LatAmOil - Latin America Oil & Gas
Brazil raises $180mn in oil block auction
Brazil raised BRL989mn ($180mn) in signing bonuses from the fifth round of its Permanent Offer of Concessions for oil and gas exploration, the Ministry of Mines and Energy (MME) said. Exploratory investment commitments totalled BRL1.45bn ($265mn).
Karoon lifts spending after Brazil block wins
Karoon Energy has raised its 2025 capital expenditure forecast following its success in Brazil’s latest oil and gas licensing round, the company said.
Petronas and Staatsolie sign production-sharing agreement for Suriname offshore block
Suriname's national oil company Staatsolie has signed a production-sharing contract with Petronas Suriname and Paradise Oil Company for offshore Block 66.
Afreximbank and Suriname establish local content facility worth $5bn
The African Export-Import Bank has announced a partnership with Suriname to establish a $5bn local content facility designed to strengthen the country's emerging oil and gas sector and broader economy.
Peru launches new push for upstream oil and gas investment amid severe exploration deficit
Perupetro is boosting foreign investment in Peru’s oil and gas sector with a new strategy using technical evaluation deals and direct contract talks for untapped areas across several regions.
Ecopetrol chief's partner faces disciplinary trial in Colombia over dual state contracts
Colombia's Attorney General's Office has initiated disciplinary proceedings against Carlos Julian Caicedo Cano, partner of Ecopetrol President Ricardo Roa, over allegations of simultaneous public sector employment violations during 2023.
Brazil’s controversial oil tender proceeds with majors winning tracts
Petrobras, ExxonMobil, Chevron and Shell, CNPC and Equinor were amongst the major oil companies winning tracts in Brazil’s latest offshore auction, which had become controversial.
Uruguay posts solid Q1 growth as refinery rebound lifts output
On a quarterly basis, GDP grew by 0.5%, marking a steady start to the year. A key contributor to the uptick was the reopening of Ancap’s oil refinery, which had been offline for maintenance during the same period last year
Brazil’s controversial oil tender yields nearly BRL1bn in premiums
Brazil's oil and gas regulator ANP disposed of merely 34 of 172 hydrocarbon parcels presented to sector enterprises on June 17, whilst designating the Equatorial Margin as the country's newest fossil fuel exploration territory.
Brazil’s Petrobras next-generation FPSO construction commences at Seatrium shipyard
Construction of topside modules for a floating production, storage and offloading (FPSO) unit destined for Brazil’s national oil company (NOC) Petrobras operations in the Santos Basin operations has begun at Seatrium's shipyard in Angra.
Brazil’s Petrobras awards Prosafe $204mn contract for Safe Notos accommodation vessel
Prosafe has been awarded a $204mn contract with Brazil’s national oil company (NOC) Petrobras for its Safe Notos semi-submersible accommodation vessel, which will provide safety and maintenance support operations offshore.
Brazil offshore auction draws record bonus and big names
Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP) awarded exploration rights for 34 blocks to nine companies in the 5th Permanent Concession Offer Cycle.
Brazil minister targets high gas prices
Brazil’s Mines and Energy Minister, Alexandre Silveira, criticised the country’s natural gas prices, describing them as “absurd” and warning of negative impacts on energy-intensive sectors including steel, petrochemicals, glass and ceramics.
ExxonMobil ramps up drilling in Guyana’s Stabroek block ahead of freeze on new oil contracts
ExxonMobil has intensified exploration in Guyana’s prolific Stabroek block with the drilling of two key appraisal wells, Lukanani-2 and Hamlet-1, as it races to unlock further reserves ahead of the country's political freeze on new oil agreements
Argentina on path to achieving energy self-sufficiency, Rystad Energy claims
Argentina's Vaca Muerta shale formation achieved remarkable production growth in Q1 2025, driving the country's ambitions for energy self-sufficiency and positioning it as a potential major liquefied natural gas exporter, according to Rystad Energy.
TotalEnergies' drilling in Suriname's Macaw-1 well draws rivals' interest
TotalEnergies' ongoing drilling of the Macaw-1 well in Suriname's Block 64 has refocused attention on the Demerara Shelf, signalling a strategic shift in regional exploration priorities.
Mexico launches fuel tracking system as Sheinbaum targets illegal imports
Mexico has launched a digital fuel tracking platform as part of a sweeping strategy to combat the rampant illicit trade in imported fuel, a practice known locally as huachicol fiscal.
Argentina's YPF continues divestment programme in push toward Vaca Muerta exploration
Argentina's state oil company YPF has announced the continuation of its Andes Project divestment program, approving the transfer of 12 additional conventional oil areas as part of its strategic shift toward Vaca Muerta shale operations.
ExxonMobil begins drilling new exploration well offshore Guyana
ExxonMobil has commenced drilling the Hamlet-1 exploration well in the southeastern section of Guyana's Stabroek Block, targeting an area near the Suriname border that has previously yielded more natural gas than oil.
