LatAmOil - Latin America Oil & Gas
Mexico's oil crisis worsens as Pemex faces declining production and revenues
Mexico’s state-owned oil company Pemex is grappling with a significant downturn in production and financial difficulties, raising concerns over the nation’s energy stability.
Trump team remains divided over Venezuela policy
The incoming Donald Trump administration in the US has sent conflicting signals about its approach to Venezuela.
Fuel price gap puts heat on Petrobras
Petrobras begins 2025 under scrutiny as a widening pricing gap between domestic and international markets for diesel and gasoline sparks calls for adjustments.
Hess boss says he is confident of winning ExxonMobil case concerning Chevron merger
Hess Corp. CEO John Hess strongly defended his company's position in the ongoing arbitration with ExxonMobil over rights to a crucial Guyanese oil project central to Chevron Corp.'s planned $53bn acquisition of Hess.
ExxonMobil to drill 30 developmental wells offshore Guyana in 2025
ExxonMobil Guyana will drill 30 development wells this year to support its major offshore projects, Yellowtail, Uaru, and Whiptail, according to Country Manager Alistair Routledge.
Venezuela outlines 2025 energy strategy following ministry restructuring
Venezuela’s Minister for Hydrocarbons, Delcy Rodríguez, convened a high-level meeting with the board of directors of state-owned oil giant Petróleos de Venezuela (PDVSA) to outline the country’s energy production strategy for 2025.
Pemex struggles with declining oil production and rising debt
Pemex, Mexico's state-owned oil company, is experiencing its most profound crisis in decades, marked by a sharp decline in oil production and a staggering debt crisis.
ExxonMobil hails safety performance offshore Guyana in 2024
ExxonMobil Guyana has reported strong safety performance in 2024, with President Alistair Routledge highlighting this achievement as a foundation for future operations.
Guyana's Hammerhead development exhibits high resevoir quality, ExxonMobil confirms
ExxonMobil's Hammerhead development, the seventh project in Guyana's prolific Stabroek Block, has revealed reservoir quality comparable to or surpassing the company's flagship Liza field, according to senior management.
Argentina's VMOS awards Spainish firm Técnicas Reunidas contract for Vaca Muerta project
YPF's subsidiary VMOS SA has awarded Spanish firm Técnicas Reunidas a $440mn contract for engineering and management services at its Vaca Muerta project, a significant opportunity for growth at Argentina's largest shale formation.
Colombia's Arrow Exploration confirms initial success at Alberta Llanos field
Arrow Exploration, a high-growth operator with assets in Colombia’s key hydrocarbon basins, has announced results from its first exploration well, AB-1, at the Alberta Llanos field within the Tapir Block.
Venezuela outlines 2025 energy strategy following ministry restructuring
Venezuela’s Minister for Hydrocarbons, Delcy Rodríguez, convened a high-level meeting with the board of directors of state-owned oil giant Petróleos de Venezuela (PDVSA) to outline the country’s energy production strategy for 2025
Argentina's YPF negotiates with Indian buyers for LNG exports
Argentina's national oil company YPF is advancing its LNG export ambitions through ongoing negotiations with potential Indian buyers as the company moves forward with its multibillion-dollar LNG project in Río Negro Province.
Russia to grant Cuba $60mn fuel credit amid energy crisis
Russia will provide Cuba with a $60mn credit line for fuel purchases and an additional $2mn in aid for power infrastructure, as the Caribbean country grapples with a severe energy crisis, Cuba's ambassador to Russia said on January 5.
ExxonMobil to continue drilling operations at Guyana's Ranger-1 discovery
ExxonMobil is set to resume drilling operations at its Ranger-1 discovery in Guyana's Stabroek Block in 2025, targeting one of the company's most technically challenging prospects in the region.
Argentina's Neuquén province to boost natural gas exports to Chile
Governor of Argentina’s Neuquén province, Rolando Figueroa, has announced plans to increase natural gas shipments to Chile, following strategic talks with Sergio Giacaman, the incoming governor of Chile's Biobío region.
Mexico's Pemex to begin paying supplier debts
Fitch upgrades Brazilian energy firm LXTE’s debentures following Energisa guarantee
US credit rating agency Fitch has upgraded a debenture issuance by Brazilian energy transmission lines provider Linhas de Xingu Transmissora de Energia SA's (LXTE) after Energisa’s formal corporate guarantee.
Petrobras cancels deal to transfer stake in Uruguá and Tambaú fields to Brava Energia
Petrobras announced that it has cancelled the contract to transfer its stake in the Uruguá and Tambaú oil fields to Brava Energia, the controlling company of Enauta Energia.
Brazilian NTS' monopoly, long-term contracts guarantee financial health, says Fitch
Brazilian natural gas transportation provider Nova Transportadora do Sudeste S.A.'s (NTS) enjoys an enviable market position due to its monopoly where it operates and longer-term contracts without volume risk, said Fitch.
