LatAmOil - Latin America Oil & Gas
US lawmakers probe who benefits from Venezuelan oil under new export regime
US lawmakers are demanding greater transparency over Venezuela’s oil exports after Washington assumed control of the country’s crude sales following the capture of Nicolás Maduro earlier this month
Valero expands Venezuelan crude intake as heavy oil becomes core feedstock
The company said it has sourced oil from all three sellers authorised by the US government, with volumes set to make up “a pretty large part” of its heavy crude intake through February and March
Citgo returns to Venezuelan crude as US-Caracas energy ties thaw
The US refiner has bought about 500,000 barrels of Venezuelan heavy crude for delivery in February, according to two people familiar with the transaction, who asked not to be identified
Venezuela steps up dollar sales as oil revenue deals with US take shape
Venezuela’s central bank said it has begun offering an additional $200mn in foreign currency to the local market, extending a series of dollar injections funded by hydrocarbon exports
US replaces Russia as Venezuela’s sole naphtha supplier
Naphtha cargoes bound for Venezuela in January have come exclusively from the US Gulf Coast, marking a sharp break from a trade that had been dominated by Russian supply
Venezuela's parliament approves oil sector privatisation in historic reversal
Venezuela's National Assembly has backed a fundamental restructuring of the country's oil sector, driving the final nail into more than two decades of socialist policies that prioritised state control over the industry.
Rodríguez says US unfreezes Venezuelan assets after talks with Trump administration
Venezuela’s interim president, Delcy Rodríguez, said assets held in the United States have begun to be unfrozen following diplomatic contacts with the administration of President Donald Trump
Arrow Exploration advances Colombia output after Mateguafa well tests
Canadian Arrow Exploration has reported mixed appraisal results at its Mateguafa Attic field in Colombia’s Llanos Basin, as the company seeks to expand production and sustain cash generation
Brazil’s Petrobras expands oil reserves by 6%, discovering 1.7 barrels for each one produced
Petrobras increased its proved oil and gas reserves by 6% in 2025, reaching 12.1bn barrels of oil equivalent, as additions from pre-salt fields more than offset production.
Chile’s ENAP posts record $848mn profit in 2025 as margins and costs align
Chile’s state-owned oil company ENAP reported a sharp rise in earnings in 2025, underlining the strategic role hydrocarbons continue to play in the country’s energy mix despite the push towards decarbonisation.
US steps up pressure on Cuba after Trump signals end to Venezuelan support
US President Donald Trump said that Cuba was “very close to failing”, arguing that the island was no longer receiving oil or financial support from Venezuela, as Washington intensified pressure on Havana following recent developments in Caracas
Argentina seeks to halt US court discovery process in $16bn YPF dispute
Argentina has filed a motion with a New York court to suspend proceedings in which plaintiffs are attempting to identify national assets that could be seized if a ruling ordering the state to pay $16.1bn is upheld.
Guyana records 260 oil lifts during 2025
Guyana advances governance framework for petroleum sector
Woodside invests $884mn in Mexico's deepwater Trión field
IMF warns Suriname's policy slippages threaten stability ahead of oil boom
The International Monetary Fund warned on January 28 that fiscal and monetary policy slippages in Suriname have eroded earlier progress towards macroeconomic stability, just as the small South American nation gears up for large-scale oil production.
Trump's Venezuela oil plan threatens Mexico's Pemex production, exports
Both countries primarily produce heavy sour crude.
Venezuela courts oil majors, service firms
This comes as legislative changes are mulled.
US control of Venezuela oil risks debt clash with China
American oversight of Venezuelan petroleum exports has trapped oil cargoes that Beijing was using to service debt, potentially creating a superpower confrontation that could complicate the South American nation's path out of default.
