LatAmOil - Latin America Oil & Gas

US Department of Energy predicts 8% slide in Brent price in 2025

The US Department of Energy expects Brent crude oil prices to decline to an average of $74 per barrel in 2025, an 8% drop from 2024 levels.

Brazil marks two decades of biodiesel policy, expands production and usage

Brazil's biodiesel programme, initiated under a 2005 law during President Luiz Inácio Lula da Silva’s first term, has advanced significantly, with biodiesel blends reaching 14% (B14) in March 2024.

Citgo's strategic role underscored amid challenges for PDVSA

Petróleos de Venezuela’s (PDVSA) ad hoc board of directors has unveiled its 2024 performance report, highlighting the pivotal role of Citgo, its US-based refining subsidiary, as a cornerstone asset for the state-owned enterprise.

Mexico braces for Trump’s return but 25% tariffs not necessarily likely

As Mexico braces for a critical year in 2025, economic and political challenges loom large under the pending new US administration led by Donald Trump.

Mexico braces for Trump’s return but 25% tariffs not necessarily likely

As Mexico braces for a critical year in 2025, economic and political challenges loom large under the pending new U.S. administration led by Donald Trump.

ICJ may rule on Guyana-Venezuela’s Essequibo dispute next year

Guyana's former Foreign Minister Carl Greenidge said that the International Court of Justice (ICJ) could deliver its ruling on the Guyana-Venezuela border controversy by 2026.

Turkey, Brazil lead Russian diesel imports after EU ban

Turkey and Brazil emerged as Russia's primary diesel and gasoil buyers in 2024 following the EU's import ban, LSEG data showed.

Brazil's petrochemical sector faces crisis amid global pressure

Rystad Energy reveals volume of recoverable resources in ExxonMobil's sole Guyanese discovery of 2024

ExxonMobil's sole Stabroek Block discovery in 2024, Bluefin, contains an estimated 500mn barrels of recoverable resources, according to analysis from Rystad Energy.

Peru's Bretaña Oil makes waves in US market amid declining Mexican crude

Peru's Bretaña crude oil is gaining traction among U.S. refiners, with shipments to the U.S. Gulf Coast marking a significant shift in the market.

Pemex under fire over contract breaches

Mexican state-owned oil giant Pemex is under mounting pressure from suppliers and contractors due to unresolved debts exceeding MXN400bn.

Fitch assigns BB- rating to Argentina's Tecpetrol amid strong production outlook

Fitch Ratings has assigned Tecpetrol S.A. Long-Term Foreign- and Local-Currency IDRs of 'BB-' with Stable Rating Outlooks, alongside a 'BB-' rating for the company's proposed $500mn notes.

Hess expecting six FPSOs to develop 5bn barrels of oil offshore Guyana

Hess Corporation has announced that six production vessels will develop approximately 5bn barrels from the Stabroek Block's substantial 11.6bn barrel reserve offshore Guyana.

JPMorgan upgrades YPF outlook amid optimistic projections for Argentine energy sector

JPMorgan has significantly upgraded its outlook for Argentine state oil company YPF, more than doubling its price target to $59.50 per American Depositary Receipt from $25.00.

Colombia's energy shift: green ambitions and gas imports

Colombia’s ambitious transition to cleaner energy sources is taking shape on its Caribbean coast, where liquefied natural gas (LNG) imports have become essential as domestic reserves wane

Brazil’s 2024 dividend revenues buoyed by Petrobras and BNDES transfers

Brazil's federal revenue from dividends and profit-sharing reached BRL72.38bn ($11.95bn) in 2024, supported by significant contributions from state-owned enterprises (SOEs) Petrobras and the Brazilian Development Bank (BNDES)

Colombia awaits first LNG imports of 2025 after record 2024

Colombia is set to receive its first liquefied natural gas shipments of the year, with two carriers destined for the SPEC LNG terminal in Cartagena.

Moody's provides B3 rating to Tecpetrol due to stable outlook on expansion plans

Moody's Ratings has assigned a B3 corporate family rating to Tecpetrol S.A., along with a B3 foreign currency rating for its proposed senior unsecured notes.

Chevron says expecting resolution for dispute over Hess merger

Chevron CEO Mike Wirth has signalled optimism for resolving the company's stalled $53bn merger with Hess by late 2025, as the arbitration panel reviewing ExxonMobil's challenge to Hess' Guyana assets could reach a decision.

Guyana leads world in oil discoveries since 2015

Guyana has established itself as the world leader in oil discoveries since 2015, according to a recent analysis by Norwegian intelligence firm Rystad Energy.

Fitch assigns BB- rating to Argentina's Tecpetrol amid strong production outlook

Fitch Ratings has assigned Tecpetrol S.A. Long-Term Foreign- and Local-Currency IDRs of 'BB-' with Stable Rating Outlooks, alongside a 'BB-' rating for the company's proposed $500mn notes.

