LatAmOil - Latin America Oil & Gas
ExxonMobil eyes ultra-deepwater Guyana discoveries near 3,000 metres as easy fields give way
Brazil, Guyana, Argentina seek upstream capital as global investment tightens
Brazil, Guyana and Argentina made their case to international oil investors at last week's Offshore Technology Conference (OTC) in Houston, pointing to Middle East instability as a reason to redirect upstream spending toward their countries.
Brazil’s Petrobras posts record quarterly output of 3.23mn bpd in Q1
State-owned Petrobras posted its highest average quarterly production during Q1 at of 3.23mn barrels of oil equivalent per day, up by 16.1% year on year.
Guyana's oil could prompt wider investment in northern Brazil, Caribbean
Guyana’s transformation from frontier explorer to global heavyweight is accelerating into a broader geopolitical and industrial story. The small country is no longer being pitched merely as an offshore success, but as a wider regional accelerator.
Peru's $2bn Petroperú lifeline raises questions of sovereign exposure
Peru hands Petroperú a $2bn credit line — and calls it something other than a bail-out. The financial engineering is sophisticated. The sovereign risk is not.
YPF posts spike in net profit in Q1 of 2026
Argentine national oil company YPF reported a $409mn net profit for the first quarter of 2026, reversing a $10mn loss from the same period last year.
Colombia's Ecopetrol chief charged over alleged breaches in Petro campaign spending
Colombian prosecutors charged Ecopetrol president Ricardo Roa on May 12 over alleged irregularities in the financing reports of President Gustavo Petro’s 2022 election campaign
Brazil’s Petrobras first-quarter profit falls 7.2% but beats expectations as production surges
Brazil’s state-owned oil company Petrobras posted a 7.2% drop in net profit for the first quarter of 2026 compared to a year earlier, as real appreciation weighed on costs and the full benefit of surging oil prices had yet to flow through to revenues
Brazil's oil exports to China more than double as Hormuz closure reshapes crude flows
Brazil more than doubled its oil export volumes to China in the first quarter of 2026 as the closure of the Strait of Hormuz forced Asian refiners to seek alternative supplies, cementing Brazil's emergence as a critical swing supplier to China.
Brazil gas supply jumps 12% in 2025 as domestic output offsets weaker hydropower
Brazil's primary natural gas supply rose 12% in 2025, driven by higher domestic production and reduced hydropower generation, the International Energy Agency (IEA) said in its Global Energy Review 2026.
Repsol receives first Venezuelan crude shipment under gas supply agreement
The arrangement is intended to secure the long-term sustainability of gas production at Cardón IV, the offshore project jointly operated by Repsol and Italy’s Eni
Ex-PDVSA chief El Aissami testifies in secretive Venezuelan corruption trial
Proceedings, which began on April 20 nearly two years after El Aissami’s arrest, are being held behind closed doors with no access granted to the press
Venezuela’s oil transparency push faces doubts as questions persist over PDVSA funds
Efforts by Venezuela’s new leadership to present a more transparent oil sector are drawing scrutiny as limited disclosures and allegations of past corruption continue to cloud the management of the country’s main source of revenue
Shell advances talks to export Venezuelan gas through Trinidad LNG hub
The discussions include development of the Dragón field, alongside possible advances in the Carito and Pirital fields in Monagas state and the cross-border Loran project shared between Venezuela and Trinidad and Tobago
George E. Warren enters Venezuelan oil market after US eases restrictions
The Florida-based company is set to export the Venezuelan crude shipment this month, marking its first acquisition since the United States relaxed restrictions in February
Trinidad oil spill adds to tensions with Venezuela
Authorities in Port of Spain said the dispersants “effectively broke up the oil” and that inspections carried out with drones and vessels found no visible hydrocarbons remaining on the surface of the water
Pampa Energía posts higher first-quarter operating earnings, expands Vaca Muerta investments
Argentina’s Pampa Energía reported a 48% rise in operating earnings in the first quarter of 2026 and said it was advancing major investments in the Vaca Muerta shale formation.
