LatAmOil - Latin America Oil & Gas
Brazil ethanol exports to EU stall after trade deal launch
Brazil's ethanol exports to the EU under the new EU-Mercosur interim trade agreement have been slow since May 1, as uncertainty over quota allocation, licensing procedures and end-use compliance has discouraged shipments.
Repsol expands Venezuela ambitions with new Maracaibo and offshore studies
Repsol has signed a letter of intent with Venezuela’s Ministry of Hydrocarbons and state oil company PDVSA to evaluate the potential development of the Horcón area, a hydrocarbon prospect located southeast of Lake Maracaibo
Oil firms secure early positions in Venezuela as contract talks advance
Industry officials say interest has accelerated nearly six months after the removal of Nicolás Maduro and amid efforts by the Trump administration to attract investment into Venezuela’s energy sector
Barbados poised to rival Guyana as regional oil and gas sector leader
Barbados could hold over 13bn barrels worth of oil reserves, the country's director of natural resources announced, positioning it as a potential rival to Guyana's Caribbean energy dominance
Norway’s ECOnnect Energy to supply transfer system for Colombian LNG terminal
The project will combine ECOnnect Energy’s proprietary F-Class transfer technology with a FSRU, creating a new LNG import gateway for Colombia.
Shell triggers generational shift in Caribbean gas with landmark Venezuelan licence
Shell triggers a generational shift in Caribbean gas with a landmark Venezuelan licence, forcing a massive technical rehabilitation to match the rapid 2026 geopolitical realignment.
Mexico's crude oil exports to US drop 85% since 2024
Mexico’s crude oil shipments to the United States have dropped 85% since 2024, as the country loses market share to Venezuela and other crude suppliers. In the first week of June, Mexico only exported 151,000 barrels per day to the US.
Mexico to invest $5.4bn into revitalising petrochemical and fertiliser sectors
Petróleos Mexicanos (Pemex), the Mexican state-owned oil company, and the Secretariat of Energy (SENER) announced a five-year investment plan worth MXN$93bn ($5.4bn) aimed at revitalising the country’s petrochemical and fertiliser production.
Argentina's YPF targets EBITDA above $7bn in 2026 as investors weigh export growth prospects
YPF expects its EBITDA to exceed $7.4bn in 2026, surpassing current analyst consensus estimates, as Argentina’s state-controlled energy company continues to benefit from production growth in Vaca Muerta.
Arrow expands Colombia drilling after Icaco well delivers 830 BOPD
Arrow Exploration said its Icaco-2 exploration well in Colombia’s Llanos basin encountered 100 feet of net oil pay and is producing about 830 barrels of oil per day (bopd) gross, supporting plans for additional drilling at the Icaco field
Norway's ECOnnect to deliver jettyless LNG system for Colombia's second import terminal
Norwegian technology company ECOnnect Energy has been contracted to supply its IQuay F-Class jettyless transfer system for a new liquefied natural gas import terminal at Cartagena Bay — Colombia's second LNG gateway on the Caribbean coast
Colombia Pacific LNG import terminal targets November launch
Colombia's first liquefied natural gas import terminal on the Pacific coast is expected to begin operations in November, marking a key step in strengthening gas supply security in the country's southwest
Colombia oil rig activity falls to lowest since 2022 amid field blockades
Colombia's active drilling fleet fell to its lowest level since November 2022 in May as prolonged blockades in key producing regions disrupted operations and weighed on crude output, industry association Campetrol reported
Colombia's Ecopetrol pauses Brava offer after Brazil regulator seeks changes
Ecopetrol's planned acquisition of Brazilian oil company Brava has been temporarily suspended after Brazil's securities regulator requested amendments to the transaction documents, the Colombian state-controlled energy producer said
Cuba delivery portal Envioscuba shuts to new orders as US sanctions squeeze diaspora lifeline
PDVSA-crypto trial advances as questions over missing funds remain unanswered
Prosecutor Eddy Rodríguez urged the court to dismiss a series of motions filed by defence lawyers, including requests for dismissals, acquittals, reviews of pretrial detention measures and the admission of supplementary evidence
Vaca Muerta feedstock surge sparks new investment cycle for Argentina petrochemicals
Argentina’s petrochemical industry is entering a new phase of investment driven by growing feedstock availability from the Vaca Muerta shale formation and a renewed focus on processing hydrocarbons domestically rather than exporting raw materials.
Mexican crude oil prices drop 5% as a result of US-Iran peace deal
Mexico’s crude oil benchmark declined sharply on June 15 following the preliminary peace agreement between the United States and Iran, dropping prices to the lowest levels in weeks.
Argentina's TGS approves final investment decision for $3bn Vaca Muerta liquids project
Transportadora de Gas del Sur (TGS) has approved the final investment decision for its Natural Gas Liquids (NGLs) project in Argentina’s Vaca Muerta formation, committing $3bn to what the company described as the largest investment of its kind.
Brazil's stock index falls as oil price slump hits Petrobras despite US-Iran peace agreement
Brazil's main stock index fell on June 15 even as global markets rallied after the US-Iran peace agreement, with oil sector losses dragging the Ibovespa down 0.42% as crude prices tumbled on expectations of renewed supply from the Strait of Hormuz.
Brazil’s Petrobras to complete Equatorial Margin well drilling by August
Brazil’s state-owned oil company Petrobras expects to finish drilling the Morpho well in Brazil's Equatorial Margin by August 7, as it pushes ahead with an ambitious exploration programme in one of the country's last major frontier regions.
Brazil delays LPG market overhaul as Middle East crisis strains regulator
Brazil's energy regulator has indefinitely suspended a review of the regulatory framework governing cooking gas sales, redirecting its resources towards fuel supply security as the Middle East conflict continues to disrupt markets.