Petro-Victory signs exclusivity agreement for acquisition of oil fields in Brazil
Petro-Victory Energy Corp. has entered into an exclusivity agreement with Brava Energia S.A. for the potential acquisition of 13 oil-producing fields in the Potiguar Basin, Rio Grande do Norte.
Brazil’s Marquise Ambiental to invest $65.4mn in biomethane projects
Marquise Ambiental, Brazil’s third-largest waste management firm, plans to invest $65.4mn in five biomethane projects over the next three years
Petrobras grants PRIO access to gas infrastructure in Campos Basin
Petrobras has finalised an agreement allowing PRIO to access the Campos Basin Integrated Natural Gas Flow System (SIE-BC) and the Cabiúnas Gas Treatment Unit (UTGCAB).
Delaware court relaunches CITGO auction amid creditor disputes
A Delaware judge has ordered the reopening of the bidding process for Venezuelan refiner CITGO, intensifying efforts to resolve creditor claims against Venezuela.
ExxonMobil asserts right of first refusal over Guyanese asset amid Hess-Chevron deal
ExxonMobil's top executives have defended their stance on maintaining right of first refusal in Hess Corp's Guyana oil assets sale, citing the company's significant role in developing the country's offshore fields.
Trump team divided over Venezuela policy as dual inaugurations near
The incoming Trump administration has sent conflicting signals about its approach to Venezuela, as the appointment of prominent hawks to key positions appears to clash with suggestions of a more pragmatic stance towards Maduro's government.
Mexico's Carlos Slim invests $1bn in US oil and gas companies in 2024
In 2024, Mexican billionaire Carlos Slim significantly increased his investments in the energy sector, purchasing shares in US oil and gas companies, including Talos Energy Inc. and PBF Energy Inc., totalling $1bn.
Pemex's debt crisis: Suppliers' payments delayed amid falling revenues
Pemex, struggling with mounting debts, is under increasing pressure to address unpaid obligations to suppliers.
Venezuela's oil exports to US rebound amid market uncertainty
Venezuela's crude oil exports to the United States rose sharply in October, reversing a two-month decline and easing concerns about a prolonged downturn
Mexico's oil crisis worsens as Pemex faces declining production and revenues
Mexico’s state-owned oil company Pemex is grappling with a significant downturn in production and financial difficulties, raising concerns over the nation’s energy stability.
Guyanese crude production and sales grow for first 11 months of 2024
ExxonMobil Guyana maintained steady production at its Stabroek Block operations in November 2024, reaching a cumulative output of 205mn barrels for the year at an average rate of 612,000 barrels per day.
Ecopetrol to fully acquire Repsol's stake in Colombia's CPO-09 block
Ecopetrol has reached an agreement to purchase Repsol's 45% stake in block CPO-09, located in Colombia's Meta department, PR Newswire reported. This acquisition secures Ecopetrol full ownership of the asset, enhancing its position in the Llanos
Argentina's YPF to sell Brazilian lubricant subsidiary to Usiquimica
Argentina's national oil company, YPF, announced the sale of its Brazilian lubricants subsidiary to local firm Usiquimica, marking a strategic shift in its international operations.
Guyana removes wrecks to improve waterway safety amid oil shipping boom
Guyana has intensified efforts to remove shipwrecks from its waterways, addressing a decades-old navigation hazard as the country's oil sector continues to expand.
Suriname confirms new offshore project will be most expensive to date
First-time oil producer Suriname has revealed that its Gran Morgu development could cost $13.2bn, making it the most expensive project in the prolific Guyana-Suriname basin to date.
ExxonMobil continues drilling at Haimara-3 well offshore Guyana
ExxonMobil is advancing its gas exploration efforts in Guyana with ongoing drilling operations at the Haimara-3 well, following up on its significant 2019 Haimara-1 gas discovery.
Noble Corporation to drill three wells offshore Suriname
Noble Corporation has secured a significant drilling contract with Petronas Suriname, deploying its high-specification semisubmersible rig Noble Developer for a three-well campaign offshore Suriname.
US LPG exports to Latin America set for growth in 2025
US liquefied petroleum gas (LPG) exports to Latin America are expected to increase in 2025, driven by government initiatives to replace firewood with cleaner cooking fuels.
Brazil’s Eneva restores gas supply to major power plant
Brazilian energy company Eneva has restored normal gas supply to its Porto de Sergipe I thermoelectric plant, resolving a disruption that had affected operations for nearly three months.
Seadrill secures $1bn in Petrobras drilling contracts
Brazil’s national oil company (NOC) Petrobras has awarded two major ultra-deepwater drilling contracts to Seadrill, strengthening its offshore capabilities in the Santos Basin with a combined value exceeding $1bn.
Brazil’s Brava Energia stock jumps on FPSO start-up, approval to restart Papa-Terra oilfield
Brazilian energy firm Brava Energia’s shares jumped up to 11.5% after receiving regulatory approval to restart production at its Papa-Terra oilfield and the start-up of its floating, production, storage, and offloading (FPSO) vessel Atlanta.
