LatAmOil - Latin America Oil & Gas
Guyana's oil production spikes in May
Guyana's oil production surged to 667,000 barrels per day in May, marking a significant increase from 611,000 bpd earlier this year, according to a government bulletin viewed by IntelliNews.
Guyana's foreign secretary views US as crucial energy partner
Guyana's Foreign Secretary Robert Persaud has highlighted the strategic importance of US energy investments in strengthening both his country's energy security and that of the broader Caribbean region as tensions with neighbouring Venezuela persist.
Guyana identified as oil and gas super basin by S&P Global
Guyana has achieved recognition as one of only nine new super basins worldwide to deliver over 5bn barrels of oil equivalent since 2000, according to S&P Global Commodity Insights at the recent Suriname Energy Oil and Gas Summit.
Mexico's Ursus Energy wins concession to lead LNG export project
Mexican infrastructure and energy developer Ursus Energy has received approval to lead development of the Coatzacoalcos-PODEBI LNG plant, becoming the first fully Mexican company to enter the liquefied natural gas export sector.
Pemex's Dos Bocas refinery in Mexico maintains petrol output at quarter capacity
Pemex's Dos Bocas refinery sustained petrol production at a fraction of its potential, generating 43,400 barrels daily (bpd) during May 2025, representing just one-fourth of its 170,000 barrel per day capacity, Bloomberg Línea reported.
Venezuela eyes oil windfall, domestic production upsets as Iran tensions fuel market uncertainty
As fears mount over a potential closure of the Strait of Hormuz following US strikes on Iranian nuclear facilities, Venezuela is positioning itself to capitalise on possible oil price surges.
Mexico risks becoming net oil importer by 2030 amid steep output decline, IEA warns
This shift marks a dramatic reversal for a country that has long been a net exporter of crude oil and underscores Mexico’s growing vulnerability due to chronic underinvestment, ageing fields, and financial strain at Pemex.
Russia’s Rosneft CEO and Venezuela’s VP warn Middle East unrest poses energy market risks
Addressing delegates on June 21, 2025, Sechin positioned Russia, Venezuela and Iran as indispensable to global energy security, pointing to their combined control over a third of the world’s liquid hydrocarbon reserves and 15% of global output
Venezuela’s defence minister warns of Middle East conflict ripple effects on oil markets
Padrino López stressed that any disruption to global oil flows could push Venezuela into a key supplier role for the Western Hemisphere, positioning the country at the forefront of any future energy crisis
Venezuela’s VP blames sanctions for threats to global energy stability
Delcy Rodríguez claimed that around 25% of global daily oil output is currently affected by unilateral sanctions, though she avoided naming specific countries
US eases restrictions on PDVSA 2020 bonds with new OFAC licence
The US Treasury Department has issued a new general licence easing restrictions on transactions involving Venezuela’s PDVSA 2020 8.5% bonds
Cladtek wins major pipe deal for Brazil’s Petrobras’ Búzios field
Cladtek has been awarded a contract by Allseas to supply 120 km of mechanically lined pipes (MLP) with anti-corrosive alloys for Petrobras’ Búzios field in Brazil’s pre-salt Santos Basin.
TotalEnergies advances local content programme in Suriname
TotalEnergies has completed a comprehensive Industrial Baseline Study in Suriname to evaluate the country's local supply chain capabilities, forming the foundation for the company's developing Local Content Programme.
Oil price increases could boost Mexico's public finances by $683mn per dollar rise
Mexico's federal finances stand to benefit from rising oil prices, with the Finance Ministry estimating an additional MXN13.1bn ($683mn) in revenue for every dollar increase in the price per barrel, according to General Economic Policy Guidelines.
Mexico to become oil importer by 2030 amid production decline, International Energy Agency warns
Mexico faces the risk of becoming a net crude oil importer by 2030 amid the world's largest production decline, the International Energy Agency (IEA) estimated in a report on June 24.
Mexico secures fuel production amid Middle East conflict, president says
Mexico is prepared for oil production volatility as Middle East tensions escalate and Iran threatens to close the Strait of Hormuz, a commercial route connecting regional crude producers with Asian, European and American markets
Baker Hughes boosts Guyanese employment through oil and gas
Baker Hughes announced that it achieved a notable localisation milestone in Guyana during 2024, with 55% of its workforce comprising Guyanese nationals.
Brazil’s petrol prices increase at the pump despite refinery cuts, says regulator
Average petrol prices at Brazilian fuel stations increased marginally last week despite refinery price reductions implemented by Brazil’s national oil company Petrobras earlier in June, according to the oil, gas and fuels regulator the ANP.
Latin American oil producers face production slump, Fitch Ratings reports
Fitch Ratings reported that Latin American oil and gas companies faced production headwinds in 2024, with aggregated output for Fitch-rated issuers declining 3% to 6.8mn barrels of oil equivalent per day
Brazil’s Petrobras mulls ethanol expansion as part of $2.2bn investment programme
Brazil’s national oil company (NOC) Petrobras is advancing a major ethanol initiative and plans to announce new partnerships in the renewable fuel sector by the end of this year as part of a $2.2bn investment programme spanning 2025-2029
Colombia's Ecopetrol declares Guamal field commercial amid 2.145bn barrel find
Colombia's state-controlled oil producer Ecopetrol has announced commercial viability for its Guamal petroleum field in the central Meta department, marking the nation's largest hydrocarbon discovery in recent years.
