LatAmOil - Latin America Oil & Gas
Repsol Sinopec Brasil, Radix and PUCRS to build digital twin of carbon capture unit
Repsol Sinopec Brasil, engineering consultancy Radix and the Pontifical Catholic University of Rio Grande do Sul have launched a joint project to develop a digital twin of a direct air carbon capture unit.
Brazil’s Petrobras to develop Aram pre-salt discovery in Santos Basin, targets two wells by 2030
Petrobras has decided to move forward with the development of the Aram discovery in the pre-salt layer of the Santos Basin, with at least two producing wells expected to be online by 2030.
QatarEnergy acquires stakes in three Uruguayan offshore exploration blocks
QatarEnergy has acquired participating interests in three offshore exploration blocks in Uruguay from BG International Limited, a subsidiary of Shell, marking the Qatari state energy company's first entry into the country's upstream sector.
Mexico's Pemex refining hits 11-year high in first quarter, but S&P downgrades the company
Mexico's Pemex's crude processing averaged 1.141mn barrels per day in the first quarter of 2026, up 21.9% year on year.
Venezuela unveils draft oil rules to guide foreign investment push, economy expands
Venezuela has begun circulating draft regulations linked to its newly approved hydrocarbons law.
Argentina’s YPF applies for $25bn oil project under RIGI programme
YPF has submitted a $25bn application under Argentina's RIGI programme for its LLL Oil development.
Nicaragua and PetroVietnam hold energy investment talks
Nicaragua's embassy in Hanoi met with the chairman of Vietnam's state-owned PetroVietnam on May 18 to explore investment opportunities in the Central American country's energy sector.
Petrobras boosts Brazil payments
Petrobras transferred BRL72.4bn ($12.4bn) to the Brazilian state in the first quarter of 2026, up 10.2% from the same period a year earlier.
Brazil’s Lula unveils Petrobras push in São Paulo state
Brazil’s state-run oil company Petrobras announced BRL37bn ($7.33bn) in investments in São Paulo state through 2030, with the projects expected to create about 38,000 direct and indirect jobs.
YPF applies for $25bn oil project under Argentina's RIGI programme
YPF has submitted a $25bn application under Argentina's Large Investment Incentive Regime for its LLL Oil development, positioning the project as both the country's largest proposed oil export initiative.
Río Negro approves Tango Energy entry to expand Vaca Muerta shale development
Argentina's Río Negro has approved the transfer of several oil and gas concession areas from Vista Energy to Tango Energy, while also converting three blocks to unconventional exploitation areas as part of efforts to expand development in Vaca M.
Argentina, Chile discuss energy integration pact linking Vaca Muerta gas to Asia
Argentina and Chile are negotiating a bilateral energy integration agreement that could allow natural gas from Vaca Muerta to reach Asian markets through Chilean Pacific ports.
Suppliers allege payment irregularities in Vaca Muerta export infrastructure project
A group of suppliers has accused Mexican contractor MEGSA Intercon Especializada S.A.U. of unpaid debts and financial irregularities linked to works for the Vaca Muerta Oil Sur (VMOS) pipeline project in Río Negro.
YPF shares surge in New York as JPMorgan raises upside outlook
Shares of YPF jumped on NYSE on May 18, closing up 8.75% at $47.48, as investors reacted to increased holdings by major U.S. funds and renewed optimism over the company’s expansion plans in Vaca Muerta.
Druckenmiller boosts bet on Argentina with larger stake in YPF
Billionaire investor Stanley Druckenmiller increased his exposure to YPF during the first quarter of 2026, making the Argentine oil producer one of the largest holdings in his investment fund.