Vista raises Vaca Muerta investment plan and brings forward output targets
Vista Energy has accelerated its production targets in Argentina’s Vaca Muerta and raised planned investment to $1.8bn for 2026 after acquiring assets from Equinor.
Colombia plans gas market overhaul as imports rise and prices surge
Colombia’s government is preparing new rules to intervene in the natural gas market, seeking to curb price speculation and strengthen supply security as rising imports and tighter domestic output push up energy costs
Continental Resources formally enters Argentina’s Vaca Muerta through Río Negro shale block
Continental Resources has formally entered Argentina’s Vaca Muerta shale development after the provincial government of Río Negro approved the transfer of a 13% stake in the Loma Guadalosa block from Pan American Energy.
Ecuador fuel shortages deepen as refinery disruption fuels price concerns
Motorists across Ecuador are facing growing fuel shortages as supply disruptions linked to refinery problems and rising import dependence coincide with an expected increase in domestic fuel prices.
CNOOC views Guyana as key asset for company growth
CNOOC Vice President Keith Henderson stated that Guyana's offshore oil developments now rank among the Chinese energy company's top-performing assets globally.
Chevron and ExxonMobil tension as US balances Guyana, Venezuela support
Guyanese President Mohamed Irfaan Ali addressed a strategic paradox facing his country whereby the United States attempts to promote Guyanese oil interests through ExxonMobil and Venezuelan ambitions through Chevron.
Fitch holds Peru's gas pipeline operator TGP at BBB+ despite Camisea rupture fallout
Fitch holds TGP at BBB+ stable after Peru's Camisea pipeline rupture triggers a national gas emergency.
Chevron plans $10 bn investment project in Argentina’s Vaca Muerta under RIGI scheme
Chevron plans to submit a $10bn investment project in Argentina under the government’s large-scale investment incentive programme, economy minister Luis Caputo said.
Liberty Bay weighs Argentina or Mexico for $1bn floating LNG project
US-based Liberty Bay FLNG is finalising plans for a $1bn floating liquefied natural gas project that could be built in either Argentina or Mexico, targeting start-up in late 2029 or early 2030, as the company seeks to capitalise on rising demand.
Shell awards Brazil offshore contract
Shell has selected New Wave Offshore Energy to deliver marine warranty survey services for the Orca development in Brazil’s pre-salt Santos Basin.
Cuba targets 40% renewable energy share by 2035 amid fuel crisis
Cuba said it expects renewable sources to account for 15% of national electricity generation in 2026 as the Caribbean island accelerates a long-term energy transition strategy aimed at reducing fuel imports and chronic power shortages
Colombia crosses 70% clean energy threshold, ranks fourth in South America
Colombia's clean energy share surpassed 70% of its total power mix as of May 9, making it the fourth country in South America by renewable energy uptake, according to the Mining and Energy Planning Unit (UPME)
World oil inventories falling fast towards hard operational floor
The world's oil buffer is disappearing faster than at any point in recorded history. Two months into the near-closure of the Strait of Hormuz, global inventories are drawing down at a pace that has already exceeded the previous quarterly record.
Vaca Muerta growth fails to offset oil sector job losses in Argentina
Argentina’s booming Vaca Muerta shale formation has boosted oil production, exports and foreign currency inflows under President Milei’s administration, but the expansion has yet to translate into sustained job creation in the energy sector.
Vista Energy closes $712mn acquisition of Equinor assets in Vaca Muerta
Vista Energy said on May 7 it had completed the acquisition of non-operating stakes in two oil and gas blocks in Argentina’s Vaca Muerta shale formation from Equinor in a deal valued at $712 mn.
YPF prepares major RIGI application for Vaca Muerta LNG expansion
Argentina’s state-controlled energy company YPF is preparing to submit a major application under the government’s RIGI investment incentive regime for natural gas developments linked to its liquefied natural gas export strategy in Vaca Muerta.
Argentina’s YPF returns to profit in Q1 on stronger oil prices and shale growth
Argentina’s state-controlled oil company YPF posted a net profit of $409 mn in the first quarter of 2026, reversing a $10 mn loss recorded a year earlier.