Blackout halts operations at Venezuela’s Cardón refinery, highlighting sector fragility
Venezuela’s Cardón refinery, the country’s second-largest fuel processing facility, was out of service on June 23 following a power outage, according to sources with knowledge of the situation
Venezuela’s Iran ties expose Maduro to new risks as Middle East tensions rise
The deepening crisis threatens to disrupt Venezuela’s already fragile oil industry, which relies on Iran for crude processing, marketing and the supply of diluents critical for domestic fuel production
Gold Reserve seeks US Treasury clarification as Citgo auction nears final stage
Gold Reserve Inc. has filed an emergency motion in a Delaware court requesting clarification from the US Treasury Department on the scope of a recently extended licence shielding Citgo Petroleum from creditor claims
Venezuela targets investment with claims of 30% increase in oil reserves
Speaking during his weekly broadcast, Nicolás Maduro claimed Venezuela now holds the largest verified oil reserves globally, highlighting newly opened investment blocks across both oil and gas segments
Venezuela eyes oil windfall as Strait of Hormuz tensions fuel market uncertainty
As fears mount over a potential closure of the Strait of Hormuz following US strikes on Iranian nuclear facilities, Venezuela is positioning itself to capitalise on possible oil price surges
Colombia's Ecopetrol declares seventh-largest oil field commercial after $452mn Repsol acquisition
Colombia's state-controlled oil giant Ecopetrol declared the commercial viability of its Lorito field on June 24, positioning the discovery as the nation's seventh-largest reservoir with estimated recoverable reserves of 250mn barrels.
Brazil’s Prio targets 200,000 bpd with eye on Gulf of Mexico expansion
Brazilian oil firm Prio expects to double its daily output in 2025 to over 200,000 barrels, up from 100,000 bpd in 2024, CEO Roberto Monteiro said.
Petro-Victory starts drilling AND-5 well in Brazil’s Potiguar Basin
Petro-Victory Energy Corp. has begun drilling the AND-5 well in Brazil’s Potiguar Basin, the company said in a press release. The operation, located in the 100%-owned Andorinha Field in Rio Grande do Norte.
Brazil approves early work on offshore gas pipeline project
Brazil’s Energy Research Company (EPE) has recommended early construction of an offshore gas pipeline linked to the Raia Project following a request by operator Equinor, the state-owned agency confirmed.
Wilson Sons goes fully renewable at Rio base in Brazil
Wilson Sons has begun operating its Rio Offshore Support Base in Guanabara Bay entirely on renewable energy, primarily wind and solar.
Brazil’s Petrobras pressure on fuel prices could ease if crude price falls sustained
Oil price declines following reports of a potential ceasefire in the Israel-Iran conflict have reduced pressure on Brazil’s national oil company Petrobras to adjust domestic fuel prices, according to industry analysis.
TotalEnergies outlines environmental measures for landmark GranMorgu project offshore Suriname
TotalEnergies outlined the cost-cutting and environmental measures it plans to implement in its GranMorgu project in Suriname, with the company allocating 30mn man-hours to the development.
Russia courts Mexico with LNG offer as energy ties with US face strain
Russia is pushing to boost energy ties with Mexico, offering LNG and tech support as the country faces ageing infrastructure, low output, and heavy reliance on US gas.
Argentina's Neuquén province hits all-time high in oil output
Neuquén province has achieved a new oil production milestone, extracting 468,682 barrels per day in May and surpassing its previous March record by 1.2%, according to National Energy Secretariat.
Pemex’s new sustainability drive comes amid regulatory crackdown on fuel stations
As Petróleos Mexicanos (Pemex) seeks to reposition itself in Mexico’s decarbonisation agenda, the broader energy sector is facing mounting regulatory scrutiny.
Mexico faces paradox of rising oil revenue and structural decline in output
Mexico faces a paradox: rising oil prices offer short-term relief, but weak production and refining threaten long-term energy sovereignty and fiscal stability.
Pemex faces operational breakdown amid delayed contractor payments
Mexico’s state oil company Pemex is grappling with a financial crisis that has left nearly $21bn in unpaid bills to contractors, sparking fears of operational paralysis in key oil-producing states such as Campeche, Veracruz, and Tabasco.
Natural gas expected to save Guyana $1mn per day on electricity costs
Guyana's government claims its natural gas-powered electricity generation project could deliver savings of $1mn daily, representing a transformative shift in the country's energy landscape.
Russia offers to supply LNG and energy technologies to Mexico
Concerns Trump could use Mexico’s energy dependence on US as leverage have caused the country to weigh gas imports from Russia.
OneSubsea wraps up key delivery for Brazil’s Petrobras Búzios field
OneSubsea, a joint venture between SLB, Aker Solutions and Subsea7, has completed delivery of subsea equipment for Petrobras’ Búzios 6-9 project in Brazil’s Santos Basin, the company said.
Colombia's Ecopetrol contracts the Wood Group for $1.2bn Barrancabermeja refinery initiative
Colombia's state-controlled energy company Ecopetrol has awarded John Wood Group a contract for engineering design services supporting its $1.2bn fuel quality enhancement programme at the Barrancabermeja refinery.
Canada's Gran Tierra Energy director to step down from board
Calgary-based Gran Tierra Energy will lose a decade-long board member as Peter Dey announces his departure from the company's board of directors effective at the end of June.
Mexico maritime chamber threatens operations halt over Pemex debt crisis
The Mexican Chamber for the Maritime Transportation Industry (CAMEINTRAM) has warned it may suspend operations due to prolonged payment delays from state oil company Pemex, Mexico Business News reported.
S&P identifies two Guyana oil wells among world's most significant
Two Guyana exploration prospects have secured positions among the world's most significant high-impact wells scheduled for drilling in 2025, according to S&P Global.
Japan's MODEC works to boost Guyana's local content in oil and gas
Japanese marine technology company MODEC voiced its commitment to Guyana's local content requirements, spending $3.4mn on goods and services from Guyanese suppliers in 2024.
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