Venezuela demands compensation from Trinidad over offshore oil spill
Gil described the spill as “extremely serious” and said Trinidadian authorities had not adequately disclosed the origin, volume or type of hydrocarbons involved
Spain summons former premier Zapatero in probe linked to Venezuela’s PDVSA
Prosecutors suspect part of the funds under scrutiny may be connected to transactions involving state oil company PDVSA
Datanálisis sees Venezuelan economy expanding despite early-year slowdown
The research firm cautioned that the broader impact of oil revenue flows would take time to materialise because of collection cycles within the energy industry and delays linked to treasury accounts where funds are deposited
Investor confidence drove Staatsolie's funding for Suriname's landmark oil project
Staatsolie, Suriname's national oil company, secured over $2bn in financing during 2025, positioning the South American nation's first offshore development for a production debut that TotalEnergies suggests could exceed initial projections.
ExxonMobil pursues world's deepest oil-producing well in Guyana
ExxonMobil is pursuing what could become the world's deepest oil-producing well in Guyana's Stabroek Block, targeting ultra-deepwater reservoirs approaching 3,000 metres.
Brazil tops Shell's government payments in 2025 as oil output surges past Nigeria
Brazil overtook Nigeria as the largest recipient of Shell's government payments in 2025, receiving $4.25bn as the UK energy major's upstream activities in the South American country continued to expand.
Bolivia fuel shortages deepen as YPFB halts deliveries during protests
Bolivia’s fuel supply crisis intensified after state energy company YPFB suspended shipments to several regions due to ongoing road blockades and disruptions surrounding its Senkata storage plant near La Paz.
Suriname bets big on offshore oil as risks mount
Suriname is staking its future on a $10.5bn offshore oil boom — but history warns that black gold rarely delivers on its promise. Can the world's greenest country beat the resource curse?
Latin America and Caribbean pump 11% of world oil in 2025 as regional output jumps 20%
Latin America and the Caribbean boosted oil production by 20% last year compared with 2024, accounting for roughly 11% of global output ahead of the Iran conflict and the subsequent price escalation, OLACDE said in a new report.
Brazil airlines cut flights as fuel costs surge
Brazilian airlines are reducing flights and revising capacity plans after jet fuel prices climbed following the conflict in the Middle East, while carriers also face the possible end of tax breaks on aviation fuel on May 31.
Petrobras bets big on Brazil shipyards
Japan turns to Brazil oil
Japan is looking at Brazil as a possible supplier of crude oil as conflict involving the United States, Israel and Iran disrupts flows through the Strait of Hormuz, Economy Minister Ryosei Akazawa said.
Brazil deepwater moves ahead
ABL Energy & Marine Consultants Brasil has been selected as marine warranty surveyor for Subsea7’s transport and installation campaign tied to the Mero 3 and Mero 4 offshore projects in Brazil’s Santos Basin.
Brazil’s Petrobras to raise production in Bahia state
Petrobras plans to raise oil and gas production in the state of Bahia to 30,000 barrels of oil equivalent per day, more than double current levels, as part of a broader investment programme focused on exploration, refining and biofuels.
ExxonMobil returns to Guyana's Canje block with ultra-deepwater well after four-year hiatus
Argentina approves TGS for $550mn gas pipeline expansion under RIGI
Argentina’s economy ministry has approved Transportadora de Gas del Sur to join the country’s large-investment incentive scheme, known as RIGI, for a $550mn expansion of the Perito Moreno gas pipeline.
Brazil launches fuel subsidies as tax cut proposal stalls in Congress
Brazil will provide direct subsidies to gasoline producers and importers, and later to diesel suppliers, after a government proposal to cut federal fuel taxes stalled in Congress.
TanGo secures three Vaca Muerta shale concessions in Argentina
TanGo Energy Argentina has entered Argentina’s Vaca Muerta shale formation after obtaining three unconventional oil and gas concessions in Río Negro Province, marking a new investment in one of the country’s key energy-producing regions.
Argentina's YPF plans $25bn Vaca Muerta project focused entirely on crude exports
YPF has announced a $25bn investment plan under Argentina’s large investment incentive regime to expand production in Vaca Muerta, with all crude output from the project set to be exported.
