LatAmOil - Latin America Oil & Gas
Brazil’s Petrobras eyes Indian deepwater oil blocks in global expansion push
Brazil's national oil company Petrobras is evaluating opportunities in India's deepwater and ultra-deepwater crude blocks as it seeks to diversify its reserves beyond its traditional pre-salt fields.
PDVSA ramps up light crude imports as domestic supply struggles
Venezuela’s state oil company PDVSA has resumed steady imports of light crude to compensate for declining domestic production, which has created bottlenecks in the production of export-grade blends
Guyana government to terminate Frontera Energy and CGX license for offshore block
Guyana's government has moved to terminate Frontera Energy Corporation and CGX Energy's license for the Corentyne offshore block, marking a significant shift in the country's handling of petroleum agreements with international operators.
Florida tycoon facilitates Maduro-Trump deal, paving the way for increased oil sales
A Florida businessman with deep ties to the Republican Party brokered a significant meeting between Nicolás Maduro and a special envoy for President Donald Trump, initiating negotiations that could see Venezuela ramp up its oil exports to the US
Trinidad and Tobago reports surge in LNG export revenue
Trinidad and Tobago is reporting significant gains in LNG export revenue, with cargo prices reaching 15% to 55% above Henry Hub rates, according to Energy Minister Stuart Young.
Venezuela criticises oil sanctions at India Energy Week, stresses its role in global market
Venezuelan Executive Vice President Delcy Rodríguez has called the exclusion of Venezuela from the global oil market “absurd,” attributing this to ongoing economic sanctions imposed by the United States
Trinidad and Tobago seeks US review of sanctions to unlock joint energy projects with Venezuela
Trinidad and Tobago’s Prime Minister Keith Rowley announced that he intends to engage the US government to highlight the significance of the country’s oil and gas ventures with Venezuela
Venezuela's asphalt cement exports surge as US dominates shipments
Venezuelan exports of AC-30 asphalt cement experienced a notable jump in January, reaching 525,000 barrels, a 54% increase compared to December’s 243,000 barrels, according to data from the Paraguaná Refining Centre
Maduro’s regime seeks US cooperation to extradite opposition figures over alleged Citgo asset theft
Venezuela’s Public Ministry plans to formally request legal cooperation from the United States to pursue corruption charges against several opposition figures, including former National Assembly leader Juan Guaidó
Brazil’s Ultrapar unveils 2025 investment plan
Ultrapar, a Brazilian oil and gas company, announced an investment plan for 2025, allocating up to BRL2.54bn ($440mn).
Brazil’s PetroReconcavo sees 3.1% rise in January production
Brazil’s PetroReconcavo reported a 3.1% increase in oil and gas production for January 2025, reaching an average of 26.8 thousand barrels of oil equivalent per day (boepd).
Colombia’s oil sector at a crossroads: challenges and opportunities in a changing market
The onset of 2025 has seen oil prices experience significant volatility, influenced by factors such as China's economic slowdown, increased output from non-OPEC+ nations, and new US sanctions on Russia's energy sector.
Brazil’s Brava Energia sells 13 onshore oil fields for $15mn
Brava Energia has agreed to sell 13 small onshore oil fields in Brazil’s Potiguar basin to a consortium of Azevedo & Travassos and Canada’s Petro-Victory Energy for $15mn.
Vaca Muerta drives Argentina's oil and gas output to record high in 2024
Argentina achieved record oil and gas production in 2024, driven primarily by developments in the Vaca Muerta formation, with national oil company YPF leading the charge in both conventional and unconventional resources.
Bank of Guyana confirms $3.195bn in withdrawals from Natural Resource Fund, driven by oil revenues
Guyana's management of its oil revenues has entered a crucial phase, with the Bank of Guyana reporting total withdrawals of $3.195bn from the Natural Resource Fund between 2022 and 2024.
Petroecuador closes $128mn sale of Oriente crude oil from Ecuador
Petroecuador has secured approximately $128mn for Ecuador through its second spot sale of Oriente crude oil in 2024, with Chinese firm Petrochina winning the contract for 1.44mn barrels at a differential of -$3.91 per barrel.
Brazil's Petro-Victory to buy 13 oil fields in $15mn deal
Canadian-listed Petro-Victory Energy Corp said on February 10 it would acquire stakes in 13 oil fields in Brazil's Potiguar Basin for $15mn, partnering with Azevedo & Travassos Petroleo.
Trump's ambition to boost oil and gas industry a threat to Guyana, president claims
Guyana's President, Dr Mohamed Irfaan Ali, has prioritised economic diversification amid looming global economic challenges, particularly those stemming from potential US policy shifts in oil and gas exploration.
Europe accounts for 75% of Guyana's crude exports in January
Guyana's crude oil exports in January predominantly flowed to European markets, with 15 out of 20 shipments heading to the continent as per data provided by LSEG.
CFE to pump $2bn into PEMEX refinery power plants
Brazil’s Petrobras makes first renewable VLSFO sale in Asia
Petrobras has completed its first sale of very low sulphur fuel oil (VLSFO) with 24% renewable content (B24) in the Asian bunker market.
