LatAmOil - Latin America Oil & Gas
Mexico commits to reducing 140mn tonnes of carbon emissions by 2030
Mexico's environment ministry presented an updated National Climate Change Strategy on May 28, committing to reduce 140mn tonnes of carbon dioxide emissions by 2030 through renewable energy, reforestation and circular economy initiatives
Iconn to buy Shell's Mexico fuel stations as energy sector tightens
Local retailer Iconn Mexico is purchasing Shell's fuel station business as international oil companies retreat from Mexico's increasingly restrictive retail market, Argus Media reported.
ExxonMobil confirms production start date for Guyana's Yellowtail project
ExxonMobil's Yellowtail development offshore Guyana is set to commence production in August, strategically positioned just ahead of the country's national elections scheduled for September 1.
SBM Offshore completes mooring of ONE GUYANA production vessel off Guyana
SBM Offshore has successfully completed the mooring of its FPSO One Guyana vessel, marking a critical milestone in ExxonMobil's fourth oil project in the prolific Stabroek block off Guyana's coast.
Colombia gas reserves drop to critical 5.9-year supply as import dependence looms
Colombia's natural gas reserves declined to a critical 5.9-year supply horizon in 2024, down from 6.1 years previously, as proven reserves fell 13% to 2.064bn cubic feet. The deterioration contrasts with marginal improvements in petroleum reserves.
Political coalition forged in Suriname, which faces an oil bonanza
A government coalition has been formed following a close election in Suriname, and it is set to determine leadership over the country's emerging oil wealth.
Chevron ends Venezuelan oil production, investment, exports
Chevron has ended its oil production contracts in Venezuela, after its US licence to operate there was cancelled.
Chevron ends Venezuelan oil production, investment, exports
Chevron has ended its oil production contracts in Venezuela, after its US licence to operate there was cancelled.
Citgo auction extended as Venezuela's PDVSA wins key US court battle in $1.5bn debt dispute
A US federal judge has extended the deadline for bidding on Citgo Petroleum's parent company until June 2, following a significant New York court ruling that has reduced litigation risks surrounding Venezuela's most valuable overseas asset.
Oil prices climb as supply concerns grow amid Chevron ban in Venezuela, Canada disruptions
Chevron ends operations in Venezuela, hands control to PDVSA
Chevron has ceased its operational contracts in Venezuela, transferring control of its joint ventures to state oil company PDVSA, while retaining a limited staff presence on the ground, according to people familiar with the matter.
Brazil’s Evolua rebounds with $33mn in annual profit
Brazilian ethanol trader, Evolua Etanol, reported a net profit of BRL187.8mn ($33mn) for the 2024/25 season, reversing a BRL91.8mn loss the previous year, the company said.
Chevron’s Venezuela exit deepens economic strain as US revokes oil licence
Chevron’s operations in Venezuela officially ended late Tuesday night, following the expiration of a US-issued licence that had allowed limited engagement with state-run oil company PDVSA.
Mexico's Pemex faces budget crisis as oil production falls 8.8% and restructuring planned
Pemex could run out of budget before year-end after spending over half its investment allocation in the first quarter whilst oil production continues declining, with crude output falling 8.8% year on year to 1.37mn barrels per day in April.
Ghost ships resurface as Venezuela evades oil sanctions
A supertanker scrapped in 2017 has resurfaced in international waters under a false identity, highlighting how Venezuela’s oil industry continues to sidestep global sanctions.
Ecopetrol's buy of renewables assets raises financial and operational concerns for the Colombian firm
Colombia's state-controlled oil company, Ecopetrol, is under scrutiny following its recent acquisition of renewable energy assets from Norway's Statkraft.
Mota-Engil lands Brazil’s Petrobras platform deal
Mota-Engil’s Brazilian subsidiary, Empresa Construtora do Brasil, has secured a €250mn contract with Petrobras to deliver maintenance and construction services on offshore oil platforms.
Colombia's Ecopetrol's strategic shift raises financial and operational concerns
Colombia's state-controlled oil company, Ecopetrol, is under scrutiny following its recent acquisition of renewable energy assets from Norway's Statkraft, a move that has sparked debate over the firm's strategic direction and financial health.
