LatAmOil - Latin America Oil & Gas

Colombia's oil sector faces double blow as drilling slumps, Petro halts US venture

Colombia's energy sector confronted mounting challenges as drilling activity plunged and President Gustavo Petro ordered state-owned Ecopetrol to divest from its US fracking operations.

OPEC+ continues with production plan despite Trump’s demands

OPEC+ has decided to continue with its current oil production plans after a review meeting on February 2 despite calls from US President Donald Trump to lower crude prices.

Colombia oil drilling slumps 37% as investment retreat hits output

Colombia's oil drilling activity plunged 36.8% in December 2024, with active rigs falling to 24 from 38 a year earlier, Colombian Petroleum and Gas Chamber (Campetrol) reported.

Brazilian consumers struggle with rising fuel and food prices

Brazil faces mounting inflation pressures as petrol and diesel prices increased following state tax hikes, while food costs continue to surge, with coffee hitting 50-year highs amid growing concerns over economic stability.

Brazil’s Petrobras reports production drop despite pre-salt records

Brazil's national oil company (NOC) Petrobras met its 2024 production targets despite posting declines across most operations, with total output falling 3.1% to 2.66mn barrels of oil equivalent per day (boed).

Brazil’s Petrobras gets $174mn payment from PetroRio in Albacora deal

Petrobras has received BRL1.025bn ($174mn) from PetroRio as the final contingent payment for the sale of its stake in the Albacora Leste offshore field, marking the completion of a significant divestment in the Campos Basin.

Russia’s fuel exports to Brazil sharply up, says Russian ambassador

Russia has significantly increased petroleum product exports, mainly diesel, to Brazil since mid-2022, Russian Ambassador to Brazil Alexei Labetsky said.

Colombia's Petro orders Ecopetrol to scrap US deal with Oxy over environmental concerns

Colombian President Gustavo Petro has directed state-controlled Ecopetrol to abandon a joint venture with US-based Occidental Petroleum, citing environmental risks. The project, located in the Permian Basin, was expected to yield approximately 90,000

Brazil’s Petrobras signs major oil supply deal with India

Brazil's national oil company (NOC) Petrobras has agreed to supply 24mn barrels of oil to an Indian state-owned firm as it seeks to diversify its export markets beyond China, according to a senior executive.

ExxonMobil awards Baker Hughes multiyear contract for offshore developments in Guyana

Baker Hughes announced that it had secured a significant multiyear contract from ExxonMobil Guyana to provide speciality chemicals and services for the Uaru and Whiptail developments in the Stabroek block.

Petrobras eyes fuel prices, China shift boosts Brazil oil

Petrobras is monitoring geopolitical developments to adjust fuel prices as needed

Colombia's Ecopetrol extends US fracking partnership with Oxy amid production challenges

Ecopetrol has secured an agreement with Occidental Petroleum (Oxy) to extend its fracking operations in the US Permian Basin until June 2026.

Galp Energia faces output drop in Brazil, CEO resigns

Galp produced 110,000 barrels of oil equivalent per day in Q4 2024, down 13% year-on-year and 2% from the previous quarter. Output in Brazil accounted for 110,000 barrels per day, a 6% drop from a year earlier.

Venezuelan oil exports jump due to increased shipments to China

Venezuelan oil sales climbed to 867,000 barrels per day last month, highlighting the Latin American nation's strengthening position in global energy markets as sanctions relief broadens export opportunities.

Stena Drilling awarded Suriname drilling contract by TotalEnergies

TotalEnergies has awarded a significant offshore drilling contract to Stena Drilling, marking another step forward in Suriname's emerging oil and gas sector.

Crude oil exports expected to rise to 89% of Guyana's exports in 2025

Guyana's crude oil exports are projected to dominate the country's export portfolio in 2025, accounting for 89% of total exports, a significant increase from 68% in 2021, according to a government projection.

Argentine Governor of Neuquén meets with YPF president to discuss oil and gas development

Neuquén's governor, Rolando Figueroa, met with YPF president Horacio Marín to discuss development plans for the province's crucial oil and gas sector.

Colombia's Ecopetrol cedes oil block to Venezuelan firm

Ecopetrol has transferred its stake in an oil exploration block in Colombia’s Magdalena Valley to Venezuelan firm Cpven E&P Corp, despite the company’s financial difficulties.

Mexico's Pemex eyes Asia crude sales to dodge Trump tariffs

Mexico's state oil company Pemex could avoid new US tariffs by redirecting crude exports to Asia, as US President Donald Trump's 25% levy on Mexican imports threatens its primary export market.

Colombia's Ecopetrol and Occidental extend Permian Basin partnership

Ecopetrol and Occidental Petroleum have renewed their strategic alliance for fracking operations in the US Permian Basin.

EU, IEA launch new forum for energy transition framework ahead of COP30 in Brazil, but money still talks loudest

Last month the European Union and the International Energy Agency (IEA) launched the Global Energy Transition Forum (GETF) with the intention of sustaining the momentum towards energy transition targets.

Brazil’s oil exports poised to dominate in 2025

Oil could reclaim its position as Brazil’s top export in 2025, the Brazilian Institute of Petroleum and Gas (IBP) said.

Trump halts Mexico tariffs after border troop deal, but tensions remain

The United States and Mexico have reached a temporary agreement suspending new tariffs, following negotiations between President Donald Trump and his Mexican counterpart, Claudia Sheinbaum.

