LatAmOil - Latin America Oil & Gas
Trump axes Venezuela oil licences in blow to Chevron
US President Donald Trump has announced the revocation of licences granted by the Biden administration that allowed US oil companies to operate in Venezuela despite crippling sanctions on the country, a move that particularly affects Chevron.
Brazil's environment minister defends regulator's autonomy amid oil exploration controversy
Brazil’s Environment Minister Marina Silva has affirmed that decisions on the national oil company (NOC) Petrobras' controversial Amazon oil exploration project will be based solely on technical analysis from environmental regulator Ibama.
Trinidad and Tobago seeks US extension to allow Shell to develop gas field
Trinidad and Tobago will seek an extension from the US government for a licence that allows Shell and the National Gas Company to develop the Dragon gas field project in Venezuelan waters.
Equinor’s Bacalhau FPSO arrives in Brazil
The Bacalhau floating production, storage and offloading (FPSO) vessel has arrived in Brazil’s Santos Basin, preparing to start operations for Equinor - a multinational energy company that operates in oil and gas, renewables and low-carbon solutions.
Colombia's energy sector faces regulatory challenges amid investor concerns
Colombia's energy sector, lauded for its reliability over the past three decades, is currently navigating a difficult period. Industry leaders express apprehension over recent regulatory interventions by the national government.
Chevron’s role in Venezuela’s recovery at risk as Trump weighs options
Chevron rescues Venezuela's economy, pumping 240,000 barrels daily amid sanctions thanks to an ad-hoc licence. Trump's wavering policy now keeps Maduro's regime balancing on a razor's edge of economic survival as the permit could be revoked.
Afreximbank to drive $1bn oil service financing in Guyana
Afreximbank has announced plans to establish a $1bn oil service financing facility in Guyana, aiming to boost local participation in the country's rapidly expanding oil sector.
ExxonMobil hires Shearwater GeoServices to perform 4D survey offshore Guyana
ExxonMobil has secured the services of Norwegian firm Shearwater GeoServices for a six-month 4D ocean bottom node survey offshore Guyana, set to commence in the first half of 2025.
Chevron restructures operations, announces layoffs amid Venezuelan drama and Hess uncertainty
As part of its broader efficiency drive, supermajor Chevron will cut 15% to 20% of its global workforce by year-end, a move revealed during a recent internal town hall meeting.
Brazilan Vibra Energia bets on cash flow after Comerc deal
Vibra Energia, a Brazilian company that distributes fuels, lubricants and energy, will focus on increasing free cash flow and maximising synergies following the acquisition of the remaining 50% stake in energy trader Comerc.
Trump slams Biden over Venezuela oil, says Maduro was ‘ready to go’
Trump took aim at Biden’s 2022 decision to grant Chevron permission to expand oil production in Venezuela, reversing some of the sanctions imposed during Trump’s first term
Venezuelan officer arrested for PDVSA corruption
Despite a background marked by corruption, influence, and his involvement in the death of his ex-girlfriend, Manuel Salvador Parra received a promotion to president of PDVSA Marina in 2020 under Nicolás Maduro’s regime
Colombia's Ecopetrol to enhance gas imports amid domestic shortfall
Ecopetrol SA plans to address Colombia's declining natural gas reserves by developing two import facilities operational by next year. These terminals aim to bridge the domestic supply gap until offshore Caribbean wells commence production.
Mexico's reliance on US gas to grow despite trade uncertainties, Fitch says
Mexico's reliance on American natural gas imports is set to deepen over the coming years as domestic production falters and demand surges, according to a recent assessment from Fitch Ratings.
Colombia's Ecopetrol's reserve growth amid strategic shifts
Ecopetrol, Colombia's state-controlled oil firm, reported a 104% replacement of its 2024 production, effectively doubling the proven reserves added compared to 2023.
Uruguay pursues offshore oil, gas exploration while pushing renewable energy transition
Uruguay’s state-owned energy company, Ancap, is optimistic about the potential for offshore oil and gas discoveries, while the country pushes forward with its decarbonisation agenda.
Brazil’s drilling firm Constellation plans Oslo stock market listing
Brazil’s offshore drilling services provider Constellation, which operates 22% of the country's offshore rigs, has announced plans to list its shares on Euronext Growth Oslo.
