LatAmOil - Latin America Oil & Gas
Colombia's Ecopetrol completes tender for 25% stake in Brazil's Brava, targets majority control
Colombia's state-controlled Ecopetrol completed a voluntary tender offer to acquire about a 25% stake in Brazil's Brava Energia, moving closer to its goal of securing a controlling 51% interest in the company
US energy policy helped reshape Venezuelan oil trade, Burgum says
US Interior Secretary Doug Burgum said President Donald Trump's energy strategy has reshaped global oil markets and delivered benefits to both Venezuela and American consumers, pointing to changes in international crude flows
US energy policy helped reshape Venezuelan oil trade, Burgum Says
US Interior Secretary Doug Burgum said President Donald Trump's energy strategy has reshaped global oil markets and delivered benefits to both Venezuela and American consumers, pointing to changes in international crude flows
Venezuela debt overhaul becomes flashpoint in US-China strategic rivalry
Venezuela's planned restructuring of its sovereign and PDVSA debt is evolving into a geopolitical contest between the United States and China
India’s ONGC eyes expanded Venezuela role under new oil law
ONGC expects to sign agreements with Venezuela in the near term to operate two oil blocks under the country's new petroleum law
Venezuela seeks African energy investment
Talos Energy secures 50% stake in Repsol-operated Block 29 offshore Mexico
US-based Talos Energy has agreed to farm into Block 29, a deepwater development offshore Mexico operated by Spanish oil major Repsol.
Mexico dismantles four illegal oil refineries as fuel theft costs Pemex $530mn
Mexican authorities dismantled four clandestine oil refineries and seized almost one million litres (6,300 barrels) of petroleum derivatives, federal prosecutors said on August 4.
Mexico's Sheinbaum weighs pilot fracking projects to cut US gas dependence
Mexican President Claudia Sheinbaum is considering pilot fracking projects in the northern states of Coahuila and Tamaulipas aimed at boosting domestic gas production, Reuters reported on August 5.
Valaris boosts offshore utilisation after early completion of BP Trinidad campaign
Valaris completed BP's offshore Trinidad campaign 17 days ahead of schedule, improving rig availability ahead of maintenance and a long-term Shell contract, underlining how execution efficiency is becoming a key competitive advantage.
ExxonMobil extends Guyana exploration campaign with new Stabroek oil target
ExxonMobil is advancing exploration at the Rockhead-1 prospect in Guyana's Stabroek Block, as the operator seeks to build on 11bn barrels of discovered resources through a new offshore drilling campaign.
Guyana edges towards 1mn bpd milestone as Errea Wittu FPSO nears Stabroek Block
Guyana edges closer to becoming a 1mn bpd oil producer as the Errea Wittu FPSO nears the Stabroek Block. The Uaru project highlights the country's accelerating offshore expansion and growing role in global energy markets.
Canada's Gran Tierra to exit South America with $1.33bn sale to Maurel & Prom
Canadian oil producer Gran Tierra Energy agreed to sell its Colombian and Ecuadorean operations to France's Maurel & Prom for $1.33bn, including debt, as the company reshapes its portfolio and reduces financing costs
Brazil moves on two fronts to ease natural gas costs
Brazil's E32 ethanol blend takes effect despite legal challenge
Brazil's higher mandatory ethanol blend in regular petrol took effect on 1 August despite a legal challenge from federal prosecutors, with the government estimating the change will shave about 0.03 BRL off the price of a litre of fuel.
Brazil moves to update marine fuel rules for biofuels and LNG
Brazil has opened a public consultation on proposed changes to its marine fuel regulations that would expand the use of biofuels and alternative fuels in the country's shipping sector.
Pemex doubles gas flaring as infrastructure gaps undermine drive to cut US imports
Petróleos Mexicanos (Pemex) more than doubled the volume of natural gas flared during the second quarter of 2026, burning an average of 778mn cubic feet per day, a 99% increase on the same period of 2025.
ExxonMobil Guyana uncovers four new oil opportunities using AI
ExxonMobil confirmed that it has identified four additional exploration opportunities in Guyana's Stabroek Block using artificial intelligence models trained on previous discoveries and drilling operations.
Cuba opens oil sector as US tightens sanctions
The Cuban government will allow private domestic and foreign companies to take part in oil and gas production from August under concession agreements and at the same time, the US announced new sanctions against three Cuban energy companies.
Vaca Muerta fracture activity slows in July as YPF retains leading share
Hydraulic fracturing activity in Argentina’s Vaca Muerta shale formation fell to 2,010 stages in July from 2,760 in June, the lowest monthly level of 2026, although state-controlled YPF accounted for more than half of all operations.
Argentina approves $360mn Compañía Mega gas-processing investment under RIGI
Argentina has approved Compañía Mega’s entry into the country’s incentive regime for large investments (RIGI), allowing a $360mn project to expand natural gas liquids processing capacity in a move aimed at supporting the growth of Vaca Muerta.