PetroTal triples profit forecast as Peru oil field gears up for drilling comeback
PetroTal triples its 2026 profit forecast after a strong first quarter, as Peru's top oil producer prepares a major drilling campaign to push output back towards 20,000 bopd by 2027.
TotalEnergies calls Guyana-Suriname basin among world's most active as low-cost output grows
Mexico sends first fuel oil cargo to Asia in nine months as Iran war reshapes trade flows
Brazil Supreme Court oil royalty ruling suspended after justice seeks more time
A Brazilian Supreme Court vote favouring oil-producing states in a long-running royalty dispute was suspended after Justice Flávio Dino requested additional time to review the case, extending uncertainty over the matter after 13 years unresolved.
Brazil’s gas distributor Compass IPO ends nearly five-year B3 stock market drought
Brazilian gas distributor Compass Gas e Energia priced a BRL3.2bn ($650mn) initial public offering (IPO) on May 7, ending a nearly five-year absence of new listings on the country's B3 stock exchange.
Brazil sets export record in April as Middle East conflict lifts oil prices
Brazil set a record for monthly exports in April, driven by higher oil prices stemming from the prolonged conflict in the Middle East.
Weatherford wins managed pressure drilling contract for Brazil's Búzios Field
Weatherford International has been awarded a contract by Ventura Offshore Holding to provide managed pressure drilling (MPD) technology and services for offshore operations in Brazil's Búzios Field.
Brazil sees biofuel boost
Brazil’s biofuels sector could add as much as BRL403.2bn ($82.3bn) to the country’s gross domestic product between 2030 and 2035, according to a study released by the Getulio Vargas Foundation (FGV).
Shell urges Brazil stability
Brazil must improve the predictability and pace of its oil investment framework to remain competitive as global capital allocation becomes more selective, Shell executive Pablo Tejera Cuesta said during the Offshore Technology Conference in Houston.
Cuba accuses US of tightening oil pressure amid new sanctions
Cuba rejected assertions by US Secretary of State Marco Rubio that Washington is not enforcing an oil blockade against the island, with Havana arguing that recent sanctions and tariff threats have severely disrupted fuel supplies
Cuba says US pressure choking fuel imports as energy shortages deepen
Cuba accused the United States of intensifying pressure on foreign fuel suppliers after only one oil shipment reached the island in the past four months, Foreign Minister Bruno Rodríguez said
Canada's Parex moves closer to Frontera Colombia asset purchase after court approval
Frontera Energy said it obtained final court approval for the sale of its Colombian upstream operations to Parex Resources, advancing a transaction that would further consolidate Colombia’s oil production sector amid a broader industry push
Rubio rejects Cuba oil embargo claims as US tightens sanctions
Washington later Venezuela from exporting oil to Cuba and warned countries supplying fuel to Havana that they could face tariffs under measures announced by President Donald Trump’s administration
Trump says Exxon, Chevron held talks on Venezuela opportunities
Speaking at an event at the White House, Trump said the meetings took place on Tuesday, May 5, with the presidents of both oil companies
Colombia's Ecopetrol expands dedicated shipping fleet to cut fuel transport costs
Ecopetrol has contracted a third exclusive-use tanker to transport fuels including gasoline, diesel, naphtha and jet fuel, as Colombia’s state-controlled energy group seeks to lower logistics costs and secure supply flows amid volatility
UN experts warn US Cuba oil measures risk humanitarian crisis
United Nations special rapporteurs said the US fuel blockade on Cuba has created “energy starvation” conditions that are disrupting essential services and worsening the island’s economic and humanitarian crisis
Argentine energy assets gain as oil rally driven by Iran conflict lifts export outlook
Argentine energy shares and sovereign bonds have risen in recent trading sessions as escalating tensions involving Iran and uncertainty around control of the Strait of Hormuz pushed international oil prices close to $115 per barrel.
Chevron plans $10 bn investment project in Argentina under RIGI scheme
Chevron plans to submit a $10bn investment project in Argentina under the government’s large-scale investment incentive programme, Economy Minister Luis Caputo said after meeting company executives in the United States.