Guyana focuses on skills and innovation to secure long-term oil benefits
As Guyana’s oil sector accelerates, President Irfaan Ali has shifted the narrative from production metrics to strategic capacity-building.
Mexico's crude oil nears $70 per barrel amid Middle East uncertainty
Middle East uncertainty has driven Mexican crude oil close to $70 per barrel, with state oil company Pemex's export blend trading 6% higher on June 16 compared to prices before Israel's attack on Iran, according to energy market data
OPEC May report highlights divergence in Venezuelan oil output
Venezuela reported a modest increase in oil production in May, reaching 1.07mn barrels per day, but OPEC’s secondary sources put May production at 896,000 bpd—down 32,000 from April and the lowest level so far in 2025
US oil magnate is quietly increasing his influence in Venezuela, capitalising on Chevron's departure
While Venezuela plunged into its presidential election season on April 7, American oil executive Harry Sargeant III moved decisively on a long-cherished objective: reclaiming a stake in the country’s vast oil reserves
Colombia's Ecopetrol initiates first US export of marine fuel, signals strategic shift
Colombia’s Ecopetrol dispatched its inaugural shipment of IFO RMG 380 marine fuel to Cape Canaveral, US, totalling 185,000 barrels, the company confirmed.
Colombia and Bolivia confront prolonged decline in gas sector
Colombia and Bolivia have each seen proven natural gas reserves fall by approximately 57% over the past decade, while production has nearly halved.
Carbon capture and storage has reached a ‘turning point’, says DNV
A new report from DNV anticipates that total funding for carbon capture and storage will hit $80bn by the end of this decade
Costa Rica's Chaves oil exploration pivot triggers national debate on environment vs economy
Costa Rica’s president defended his readiness to assess domestic oil reserves via non‑invasive techniques and his objections to ratifying the Escazú Agreement, insisting it does not compromise the nation’s environmental goals.
Brazil’s Petrobras signs $892mn refinery expansion deal
Brazil’s Petrobras has signed contracts worth BRL4.9bn ($892mn) with Consag Engenharia to advance construction of Train 2 at the Abreu e Lima Refinery (RNEST) in Pernambuco.
Brazil’s Petrobras commits $16bn to low-carbon projects
Brazil’s Petrobras plans to invest $16.3bn in low-carbon projects over the next five years, the company said in its 2024 Sustainability Report.
MODEC and Terra expand drone inspections on FPSOs in Brazil
MODEC has renewed its partnership with Terra Drone Corporation to expand the use of drones for internal inspections of crude oil storage tanks on floating production, storage and offloading (FPSO) vessels.
Guatemala seeks 1,500MW power capacity in tender, 700MW for LNG plants
Guatemala has issued a competitive tender seeking 1,500 megawatts of fresh power generation capacity as electricity demand rises, with approximately 700MW earmarked for liquefied natural gas-powered facilities
Battery energy storage system arrives in Guyana for gas-to-energy project
Guyana's landmark Gas-to-Energy project reached a critical milestone with the arrival of a 30-megawatt backup battery energy storage system at Georgetown's John Fernandes Wharf.
Argentine energy sector looks abroad as local financing falls short
Argentina’s energy companies are expanding their reliance on international capital markets as domestic financing proves insufficient to support the country’s rapidly growing oil and gas infrastructure.
Argentine government increases bioethanol price
Argentina's government has increased prices for bioethanol used in mandatory fuel blending, according to a resolution published in the government’s Official Gazette.
Brazil’s Petrobras and TechnipFMC trial new electric subsea technology
TechnipFMC and Petrobras have agreed to jointly test a new electric actuation system for subsea oilfield operations. The technology, part of TechnipFMC’s eSolutions portfolio, is scheduled for deployment on a subsea tree in 2026.
Brazil’s Petrobras starts FPSO P-84 build as Atapu development advances
Seatrium has begun constructing topside modules for Petrobras’ FPSO P-84 at its Angra dos Reis shipyard in Brazil, the company said. The project forms part of a broader programme to develop the Atapu field in the Santos Basin.
Brazilian businessman Nelson Tanure pushes Braskem deal as Petrobras role looms
Brazilian businessman Nelson Tanure has entered talks with creditor banks regarding his bid for petrochemical company Braskem, aiming to finalise a deal this year, he told Reuters.
Mexico’s energy security could be at risk amid record gas imports from the US
Mexico’s reliance on imported natural gas from the United States has reached unprecedented levels, raising serious concerns over its long-term energy security.
COMMENT: Israel-Iran conflict intensifies with limited macro fallout but mounting geopolitical risk
The recent escalation in hostilities between Israel and Iran has signalled a shift from earlier, more calibrated exchanges to a broader and more sustained confrontation.
ING: Oil in focus as Israel-Iran conflict escalates
Commodity markets are focused on escalating geopolitical tensions between Israel and Iran, with the Middle Eastern conflict sparking a surge in oil prices.
Latest Guyanese vessel ready to export oil
Guyana's offshore oil industry is poised for another significant milestone as the ONE GUYANA floating production, storage, and offloading vessel prepares its inaugural export cargo.
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