Argentina's YPF backs share split to attract retail investors, CEO says
Argentina's state energy firm YPF is using a 10-for-1 share split to broaden its retail investor base and make the company more accessible to ordinary Argentines, Chief Executive Horacio Marín said at the Forbes Energy Summit 2026.
South Korea plans to start importing Argentine crude in 2027
South Korea plans to begin importing crude oil from Argentina in 2027 with initial purchases of about 880,000 barrels as Seoul seeks to diversify energy supplies away from the Middle East.
Vaca Muerta fracture activity slows in July while YPF maintains leading position
Hydraulic fracturing activity in Argentina’s Vaca Muerta shale formation slowed sharply in July, with 2,010 fracture stages completed compared with 2,760 in June.
Cuba seeks to expand rail partnership with Russia amid transport push
Cuba is seeking to deepen cooperation with Russia to modernise and expand its railway network, with the country's rail system remaining heavily dependent on Russian-built equipment, First Deputy Transport Minister Luis Roberto Roces said
Cuba restores national grid after consecutive blackouts deepen energy crisis
Cuba restored its National Electricity System (SEN) on August 4 after two nationwide blackouts within 36 hours left most of the island without power, state utility Unión Eléctrica (UNE) said
Colombia's Cerro Matoso halves nickel output after Canacol gas supply cuts
Cerro Matoso said on August 4 it has cut nickel production by 50% indefinitely after restrictions to natural gas deliveries from Canacol Energy disrupted fuel supplies required for its operations
Venezuela oil exports ease in July as US purchases reach highest since 2019
Venezuela's crude exports declined modestly in July after reaching a two-year high earlier in the quarter, although deliveries to the United States climbed to their strongest level since early 2019
Venezuela oil push awaits contracts despite Trump's early promise
Trump's plan to bring American energy companies back into Venezuela's oil sector has yet to produce a single new contract, highlighting the slow pace of a strategy that was expected to rapidly expand production in the South American country
Intermoor wins Brazil’s Petrobras contract
Intermoor, Acteon's moorings and anchors business, has secured a three-year contract from Petrobras to provide inspection, maintenance and operational support services for subsea mooring and anchoring equipment.
Ecuador's $300mn oil price insurance draws scrutiny over timing and priorities
Ecuador's government spent $300mn on oil price insurance, also known as hedging, contracted by state oil company Petroecuador in April 2026 to shield public finances from a potential collapse in crude prices through December 2026.
Bolivia's gas exports fall 13% in first half as reserves shrink to decade low
Bolivia's natural gas exports fell 12.9% to $498.1mn in the first half of 2026, down from $571.7mn in the same period last year, according to data from the Instituto Nacional de Estadística (INE).
YPF develops new Vaca Muerta wells to support Argentina LNG export project
Argentine state energy firm YPF is developing 12 new wells in the Vaca Muerta shale formation to secure gas supply for the Argentina LNG project, whose first phase will rely on floating liquefied natural gas (FLNG) units off the coast of Río Negro.
Bolivia braces for "Super El Niño" and gas shortfall with no formal plan in place
Bolivia faces a combined threat from an intensifying El Niño weather pattern and declining natural gas production that could shave between 0.3 and 2 percentage points off national economic output.
Crude oil becomes Argentina’s top export as Vaca Muerta expands
Crude oil became Argentina’s largest export during the first half of 2026, surpassing corn and soybean meal as Vaca Muerta’s rapid expansion strengthened the energy sector’s role in the country’s export economy.
Harold Hamm seeks to expand Continental Resources in Argentina’s Vaca Muerta
US shale billionaire Harold Hamm is seeking to expand Continental Resources’ presence in Argentina’s Vaca Muerta shale basin by competing for new acreage in an auction in Neuquén province.
ExxonMobil nears full return on investment in Guyana
ExxonMobil's oil consortium has recovered the $55bn invested in Guyana's Stabroek Block roughly two years ahead of schedule, reshaping the financial dynamics of the rapidly growing Latin American energy asset.
Pemex ends Krem-1 gas fire in Mexico, but environmental questions remain unresolved
Pemex has closed the Krem-1 gas well after months of flaring in Veracruz. The shutdown ends the immediate crisis, but environmental assessments, community compensation and questions over energy safety standards remain.
Pemex profit masks structural weaknesses as production, financing pressures persist
Pemex returned to profit in Q2, but higher oil prices have done more to improve earnings than operational reforms. Weak production growth, heavy debt and continued reliance on government support remain the company’s defining challenges.
ExxonMobil eyes standardised ninth Guyana FPSO to cut costs and accelerate offshore expansion
ExxonMobil is evaluating a ninth FPSO offshore Guyana by replicating the Longtail development model, aiming to reduce costs, accelerate production and strengthen the country's position as a global energy growth hub.
Guyana's oil revenues rise as ExxonMobil completes cost recovery
Guyana's oil windfall enters a new chapter as ExxonMobil recovers its development costs ahead of schedule, increasing the state's share of petroleum revenues while exposing the challenges of long-term economic diversification.