Guyana secures EXIM loan to fund gas-to-energy project

Guyana has secured a $526mn loan from the U.S. Export-Import Bank to finance its landmark gas-to-energy project that aims to double the nation's power generation capacity while reducing its dependence on oil imports.

SBM Offshore subsidiary seeks Guyanese supplier for coveralls

SBM Offshore's local subsidiary, Guyana Deep Water Operations Incorporated (GDO), has launched an initiative to source construction-grade coveralls from Guyanese manufacturers, marking another step in the company's local content development strategy.

Guyana seeks ICJ intervention as Venezuela plans to elect governor of Essequibo

Guyana announced that it will seek intervention from the International Court of Justice (ICJ) to prevent Venezuela's plans to elect a governor for the disputed Essequibo region.

Argentine government approves nine natural gas export permits from Vaca Muerta

Argentina's natural gas exports from Vaca Muerta are gaining momentum, with the national government approving nine export permits totalling 10.5mn cubic metres per day, while five additional requests await authorisation.

Mexico's Tula Power Plant to shift from fuel oil to natural gas

The Francisco Pérez Ríos thermoelectric plant, located in Tula, Hidalgo, and operated by CFE, is set to transition from fuel oil to natural gas as part of efforts to reduce emissions of nitrogen oxides (NOx) and sulfur dioxide (SO2)

Norway's Prosafe extends Petrobras contract for Safe Zephyrus semi-submersible vessel in Brazil

Norwegian Prosafe has extended its contract with Petrobras for the Safe Zephyrus semi-submersible vessel, securing an additional 954 days of operations, valued at $109.7mn.

Searcher begins second phase of Brazil's Pelotas Basin 3D survey

Seismic data specialist Searcher has launched the second phase of its multi-client 3D survey in Brazil's Pelotas Basin, deploying Shearwater Geoservices' vessel SW Empress at the start of 2025.

Anadarko and Ecopetrol request revisions to Colombia's Komodo exploration requirements

Anadarko and Ecopetrol have submitted a formal request to Colombia's National Authority of Environmental Licences (ANLA) to reconsider stringent conditions imposed on their Komodo exploration project.

Venezuelan oil continues to flow to the US after Maduro’s disputed inauguration

The United States will preserve Chevron's operating licences in Venezuela despite mounting tensions over President Nicolas Maduro's controversial January 10 inauguration, highlighting Washington's delicate position.

Brazil’s Petrobras awards Prosafe rig extension $110mn contract

Norway’s engineering services provider Prosafe has secured a contract extension with Brazil’s national oil company (NOC) Petrobras for its Safe Zephyrus accommodation vessel offshore Brazil, worth $109.7mn.

Brazil's Lula signs offshore wind law, vetoes unrelated energy items

Brazilian President Luiz Inácio Lula da Silva has signed legislation establishing a regulatory framework for offshore wind energy development, while vetoing several unrelated provisions added by Congress, known locally as "jabutis" (tortoises).

Brazilian driller Foresea secures $70mn contract enhancement for rig upgrade

Brazilian drilling contractor Foresea has secured a $70mn amendment to its contract with national oil company (NOC) Petrobras to upgrade the drillship Norbe VIII and enable shallow-water operations

Malaysia’s Yinson to integrate carbon management at Brazilian FPSO

Malaysia's Yinson Production, a subsidiary of Yinson Holdings, announced the incorporation of a carbon management process plant on its third floating production, storage, and offloading (FPSO) unit operating in Brazilian waters.

Brazil’s BNDES approves $163mn loan for Raízen's advanced ethanol plant

Brazil’s National Development Bank (BNDES) has approved a BRL1bn ($163mn) loan for Raízen to construct a second-generation ethanol (E2G) plant in Andradina, São Paulo.

Mexico's 700km gas pipeline completed ahead of schedule

Allseas has completed its 700-kilometre Southeast Gateway natural gas pipeline project off the coast of Mexico ahead of schedule.

Challenger Energy set for major moves in Uruguay and beyond in 2025

Challenger Energy is positioning itself for a busy 2025 with key decisions expected on its offshore assets in Uruguay, Trinidad and The Bahamas.

Guyanese crude exports jump 54% in 2023

Guyana's crude oil exports surged 54% in 2023 to approximately 582,000 barrels per day (bpd), driven primarily by European refiners seeking light sweet crude alternatives to Middle Eastern grades.

Canada’s oil producer Petro-Victory signs deal with Brazilian fund for LatAm expansion

Calgary-based Petro-Victory Energy has formed a partnership with Brazilian investment firm Blue Oak to acquire oil and gas assets across Latin America.

Shearwater begins new phase of Brazil's Pelotas Basin seismic survey

Shearwater Geoservices has commenced the second season of its 3D seismic survey in Brazil's Pelotas Basin, partnering with Searcher Seismic.

Brazil's oil firm Seacrest launches arbitration against Petrobras over pipeline repairs

Brazilian crude oil producer Seacrest Petroleo has initiated arbitration proceedings against the national oil company (NOC) Petrobras over alleged failures to repair subsea pipelines, seeking damages of $71.2mn.