Pemex faces budget crisis as oil production falls 8.8% amid spending concerns
Pemex could run out of budget before year-end after spending over half its investment allocation in the first quarter whilst oil production continues declining, with crude output falling 8.8% year-on-year to 1.37mn barrels daily (bd) in April
Shell hands over Mexican retail operations to Iconn in strategic shift
In a move reflecting profound changes in Shell's global strategy, the energy multinational has agreed to transfer its service station operations in Mexico to Grupo Iconn, the Monterrey-based company behind Petro Seven and 7-Eleven.
Venezuela's Citgo auction extended as US court ruling reduces litigation risk
A US federal judge has extended the bidding deadline for the sale of shares in Citgo Petroleum, Venezuela’s most valuable foreign asset, granting prospective buyers until June 2, 2025, to submit revised proposals
Colombia's oil reserves edge up as gas stocks continue to decline
Colombia's proven oil reserves experienced a modest increase of 0.74% in 2024, reaching 2.035bn barrels, equating to 7.2 years of consumption, according to the National Hydrocarbons Agency (ANH)
New buyout bid for Brazil's Braskem emerges without minority shareholder offer
Brazilian petrochemical major Braskem's parent company Novonor has received a non-binding proposal from businessman Nelson Tanure that does not include a mandatory offer to minority shareholders, according to sources close to the negotiations
YPF commences welding of key oil pipeline in Argentina's Vaca Muerta
YPF President and CEO Horacio Marín marked a significant milestone in Argentina's energy ambitions, announcing the commencement of automatic welding on the Vaca Muerta Sur Pipeline.
Brazil’s Petrobras ramps up drilling at Aram block
Brazil’s Petrobras has started drilling a new well in the Aram block, part of the pre-salt Santos Basin, as it expands exploration in the area.
Venezuela's Maduro vows to honour oil contracts amid Chevron licence expiry
Venezuela’s Nicolás Maduro pledged to uphold existing agreements with foreign firms, including US oil major Chevron, as the company faces the looming expiry of its operating licence in the country
ExxonMobil-Chevron battle over Guyana oil block heads to arbitration
The dispute centres on Chevron’s proposed $53bn acquisition of Hess Corporation, which owns a 30% stake in the lucrative Stabroek Block – home to over 11bn barrels of recoverable oil
Mexico's Pemex plans restructuring amid cost-cutting drive
Mexico's heavily indebted state oil company Pemex is planning a major restructuring to reduce costs, with documents suggesting potential job cuts and operational changes.
PDVSA wins key US court battle in $1.5bn debt dispute
Venezuela’s state oil company PDVSA secured a major legal victory in New York, shielding its US-based subsidiary PDVH from a $1.5bn creditor lawsuit
Suriname set for massive energy sector growth due to three projects – Wood Mackenzie
Suriname's offshore energy sector is poised for significant expansion, with Wood Mackenzie projecting that three exploration prospects currently under development hold a combined total of approximately 900mn barrels of oil equivalent.
Suriname's oil future to be determined in presidential election
Suriname has begun counting votes in parliamentary elections that will determine leadership over the country's emerging oil wealth as the former Dutch colony grapples with high debt, inflation and poverty.
Colombia's Ecopetrol spends $5.9mn on legal review amid possible US corruption probe
Colombia's state-controlled oil giant Ecopetrol has engaged Covington & Burling LLP in a $5.9mn contract to assess potential regulatory scrutiny from US securities watchdogs regarding corruption allegations against chief executive.
Brazil and Angola cement economic ties with $1.5bn trade surge
Brazil's President and his Angolan peer prioritised infrastructure and energy partnerships in talks during a summit in Brasilia, with Petrobras signing a collaboration deal with Sonangol.
Brazilian investor Nelson Tanure moves closer to Braskem deal
Brazilian investor Nelson Tanure has presented a new offer to acquire control of Braskem, advancing long-stalled talks with controlling shareholder Novonor.
