LatAmOil - Latin America Oil & Gas
China feels Venezuela shock
The detention of Venezuela’s president Nicolás Maduro by US forces has disrupted China’s oil supply links with Caracas, raising uncertainty over crude flows, debt repayment and refinery costs.
US presses Venezuela to sever ties with China and allies
The administration of US President Donald Trump has informed Venezuela’s interim president, Delcy Rodríguez, that Caracas must end economic relations with China, Russia, Iran and Cuba as part of conditions for restarting oil production and sales.
Delcy Rodríguez’s calculated ascent reshapes Venezuela’s power centre
Former diplomats describe Rodríguez as firmly ideological but tactically flexible, with a clear grasp that any economic turnaround would hinge on reviving Venezuela’s oil industry
Fitch sees limited near-term upside for Venezuelan oil
Renewed US involvement in Venezuela could eventually help revive the country’s oil industry and open the door for American producers, if policy shifts allow greater foreign participation
Norway’s Equinor rules out return to Venezuela
Norway’s Equinor has no intention of resuming operations in Venezuela, with Chief Executive Officer Anders Opedal saying a return is not under consideration
Oil slides further after Trump flags Venezuelan crude shipments to US
Oil extended losses in early Asian trading on January 6 after President Donald Trump said Venezuela would send millions of barrels of crude to the US, with proceeds from the sales placed under his control
PDVSA says it is in advanced talks with US on crude sales
Petróleos de Venezuela SA said it is holding advanced discussions with the United States over the sale of crude oil, signalling a potential expansion of energy trade ties following the capture of Nicolás Maduro
Venezuela’s ultra-heavy and super-sour Orinoco sludge will be manna from heaven for US refineries for decades to come
Donald Trump’s grab of Venezuela’s oil is not just about making money. He is also grabbing an ultra heavy grade of highly sulphurous oil that is very difficult to refine. That sounds bad and normally it would be.
Rubio unveils three-phase plan for Venezuela
Secretary of State Marco Rubio outlined Washington's post-Maduro blueprint for Venezuela, unveiling plans to seize up to 50mn barrels of the country's oil whilst asserting what he called "tremendous control and leverage" over Caracas' interim regime
Guyana's oil and gas sector remains stable amid Venezuelan political upheaval
Guyana's Natural Resources Minister Vickram Bharrat confirmed that oil and gas operations remain unaffected despite the latest political developments in neighbouring Venezuela.
Chinese buyers cut Venezuelan crude intake as US blockade lifts prices
Chinese refiners have reduced purchases of Venezuelan crude after a narrowing price discount eroded the appeal of barrels from the sanctioned producer
Eni, Repsol chase $6bn as Venezuela oil deals unravel
The two companies jointly own the offshore Perla gas field and had provided fuel and diluents to state producer PDVSA, which relied on them to move its extra-heavy crude. Payment was made in oil.
Venezuela oil shipments to US set to continue as sanctions eased
Venezuela is set to ship sanctioned crude oil to the US on an open-ended basis after Washington agreed to selectively ease restrictions to allow the crude to be sold on international markets
French Maurel & Prom finalises $229mn Sinu-9 gas acquisition in Colombia
French oil and gas producer Etablissements Maurel & Prom completed the acquisition of a 61% working interest and operatorship in Colombia's Sinu-9 gas licence for total consideration of $229mn
Mexico posts highest petrol prices amongst world's 10 largest consumers with MXN10.28 tax burden per litre
Chevron stands alone in Venezuela exports
Venezuela loaded crude only for Chevron on Tuesday, while shipments handled by state oil company PDVSA for customers in China stayed suspended for a fifth day, according to shipping data.
US oil eyes Venezuela return
US oil companies could be “up and running” in Venezuela within 18 months, President Donald Trump said, following the removal of Venezuelan leader Nicolas Maduro.
Colombia links US Venezuela strike to oil control ambitions
Venezuelan authorities to turn over 30mn-50mn barrels of sanctioned crude to the US
US President Donald Trump announced on January 6 that Venezuelan authorities will turn over 30mn to 50mn barrels of sanctioned crude to the US, redirecting exports from China to the US.
Argentina overtakes Colombia as South America's fourth-largest oil producer
Argentina has overtaken Colombia to become Latin America's fourth-largest oil producer, driven by explosive growth in the Vaca Muerta shale formation.
Oil gains mask decline in Peru gas reserves and investment
Peru’s hydrocarbons sector shows mixed signals as modest gains in oil reserves contrast with falling gas availability and subdued investment levels.
