LatAmOil - Latin America Oil & Gas
Mexico’s Pemex allows private firms to revive shut oil wells through risk service contracts
Mexican state oil company Pemex will permit private companies to handle investment, engineering, operation and maintenance of oil well production through risk service contracts, while retaining control as operator of petroleum assignments
Hess still targets Guyana’s Stabroek, block is central to contested Chevron acquisition
Hess Corp. directed most of its capital and exploratory expenditures to Guyana in Q1 2025, the company has announced, underscoring the South American nation's growing significance in the company's global portfolio.
Brazil’s Petrobras profit rises on FX gain
Brazil’s Petrobras posted a first-quarter net profit of BRL35.2bn ($6.2bn), up 49% from a year earlier, supported by BRL14.6bn in currency-related gains following a 7% appreciation of the real in late March.
Brazil’s Petrobras rethinks FPSOs as drilling plans expand
Petrobras plans two new drillings in the Aram block in the Santos Basin pre-salt following a second oil discovery, aiming to better define the area’s central and northeast regions.
Brazil bets on ethanol for global fuel shift
Brazil’s sugar-energy sector is seeking a stronger global role in the energy transition, with the Brazilian Sugarcane and Bioenergy Industry Association (UNICA) set to promote ethanol as a decarbonisation tool at the NY Sugar Dinner.
Brazil’s Brava Energia hits output record after Enauta merger
Brazil’s Brava Energia reported first-quarter 2025 results, posting production of 70,800 barrels of oil equivalent per day, with a record 82,000 boepd in April.
Brazil's Petrobras CEO under fire for 'drill, baby, drill!' comment about Amazon exploration
The CEO at Brazil’s national oil company Petrobras, Magda Chambriard, has drawn criticism after a video emerged showing her using the phrase "Drill, baby, drill!" when discussing controversial oil exploration near the mouth of the Amazon River.
Brazil's Petrobras CEO under fire for 'drill, baby, drill!' comment about Amazon exploration
The CEO at Brazil’s national oil company Petrobras, Magda Chambriard, has drawn criticism after a video emerged showing her using the phrase "Drill, baby, drill!" when discussing controversial oil exploration near the mouth of the Amazon River.
Brazil’s Petrobras profit rises on FX gain
Brazil’s Petrobras posted a first-quarter net profit of BRL35.2bn ($6.2bn), up 49% from a year earlier, supported by BRL14.6bn in currency-related gains following a 7% appreciation of the real in late March.
Frontera Energy looks to retain Guyana's Corentyne Block despite expiration
Canadian oil company Frontera Energy has insisted that it wants to retain the offshore Corentyne Block despite the Guyanese government’s decision to revoke it.
Brazil’s Petrobras misses dividend forecast as spending signals caution
Brazil's Petrobras approved a first-quarter dividend of BRL11.72bn ($2.1bn), below the BRL11.9bn expected by analysts.
Brazil’s Braskem swings to profit in Q1 but global petrochemical woes drag performance
Brazilian petrochemical producer Braskem swung to a $113mn net profit in the first quarter, reversing a $273mn loss in the same period last year, though executives warned that global petrochemical challenges persist amid ongoing overcapacity
Brazil’s Petrobras back drilling in Bahia state
Brazil’s Petrobras has resumed onshore drilling in Bahia state after a six-year hiatus, starting with well 7-TQ-240D-BA in the Taquipe field near São Sebastião do Passé, around 80 km from Salvador.
Norway dumps Mexico's Pemex over decades of corruption scandals
Pemex faces international scrutiny after Norway’s Government Pension Fund Global sold its fixed-income investments, citing unresolved corruption risks spanning nearly two decades.
Norway dumps Mexico's Pemex over decades of corruption scandals
Pemex faces international scrutiny after Norway’s Government Pension Fund Global sold its fixed-income investments, citing unresolved corruption risks spanning nearly two decades.
Mexico’s Pemex turns to old wells for output boost
Mexican state energy company Pemex plans to reopen closed oil and gas wells to slow production decline and support government targets, according to internal documents and sources.