Mero4 kicks off in Brazil with major FPSO
CNOOC Limited confirmed production began on May 24 at the Mero4 project in Brazil’s pre-salt Santos Basin, 180 kilometres offshore from Rio de Janeiro.
Brazil’s Petrobras brings new FPSO online ahead of plan
Brazil’s Petrobras has started production from the FPSO Alexandre de Gusmão in the Mero field of pre-salt Santos Basin, more than two months earlier than planned.
Venezuela elects governor for Guyana-controlled Essequibo in sovereignty escalation
Venezuela conducted regional and parliamentary elections on May 25 for a governor and lawmakers to represent Essequibo, an oil-rich region that remains under Guyana's administration.
US set to grant Chevron limited Venezuela licence for essential operations
The Trump administration is poised to grant Chevron a restricted operating licence for Venezuela, permitting the American energy giant to undertake only essential maintenance activities in the sanctions-hit nation.
Venezuela stages symbolic vote in disputed Essequibo as tensions with Guyana mount
Venezuela held elections on May 25 for governors and deputies across the country, but the inclusion of the disputed Essequibo region — claimed by Guyana — added a provocative twist to the largely apathetic political climate, El País reported.
Brazil’s Petrobras and Unigel resolve fertiliser plant dispute through arbitration
Brazil’s national oil company (NOC) Petrobras and chemicals manufacturer Unigel have concluded an agreement ending their dispute over two fertiliser facilities in Bahia and Sergipe states.
Brazil’s Petrobras awards $1.47bn subsea contract for Búzios 11 project
Brazil’s national oil company Petrobras has signed an BRL8.4bn ($1.47bn) EPCI contract with global offshore contractor Subsea 7 for the Búzios 11 Production Development Project in the Santos Basin.
Rubio rules out Chevron Venezuela licence extension after conflicting signals
The US administration is set to revoke Chevron's licence to operate in Venezuela on May 27, as initially scheduled, contrary to recent Bloomberg reports that suggested a longer extension was likely.
Brazil’s Petrobras bets on single-hose subsea plan
Brazil’s Petrobras and OneSubsea have signed a Memorandum of Understanding to jointly develop a new hybrid umbilical system for subsea operations, the companies said.
Brazil’s senate fast-tracks oil licensing
Brazil’s senate approved a new environmental licensing bill, incorporating an amendment from Senate President Davi Alcolumbre that could accelerate oil exploration in the Equatorial Margin.
Brazil plays both sides at COP 30
Brazil will argue that its status as a developing country allows it to expand oil production while pushing developed nations to take the lead in phasing out fossil fuels at the UN COP30 climate summit in November, according to officials and analysts.
Brazil’s Petrobras eyes Amazon drilling by June
Brazil’s Petrobras is preparing a drill ship to head to the Foz do Amazonas Basin as early as the end of May, pending final approval from Brazil’s environmental regulator Ibama.
Guyana's vice president warns Frontera Energy against pursuing court case over oil block
Guyana's Vice President, Dr Bharrat Jagdeo, has escalated tensions with Canadian oil company Frontera Energy, threatening to expose alleged inflated costs if the firm proceeds with legal action over the disputed Corentyne Block.
Advario, Braskem Idesa open $500mn ethane terminal in Mexico
Advario and Braskem Idesa inaugurated a $500mn ethane import terminal in Coatzacoalcos, Veracruz, completing key infrastructure to secure long-term feedstock supply for Mexico's petrochemical sector.
Renewables could cut Mexico's dependence on US gas imports, study shows
Mexico could reduce reliance on imported US natural gas by 20% through renewable energy expansion, achieving Mexican President Claudia Sheinbaum's target of 45% clean electricity generation by 2030
Colombia's Ecopetrol to purchase renewable portfolio as European giant exits
Colombia's state oil company Ecopetrol has agreed to acquire a renewable energy portfolio totalling 1.36 gigawatts from Norwegian utility Statkraft European Wind and Solar Holding.
Venezuela reroutes crude shipments to Asia as Chevron prepares to exit
Venezuela’s state oil company PDVSA has resumed independent exports of Boscan heavy crude, a grade previously handled by Chevron, after cancelling scheduled shipments to the US energy giant over payment concerns.
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