Brazil hits oil output peak
Brazil recorded its highest monthly oil and natural gas production in March, reaching 5.531mn barrels of oil equivalent per day, according to figures released by the National Agency of Petroleum, Natural Gas and Biofuels (ANP).
Argentina's PECOM expands Mendoza footprint with Pluspetrol asset acquisition
PECOM has acquired the El Corcovo assets from Pluspetro in Argentina’s Mendoza province, marking the company’s return to the region and signalling renewed investment in conventional oil production through enhanced recovery techniques.
Brazil oil output hits new high
Brazil’s oil and natural gas production reached a record 5.531mn barrels of oil equivalent per day in March, according to data released by regulator ANP in its monthly bulletin.
DOF Group lands Brazil’s Petrobras deal
DOF Group said it has secured 12-year charter and service agreements in Brazil for four remotely operated vehicle support vessels to be used in Petrobras deepwater inspection, maintenance and repair operations from 2030.
Brazil to raise ethanol blend to 32% to cut gasoline imports, automakers warn of untested risks
Brazil is set to formally raise the mandatory ethanol blend in gasoline from 30% to 32%, with the government estimating the measure will slash gasoline imports by 454mn litres and save approximately $340mn in foreign exchange over six months.
Brazil’s Petrobras posts record quarterly output of 3.23mn bpd in Q1
Petrobras posted its highest average quarterly production during Q1 at of 3.23mn barrels of oil equivalent per day (boed), up by 16.1% year on year, on the back of the ramp-up of new floating production vessels across its pre-salt heartland.
Brazil’s Petrobras' P-79 platform begins production ahead of schedule at Búzios field
Petrobras said its P-79 floating production platform has begun operations at the Búzios field in the Santos Basin ahead of schedule, lifting installed crude production capacity to approximately 1.33mn bpd.
Brazil’s Petrobras seeks regulator's nod to deploy Constellation drillship in Amazon mouth basin
Petrobras has asked environmental regulator Ibama for authorisation to deploy the Constellation-owned drillship Amaralina Star in exploratory activities at block FZA-M-59 in the Foz do Amazonas basin.
Brazil’s Petrobras to buy Shell, ONGC and Brava stake in Campos Basin field
Petrobras has agreed to acquire a portion of the Argonauta field ring-fence in the Campos Basin from Shell, ONGC, and Brava, consolidating its grip on the Jubarte shared reservoir and bringing its stake in the asset to 98.11%.
Braskem navigates debt crisis, ownership shake-up as Q1 output rebounds in Brazil, sinks in Mexico
Brazilian petrochemicals major Braskem posted mixed first-quarter operational results, pressed ahead with a legal challenge to antidumping duties on US polyethylene imports, and appointed the CEO at state-owned oil company Petrobras as board chair.
Brazil's PRIO appoints Jean Carlos Calvi as COO
Brazilian oil and gas company PRIO has appointed Jean Carlos Calvi as its new Chief Operating Officer (COO) following the resignation of Francisco Francilmar Fernandes, who stepped down for personal and family reasons, effective May 5.
BP to wrap up Brazil’s Bumerangue appraisal wells by mid-2027
UK energy major BP plans to complete a three-well appraisal programme at its Bumerangue discovery in Brazil's offshore Santos basin by the end of the first half of 2027.
Brazil’s Petrobras secures production individualisation agreements for Sururu and Berbigão fields
Petrobras has been notified by oil regulator ANP of the approval of Production Individualisation Agreements (AIP) for the Sururu and Berbigão shared reservoirs in the offshore Santos basin, effective from May 1.
Norway's DOF Group wins 12-year Petrobras contracts for four newbuild subsea vessels
DOF Group has secured 12-year charter and services contracts to build and operate four remotely operated vehicle support vessels for Brazil’s state-owned oil company Petrobras's deepwater operations.
Brazil diesel direct sales surge after Petrobras-Vale deal, distributors cry foul
Direct diesel sales by Brazilian producers to large industrial consumers surged in the first quarter after Petrobras signed a supply agreement with miner Vale, sparking a formal complaint from fuel distributors.
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