Eco Atlantic moves closer to expanding Falklands offshore stake through JHI acquisition
Eco Atlantic Oil & Gas said it has moved a step closer to completing its acquisition of JHI Associates after JHI secured a final court order approving the transaction.
GeoPark seeks RIGI approval for $1bn Vaca Muerta investment in Argentina
GeoPark has applied to join Argentina’s large investment incentive regime with a plan to invest more than $1bn in the Vaca Muerta shale formation, aiming to expand oil output sharply over the next three years.
Mexico’s Pemex reports brief fire at Olmeca refinery during maintenance, quickly contained
Venezuela unveils draft oil rules to guide foreign investment push
Venezuela has begun circulating draft regulations linked to its newly approved hydrocarbons law, providing fresh details on how private companies would operate in the country’s oil and gas sector as Caracas moves to loosen decades of state control
PDVSA opens probe after explosion sparks fire at Venezuela's Lake Maracaibo facility
Petróleos de Venezuela (PDVSA) confirmed a fire at an oil installation in Lake Maracaibo after an explosion at a gas compression plant left six workers injured, adding to a series of recent incidents affecting the country’s energy infrastructure
Trump-linked investment firm launches $200mn SPAC focused on Venezuela
The initiative was registered with the US Securities and Exchange Commission as part of a broader strategy targeting Latin American markets viewed as entering a phase of economic recovery and renewed investment activity
Venezuela could sustain 4mn barrels a day for decades, banker says
Venezuela possesses the geological and technical capacity to raise oil production to as much as 4mn barrels per day (bpd), although reaching those levels would require years of infrastructure rebuilding and operational recovery
Brazil’s Petrobras pushes refineries past limits
Petrobras said its refineries operated at 95% utilisation in the first quarter of 2026 as Brazil seeks to expand domestic fuel production and cut reliance on imported petroleum products.
Brazil expands oil block offer
Brazil’s oil regulator ANP released an updated version of its Permanent Concession Offer notice, adding 45 exploration blocks and raising the total number of areas available in future bidding rounds to 495.
Colombia oil industry warns tax pressure could push investment to Venezuela
Colombia’s oil industry is warning that rising taxes, falling profitability and mounting regulatory uncertainty could drive companies and specialised workers towards Venezuela, after weaker first-quarter results at Ecopetrol renewed concerns
Russia reaffirms backing for Cuba amid US sanctions pressure
Russia reiterated its support for Cuba and pledged continued assistance to ease the impact of US sanctions on the island, as tensions between Washington and Havana deepen over energy supplies and trade restrictions
US tightens Cuba sanctions as Havana warns of ‘bloodbath’
Cuba warned on May 19 that any military action by the United States would trigger a “bloodbath”, after Washington imposed fresh sanctions on senior Cuban officials and state entities while speculation mounted over possible tougher measures
CIA chief visits Cuba as fuel crisis deepens under US pressure
CIA Director John Ratcliffe travelled to Cuba for talks with senior Cuban officials as the island faced worsening blackouts and declared it had exhausted its oil reserves amid tighter US pressure
Trump administration raises pressure on Cuba as military options surface
Senior officials in President Donald Trump’s administration are giving greater consideration to military action against Cuba after months of sanctions and fuel restrictions failed to force concessions from Havana
Fitch places Brazilian oil producer Brava on positive rating watch after Ecopetrol bid
Fitch Ratings placed Brazilian independent oil and gas producer Brava Energia on Rating Watch Positive on May 13, citing Colombia's state oil company Ecopetrol's planned acquisition of a controlling stake in the company.
Brazil’s Compass gas unit slides on debut in first Sao Paulo IPO in over four years
Compass, the gas infrastructure arm of Brazilian conglomerate Cosan, made a weak debut on the B3 stock exchange on May 11, with shares closing their first trading session down 2.18% at approximately $4.82, below the IPO price.