Trump quietly signalled Venezuela oil push weeks ago, but US majors hold back
President Donald Trump hinted weeks ahead of Nicolás Maduro’s capture that sweeping changes were coming to Venezuela
Venezuela explores US crude sales as blockade strains PDVSA
Officials in Caracas and Washington are weighing options to channel Venezuelan crude to US refiners, a move that could ease mounting pressure on state producer PDVSA while reshaping long-standing trade flows dominated by China
Venezuela bonds rally on regime-change bets, Citi says upside remains
Prices rose by more than 2 cents on January 6, building on even stronger gains a day earlier, with the defaulted 2034 notes among the top performers
Venezuela’s opposition energy hub vision falters as US keeps distance
The proposal seeks to reverse years of output decline through sweeping liberalisation, including full access for private capital and the dismantling of PDVSA’s monopoly
Maduro’s ouster in Venezuela raises fears of deeper crisis in Cuba
Cuba confronted deepening economic uncertainty following the US military operation that captured Venezuelan President Nicolás Maduro, threatening to sever vital oil supplies that have sustained the island's struggling economy.
Maduro’s ouster puts Iranian energy claims from Venezuela in doubt
The capture of Venezuelan President Nicolas Maduro by the US has thrown into doubt Iran’s relations with one of its closest allies as well as its ability to recover billions of dollars in outstanding claims linked mainly to energy cooperation.
Repsol lines up $130mn investment at key Peru Amazon gas block
Spain’s Repsol is preparing a fresh upstream investment in Peru aimed at safeguarding long-term natural gas supply from one of the country’s most strategic production areas.
Peru moves to split Petroperú as debt and losses overwhelm state oil firm
Petroperú is no longer confronting a cyclical downturn but a balance-sheet rupture with systemic consequences for Peru’s public finances, energy security and institutional credibility.
Continental Resources and Pan American Energy to jointly develop four Argentine oil blocks
Continental Resources, the US shale pioneer founded by billionaire Harold Hamm, has partnered with Pan American Energy to accelerate development across four Vaca Muerta oil blocks.
Despite reserves, Venezuela produces little oil – STATISTA
On January 3, the US military conducted a series of strikes across northern Venezuela including in the capital, Caracas, and extrajudicially captured Venezuelan President Nicolás Maduro and his wife, Cilia Flores, Statista reports.
US firm Continental Resources receives approval for Argentine oil block
Neuquén Province has approved Continental Resources' entry into Vaca Muerta's Los Toldos II West block, bringing US unconventional exploration expertise to one of Argentina's key strategic shale areas.
Maduro’s capture sends shockwaves through China’s Venezuela oil ties
The arrest of Venezuela’s Nicolás Maduro by the US has unsettled geopolitics and injected fresh uncertainty into oil markets, with China — Caracas’s main strategic partner and crude buyer — closely tracking the fallout
Venezuela’s vast oil reserves come into focus after Maduro’s capture
The arrest of Nicolás Maduro and his wife, Cilia Flores, by US forces has thrown fresh uncertainty over the future of Venezuela’s oil industry, home to the world’s largest proven crude reserves
Venezuela bonds jump on US intervention bets despite restructuring risks
Venezuelan sovereign debt surged after the arrest of Nicolás Maduro by US authorities and Washington’s assertion that it would take temporary control of the country
Venezuela oil shipments slip past blockade as Chevron resumes exports
A wave of oil tankers has quietly departed Venezuela with tracking signals disabled, pointing to covert flows of crude and fuel even as a US naval blockade seeks to enforce a sweeping embargo
Venezuela curbs oil output as US blockade chokes exports and storage
Venezuela has started scaling back crude production after state-owned PDVSA ran short of storage capacity, underscoring the impact of a US oil blockade that has effectively frozen exports
Geopolitical volatility triggers OPEC+ retreat to market neutrality
The leading factions of the OPEC+ alliance have opted to maintain current crude production ceilings
Colombia's Ecopetrol assumes full control of Caribbean offshore gas blocks after Shell exit
Ecopetrol has taken full ownership and operatorship of several offshore gas exploration blocks in Colombia’s southern Caribbean after the National Hydrocarbons Agency formalised the transfer of Shell Ep Offshore Venture’s 50% stake
Frontera secures $120mn Chevron prepayment to reinforce Colombia liquidity
Frontera Energy Corp has agreed a $120mn crude prepayment and commercial supply arrangement with Chevron Products Company through its Colombian subsidiary, a move aimed at strengthening short-term liquidity and managing working capital
Indian Oil Corp turns to Colombian crude as Russia supplies tighten
Indian Oil Corp has purchased its first cargo of Colombian crude under an optional supply agreement with state-controlled producer Ecopetrol, as India’s largest refiner moves to diversify feedstock away from Russian oil
Octavio Barrera appointed Pemex upstream chief as output stagnates below 1.8mn barrel daily target
Pemex disclosed Octavio Barrera will helm its Exploration and Production division, replacing Ángel Cid who departs after directing one of the enterprise's most pivotal operations, Mexico Business News reported.
Japanese technical cooperation programme targets combustion optimisation at Mexico's Pemex Nuevo León refining facility
Pemex regularises supplier payments in Veracruz region, settling outstanding 2024 obligations totalling $83.9mn
Pemex has commenced regularising payments to suppliers in Veracruz's southern region, settling not only current 2025 obligations but also addressing debts accumulated in 2024, Mexico Business News reported.