Brazil’s Petrobras inks gas supply deal with ceramics maker Portobello
Brazil’s national oil company (NOC) Petrobras has secured a significant natural gas supply contract with Portobello, the country's largest ceramic manufacturer and largest natural gas consumer in Santa Catarina state
YPF to make FID on second FLNG vessel for Argentina
A final investment decision on a planned second floating LNG vessel for Argentina's Río Negro province is expected next quarter, national oil company YPF announced during its Q1 results call.
Chevron licence extension could signal US shift in approach to Venezuela, warns former diplomat
Washington’s General Licence 80, which had allowed a handful of US oil service companies to operate in Venezuela under strict conditions, officially expired on May 9
Colombia's sustainable aviation fuel (SAF) ambitions hinge on regulatory clarity
Colombia's aspirations to become a regional leader in sustainable aviation fuel (SAF) production are gaining momentum, yet the absence of a comprehensive regulatory framework poses significant challenges.
China eyes Brazil oil as tensions rise
Brazil is in talks with China to expand crude oil exports amid rising US-China tensions, according to Brazilian officials.
Venezuelan oil shipments to China rebranded as Brazilian to evade US sanctions
In the past year, traders have rebranded over $1bn worth of Venezuelan oil shipments to China as Brazilian crude, a move designed to bypass US sanctions and reduce logistics costs, according to tanker tracking firms and traders, Reuters reported
Hess spends most of Q1 capital on Guyanese oil exploration
Hess Corporation announced in a press release on its website that it has directed the majority of its capital and exploratory expenditures to Guyana in Q1 2025, underscoring the nation's growing significance in the company's global portfolio.
Pluspetrol and YPF bolster Argentina's gas processing capacity
Governor Rolando Figueroa of Argentina’s Neuquén province visited the La Calera field on May 9, local media reported, where Pluspetrol and YPF have increased gas processing capacity by 20%.
Brazil’s Brava Energia backs off Bahia asset sale
Brazil’s Brava Energia has halted the divestment process of its onshore and shallow water assets in Bahia state, after a reassessment of its operational performance and strategic priorities.
Norwegian Prosafe eyes $204mn Petrobras deal
Brazil's Petrobras CEO under fire for 'drill, baby, drill!' comment about Amazon exploration
The CEO at Petrobras, Magda Chambriard, has drawn criticism after a video emerged showing her using the phrase "Drill, baby, drill!" when discussing controversial oil exploration near the mouth of the Amazon River.
Norway wealth fund divests Pemex bonds over corruption concerns
Norway's sovereign wealth fund has offloaded all fixed-income holdings in Mexico's state oil company Pemex, citing unacceptable corruption risks.
Citigroup faces $1bn fraud claim over Mexican energy firm
A US appeals court ruled Citigroup must defend itself against allegations it orchestrated and concealed fraud at bankrupt Mexican oil services company Oceanografia.
Mexico's Pemex admits two oil pipeline leaks affecting 7km of Tabasco coast
Mexican state oil company Pemex confirmed two leaks in a pipeline transporting oil from the Akal-C platform to the Dos Bocas Maritime Terminal in Tabasco.
BLOG: Don't be afraid of the great gas glut
We are on the brink of a serious glut in global LNG supply – some will say. Global gas prices are indeed set to fall and the market loosen over the coming years, thanks mainly to the US and Qatar.
Brazil’s Petrobras reports new Santos Basin oil discovery, resumes onshore drilling in Bahia
Petrobras has announced a new high-quality oil discovery in the Santos Basin's Aram block and the resumption of onshore drilling operations in Bahia state.
Brazil’s Petrobras extends Solstad vessel contract through 2030
Brazil’s national oil company (NOC) Petrobras has secured the continued service of Norwegian shipping company Solstad Offshore's anchor handling tug supply (AHTS) vessel Normand Turquesa until 2030, subject to board approval.
Venezuela restarts key unit at Cardón refinery, but output still far below capacity
Venezuela has resumed operations at the fluid catalytic cracking unit of the Cardón refinery, the country’s second-largest, after more than a year offline due to technical failures and a lack of critical inputs.
