LatAmOil - Latin America Oil & Gas
BP estimates 8bn barrels at Brazil's Bumerangue discovery
UK oil major BP estimates its Bumerangue discovery in Brazil's Santos basin holds around 8bn barrels of liquids in place, split evenly between oil and condensate.
Brazil’s Petrobras posts record Q4 oil exports as client base diversifies
Brazilian state-owned oil firm Petrobras posted record exports of 1.2mn barrels per day (bpd) of oil and derivatives in the fourth quarter of 2025, a surge of about 79% from the same period a year earlier.
Citgo sale delay freezes major decisions as Treasury review drags on
A Delaware judge approved a $5.9bn bid late last year from Amber Energy, an affiliate of Elliott Investment Management, following a prolonged auction process, but the transaction still requires clearance from the US Treasury Department
Venezuelan bondholders hire Houlihan Lokey ahead of debt talks
The selection followed several weeks of deliberations, though a formal mandate has yet to be finalised.
Cuba records first month with zero oil imports since 2015
Cuba logged its first month without oil imports in a decade after Mexico halted shipments to the Caribbean island under pressure from US tariff threats, according to shipping data compiled by Kpler Ltd.
Colombia secures $130mn for Pacific Coast gas import terminal
Colombia's state development bank and BTG Pactual closed financing on February 10 for a liquefied natural gas import terminal aimed at addressing the country's mounting gas supply deficit
US licence expansion puts Venezuela oil output on track for pre-blockade levels
Venezuela could restore crude production to levels seen before Washington imposed a naval blockade, potentially by mid-2026, as the US broadens licences for companies operating in the country
Russia decries US licence terms for Venezuela oil activity as discriminatory
Foreign Minister Sergei Lavrov said the conditions amounted to “blatant discrimination” against countries with longstanding investments in the South American nation
Colombia's Ecopetrol governance under strain as CEO faces criminal charges
Colombia's prosecutor-general filed criminal charges against Ricardo Roa, president of state-run oil company Ecopetrol, for alleged violations of electoral spending limits and influence peddling.
Colombia's Ecopetrol CEO faces charges over campaign finance and influence peddling
Cuba faces record 64% blackout as US oil embargo deepens power crisis
Cuba's state electricity company forecast that 64% of the island would lose power simultaneously during peak demand hours on February 10, marking the highest blackout rate since the utility began publishing regular data in 2022.
Russia condemns US 'suffocation' of Cuba as fuel crisis deepens
Russia accused the United States of employing "suffocating tactics" against Cuba and pledged assistance to the island as it confronts a critical fuel shortage triggered by Washington's oil embargo
Shell planning to invest $700mn in Argentina's Vaca Muerta in 2026
Shell plans to invest $700mn in Argentina's Vaca Muerta shale formation during 2026, according to local press reports. This comes just daysafter senior executives dismissed speculation about a potential asset sale.
Venezuela’s Amuay refinery remains partially offline after power failure
The complex, located on the Paraguaná Peninsula in Falcón state, has capacity to handle up to 645,000 barrels of crude a day
US authorises oil companies to restore Venezuela infrastructure
The US has cleared the way for American companies to supply equipment and services needed to restore Venezuela's ailing oil and gas infrastructure, in the most substantial expansion of sanctions relief since Washington seized control of the country.
Norway's Equinor to divest entire Argentine Vaca Muerta operation
Norwegian energy major Equinor announced that it has decided to divest its entire onshore position in Argentina's Vaca Muerta shale basin to Vista Energy for approximately $1.1bn..
Mercuria nears $1bn deal for Raizen's Argentina refinery and fuel network
Mercuria Energy Group is close to acquiring a refinery and around 700 service stations in Argentina from Raizen SA in a deal that could be worth more than $1bn, according to people familiar with the negotiations.
Swiss Mercuria eyes Argentina fuel assets
Mercuria Energy Group is nearing an agreement to purchase an Argentine refinery and a network of service stations from Brazil’s Raizen SA, according to people familiar with the talks.
Mexico issues new fuel import authorisations after hiatus
Transocean acquires Valaris in $5.8bn as offshore activity surges
Ecuador crude discounts widen sharply as Venezuelan supply reshapes heavy oil market
Ecuador’s heavy crude exports are facing mounting price pressure as increased competition from Venezuelan barrels reshapes global heavy oil flows, pushing differentials on the country’s Napo grade to record discounts in early 2026.
Interoil finalises exit from conventional assets in Argentina's Santa Cruz
Interoil has completed its withdrawal from conventional oil and gas operations in Argentina, divesting its interests in several blocks in Santa Cruz province for up to $1mn as part of a strategic shift towards non-conventional energy assets.
Argentina to privatise LNG imports and trading
Argentina will shift the import and commercialisation of liquefied natural gas (LNG) to the private sector, launching a national and international tender to appoint a single operator to take over functions previously handled by the state.