Harbour Energy secures operational control of Mexico's 750mn barrel Zama offshore petroleum field
British independent petroleum enterprise Harbour Energy has obtained operational authority over Mexico's Zama offshore petroleum project following partner consortium approval, Offshore Technology reported.
Venezuela’s oil will cost US oil firms billions of investment before earning dollar one
US President Donald Trump says that the US will take over running Venezuela and get the oil sector back on its feet so everyone can “make lots of money.” But underinvestment and corruption means they will have to invest billions first.
Mexico's Pemex November crude export revenues halve as production misses government targets
Coastal Contracts consortium secures $1.14bn Pemex contract for Mexico's Ixachi gas field expansion infrastructure
Coastal Contracts secured a large-scale engineering, procurement and construction agreement with Pemex expanding its role in developing the Ixachi onshore gas field, one of Mexico's most strategic natural gas assets.
Pemex's debt instruments yield 24% gains as Mexican government's $41bn borrowing programme shores up oil company's finances
Mexico President defends Cuba petroleum shipments as sovereign prerogative amid Washington criticism
Mexico accelerates refined fuel self-sufficiency as Pemex import volumes fall 22% through October
Mexico's state oil company Pemex cut refined fuel purchases 22% during January through October 2024 versus the comparable 2023 period, averaging 414,000 barrels daily compared with 534,000 barrels daily previously
Brazil’s ANP sets course on reserves and fuels
Brazil’s Petrobras widens gas imports
Petrobras has received authorisation from Brazil’s oil and gas regulator ANP to import up to 20mn cubic metres per day of natural gas from Bolivia for a period of two years.
US intervention in Venezuela could slow Argentina's oil investments, government warns
Brazil’s Petrobras auctions retired platforms
Brazil’s Petrobras will auction two inactive offshore platforms as part of its decommissioning programme, offering the P-26 unit with a minimum bid of BRL1.5mn ($270,000) and the P-19 unit starting at BRL1.6mn.
ANP resets Brazil gas tariffs
Brazil’s hydrocarbons regulator ANP has approved changes to the natural gas transport tariff regime, setting rules for capacity contracting and a pricing model for entry and exit points.
Brazil’s Petrobras switches on Búzios boost
Petrobras has begun producing oil from the FPSO P-78 at the Búzios 6 project in Brazil’s Santos basin, adding new capacity to the country’s largest producing offshore field.
Argentina surpasses Colombia as Latin America's fourth-biggest oil producer
Argentina has overtaken Colombia as South America's fourth-largest oil producer, driven by surging Vaca Muerta shale output that now accounts for nearly 70% of national production.
Venezuela crisis draws India’s concern after US military action
New Delhi called on all parties to resolve differences through dialogue to preserve peace and stability in the region.
Rubio clarifies US role in Venezuela following Maduro capture
US Secretary of State Marco Rubio has said that Washington would control the direction of events in Venezuela rather than directly govern the country, seeking to clarify President Donald Trump's previous statements.
Gold hits record high near $4,500 as US-Venezuela tensions escalate
Gold surges to record $4,497.55 per ounce amid US-Venezuela tensions and dedollarisation trends, whilst silver achieves 141% annual gains reflecting supply deficits and strong industrial demand.
PDVSA restarts loading as US blockade threat keeps Venezuela exports stalled
Crude shipments have dropped sharply from the more than 900,000 barrels a day exported in November, following last week’s US seizure of a sanctioned tanker
Venezuela’s defence minister slams US Caribbean presence, warns of energy risks
Padrino said the region remains open to cooperation, trade and free navigation, rejecting the idea that it is closed to US interests.
US oil quarantine puts Venezuela’s sanctions-evasion network at risk
The administration’s partial embargo focuses on tankers already sanctioned by the US Treasury, threatening a system officials say funds Nicolás Maduro and supports the country’s fragile economy
Argentina opposes Falkland Islands' first offshore oil project as Rockhopper, Navitas reach FID
Argentina has vowed to oppose Rockhopper Exploration and Navitas Petroleum's $2.1bn final investment decision on the Sea Lion offshore oil field near the Falkland Islands.
LNG expansion threatens Colombia’s offshore gas projects, consultants warn
Colombia’s plans to expand liquefied natural gas import capacity risk undermining the economics of new offshore gas developments, as imported supply could cap prices and weaken demand for domestic output, industry consultants said
Trump tests oil industry appetite for a post-Maduro Venezuela
The Trump administration has discreetly approached US oil companies to gauge whether they would consider re-entering Venezuela in a post-Nicolás Maduro era
US blockade puts Russian naphtha shipments to Venezuela at risk
Russian exports of naphtha to Venezuela are coming under strain after US President Donald Trump ordered a blockade of sanctioned tankers entering or leaving the country
Chevron’s Venezuela deal faces scrutiny as sanctioned trader benefits
Internal data from PDVSA showed that an oil trading firm tied to a sanctioned Panamanian businessman has sold all of the crude the Venezuelan state received from Chevron’s largest field since exports resumed this summer
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