Oil-rich Venezuela begins deportee flights from US hoping to see sanctions eased
The Venezuelan government has launched state-operated flights to repatriate citizens deported from the United States, ushering in a new era in relations between the two nations.
Panama Canal traffic dips 10% below pre-pandemic levels despite drought recovery
Panama Canal vessel transit capacity remained 10% below pre-pandemic levels between September 2024 and January 2025 compared to 2019-2022 averages, shipping association BIMCO reported on February 9.
TotalEnergies, QatarEnergy and Petronas engage in talks over Guyana's Block S4
TotalEnergies, QatarEnergy and Petronas are poised to expand their presence in Guyana's offshore oil sector, with Natural Resources Minister Vickram Bharrat confirming advanced talks with the consortium that won Block S4.
Guyanese government confirms start date for landmark gas-to-energy project
Guyana's transformative gas-to-energy project is set to begin operations on November 1, according to Prime Minister Mark Phillips, who confirmed the start date for the 300MW power plant during a recent parliamentary session
TGS and TGN plan large-scale gas transportation investments in Argentina
Argentina's major gas transportation companies have announced investment plans out to 2029, with Transportadora de Gas del Sur committing $32mn and Transportadora de Gas del Norte pledging approximately $7.5mn annually.
Brazil to discuss potential OPEC+ membership
Brazil’s National Energy Policy Council will meet on 18 February to discuss the country’s possible entry into OPEC+, the group of oil-producing nations outside the Organisation of the Petroleum Exporting Countries.
Brazil’s Lula signals support for Amazon oil exploration
Amos partners with Sinopec to acquire its oil and gas assets in Venezuela
Houston-based Amos Global Energy Management LLC has secured a Sale and Purchase Agreement with Sinopec to acquire its oil and gas assets in the Gulf of Paria, offshore Venezuela
Sete Brasil sues Petrobras for $6.25bn over broken contracts
Colombia's Ecopetrol acquires full control of CPO-09 block in Llanos Orientales basin
Colombia's state-controlled oil company, Ecopetrol, has finalised the acquisition of the remaining 45% interest in Block CPO-09 from Spain's Repsol for $452mn.
Colombia's Ecopetrol faces potential $400mn penalty if it exits US fracking operations
Ecopetrol could face a penalty of between $300mn and $400mn if it moves forward with President Gustavo Petro’s call to exit its fracking operations in the US.
Calgary-based Arrow Exploration updates on AB wells in Colombia
Arrow Exploration has provided an operational update on its activities at the Alberta Llanos field within the Tapir Block in Colombia, where it holds a 50% stake.
Mexico's Pemex to select oil areas and partners under new law
Chevron under pressure as it engages Trump administration on Venezuela operations
Chevron Corp. is engaging with the Trump administration as pressure mounts from Republican lawmakers to revoke its licence to operate in Venezuela
Mexico to halt oil exports once Dos Bocas reaches full capacity
Venezuelan foreign minister brands US Secretary Rubio "obsessed" over leftist regimes
Venezuela lashed out at US Secretary of State Marco Rubio, branding him a “pathetic obsessed man” after he labelled Cuba, Nicaragua, and Venezuela as “enemies of humanity” and blamed them for the ongoing migration crisis in the region.
Suriname-Guyana basin expected to play critical role in South American oil exploration, report indicates
Global exploration drilling activity is expected to maintain a steady pace in 2025, with 65-75 high-impact wells targeted for completion globally, according to Westwood Energy's latest explorations insights report.
Maduro claims opposition-controlled Citgo withheld $5bn in profits
Venezuela's Nicolás Maduro has accused opposition figures of withholding more than $5bn in profits from Citgo, the US-based subsidiary of state oil giant PDVSA
Petro’s Columbian government crisis to have further impact on oil and gas
The Colombian government of President Gustavo Petro is facing one of its deepest crises, including following a recent chaotic televised cabinet meeting that exposed internal fractures and led to key resignations within the country’s executive.
Mexico's Pemex eyes Asia oil crude sales to dodge Trump tariffs, Mexico exports could be hit
Mexico's state oil company Pemex could avoid new – but delayed – US tariffs by redirecting crude exports to Asia, as US President Donald Trump's 25% levy on Mexican imports threatens its primary export market.
Petrobras eyes fuel prices, China shift boosts Brazil oil
Brazil’s Petrobras is monitoring geopolitical developments to adjust fuel prices as needed, sales director, Claudio Schlosser, told Valor. “At any time, if necessary, we increase or reduce prices, within the commercial strategy,” he said.
Ecuador offers to supply oil to buyers of Venezuelan exports
Ecuador's President Daniel Noboa has offered to supply up to 250,000 barrels per day of oil to nations currently purchasing Venezuelan crude, aiming to curtail funding to Nicolás Maduro's regime.
Canada, Mexico strike deals to delay Trump tariffs
Canada and Mexico both struck deals this week to push back the imposition of 25% tariffs on all goods being exported to the US by 30 days.
Refining performance weighs on US supermajors’ fourth-quarter results
ExxonMobil and Chevron both saw a drag on their earnings for the fourth quarter of 2024 from their refining operations.
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