Venezuela receives additional $200mn from hydrocarbon sales
Colombia's Ecopetrol, Frontera Add 18MW from Quifa solar project in Colombia
Ecopetrol and Frontera Energy will incorporate 18 megawatts of capacity from the Quifa solar farm in eastern Colombia during the first quarter of 2026, strengthening their self-generation capacity and advancing the country’s energy transition
Colombia’s TGI Signs Deal With Hocol for LNG regasification plant in La Guajira
Colombia’s Transportadora de Gas Internacional (TGI), a unit of Grupo Energía Bogotá, has signed a connection and access agreement with Hocol, an Ecopetrol subsidiary, to install a liquefied natural gas regasification plant in La Guajira
Chevron ramps up Venezuelan crude flows to US
Chevron Corp. has sharply increased shipments of Venezuelan crude to the US, deploying its largest tanker fleet in nearly a year as Washington deepens its oversight of the country’s oil sector following the capture of Nicolás Maduro
Venezuela debt rally signals opening for historic restructuring after Maduro ouster
Venezuelan bonds, long treated by investors as a speculative bet on a deeply troubled economy, surged after a pre-dawn US operation in Caracas removed President Nicolás Maduro, reviving expectations of a sweeping debt overhaul
PetroChina steps back from Venezuelan crude as US takes control of exports
The move marks another pause in what was once a key supply relationship. Until early 2019, PetroChina was Venezuela’s largest single crude buyer, before US sanctions forced a halt to imports
Venezuela prepares to resume LPG exports under US-backed oil deal
Vitol and Trafigura were granted the first US licences earlier this month to handle cargoes tied to the roughly $2bn agreement, which seeks to draw down inventories that accumulated after the US imposed an oil blockade in December
Venezuela's oil prospects fraught with difficulties, says Fitch
Venezuela’s hopes of reviving its long-struggling oil industry have gained fresh momentum following recent US actions, but a ratings agency is warning that any recovery will be slow, costly and fraught with structural challenges.
Trinidad targets 2027 start for Venezuelan gas despite political upheaval
Shell and Trinidad's state gas company continue planning for a Venezuelan offshore project that officials say could begin flowing gas by late 2027 despite recent political changes in Caracas.
Venezuela's oil reform fails to lure US majors despite push for private investment
Venezuela's interim government has fast-tracked changes to the country's hydrocarbon law in a bid to attract foreign capital to its battered oil industry, but major US producers remain reluctant to commit billions of dollars amid uncertainties.
Chevron signals willingness to support Venezuela oil reform talks
Chevron’s representative in Venezuela said the US oil producer is ready to keep contributing its operational experience as the country moves forward with plans to overhaul its hydrocarbons framework
ExxonMobil installs monitoring system for Guyana subsea pipeline
Mexico’s Pemex increases fracking exploration investment 66%
Mexico President declines to deny halting oil shipments to Cuba
Mexican President Claudia Sheinbaum refused to deny on 27 January 2026 that her government had suspended oil shipments to Cuba, describing export decisions as sovereign matters unrelated to pressure from Washington, Reuters and El País reported.
Oil becomes main driver of Guyana's economy, funding national budget
Guyana's Finance Minister Ashni Singh projected 16.2% GDP growth for 2026 as offshore crude production accelerates, with oil revenues set to fund nearly one-third of the national budget.
Indian firm beats Argentina's Techint in $200mn Vaca Muerta pipeline tender
India's Welspun Corp has secured a contract worth just over $200mn to supply pipes for Argentina's Vaca Muerta liquefied natural gas project, defeating local steel giant Tenaris.
Brazil's Petrobras cuts gas prices 7.8%, sees long-term potential in Venezuela exploitation
Brazil's state-owned oil company Petrobras has announced a 7.8% reduction in natural gas prices for distributors while a senior executive said the company sees exploration potential in Venezuela despite saying it is not the right time.
Venezuela's interim leader liberalises economy but critics warn of 'dictatorship without Maduro'
Venezuela's interim president Delcy Rodríguez is rapidly liberalising the economy while maintaining strict political control, prompting warnings from analysts and former US officials that Washington may be willing to accept authoritarian rule.
Cuba tourism slumps as sanctions and fuel risks weigh on economy
Trinidad and Tobago's Atlantic LNG to remove one liquefaction train later this year
Trinidad and Tobago’s Atlantic LNG facility will commence removing one liquefaction train from operations in the fourth quarter.
Ecuador raises fees on Colombian oil transit as trade dispute escalates
Ecuador has increased the tariff for transporting Colombian crude through its main state-owned pipeline from $3 to $30 per barrel, in a move linked to escalating trade and energy tensions with Bogotá
Brazil's ANP grants Mandacaru 60-day extension to start production at Sergipe gas field
Brazil's oil and gas regulator ANP approved a 60-day extension for Mandacaru Energia to begin production at the Dó-Ré-Mi natural gas field in the Sergipe Basin.
Brazil’s Raízen seeks up to $1.5bn capital raise but funding sources unclear
Brazilian biofuels and energy company Raízen is estimated to seek a capital increase of between $1bn and $1.5bn as part of its restructuring efforts, but the sources of funding remain uncertain.
Venezuela courts oil majors as parliament weighs hydrocarbons law rewrite
Venezuela’s interim president Delcy Rodríguez met with executives from oil companies including Repsol, Chevron and Shell
US weighs broad sanctions licence to accelerate Venezuela oil revival
The move is intended to streamline approvals after a flood of licence requests from companies seeking to operate alongside state-owned PDVSA.
