LatAmOil - Latin America Oil & Gas
Brazil’s COP30 draft presses for fossil fuel exit
Three years initial exploration set for Guyanese deal of TotalEnergies, QatarEnergy, and Petronas
TotalEnergies, QatarEnergy, and Petronas have finalised a production sharing agreement (PSA) for Guyana's offshore Block S4, establishing a three-year initial exploration period with potential for a two-year extension.
Argentina's YPF secures $700mn loan from international banks
Argentina’s national oil company YPF has secured a $700mn loan from a consortium of international banks, including Spanish institutions Santander and BBVA, to support its expanding operations in the Vaca Muerta shale formation.
COP30 will likely not produce roadmap to transition from fossil fuels
UN climate talks are nearing an end with battle lines drawn over fossil fuels, as dozens of countries demanded a roadmap to phase out oil, coal and gas in the face of fierce resistance.
Brazil’s Petrobras reports significant oil find
Brazil’s Petrobras said it had detected oil in the post-salt section of the Campos Basin during drilling at an exploration well in the Sudoeste de Tartaruga Verde block.The find is significant - it is post-salt and apparently high-quality.
Cuba faces worsening outages as Venezuela, Mexico supplies fall
Cuba's oil and fuel imports fell 35% during the first 10 months of 2025 as key suppliers Venezuela and Mexico curtailed shipments, leaving the Caribbean nation unable to alleviate power cuts exceeding nine hours daily in the capital
Venezuela highlights rising energy output as government touts new alliances
Venezuela’s government says domestic efforts are driving a steady recovery in oil, gas and fuel production, signalling what officials describe as a more resilient energy sector backed by new investment partnerships
Bank of America predicts Mexico's Pemex will need state support through 2027
Bank of America has forecast that Pemex will continue requiring government backing in 2027, the year Sheinbaum's administration projects the oil company will face its financial obligations alone.
Trump extends Mexico tariff deadline as Bank of America sees Mexico's Pemex needing state support through 2027
US Continental Resources enters Argentina's Vaca Muerta
US fracking pioneer Continental Resources is entering Argentina's Vaca Muerta shale formation through an agreement to acquire 90% of Pluspetrol's Los Toldos II Oeste Joint Venture.
Colombia's Ecopetrol targets 90% investment execution
Colombia's state-controlled energy company Ecopetrol anticipates reaching approximately 90% of its $6.3bn investment programme for 2025, with prospects to complete five additional exploratory wells beyond its initial target
Colombian natgas producer Canacol Energy posts $18.7mn profit
Canacol Energy reported third-quarter net income of $18.7mn, an 80% increase from the year-earlier period, whilst grappling with a 24% decline in contractual natural gas sales volumes and deteriorating liquidity
Brazil’s Petrobras reports new high-quality oil find
Brazil’s Petrobras said it had detected oil in the post-salt section of the Campos Basin during drilling at an exploration well in the Sudoeste de Tartaruga Verde block.
Maduro's days look numbered. Venezuela's chaos may be just beginning
The drumbeat of war grows louder in the Caribbean as the US masses its largest military deployment since the Panama invasion. Trump wants Maduro gone — but fears Venezuela could become another Libya.
Argentina eliminates export duty on petroleum-derived oils and lubricants
Argentina's government has eliminated the 8% export duty on petroleum-derived oils and lubricants, aiming to boost foreign sales and strengthen business competitiveness in the industrial sector.
Vista Energy to inject $4.5bn into Argentine output amid midterm election optimism
Vista Energy has unveiled an ambitious $4.5bn investment plan for Argentina's Vaca Muerta formation over the next three years, targeting a 60% production increase to reach 180,000 barrels of oil equivalent per day by 2028.
Chevron to triple Argentine oil production, seeks tax reforms
Colombia's Ecopetrol targets 90% execution on $6.3bn investment programme
Colombia's state-owned energy producer Ecopetrol anticipates completing roughly 90% of its $6.3bn capital expenditure plan for 2025 and may drill as many as five additional exploratory wells beyond its initial target
Frontera Energy plans Colombian infrastructure separation to unlock value
Frontera Energy Corporation disclosed intentions to separate its Colombian infrastructure operations into an independent entity, establishing two distinct companies through a transaction anticipated to complete during the first half of 2026
Colombia prohibits oil and mining operations across entire Amazon region amid COP 30 negotiations
Colombia designated its complete Amazon territory as a protected zone prohibiting future oil, gas and large-scale mining activities, becoming the first Amazonian nation to implement such comprehensive restrictions
Colombia oil sector investment projected to contract in 2026
Private hydrocarbon investment in Colombia will decline again in 2026 as operators concentrate on existing contractual commitments whilst deferring exploration activities until after presidential elections in August
Venezuelan non-oil exports pick up as firms push into new markets
Venezuela’s non-traditional export sector delivered a stronger performance in the first half of 2025, with overseas sales rising 5.58% from a year earlier and generating more than US$1.1bn, according to the country’s exporters’ association
COP30: Record number of fossil fuel lobbyists descend on UN climate talks
UN climate talks have entered their second week with battle lines drawn over fossil fuels, as dozens of countries demanded a roadmap to phase out oil, coal and gas in the face of fierce resistance from producers and oil lobbyists.