OPEC+ weighs Trump policy as oil prices jump on tariff concerns

Stena Drilling awarded Suriname exploration drilling contract by TotalEnergies

Stena Drilling has secured a contract with TotalEnergies Suriname for a one-well exploration drilling programme using the Stena DrillMAX, with an option to extend for up to three additional wells.

Guyana's landmark hydropower project delayed to 2029

Guyana's Amaila Falls Hydropower Project has been pushed back to 2029, marking a significant shift in the country's clean energy transition strategy as it prioritises gas-powered electricity generation to meet growing demand.

Guyana's Natural Resource Fund sees interest growth amid booming oil output

Guyana's Natural Resource Fund posted impressive growth in interest earnings for 2024, accumulating $141mn in interest income, marking a 63% increase from $87mn in 2023.

Brazil's Lula says Petrobras has free hand on fuel prices

Brazilian President Luiz Inacio Lula da Silva said national oil company Petrobras can adjust fuel prices without seeking his approval, pushing back against reports he had sanctioned a diesel price increase.

US Halliburton wins major drilling deal from Brazil’s Petrobras

US oilfield services firm Halliburton has secured a three-year contract from Brazil's national oil company Petrobras for offshore drilling services.

Brazil’s Petrobras reports rise in oil, gas reserves

Brazil’s national oil company Petrobras said its proven reserves rose by 500mn barrels to 11.4bn barrels in 2024, with crude oil and condensates making up 85% of the total.

Rio de Janeiro state leads Brazil’s natural gas production

The state of Rio de Janeiro accounts for 74% of Brazil’s natural gas production, according to a study by the Federation of Industries of the State of Rio de Janeiro (Firjan).

Mexico restricts private power firms as state energy companies regain control

Mexico's government has introduced six energy reform bills requiring private companies to operate only under contracts with state enterprises Petróleos Mexicanos (Pemex) and Federal Electricity Commission (CFE).

Brazil's Petrobras cuts natural gas prices by 1%

Petrobras will reduce the sale price of the natural gas molecule by an average of 1% from February 2, 2025, based on contracts with distributors. Prices are adjusted quarterly according to Brent crude fluctuations and the R$/US$ exchange rate.

Mexico hits record 5.7% GDP deficit in 2024 as spending rises

IMF projects Suriname's GDP to surge by 55% in 2028, driven by oil and gas production

Suriname is poised for dramatic economic expansion, with the IMF forecasting 55% GDP growth in 2028 when offshore block 58 begins production.

Trinidad and Tobago signs two production sharing contracts with EOG Resources

Trinidad and Tobago has expanded its offshore energy partnerships, signing two production-sharing contracts with EOG Resources following its recent shallow-water bid round.

Vaca Muerta emerges more as key driver of Argentina's 2024 oil output

Argentina's prolific Vaca Muerta formation witnessed substantial growth in oil production during 2024, with output rising 29.40% in December.

Mexico unveils private sector power contracts in energy reform

Mexico's government proposed legislation to allow private energy contracts while maintaining state utility Federal Electricity Commission's (CFE) minimum 54% market share, Energy Minister Luz Elena González announced on January 29.

Bolivia's crisis of fuel shortages, sabotage claims and long queues

Bolivia is grappling with a deepening fuel crisis as petrol stations report supply cuts and prolonged closures, while the government accuses them of deliberately fuelling panic.

US Senators claim China could disrupt Panama Canal operations, but Panama stands firm

A group of US senators, including Ted Cruz, has raised concerns in Washington over China’s alleged influence in the Panama Canal, claiming Beijing could use its presence in the region to disrupt operations in a future conflict.

Ecuador offers to supply oil to buyers of Venezuelan exports

Ecuador's President Daniel Noboa has offered to supply up to 250,000 barrels of oil per day to nations currently purchasing Venezuelan crude, aiming to curtail funding to Nicolás Maduro's regime.

Ecuador accelerates closure of oil block through continued output decline

Ecuador's progressive closure of Block 43-ITT in the Yasuní National Park is gathering pace, with oil production declining as planned.

Hess fourth-quarter results beat expectations as Guyana business booms

Hess Corp surpassed market expectations in its fourth-quarter results, reporting a net profit of $542mn as production volumes soared in both the United States and Guyana.

Hess beats profit expectations for fourth quarter

Hess beat analyst expectations when it posted its results for the fourth quarter of 2024 this week.

Mexico's Pemex payment delays have been forcing offshore rig suspensions

State oil company Pemex has suspended operations on three offshore rigs and accumulated $283mn in unpaid bills to contractors amid a growing cash crunch, drilling companies reported on January 28.

Brazil’s Petrobras weighs fuel prices amid market pressure

Brazil’s Petrobras’ pricing policy has come under scrutiny as the gap between its fuel prices and international benchmarks narrows.

Mexico's Sheinbaum proposes energy sector overhaul with state control focus

Mexican President Claudia Sheinbaum is to present an energy reform bill to Congress in due course which aims to strengthen state control while allowing public-private partnerships in power and oil sectors.

Mexico rushes gas storage plans amid US supply concerns

Mexico plans to accelerate the doubling of its strategic natural gas storage capacity amid concerns about potential supply pressure from the US.