Brazil’s Petrobras secures $1.1bn funding package for decarbonisation efforts
Brazil’s national oil company (NOC) Petrobras has arranged a $1.1bn financing package with state-owned Banco do Brasil to fund sustainability and energy transition initiatives
Equinor to divest from Vaca Muerta, focus on Argentine onshore assets
Norwegian oil giant Equinor is reportedly looking to divest its onshore assets in Argentina's prolific Vaca Muerta shale formation, according to a report by Mas Energia citing undisclosed sources.
Pemex gas output hits 30-year low as imports soar to 73% of supply
Mexican state oil company Pemex's gas production fell 8.1% to 3,731mn cubic feet per day in 2024, the lowest level since 1994, as lawmakers advance tax relief to boost extraction
Mexico fuel retailers resist President's proposed gasoline price cap
Federal authorities and fuel sector representatives remain at odds over planned petrol price controls despite ongoing discussions
Colombia's Ecopetrol moves to mitigate gas deficit with imports
Ecopetrol SA aims to counter Colombia’s declining natural gas reserves by establishing two import terminals set to commence operations next year
Brazil’s Petrobras signs deal for new oil tankers
Brazil’s Petrobras is reviewing studies on geological similarities between Brazil’s Pelotas Basin and the Namibia Basin in West Africa, CEO Magda Chambriard said.
INTERVIEW: Integrating AI with data and experience
AI is rapidly gaining traction in the oil, gas, and renewable energy sectors, as companies seek cost reductions, emissions control and safety improvements.
Brazil's Petrobras cancels Barracuda-Caratinga FPSO tender, plans new Albacora bid
Brazil's national oil company (NOC) Petrobras has cancelled a tender for chartering a floating production, storage and offloading (FPSO) vessel for the Barracuda and Caratinga revitalisation project following negotiations with India's Shapoorji.
Guyana signs production-sharing agreement with TotalEnergies for offshore exploration
Guyana is preparing to sign a production-sharing agreement with a TotalEnergies-led consortium for offshore exploration, Energy Minister Vickram Bharrat confirmed.
Suriname's Staatsolie seeks financing for major offshore deposit
Suriname's national oil company Staatsolie is seeking $1.5bn in financing this year to participate in the development of the Gran Morgu offshore deposit.
ExxonMobil looking to expand Guyana's natural gas sector
ExxonMobil announced plans to expand Guyana's natural gas utilisation beyond the Wales Gas-to-Energy project, with proposals for alumina production, data centres and fertiliser manufacturing.
Guyana launches app to drive digital participation in oil and gas sector
Guyana's Local Content Secretariat launched its new app at SBM Offshore Guyana's Let's Talk Local Content forum, marking a significant step in digitalising the country's oil and gas sector engagement.
Brazil’s Petrobras may cancel Indian firm's $1.5mn per day vessel tender
Brazil’s national oil company Petrobras is considering scrapping a tender awarded to India's Shapoorji Pallonji Energy for a floating production vessel due to high costs and insufficient local content.
Brazil’s Petrobras signs 15-year LNG supply deal with UK's Centrica
Brazil’s national oil company Petrobras has agreed to purchase 800,000 tonnes of liquefied natural gas annually from the UK’s producer Centrica in a 15-year deal starting 2027.
Colombia's Ecopetrol expands eastern plains amid US fracking controversy
Colombia's state-owned oil company Ecopetrol has identified substantial opportunities for development and exploration within the nation's primary oil-producing regions, while also investing in US fracking and offshore gas ventures.
Pemex wastes 8.7% of gas output through flaring in 2018-2024
Mexican state oil company Pemex flared 411mn cubic feet per day during AMLO administration.
Colombia's Ecopetrol enhances diesel quality at Barrancabermeja refinery
Ecopetrol has completed a $35mn investment to upgrade its Barrancabermeja refinery, enabling the production of ultra-low-sulphur diesel (ULSD) with less than 10 parts per mn (ppm) of sulphur.
ExxonMobil FPSO departs for Guyana's Yellowtail project
Guyana's offshore oil expansion has reached another milestone as ExxonMobil's fourth floating production facility has departed Singapore for South American waters, according to company Vice President for Deepwater Hunter Farris.
Inspection of Argentine oil pipeline underway amid environmental concerns
The Río Negro Secretariat of Environment and Climate Change has conducted an inspection of Oldelval SA's Duplicar oil pipeline route, focusing on the segment between the Zorrilla Pumping Station in Choele Choel and the Colorado River crossing.