Venezuela oil law revamp falls short of capital needed for sector overhaul
Venezuela’s proposed overhaul of its hydrocarbons law is designed to ease the expansion of companies already operating in the country and draw in fresh investors
Venezuela banks resume FX interventions with backing of private sector after oil cash inflows from US trade
Venezuela’s banking sector has restarted foreign-exchange interventions after more than a month on hold, following the arrival of fresh hard-currency inflows linked to renewed oil trade with the US.
Brazil's regulator approves 17 blocks for production-sharing auction, excludes Mahogany
Brazil's oil and gas regulator ANP approved the inclusion of 17 exploratory blocks in a new version of its Permanent Sharing Offer tender, bringing the total draft to 25 blocks.
Brazil's regulator okays Petrobras deepwater plan for Sergipe, extends contracts to 2057
Brazil's oil and gas regulator approved state-owned oil company Petrobras' development plan for deepwater fields in Sergipe and exceptionally extended concession contracts for the areas before production begins, guaranteeing three decades of output.
Peru appoints Deloitte to restructure Petroperú amid $5bn debt and Talara refinery scrutiny
Peru’s government has appointed Deloitte to lead a restructuring of state-owned oil company Petroperú.
Argentina inks major LNG export agreement to position Río Negro as energy hub
Argentina's Río Negro province has signed an agreement with state-owned YPF SA and Argentina LNG SAU to develop a massive liquefied natural gas export project that aims to make the country one of the world's top ten LNG exporters.
Bolivia’s gas revenues slump 42% as YPFB downturn deepens fiscal strain
Bolivia’s deepening energy downturn is accelerating pressure on public finances, after state energy company Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) reported a sharp collapse in hydrocarbon revenues.
White House weighs technocratic council as Venezuela fallback plan
The White House is quietly developing contingency plans for Venezuela that prioritise preventing state collapse over democratic outcomes, exploring the possible installation of a technocratic emergency council should the Rodriguez government falter.
Brazil’s Embraer eyes Argentina crops for ethanol
Embraer has signed an agreement with an Argentine ethanol producer to assess the introduction of its Ipanema crop-spraying aircraft in Argentina, marking its first move to take the agricultural aviation business outside Brazil.
YPF and Pluspetrol conduct asset swap in push for Argentine LNG exports
YPF and Pluspetrol have executed an asset swap agreement that consolidates both companies' positions in Vaca Muerta whilst strategically realigning holdings to advance Argentina's LNG export ambitions.
Shell mulls exit from Argentina's Vaca Muerta shale formation
Shell is exploring the sale of its Vaca Muerta assets just as international interest in the Argentine shale formation intensifies.
Cuba turns to African fuel shipments as Venezuelan oil supplies fade
Cuba has begun sourcing fuel from Africa as traditional oil supplies from Venezuela decline sharply, deepening pressure on the island’s power system, according to satellite-tracking data
Baker Hughes sees Venezuela upside but ties expansion to legal clarity
Baker Hughes said Venezuela could become a meaningful source of revenue, though any scale-up would hinge on firm guarantees around security, workforce protection and a clearly defined legal and regulatory environment
Former presidential candidate warns Venezuela reset may stop at oil deal
Henrique Capriles Radonski has re-emerged as a key voice in Venezuelan politics after taking a seat in the new National Assembly following the removal of Nicolás Maduro
Delcy Rodríguez backs hydrocarbons law reform to drive growth for Venezuela
Venezuela’s proposed reform of its Organic Hydrocarbons Law will underpin economic growth while safeguarding state ownership of the country’s energy resources, acting president Delcy Rodríguez said
SLB signals Venezuela expansion as clients eye return
SLB is preparing to scale up activity in Venezuela and is fielding approaches from customers weighing a return to the country, according to comments from Chief Executive Officer Olivier Le Peuch
US policy shift clouds court-ordered sale of Venezuela-owned Citgo
Efforts by the United States to exert greater control over Venezuela’s oil sector are complicating the court-mandated auction of Citgo, the US refiner owned by the South American country’s state oil group
US naphtha deliveries mark early step in Venezuela’s heavy oil restart
US-sourced naphtha has begun arriving in Venezuelan waters, a concrete early move toward reviving the country’s long-impaired heavy crude production
US explores rapid oil revival plan for Venezuela with Chevron and service giants
The US is holding talks with Chevron Corp. and leading oilfield service providers on a pared-down strategy to lift Venezuelan crude output quickly, sidestepping the enormous capital required for a full industry overhaul
Venezuelan oil heads back to Europe as Trump administration pushes sales
Shipping data shows the tanker Poliegos sailing to load oil in Venezuela before heading to an Italian port, with Vitol Group listed as the cargo owner
Brazil’s Petrobras cuts petrol price
Brazil’s Petrobras said it lowered the selling price of petrol A to fuel distributors by 5.2% from January 27, reducing the average price to BRL2.57 ($0.48) per litre, a cut of BRL0.14.
