LatAmOil - Latin America Oil & Gas
Mexico’s energy overhaul: Constitutional amendments, regulatory shake-ups and growing gas dependence
Mexico's energy sector is facing a significant overhaul following the approval of constitutional amendments aimed at dismantling key autonomous regulators.
Argentina's shale boom puts it on track to compete with Colombia in oil output
Argentina’s surge in shale drilling has positioned the country to overtake Colombia as one of South America’s top three crude producers
Growth in biomethane output could help Brazil cut diesel imports by 2034
Brazil could reduce its diesel imports over the next decade as biomethane production expands, with output potentially reaching 3.3bn cubic metres (cbm) by 2034, according to state energy research firm EPE.
Brazil pushes regulator to boost gas market competition
Brazil's mines and energy ministry is pressing the ANP hydrocarbons regulator to speed up competition in the natural gas market, where the national oil company (NOC) Petrobras maintains dominance despite a 2021 liberalisation law
SLB awarded $800mn Petrobras offshore drilling contract
Energy technology firm Schlumberger (SLB) has won a contract to provide integrated services across all of Brazil’s national oil company (NOC) Petrobras' offshore fields in Brazil, including the construction of more than 100 deepwater wells.
ExxonMobil confirms two Guyanese developments
In Guyana, ExxonMobil has confirmed plans for two additional developments, Hammerhead and Longtail, bringing its total developments in the region to eight by 2030.
LatAmOil: Biden administration has not ruled out revoking Chevron’s licence to operate in Venezuela
Biden administration has not ruled out revoking Chevron’s license to operate in Venezuela
Chevron still may be facing complications in Venezuela, where it is one of the largest foreign drillers and where the presidential election remains contested amidst US sanctions.
Guyana emerges as third-largest per capita oil producer in the world
Guyana has emerged as the world's third-largest per capita oil producer, marking a remarkable transformation just five years after ExxonMobil initiated crude production in December 2019.
Guyanese exports surge by 77% due to oil and gas sector
Guyana's export value surged by an unprecedented 77% in 2024, driven by its booming oil and gas sector, according to the latest trade report from the Economic Commission for Latin America and the Caribbean.
Touchstone Exploration confirms budget for onshore Trinidad operations
Touchstone Exploration Inc. unveiled its preliminary 2025 capital budget, allocating $23mn primarily toward expanding its Cascadura field operations in Trinidad.
Argentina set to pass Colombia as third-largest crude producer in South America
Argentina is poised to surpass Colombia as South America's third-largest crude producer, driven by an unprecedented surge in shale drilling activity in the Vaca Muerta formation.
Petrobras, Ecopetrol confirm largest-ever gas find in Colombia
Petrobras, through its Colombian branch PIB-COL, and Ecopetrol have confirmed the largest natural gas discovery ever in Colombia, located at the Sirius-2 well.
Pluspetrol ventures into renewables with Uruguayan wind farm acquisition
Pluspetrol has entered Uruguay’s renewable energy market with the acquisition of the Cerro Grande and Peralta I & II wind farms. The assets, previously held by the DIF Infrastructure V and VI funds.
Petrobras signs 43 deals to lower gas prices for distributors
Petrobras will conclude 2024 having agreed to 43 contractual amendments with 13 local natural gas distributors, granting discounts on gas prices.
Petrobras, Ecopetrol unveil massive gas find in Colombia
Petrobras, through its Colombian branch PIB-COL, and Ecopetrol have confirmed the largest natural gas discovery in Colombia, located at the Sirius-2 well.
Chevron and Shell in negotiations to join Argentine infrastructure project
Chevron Corp and Shell Plc are in negotiations to join a major infrastructure project aimed at boosting crude exports from Argentina's Vaca Muerta shale formation, marking a potential breakthrough in foreign investment for the region.
Brazil’s PPSA plans 78mn barrel auction
Brazil's state-run Pre-Sal Petroleo (PPSA) will auction an estimated 78mn barrels of oil on June 25, 2025, according to Samir Awad, the firm's head of finance.
Guyana reports strong interest in upcoming oil block auction
Guyana is gauging significant interest in its upcoming oil block auction, particularly for Block C, a 2.3mn acre deepwater concession near the Surinamese border.
Argentine energy sector to generate $25bn annual surplus by 2030, recent report finds
Argentina's hydrocarbon sector is poised for substantial growth, with the Chamber of Exploration and Production of Hydrocarbons forecasting an annual energy balance surplus of $25bn by 2030, according to a recent sector analysis.
YPF shares surge amid hopeful economic outlook
YPF shares have surged 132% in 2024, climbing from $25.37 to $38.39 since November 1, driven by the government's macroeconomic policies and the company's strategic 4x4 program, according to CEO Horacio Marín.
Venezuela plans to up production of natural gas liquids to boost energy exports
The Venezuelan government is exploring plans to ramp up production of natural gas liquids following a technical review of a key Petróleos de Venezuela (PDVSA) facility in the country's northeast.
Chevron CEO warns of Russia-China takeover risk in Venezuela if forced to quit
Chevron Corp. has not discussed its Venezuela operations with President-elect Donald Trump's team, chief executive officer Michael Wirth said on December 6, highlighting uncertainty over the oil giant's future in the sanctions-hit country.
Petroperú's risky bid for oil lots sparks controversy amid crisis
Petroperú, struggling with significant financial difficulties, has expressed interest in directly acquiring oil lots I and VI in Talara.