Canada's Frontera Energy plans infrastructure spin-off in Colombia
Canadian energy company Frontera Energy announced plans to separate its Colombian infrastructure business through a spin-off transaction creating two independent entities: Frontera Exploration & Production and Frontera Infrastructure
Colombia's Ecopetrol profit falls 32% on lower oil prices, infrastructure disruptions
Colombia's state-owned Ecopetrol reported a 32% decline in net profit to COP7.5 trillion ($2.0bn) for the first nine months of 2025 compared with the same period last year
Colombia leads push for fossil fuel phase-out declaration at Brazil Climate Summit
Colombia is spearheading a political declaration at the United Nations Climate Change Conference (COP30) in Belém, Brazil, urging nations to transition away from fossil fuels in alignment with the Paris Agreement's 1.5°C global temperature limit
Chevron seeks tax relief; wants to triple Argentine production
Chevron has called on Argentina's government to implement tax reforms and relax capital controls as the energy giant seeks to triple its production in the country's Vaca Muerta shale formation over the next decade.
Pluspetrol to sell three hydrocarbon blocks in Argentina
Argentina's Pluspetrol has initiated the sale of three Vaca Muerta blocks acquired from ExxonMobil in 2024 for $1.7bn, seeking to concentrate capital on its highest-potential developments in the formation.
Trinidad’s Touchstone reports lower quarterly earnings as gas-weighted
Touchstone Exploration posted mixed third-quarter results, with higher production volumes offset by weaker realisations and reduced operating margins
China's CNOOC signals deeper push Into Trinidad’s energy sector
China National Offshore Oil Corporation is exploring a larger role in Trinidad and Tobago’s upstream industry after senior executives held talks with the government.
Venezuela posts highest quarterly oil output in five years
The country pumped an average of 1.095mn barrels per day (bpd) between July and September, a 17.3% rise from the same period in 2014, when volumes stood at 933,000 bpd
Brazil’s Petrobras awards PXGEO two OBN seismic contracts in Santos Basin
PXGEO has been awarded two contracts by a consortium led by Brazil’s state-owned oil company Petrobras to deliver seismic data acquisition and monitoring services in the Santos Basin offshore Brazil
Brazil's PPSA plans oil and gas auctions for 2026
Brazil's state-owned Pré-Sal Petróleo SA (PPSA) is preparing to hold auctions to sell oil and gas in 2026, with an oil auction scheduled for July and a gas tender planned for the first half of the year.
Brazil’s Petrobras weighs lower capex despite strong results, accelerated investment pace
Brazil's state-owned oil producer Petrobras is weighing a reduction in capital spending to $106bn for its next five-year plan, reflecting bearish expectations for crude prices.
Brazil’s Petrobras signs first small-scale LNG contract for Amazon gas supply
Petrobras and Amazônica Energy have signed the first contract for sale of natural gas from the Urucu Cluster for small-scale commercialisation of liquefied natural gas (LNG) in Amazonas state
Judge rejects Venezuela and Gold Reserve bid to halt Citgo-linked auction
A US federal judge has dismissed attempts by Venezuela and miner Gold Reserve to remove him, a court-appointed officer and two advisory firms from the court-run auction of PDV Holding, the parent company of Citgo Petroleum
Brazil exploration and production capital spending set for $31.4bn in 2026
Brazilian exploration and production (E&P) capital expenditure is projected to hit $31.4bn in 2026, based on estimates from oil and gas regulator the ANP.
EXPLAINER: Lukoil scrambles to sell its international operations
Time is running short for Russia’s second-biggest oil producer to divest its vast international business, after it was hit with US sanctions that will soon render its assets outside Russia effectively inoperable.
Brazil’s PRIO secures operatorship of key offshore oil field
Equinor has completed the transfer of its operated stake in Brazil’s Peregrino field to PRIO. The deal gives the Brazilian company full control of the asset through the purchase of a 40% interest.
Latin America will be key driver of non-OPEC+ supply through 2030
South America is emerging as a cornerstone of future global oil supply, with offshore projects in Brazil, Guyana, and Suriname - and Argentina’s Vaca Muerta shale play - poised to deliver cost-competitive barrels through the end of the decade.
Oil production in hot seat at COP 30 in Brazil
Brazil will use some of its oil revenues to fund the energy transition, says its president. But fossil fuel use still looms large over COP 30, the annual UN climate meet and the world’s largest.
Colombia's state energy firm Ecopetrol reshuffles leadership
Ecopetrol appointed Juan Carlos Hurtado Parra as executive vice president of hydrocarbons and confirmed Rodolfo Mario García Paredes as chief compliance officer, effective November 16, the company's board of directors announced
Colombia moves to raise tariffs on imported cars
Colombia’s Ministry of Trade, Industry and Tourism Diana Marcela Morales Rojas, published a draft decree proposing higher import tariffs on petrol- and diesel-powered cars and motorcycles
Ecuador cuts gasoline prices days before controversial referendum
Ecuador's government announced that prices for low-octane gasoline will decline by seven cents per gallon starting November 12, in a move that comes five days before a contentious referendum on constitutional reform
Canada's Arrow Exploration strikes oil at Mateguafa field in Colombia
Arrow Exploration successfully brought its Mateguafa-5 well into production in Colombia's Llanos Basin, delivering initial output of 570 barrels of oil per day gross at heavily restricted operational parameters
TotalEnergies-led consortium signs production sharing contract for Guyanese offshore block
TotalEnergies, QatarEnergy, and Petronas have signed a production sharing contract for Block S4 offshore Guyana, marking TotalEnergies' entry as an operator in the South American nation's booming energy sector.
Colombia's Ecopetrol shareholders approve workers board seat in historic corporate governance shift
Ecopetrol shareholders approved a statutory reform enabling worker representation on the state oil company's board of directors for the first time, with 91.1% backing the measure at an extraordinary assembly on November 11 held at Corferias in Bogota
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