OPEC+ considers increasing production
OPEC+ is currently deciding on whether to delay a collection of monthly supply increases that were previously scheduled to start in April.
Brazil sets June date for oil licensing round after 18-month gap
Brazil's oil regulator ANP has scheduled its fifth permanent-offer licensing round for June 17, marking the country's return to exploration auctions after an 18-month break.
Mexico’s oil exports hit by crude contamination crisis
Mexico's state-owned petroleum company, Pemex, is grappling with a significant quality control crisis that industry experts say reveals systemic operational deficiencies.
Colombia imposes temporary taxes on oil, online betting and notaries
Colombia's government has introduced temporary taxes on oil exports, online betting and notarial services, effective until December 2025, to finance humanitarian aid in the conflict-ridden Catatumbo region.
Maduro courts Trump as oil and deportations shape US-Venezuela relations
Venezuela’s Nicolás Maduro has reached out to Donald Trump following their re-election, framing Trump’s presidency as an opportunity for a mutually beneficial relationship after years of hostility.
Brazil set to join OPEC+ but says it will opt out of cartel's output cuts
Brazil has approved joining OPEC+, marking the country's emergence as a major oil producer just months before it hosts the UN climate conference.
OPEC welcomes Brazil's decision to join oil producers' forum
OPEC welcomed Brazil's decision to join its Charter of Cooperation (CoC), a move that brings the world's seventh-largest oil producer into closer alignment with major energy-exporting nations just months before it hosts a crucial UN climate summit.
Venezuela strengthens energy and digital ties with India
Venezuela’s Nicolás Maduro has reaffirmed the country’s deepening economic and strategic partnership with India, emphasising energy investment as a central pillar of bilateral cooperation
Brazil’s Brava Energia to boost Atlanta output with 4 more wells
Brazil’s Brava Energia will connect four additional wells to its Atlanta field by mid-2025, marking a step forward in its supply agreement with commodity trader Trafigura.
Venezuela’s oil future hinges on Trump’s decision on Chevron
UK’s Amplus buys FPSO Petrojarl I after Brazil deployment
Floating production specialist Amplus Energy Services has acquired the Petrojarl I floating production storage and offloading (FPSO) vessel from Altera Infrastructure, marking its entry into vessel ownership.
Brazil’s Petrobras starts new Buzios production as field expansion continues
Brazil's national oil company (NOC) Petrobras has begun production at its Almirante Tamandare vessel in the Buzios field, adding capacity for 225,000 barrels of oil per day (bpd) as it pushes toward ambitious production targets.
Mexican authorities to continue legal action against Span's Iberdrola
Mexican authorities will continue legal action against Spanish energy organisation Iberdrola over an allegedly illegal energy sale, despite the dissolution of the regulatory body that imposed the original penalty
Pemex hits seven climate targets, says CA100+
Mexican state oil company Pemex has improved its climate disclosure and emissions targets, with seven of its net-zero indicators validated in 2024, up from one in 2023, Climate Action 100+ (CA100+) reported on February 17.
Brazil’s Petrobras to study reuse of decommissioned oil and gas platforms
Brazil’s national oil company (NOC) Petrobras has signed agreements with industry groups to study the potential reuse of decommissioned oil and gas platforms, as part of its 2025-2029 business strategy.
Chinese refiners boost Brazil, West Africa oil imports amid sanctions squeeze
Chinese refiners are increasing purchases of Brazilian and West African crude oil as they navigate US sanctions on Russia and Iran and respond to Beijing's new tariffs on US oil imports.
Brazil's Lula criticises high fuel prices, urges Petrobras to sell directly to consumers
Brazilian President Luiz Inacio Lula da Silva called on national oil company (NOC) Petrobras to bypass intermediaries and sell fuel directly to consumers, amid falling approval ratings and growing pressure over rising prices.
Brazil pushes Amazon oil exploration as it joins OPEC+ forum
Brazil intensified its drive for oil expansion this week after it joined OPEC+ while pressing environmental regulators to approve controversial drilling near the Amazon River mouth.
Brazil’s OPEC+ membership sparks environmental concerns
Brazil’s announcement that it would join the crude oil producing cartel OPEC+ has highlighted growing tensions between the country's oil ambitions and environmental commitments as it prepares to host the UN climate summit later this year.
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