Staatsolie becomes growing contributor to Suriname's treasury in 2025
Staatsolie delivered $384mn to Suriname's state treasury for the 2024 fiscal year, marking the third consecutive year its contribution has exceeded $300mn.
YPF post strong Q1 results amid rising Argentina activity
YPF's first-quarter 2025 results revealed significant expansion in Vaca Muerta operations, with shale oil production averaging 147,000 barrels per day between January and March.
Brazil’s Vibra bets on AI and startups to reshape fuel business
Brazilian fuel distributor Vibra Energia has integrated artificial intelligence and startup investment into its innovation strategy, focusing on operational efficiency and new revenue streams.
Mexican state oil company reports 10% rise in fuel theft despite enhanced surveillance
Mexican state oil giant Pemex experienced a 10% increase in hydrocarbon theft last year despite expanded security protocols and a significant reduction in detected illegal pipeline connections.
Mexico's Pemex posts MX$109bn gross profit in Q1, cuts supplier debt by 20%
Mexican state oil firm Pemex reported MXN64bn operating profit on improved financial discipline and cost management, Mexico Business News reported.
ExxonMobil begins drone surveillance along Guyana's Gas-to-Energy pipeline
ExxonMobil Guyana has initiated drone surveillance operations along the Gas-to-Energy pipeline corridor stretching from Nouvelle Flanders on the West Coast Demerara to Reynstein on the West Bank Demerara.
Colombia's Ecopetrol eyes cost reductions amid oil price volatility
Colombia's state-controlled oil company, Ecopetrol, has announced plans to reduce its operating costs by approximately COP 1 trillion (around $232mn) in response to declining oil prices that have impacted its profitability.
Fitch affirms Colombia’s SierraCol at 'B+' rating with stable outlook
Fitch Ratings has affirmed Colombian oil producer SierraCol Energy Limited's Long-Term Foreign and Local Currency Issuer Default Rating (IDR) at 'B+' with a Stable Outlook.
Trinidad and Tobago seeks alternative energy projects following death of Dragon gas deal
Trinidad and Tobago's new administration has officially declared the Dragon gas deal with Venezuela "dead" following its revocation by the Trump administration, forcing the Caribbean nation to seek alternative regional energy partnerships.
Brazil’s Petrobras issues tender for 18 platform supply vessels
Brazil’s national oil company (NOC) Petrobras has launched a large-scale tender to charter up to 18 platform supply vessels (PSVs) to support its ambitious production expansion plans over the next three years
Venezuela vows to sustain oil output as Chevron prepares exit under renewed US sanctions
Venezuela intends to keep oil flowing from key fields formerly operated with Chevron, as the US energy giant winds down operations ahead of a May 27 deadline imposed by Washington
Brazil’s Petrobras outlines ambitious expansion plans, sustainability executive replaced
Petrobras is pursuing aggressive exploration and production expansion while balancing energy transition goals, the CEO at the Brazilian national oil company said.
Challenger Energy advances Uruguay projects, extends Trinidad and Tobago asset sale deadline
The company plans to launch a farm-out process for AREA OFF-3 in the second half of the year. Challenger holds a 100% stake in AREA OFF-3 and a 40% interest in AREA OFF-1, with Chevron as the operator of the latter since March 2024
Brazil’s Amazon oil push heats up
Brazil’s Petrobras’ CEO, Magda Chambriard, defended the company’s plan to drill for oil at the mouth of the Amazon River, part of Brazil’s Equatorial Margin, citing potential economic benefits for the state of Amapá and the country.
Golar LNG approves pioneering Argentina FLNG project to tap Vaca Muerta gas
Argentina’s LNG export plans have taken a step forward even as scepticism remains.
Venezuela seeks boost in Chinese oil purchases amid warning from Chevron’s Wirth
Venezuela’s Vice President Delcy Rodríguez urged Chinese officials to ramp up oil purchases and assist with diluent supplies during her recent visit to Beijing, as the country prepares for the forced withdrawal of foreign energy firms.
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