Colombia's Ecopetrol ends six-month labour dispute with USO union, sealing six-year collective deal
Colombia's state oil company Ecopetrol reached a final collective bargaining agreement with the Unión Sindical Obrera (USO) on June 13, ending a process that ran through more than 990 negotiating sessions and included a 24-hour strike
ExxonMobil lines up 35-well Stabroek drilling push as Guyana oil search stretches to 2033
World Bank cuts Latin America growth outlook as Middle East oil shock takes toll
The World Bank has trimmed its growth forecasts for Latin America and the Caribbean for both 2026 and 2027, blaming the inflationary and monetary fallout from the Middle East conflict.
ExxonMobil explains why its Guyana profit exceeded government oil earnings despite 50-50 split
ExxonMobil accelerates Guyana construction and installation
ExxonMobil is accelerating offshore construction and installation activities across the Stabroek Block, with maritime notices issued by Guyana's Maritime Administration Department on June 6 signalling continued deepwater development.
Brazil’s Petrobras secures PSCs for eight exploration blocks offshore Côte d'Ivoire
Brazilian oil major Petrobras is expanding its presence in West Africa after moving ahead with production sharing contracts for eight offshore exploration blocks in Ivory Coast.
Petroecuador contains fuel leak in Ecuador from suspected illegal tapping at key pipeline
Petroecuador has brought under control a fuel leak detected on June 14 in the La Unión parish of Quinindé, caused by what the state oil company described as an attempted illegal tap on the Esmeraldas-Santo Domingo pipeline at the PK105 marker.
S&P upgrades TGS debt rating to B after Argentina risk revision
Transportadora de Gas del Sur (TGS) received an upgrade to its long-term local and foreign currency debt ratings from B- to B by S&P Global Ratings on June 11.
Pemex and Petrobras to finalise Gulf of Mexico exploration agreement in June
Magda Chambriard, president of Petrobras, announced June 12 that Juan Carlos Carpio Fragoso, CEO of Petróleos Mexicanos (Pemex), will travel to Brazil this month to finalise an agreement on joint offshore exploration.
Colombia gas imports hit record 32% of demand as output slides to multi-year low
Colombia imported a record share of its natural gas in the first week of June, covering 32% of national demand — equivalent to 299.1 Gbtud — as a structural decline in domestic production and the approaching El Niño weather pattern
SLB, PDVSA agree long-term partnership to modernise Venezuela’s energy industry
The memorandum of understanding establishes a broad platform for cooperation covering exploration, field development, production activities and training programmes
PDVSA, Schlumberger forge partnership to expand energy cooperation
Venezuela has signed a memorandum of understanding with oilfield services giant Schlumberger Limited
Venezuela, US hold energy talks as oil sector recovery accelerates
Venezuelan interim President Delcy Rodríguez met with senior US officials to review the bilateral energy agenda, highlighting deepening cooperation as the South American country expands oil production and attracts foreign investment
Lazard offers cut-price bid for Venezuela debt advisory role
Lazard has made a $25mn proposal to become Venezuela’s financial adviser for its sovereign and PDVSA debt restructuring, challenging the appointment of Centerview Partners in what could become one of the world’s largest debt overhauls
US capital targets Venezuela as investment interest accelerates
US investors are moving quickly to gain exposure to Venezuela following political changes earlier this year and the reopening of key sectors to foreign capital, with oil assets attracting the strongest interest
China debt clouds Venezuela’s restructuring efforts
Philip Luck of the Center for Strategic and International Studies warned that any IMF-backed restructuring could face difficulties if other creditors are asked to accept losses while Chinese claims retain preferential treatment
US sees rising demand for Venezuelan crude as output expands
US Energy Secretary Chris Wright said American refineries are capable of processing more Venezuelan crude and are expected to increase purchases as the country’s oil production continues to recover
Venezuela warns of new oil spill threat as tensions with Trinidad deepen
Venezuela's government argued that the latest incident was larger than a previous spill reported in May
Trafigura, Vitol target Asia as Venezuelan oil output climbs
Recent outreach has included South Korea, Malaysia and India, where traders have pitched Venezuelan barrels at competitive prices
Brazil’s Petrobras starts cash flow from new FPSO
Brazil’s state-controlled oil company Petrobras has begun generating revenue from its latest floating production unit after completing the first oil offloading from the FPSO P-79 at the Búzios field in the Santos Basin.
Equinor hands Brazil deal to Ocean Installer
Ocean Installer, a unit of Norway’s Moreld ASA, has secured a contract from Equinor to carry out well tie-in work at the Bacalhau field in Brazil’s Santos Basin under a deal lasting 4.5 years.
Colombia's President Petro plans Air-e liquidation to overhaul Caribbean power system
Colombian President Gustavo Petro announced plans to liquidate Air-e, the troubled Caribbean region electricity distributor, transferring its assets to a newly formed public utility as part of a comprehensive restructuring
Washington sanctions Cuba's state oil company
The US government designated Cuba's state-owned oil and gas company, Unión Cuba-Petróleo (Cupet), under sanctions, deepening a pressure campaign against Havana that has already sharply curtailed the island's fuel supplies
Cuba unveils economic reforms and diaspora investment opening amid deepening energy crisis
Cuba unveils sweeping economic reforms, cutting ministries and opening doors to foreign Investment
US expands authorisations for Venezuela energy and mining operations
Washington authorised new activities involving the export, marketing and transportation of Venezuelan crude oil and petrochemical products to the United States by US companies
Venezuela authorises Shell to advance Loran gas project
The authorisation was announced during a ceremony in Caracas led by interim president Delcy Rodríguez
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