Mexico mulls Cuba oil halt as US sanctions risks rise
Mexico's government is internally reviewing whether to continue petroleum shipments to Cuba as President Claudia Sheinbaum's administration confronts mounting concerns that maintaining the policy could provoke US retaliation
First Venezuelan oil cargo sails directly to US under new supply arrangement
A tanker loaded with Venezuelan crude has departed directly for a Louisiana port, marking the inaugural shipment to reach the United States without Caribbean transfer under Washington's control of the South American nation's petroleum sales
US control of Venezuela oil risks debt clash with China
American oversight of Venezuelan petroleum exports has trapped oil cargoes Beijing was using to service debt, potentially creating a superpower confrontation that could complicate the South American nation's path out of default
Venezuelan oil exports under US deal progress slowly amid pricing disputes
Venezuelan petroleum sales under a $2bn US agreement have reached just 7.8mn barrels, with refiners refusing to pay the prices trading companies demand, Stabroek News reported.
US refuses security guarantees for oil companies operating in Venezuela
The US will not provide security guarantees for oil companies operating in Venezuela despite encouraging industry re-engagement with the country's oil sector, senior administration officials told oil executives.
Trump says US has seized Venezuelan oil from seven tankers, declines to reveal locations
President Donald Trump said the US has taken Venezuelan oil from seven recently seized tankers but declined to disclose the vessels' locations, stating the crude is being processed at US refineries as Washington seeks control over Venezuela's oil.
Venezuela advances oil law reform to loosen state control over industry
Venezuela's parliament has advanced legislation to reduce state control over its oil sector and expand private participation, breaking with principles established during President Hugo Chávez 2006 nationalisation.
YPF and Pluspetrol agree asset swap to accelerate Vaca Muerta LNG development
Argentine oil companies YPF and Pluspetrol have agreed to swap assets in the Vaca Muerta shale formation, strengthening their positions in strategic blocks as the country pursues liquefied natural gas export ambitions, the companies announced.
Stena Carron drillship achieves record performance offshore Guyana
Stena Drilling's drillship Stena Carron achieved record operational results offshore Guyana in 2025, completing a 17-well top-hole campaign with seven wells drilled in under three days.
ExxonMobil continues developmental drilling at Liza Phase 2 project offshore Guyana
ExxonMobil Guyana is continuing developmental drilling operations at its Liza Phase 2 project in the Stabroek Block, with a campaign that began on January 18 and will run through February 28, according to the Maritime Administration Department.
TotalEnergies consortium completes $15mn signing bonus for Guyana's Block S4
A consortium led by TotalEnergies completed a $15mn signing bonus payment to Guyana in December for exploration rights to offshore Block S4, marking the first such payment deposited into the country's Natural Resource Fund since its establishment.
Argentina ships first US-bound crude oil cargo via new Trafigura pipeline
A tanker carrying 71,000 cubic metres of crude oil from Argentina's Neuquén Basin has departed for the United States through a newly constructed pipeline,marking the first major export via infrastructure designed to unlock shipments from Vaca Muerta
Brazil’s Petrobras signs major supply deals with Indian refiner, Norwegian shipper
Brazilian state-owned oil company Petrobras is set to sign a $780mn crude supply contract with Indian refiner Bharat Petroleum Corporation Limited.
Brazil's regulator to review Petrobras' Sergipe deepwater plan in second approval attempt
Brazil's oil regulator ANP will evaluate Petrobras' revised development plan for the Sergipe-Deepwater project at its first board meeting of 2026 on January 26, in its second attempt to unlock one of Brazil's largest gas projects.