Cuba's energy collapse deepens after Mexico halts key oil supplies
Mexico’s decision to suspend oil shipments to Cuba while expanding humanitarian aid has exposed the limits of its room for manoeuvre under renewed US pressure, as well as the depth of Cuba’s escalating energy and economic crisis.
ExxonMobil advances seismic surveys in Guyana in 2026 in bid to expand oil exploration
ExxonMobil has extended its geophysical and seismic survey program in Guyana's Stabroek Block through December 31, 2026.
Mexico imports more petrol than it produces despite Pemex efforts
Brazil's Raizen hires Rothschild to advise on debt restructuring amid shareholder impasse
Brazilian sugar, ethanol and fuel distributor Raizen is in talks with Rothschild to advise on restructuring its debt amid an impasse among shareholders over capitalisation plans amid BRL68.6bn ($13.2bn) in debt.
Colombia's Ecopetrol contractor jobs rise 5% to 87,130 in 2025 with local hiring focus
Ecopetrol generated 87,130 accumulated contractor positions during 2025, representing nearly 5% growth from the previous year, as Colombia's state oil company prioritises local workforce development across operational regions
Air Canada halts Cuba flights amid aviation fuel shortage
PDVSA restores output as US licences unclog Venezuelan crude exports
The rebound follows a steep pullback triggered by a US oil blockade that left large volumes marooned in storage and forced cuts across PDVSA’s fields, with the heaviest impact in the Orinoco Belt
Venezuela debt overhaul seen as years away despite political shift
Oxford Economics, via its Alpine Macro unit, says entrenched legal risks, the sheer complexity of the country’s liabilities and the lack of deep structural reform are likely to slow any meaningful progress
US Energy Secretary plans Venezuela visit to open talks on PDVSA reform
US Energy Secretary Chris Wright plans to travel to Venezuela in the coming days to open discussions with local officials on the future of state-owned oil company Petróleos de Venezuela SA
Shell weighs return to Venezuelan gas as sanctions ease
The British energy major is considering a strategy that would rely on Trinidad and Tobago as a processing and export hub for gas extracted from Venezuelan waters, leveraging infrastructure where Shell already has operations
US forces board Venezuelan-linked tanker in Indian Ocean enforcement operation
US military forces boarded the oil tanker Aquila II, a vessel linked to Venezuela, in the Indian Ocean during an operation announced on February 9 by the US defense secretary, according to the Department of Defense
Reliance resumes Venezuelan crude imports after US intervention
The Indian refiner has taken delivery of a Very Large Crude Carrier carrying about 2mn barrels
Brent set to fall 10% in 2026, analysts say
The average price of Brent crude oil is expected to fall by around 10% in 2026 to $62.1 per barrel, despite a recent rise in prices, as a persistent supply surplus continues to weigh on the global market.
Bolivia's YPFB expands inspections after substandard petrol damages vehicles
Bolivia’s state energy group YPFB is tightening fuel quality controls after isolated cases of substandard petrol triggered transport protests and raised broader concerns over the country’s fuel distribution system.
Shell denies plans to exit Argentina’s Vaca Muerta shale play
Shell denied reports that it is planning to exit Argentina’s Vaca Muerta shale formation, with senior executives dismissing recent media claims that the Anglo-Dutch energy group was considering selling its assets in the region.
Venezuela courts Maurel & Prom as oil law reform aims to lift output
Venezuela’s interim president Delcy Rodríguez met with executives from France’s Maurel & Prom as the government steps up efforts to attract foreign partners and revive domestic hydrocarbon production
Repsol resumes Venezuelan crude imports after US sanctions eased
Spain’s Repsol SA has begun receiving about 2mn barrels of Venezuelan heavy crude at its refineries, marking its first intake from the country in more than a year following a relaxation of US oil sanctions
India signals openness to Venezuelan crude as US pressure curbs Russian supplies
India is prepared to consider resuming oil imports from Venezuela, positioning Caracas as a potential energy partner as New Delhi confronts the need to replace Russian barrels under pressure from the US
Repsol resumes Venezuelan crude imports after US sanctions eased
Spain’s Repsol SA has begun receiving about 2mn barrels of Venezuelan heavy crude at its refineries, marking its first intake from the country in more than a year following a relaxation of US oil sanctions
ConocoPhillips puts debt recovery ahead of new drilling in Venezuela
ConocoPhillips is prioritising efforts to recover billions of dollars owed by Venezuela rather than rushing back into drilling or new oil developments, according to Chief Executive Officer Ryan Lance
Brazil’s Petrobras receives $280mn earn-out payment from Sépia, Atapu partners
Petrobras said it has received BRL1.65bn ($280mn) in earnout payments from its partners in the Sépia and Atapu offshore blocks as compensation tied to elevated crude oil prices in 2025.