Mexico's Pemex refining hits 11-year high in 1Q26, cutting fuel import dependency by 23%
Colombia misses Brent windfall as crude export volumes tumble
Colombia is failing to fully capitalise on surging global oil prices as crude export volumes continue to decline despite Brent trading above $100 a barrel
US-Venezuela trade climbs as oil exports drive recovery in ties
According to a report released by the Venezuelan-American Chamber of Commerce and Industry, bilateral trade reached $3.29bn during the first three months of the year, compared with $2.68bn in the same period a year earlier
Venezuela seeks to block Citgo sale as rising oil prices lift valuation
In a May 12 filing to Judge Leonard Stark, attorney Alexandra Cumings said stronger valuations across the refining sector now imply Citgo could be worth at least $15.1bn
US lawmaker contrasts Guyana's oil success with Venezuela's failure as Essequibo tensions simmer
Venezuela launches debt restructuring in bid to end decade of default
Venezuela's interim government has announced it will begin a formal restructuring of the country's external public debt, including obligations tied to state oil company PDVSA, in what could rank among the largest sovereign debt workouts in history.
Díaz-Canel says Cuba poses no threat to US amid renewed tensions
Cuban President Miguel Díaz-Canel said Cuba has never carried out actions against US national security and does not represent a threat to Washington, while warning that the island also does not “fear” the United States
Japan commits $6.5mn for solar systems at Cuban hospitals
Japan will provide $6.5mn to help install solar power systems at 10 hospitals across Cuba as the island struggles with deepening electricity shortages that have disrupted healthcare services
Cuba to float fuel prices as sanctions deepen energy crisis
Cuba abandoned fixed retail fuel prices on May 15 after mounting import costs and tighter US sanctions made the current system financially unsustainable, the country’s Finance and Prices Ministry said
Lavrov accuses US of seeking to expel Russian oil firms from global markets
Russian Foreign Minister Sergey Lavrov has accused the United States of “deliberately pushing” Russian oil companies out of international markets, including by seeking to take over Rosneft's cooperation with Venezuela.
Bolivia's YPFB says gasoline quality crisis resolved, cites storage flaws and import instability
Bolivia’s state-owned energy company YPFB said it has resolved the gasoline quality problems that recently affected vehicles across the country, after identifying structural weaknesses in fuel handling, storage and import standards.
Ecuador’s Petroecuador to restart key processing unit as Esmeraldas refinery recovery gathers pace
Petroecuador is preparing to restart a critical processing unit at the Esmeraldas refinery on May 15, in a move aimed at easing fuel supply pressures that have affected major cities including Guayaquil and Quito since early May.
YPFB seeks university oversight pact amid Bolivia fuel quality scrutiny
Bolivia’s state energy company YPFB has proposed a joint technical review with the Universidad Mayor de San Andrés (UMSA) and independent laboratories after renewed concerns over gasoline quality triggered pressure from transport unions.
Argentina's Vaca Muerta expands as Tango Energy wins concessions, eyes $1bn development
Tango Energy has obtained three 35-year unconventional oil and gas concessions in Río Negro Province, expanding its position in Argentina’s Vaca Muerta shale formation.
Petrobras eyes Pemex alliance and Mexico's underdeveloped deepwater Gulf as it seeks reserves
Arrow Exploration finds multiple hydrocarbon zones at Colombia’s Icaco prospect
Arrow Exploration said its Icaco-1 exploration well in Colombia’s Llanos Basin encountered several hydrocarbon-bearing intervals after reaching target depth on May 9, reinforcing the development potential of the company’s Tapir Block acreage
Colombia's Ecopetrol profit rises despite lower revenue and output in first quarter
Colombia’s state-controlled oil producer Ecopetrol posted a 7.7% rise in first-quarter net profit despite weaker revenue and lower crude output
Colombia's Ecopetrol ships record 500,000-barrel fuel oil cargo from Cartagena
Ecopetrol exported a record 500,000-barrel fuel oil cargo from the Puerto Bahía terminal in Cartagena, doubling the Colombian state-run company’s previous single-shipment export capacity
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