 'BB', cites Vaca Muerta growth plan
Fitch Ratings affirmed Pluspetrol S.A.'s (PPSA) Long-Term Foreign and Local Currency Issuer Default Ratings at 'BB' with a stable outlook on June 19, citing the Argentine oil and gas producer's growing scale in the Vaca Muerta shale formation.
India's Adani enters Argentina with $70mn investment in LNG shipping project
Indian billionaire Gautam Adani has entered Argentina's maritime sector through the acquisition of a majority stake in a local company contracted to provide services for the Southern Energy liquefied natural gas (LNG) export project.
US eases some Venezuela sanctions, extends Citgo shield
The United States has eased parts of its sanctions regime on Venezuela through three new licenses covering telecommunications, civil aviation and PDVSA bond-related instruments, the Venezuelan government confirmed on June 18.
Petroecuador's output claim masks shortfall against June target and the January peak
Ecuador's state oil firm Petroecuador reported on June 16 that it had reached its best production level in months, hitting 370,197 barrels of oil equivalent per day on June 15.
Chile's ENAP seeks approval for $96mn Magallanes fracking project
Chile's state-owned oil company ENAP has submitted a $96mn hydrocarbon extraction project to the Environmental Impact Assessment System (SEIA).
Argentina’s Neuquén backs first LNG development project with YPF agreement
Argentina’s Neuquén provincial legislature moved forward with approval of the province’s first liquefied natural gas (LNG) development project, endorsing an agreement with state-controlled energy company YPF.
Mexican oil prices on four-day slide, lowest price point in 15 months
Mexican oil prices fell for a fourth day in a row on June 16, reaching the lowest level seen since March 2025. This comes after the United States and Iran reached a provisional agreement to be signed June 19.
Mexico’s Pemex denies fuel shortage as gasoline and diesel sales rise 9% in January-May
Colombia foreign investment slows in May despite export strength
Colombia’s foreign direct investment totalled $659mn in May, down 14.5% from $771mn a year earlier, as inflows into the country remained below 2025 levels.
Colombia's Ecopetrol retains S&P rating as stronger liquidity offsets sovereign risks
Ecopetrol retained its BB- global credit rating with a stable outlook from S&P Global Ratings, supported by stronger liquidity, improved cash generation and lower near-term financial pressures
US officials deepen push for energy investment in Venezuela
The US Embassy in Venezuela said it is intensifying efforts with American energy officials and the country’s interim authorities to encourage US participation in the recovery of Venezuela’s oil and gas industry
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