Trump tightens grip on Venezuelan oil revenues as trading interest grows
The White House has established a dedicated fund to receive income from crude sales, with payments routed through US-controlled accounts and disbursed at the president’s discretion
US rules out troop protection for oil firms as Venezuela reopens to investment
The Trump administration does not intend to provide direct security for oil companies operating in Venezuela, Energy Secretary Chris Wright said, pushing back against speculation that US troops could be deployed to address safety concerns
Valero, Phillips 66 buy Venezuelan crude in first US refinery deals since Maduro ouster
Valero Energy Corp. has purchased a cargo of Venezuelan crude, marking one of the first transactions by US Gulf Coast refiners under Washington’s agreement with Caracas to allow exports of up to 50mn barrels
Venezuela’s vast oil reserves face scrutiny as investment interest grows
Venezuela’s assertion that it holds more than 300bn barrels of oil continues to be challenged by industry specialists, even as the figures underpin renewed interest from the White House and major oil producers
Trafigura makes first Venezuelan crude sale under US-backed supply deal
Trafigura has completed the sale of its first cargo of Venezuelan crude under a supply agreement that allows up to 50mn barrels to be exported following Nicolás Maduro’s capture
Venezuelan tankers surface near Puerto Rico following US seizures
The vessels — the supertanker M Sophia and the smaller Galileo — were spotted by witnesses and confirmed by data from Tankertrackers.com after weeks of uncertainty following their detention
Colombia to use first global fossil-fuel transition summit to launch permanent platform
Colombia plans to use the world’s first global conference dedicated to moving away from fossil fuels to launch a permanent international platform aimed at accelerating the phase-out of coal, oil and gas
Brazil backs offshore vessels build
Brazil’s government has approved BRL2.3bn ($430mn) in financing to build 6 vessels for offshore oil and gas support operations at a shipyard in Santa Catarina state, the Ministry of Ports and Airports said.
Brazil’s Eneva adds new gas field
Eneva said it has declared the commerciality of the Colinas gas discovery in Brazil’s Parnaíba basin, marking the first such declaration in the country this year, according to information released by the company.
Venezuela forecasts 37% revenue increase from US-administered oil sales
Venezuelan interim President Delcy Rodríguez projected government revenue will surge 37% during 2026 following petroleum export agreements brokered after former President Nicolás Maduro's capture by US forces earlier in January.
Mexican analysts warn Venezuela oil revival threatens country's energy market position
US controls Venezuelan oil pricing to China after Maduro's removal
The United States is permitting China to purchase Venezuelan petroleum but insists on higher prices than Beijing paid under former president Nicolás Maduro's administration, a US official stated on January 22, the South China Morning Post reported.
Vitol taps onshore tanks to move Venezuelan crude as exports stall
Vitol Group has lifted its first cargo of Venezuelan oil directly from onshore storage, a step aimed at unclogging logistics and creating room for higher output after exports slumped
Trump uses Davos stage to hail Venezuela oil deal after Maduro capture
Donald Trump used his appearance at the World Economic Forum in Davos on January 21 to underscore a sharply transactional approach to global politics
Halliburton signals readiness to return to Venezuela as oil plans take shape
Chief executive officer Jeffrey Miller said oil and gas are critical for Venezuela, noting the US company has operated there since 1938, despite pulling out in 2019 after sanctions were imposed
Venezuela business group backs FX measures as oil cash returns to economy
Interim president Delcy Rodríguez said the country has already received $300mn from crude exports under a 50mn-barrel supply agreement with Washington
US sees scope for 30% lift in Venezuela oil output, US energy secretary tells executives
Venezuela’s oil production could rise by as much as 30% from current levels of about 900,000 barrels per day (bpd) over the short to medium term
US seizes seventh Venezuela-linked oil tanker in Caribbean sanctions drive
The vessel, identified as the Sagitta, was detained as part of Operation Southern Spear, the military said
Venezuela banks resume FX interventions after oil cash inflows from US trade
Venezuela’s banking sector restarted foreign-exchange interventions on January 20 after more than a month on hold, following the arrival of fresh hard-currency inflows linked to renewed oil trade with the US
Venezuela lawmakers advance hydrocarbons overhaul
Parliamentary speaker Jorge Rodríguez said the bill, promoted by acting president Delcy Rodríguez, is designed to speed up gains in production from the OPEC member
Fire at major Mexican oil refinery is challenge for Pemex
Venezuela pitches new crude law to lure private investment, potential oil investors want more control
Venezuela’s interim president Delcy Rodríguez moved to court oil companies by unveiling a revamped Hydrocarbons Law designed to attract private capital and accelerate crude exports.
Venezuelan crude re-emerges in Caribbean as US reshapes oil trade
Ship-tracking data show that two vessels unloaded about 2.5mn barrels of Merey crude over a recent weekend into storage facilities in Saint Lucia and Curaçao, which are being used as transit hubs for onward sales
Fitch warns Venezuela oil revival faces long road despite sanctions relief
The ratings agency said that even with the sale of stored crude and a potential easing of sanctions, production would struggle to rise much beyond 1mn barrels per day in the short term, with little impact on global supply
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