Brazil’s cabinet appoints Petrobras’ chairman to senior role at crude, gas regulator
Brazil's Energy Ministry has appointed the national oil company Petrobras’ chairman Pietro Mendes to a senior position at oil and gas regulator ANP, potentially triggering board changes.
Brava Energia awards Brazil offshore contracts to Baker Hughes, OneSubsea, and Constellation
Brava Energia, formerly 3R Petroleum, has awarded contracts to Baker Hughes, SLB's OneSubsea, and Constellation Oil Services for an integrated development campaign across offshore oil fields in Brazil,
Guyana holds no ExxonMobil ownership, vice president confirms
Guyana's Vice President, Dr Bharrat Jagdeo, has clarified that the government does not hold any ownership stake in ExxonMobil Guyana Limited or its assets, including the recently purchased Floating Production Storage and Offloading vessels.
Brazil prosecutors seek further studies for Petrobras Amazon oil project
Federal prosecutors have requested Brazil’s national oil company (NOC) Petrobras conduct further environmental studies before proceeding with offshore drilling near the Amazon rainforest.
Vaca Muerta oil and gas investments expected to rise above $9bn over the next year
Investment confidence in Neuquén's hydrocarbon sector continues to strengthen, with projected investments exceeding $9bn for Vaca Muerta operations in the coming year, following a record-breaking 2024 production period.
Argentine oil production hits record average in October
Argentina's oil production reached a new milestone in October, with output averaging 742,754 barrels per day, according to data from the National Energy Secretariat.
Brazil's LPG firms oppose price controls in social gas plan
Brazil's liquefied petroleum gas (LPG) industry group Sindigas has raised concerns about proposed price controls in the country's "Gas for All" programme, which aims to expand LPG access to low-income households
Petrobras hires OneSubsea to install water injection systems to cut emissions
Brazil’s national oil company (NOC) Petrobras has awarded OneSubsea a contract to install subsea water injection systems at two floating, production, storage and offloading (FPSO) vessels in the Buzios pre-salt field.
Petrobras cuts $1.1bn from platform decommissioning plan
Brazil’s national oil company (NOC) Petrobras has reduced its platform decommissioning budget by $1.1bn in its latest five-year strategic plan, scaling back the number of units to be retired through 2029,
TechnipFMC installs subsea equipment for offshore Guyana development
TechnipFMC has marked its first installation of Subsea 2.0 equipment in Guyana's waters for the Uaru offshore development.
Colombia’s Promigás issues $122mn in social bonds to expand financial inclusion scheme
Promigás, together with Surtigás and Gases de Occidente, has announced the issuance of $122.5mn in social bonds to bolster its Brilla programme, which provides credit access to underserved Colombian households.
OPEC+ extends delay to easing restrictions
OPEC+ has further delayed its plan to ease oil production quotas
Petrobras chair may exit, Senate blocks next move
President Luiz Inácio Lula da Silva is evaluating leadership changes at Petrobras and the National Petroleum Agency (ANP), key to Brazil's fuel policy, prompting a decline in Petrobras shares.
Oil set to top soybeans as Brazil's leading export
Oil is poised to surpass soybeans as Brazil’s leading export in 2024, marking a first since trade balance records began in 1997.
ExxonMobil Guyana to bolster fabrication, machining and repair services for oil and gas operations
ExxonMobil Guyana has unveiled plans to expand local fabrication, machining and repair services to support its growing offshore operations as the company seeks to reduce dependency on overseas services and strengthen local business capabilities.
ExxonMobil, Hess, CNOOC continue negotiations with Guyanese government for development of block S8
ExxonMobil and its partners are in ongoing negotiations with Guyana's government regarding the development of shallow-water oil block S8, an Exxon spokesperson confirmed.
ExxonMobil proceeds with exploration drilling at Guyanese well
ExxonMobil is progressing with exploration drilling at the Lau Lau-2 well in Guyana's Stabroek Block, with operations scheduled to conclude by December 31, 2024.
Spain’s Venezuelan crude imports surge to highest level in over 15 years
Spain has significantly increased its imports of Venezuelan crude oil in 2024, reaching 2.6mn tonnes as of November, marking the highest volume since 2006.
Petrobras initiates tender competition for twin FPSOs destined for Brazil
Brazil's national oil company (NOC) Petrobras has launched a procurement exercise to obtain two additional floating production, storage and offloading (FPSO) vessels, destined for installation in the Sergipe Alagoas Basin
Argentina’s YPF enters into landmark floating LNG project with Golar LNG, Pan American Energy
Argentina's state energy firm YPF has entered into a landmark $3bn floating LNG project alongside Golar LNG and Pan American Energy, marking a significant expansion of the country's LNG export capabilities.
Petrobras CEO seeks aggressive expansion, oil and gas output declined in October
Brazil's state-controlled oil producer Petrobras aims to expand significantly to ensure its long-term future, said CEO Magda Chambriard.
Brazil expands permanent oil block offerings adding 91
Brazil's government has announced plans to add 91 oil exploration blocks to its permanent offer system, potentially generating BRL2.4bn reais ($394mn) in signature bonuses during the next bidding round,
Venezuela’s 2025 budget reflects modest growth following oil revenue uncertainty
While marking a slight increase, the budget remains far below the $114.108bn Venezuela allocated in 2015, during its oil-boom years.
Petrobras CEO seeks aggressive expansion
Petrobras aims to expand significantly to ensure its long-term future, CEO Magda Chambriard told the Financial Times.
Petrobras output falls 11% in October
Brazil's state-controlled oil producer Petrobras reported an 11% decline in oil and gas output in October compared to the same period in 2023, according to data from the national oil regulator ANP.
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