Fugro wins remote subsea survey contract from Petrobras
Dutch geo-data specialist Fugro secured a 175-day contract extension from Brazil's national oil company (NOC) Petrobras to conduct fully remote subsea inspection surveys of shallow-water infrastructure
Brazil’s PetroReconcavo to buy gas assets for $65mn
Brazilian oil producer PetroReconcavo agreed to acquire a 50% stake in Brava Energia's natural gas infrastructure in the Potiguar Basin for $65mn, expanding its footprint in Brazil's northeastern gas market
Brazil’s ATP, Canada’s Petro-Victory mull purchase of 13 mature onshore fields
Canadian-listed Petro-Victory Energy and Brazil's Azevedo e Travassos Petroleo (ATP) have signed an exclusivity agreement to negotiate buying 13 oil-producing fields from Brava Energia.
Seadrill wins $493mn Petrobras contract for drillship
Seadrill secured a three-year contract from Brazil's national oil company (NOC) Petrobras for its ultra-deepwater drillship West Jupiter, worth $493mn
Guyana's $60mn fuel facility awaits EPA nod amid energy sector growth
A groundbreaking $60mn fuel blending facility in Guyana, the first of its kind in the country, is awaiting environmental approval from the Environmental Protection Agency.
Argentina's Petrolera Aconcagua Energia weighs up international bond issuance
Oil producer Petrolera Aconcagua Energia SA is exploring an international bond issuance, seeking to capitalise on the new opportunities created by President Javier Milei's market-friendly reforms in Argentina's energy sector.
Shell and YPF to announce joint LNG project in Argentina
YPF and Shell are set to announce a landmark memorandum of understanding for the development of Liquefied Natural Gas from Argentina's Vaca Muerta formation.
Argentina extends YPF's oil transport concession by 10 years
Argentina's government has extended YPF SA's oil transportation concession for ten years through Decree 1106/2024, signed by President Javier Milei.
ExxonMobil Guyana marks fifth anniversary of oil production, turning Guyana into global oil giant
ExxonMobil Guyana has marked its fifth anniversary of oil production, celebrating a milestone that has transformed the South American nation into the world's third-largest per-capita oil producer since operations began in 2018.
Panama records sharp November drop in ship fuel sales
Panama's marine “bunker” fuel sales fell sharply in November after hitting their highest level since 2019 the previous month, official data shows.
Brazil's Lula reshuffles regulators, ANP gets new directors
Petrobras has announced that its board chairman, Pietro Mendes, has been nominated by the President Luiz Inácio Lula da Silva for a directorship at the National Agency of Petroleum, Natural Gas, and Biofuels (ANP).
Petro-Victory eyes onshore oil assets in Brazil
Petro-Victory Energy Corp. has signed an exclusivity agreement with Brava Energia SA to negotiate the acquisition of 13 oil-producing fields in Brazil's Potiguar Basin.
Venezuela renames oil ministry to drive hydrocarbons growth
Venezuelan Vice President and Petroleum Minister Delcy Rodríguez announced a significant rebranding of her ministry, which will now be known as the Ministry of Popular Power for Hydrocarbons.
Trump's return could threaten Venezuela oil sanctions thaw
US President-elect Donald Trump's return to the White House is set to reshape Washington's approach to Venezuelan oil policy, as analysts debate whether his administration will revive the "maximum pressure" campaign that marked his first term.
LatAmOil: Trump's return could threaten Venezuela oil sanctions thaw
Brazil’s Petrobras awards contracts
Brazil's Petrobras has awarded a slew of significant contracts as the year closes.
Argentine asset manager sentenced in Venezuelan corruption case tied to Maduro’s family
Fernando Vuteff, an Argentine financier, was sentenced to two and a half years in a US prison for his role in laundering funds embezzled from Venezuela’s state oil company, PDVSA
US judge orders reopening of Citgo auction data room to allow for fresh bids
A US judge overseeing the auction of Citgo shares has agreed to reopen the virtual data room to allow potential buyers to prepare new bids, following pressure from creditors
Brazil's Petrobras taps drillship for key offshore fields
Ventura Offshore Midco has secured a 910-day contract with Petrobras for the deployment of its DS Carolina ultra-deepwater drillship at the Sepia and Atapu fields in the Santos Basin, offshore Brazil.
Fugro secures remote survey work with Brazil's Petrobras
Petrobras has extended Fugro's inspection, repair, and maintenance services contract by 175 days to include fully remote subsea inspection surveys of shallow-water infrastructure in Brazil.
Bermudan Seadrill strikes major Brazil contract
Seadrill’s ultra-deepwater drillship, West Tellus, has been awarded a 1,095-day contract by Petrobras for operations in the Sépia and Atapu fields in Brazil's Santos Basin.
Calgary-based Parex strengthens portfolio with strategic acquisitions in Colombia
Parex Resources Inc., a Calgary-based oil and gas firm with significant operations in Colombia, has struck agreements with Ecopetrol S.A. to secure a 50% working interest in four blocks within the Putumayo Basin and the Farallones Block
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