Brazil’s Eneva in early Venezuela oil talks
Brazilian energy company Eneva is exploring ways to enter Venezuela’s oil and gas industry and is in preliminary discussions with Sweden’s Maha Capital about a possible joint venture.
Mexican state oil company awards Macavil gas field contract to Slim-controlled company
Trinidad’s Atlantic LNG to shut down another liquefaction train
Atlantic LNG is expected to take Train 4 offline for up to 50 days in May and June to complete repair work.
Brazil’s Petrobras seeks to widen Africa push
Petrobras has expanded its overseas exploration and production portfolio with the acquisition of a 42.5% stake in an offshore block in Namibia, the Brazilian state-controlled oil company said.
Brazil’s Petrobras clears hurdle in Amazon drilling
Brazil’s oil regulator has authorised Petrobras to restart drilling an exploratory well in the Foz do Amazonas Basin after operations were suspended earlier this year because of a drilling fluid leak.
Sintana Energy secures $9mn settlement from ExxonMobil in Colombia block dispute
Sintana Energy will receive $9mn from ExxonMobil to resolve arbitration over Colombia's VMM-37 exploration block, with the Canadian explorer conditionally transferring all rights to the US major, the company announced.
Cuba announces special period-style austerity as fuel crisis deepens
Cuban President Miguel Díaz-Canel announced that his government will implement a multi-sectoral contingency plan next week modelled on "Special Period" austerity measures from the 1990s, as the Caribbean nation confronts acute fuel shortages
Russia vows continued Cuba oil flows despite US tariff threat
Russia will maintain oil supplies to Cuba notwithstanding Washington's threats to impose tariffs on nations trading with the Caribbean island, Moscow's ambassador to Havana said.
Vaca Muerta set to push Argentina’s energy surplus to new high in 2026
Argentina is expected to post a record energy trade surplus in 2026, driven by rising oil and gas shipments from the Vaca Muerta shale formation and new infrastructure that has expanded export capacity.
Venezuela enacts sweeping changes, Trump opens up oil sector to US firms
Washington is moving toward a sweeping authorisation that would permit energy firms to extract crude in Venezuela, signalling a further rollback of restrictions.
Russian companies being forced out of Venezuela – Lavrov
Venezuela courts European energy investors in first foreign outreach since Maduro ouster
The talks, held in Caracas, centred on how foreign companies would operate under the new transitional framework
Venezuelan heavy crude seen targeting US refiners, not Brazilian exports
In the short term, shipments from Venezuela to the US are expected to remain below 300,000 barrels per day (bpd), while Brazil continues to channel most of its exports to Asia
US begins receiving Venezuelan crude under 50mn-barrel deal
US President Donald Trump said on February 4 that shipments were already under way, announcing after signing legislation to end the government shutdown that 50mn barrels of oil were headed to Houston
Venezuela tells China US won’t dictate oil prices, seeks to reassure investors
Venezuela has told China that the US will not determine the price of its crude and that Chinese investment in the country will remain safeguarded, according to comments by Ambassador Remigio Ceballos carried by state media
Venezuela seeks to boost oil output as officials court foreign investment
Venezuela wants to be known for high oil production rather than just large crude reserves, senior economic official Calixto Ortega said February 4, as the country seeks foreign investment and awaits potential relief from international sanctions.
Weatherford weighs Venezuela return as oil sector resets after Maduro capture
Weatherford is tracking political and industry shifts in Venezuela as the country reassesses its oil sector following the removal of President Nicolás Maduro last month
US returns $500mn in oil proceeds to Venezuela after January deal
The US has transferred $500mn to Venezuela following the completion of an initial oil sale agreed between Washington and Caracas last month
Vaca Muerta posts strong January output as conventional oilfields continue to decline
Argentina’s Vaca Muerta shale formation started 2026 with one of its strongest January performances on record, as oil and gas companies ramped up hydraulic fracturing activity while production from conventional fields continued to fall.
S&P Global denies Mexico's Pemex rating upgrade despite energy secretary's claim
S&P Global has denied upgrading Mexican state oil company Pemex's credit rating on February 4, 2026 despite Energy Secretary Luz Elena González stating that an improvement had occurred.
Mexico sold $496mn in petroleum to Cuba during 2025 as US tariff threat suspends shipments
Mexico's state oil company Pemex sold $496mn in crude and refined products to Cuba during 2025, the company reported on 4 February 2026, as Washington's tariff threats have suspended supplies to the island.
US green-lights diluent shipments for Venezuelan crude blending
US prepares licence allowing companies to pump Venezuelan oil
Russian companies being forced out of Venezuela – Lavrov
Colombia's Petro pitches Ecopetrol role in Venezuela recovery during Trump talks
Colombian President Gustavo Petro said he proposed a role for state-owned oil producer Ecopetrol in Venezuela’s economic recovery during recent talks with US President Donald Trump at the White House
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