Guyana's oil boom tests the limits of state capacity
Guyana's oil boom is transforming its economy, but mounting pressure on infrastructure and institutions highlights the governance challenges of managing one of the world's fastest-growing energy producers.
US extends sanctions relief on PDVSA bond to September 2026
The US Treasury Department's Office of Foreign Assets Control (OFAC) issued a new general license on August 3 extending, until September 17, 2026, the authorisation for certain transactions tied to state oil company PDVSA.
Argentina’s shale boom deepens divide between energy growth and wider job losses
Argentina's Vaca Muerta shale formation has become one of the strongest performers in President Javier Milei's economy, generating export revenue and attracting billions of dollars in investment.
Venezuela’s top court okays Halliburton to go back into the oilfields
A Supreme Court ruling restores seized assets to the US oilfield services giant, one of several signs Caracas and Washington are inching toward normalising an oil relationship governed piecemeal by sanctions licences since Nicolas Maduro's removal.
Colombia's Ecopetrol luck is on its side, oil prices boosted second quarter figures, profit grew 235%
Colombia's state-controlled oil producer Ecopetrol reported its strongest quarterly earnings since late 2022 after higher international crude prices offset lower production
Ecopetrol, Petrobras confirm offshore gas find at Colombia's offshore Sandía-1
Ecopetrol and Brazil's Petrobras have confirmed a new natural gas discovery in Colombia's offshore Caribbean following the drilling of the Sandía-1 exploratory well in the GUA-OFF-0 block, the companies said in a joint statement on August 3
Venezuela gains VLCC market share as Hormuz disruptions reshape global oil trade
Disruptions to crude flows through the Strait of Hormuz have reshaped global Very Large Crude Carrier (VLCC) trade, allowing Venezuela to expand its share of long-haul oil shipments
US watchdog launches review of $13bn Venezuelan oil revenue fund
The inquiry follows requests from lawmakers for greater transparency over the management of the proceeds
Venezuela oil contract overhaul advances despite delays in final agreements
Venezuela is pressing ahead with the overhaul of dozens of oil joint ventures under its new hydrocarbons framework, even as outstanding permits and ancillary agreements continue to slow the completion of projects
Brazil’s Petrobras nears key Amazon well target
Petrobras is less than 500 metres from reaching the target reservoir at its Morpho exploratory well in the Foz do Amazonas Basin, bringing the company closer to completing the first drilling campaign in Brazil's Equatorial Margin.
Brazil targets cheaper gas for industry
Brazil’s Petrobras lifts jet fuel prices
Petrobras has raised average jet fuel prices to distributors by 1.9%, its latest monthly adjustment as the state-run oil company continues aligning domestic aviation fuel prices with global oil and currency movements.
Petroecuador lifts Lago Agrio-Libertador output as Ecuador pushes crude growth
Petroecuador has increased crude production at its Lago Agrio-Libertador asset to 26,230 barrels per day (bpd), up from 19,800 bpd recorded in February 2025, as Ecuador seeks to strengthen oil output and public revenue, the state-owned company said
Brazil’s Petrobras extends PLSV fleet contracts
Petrobras has extended charter and service contracts for four pipelay support vessels (PLSVs) operated by a joint venture between DOF and TechnipFMC, securing the vessels for continued subsea operations offshore Brazil.
Cuba restores power gradually after nationwide grid collapse amid fuel shortages
Cuba began gradually restoring electricity on August 3 after the national power grid collapsed late on August 2, marking another nationwide blackout as fuel shortages and ageing infrastructure continue to strain the island's energy system
Brazil opens federal gas market
Brazil has approved new rules allowing federally owned natural gas to be sold directly to the country's liberalised market through competitive auctions, a measure the government says could lower gas prices and improve industrial competitiveness.
Brazil caps gas prices to Brent
Brazil's state natural gas distributors have published the first long-term supply contracts incorporating Brent crude price floors and ceilings, a move aimed at reducing price volatility for industrial consumers while maintaining oil-linked pricing.
Hunt oil signs Venezuela agreement to assess crude development opportunities
María Julia Aybar, the company's senior vice president and country manager for Peru and Latin America, said the Dallas-based producer views the initiative as an opportunity to expand its regional footprint
Chevron expects Venezuela to repay debt by early 2027 as output climbs
Chevron Corp. expects to recover all outstanding debt owed by the Venezuelan government by early 2027, Chief Financial Officer Eimear Bonner told investors during the company's earnings call on July 31
IMF says Guyana's economy grew nearly 20% in 2025 on oil boom
Guyana's economy expanded by more than 19% in 2025 as oil production surged past 900,000 barrels per day, the International Monetary Fund (IMF) said on July 31.
Sempra pushes back commissioning of Mexico’s Energia Costa Azul LNG
Sempra LNG developer Sempra is extending the commissioning of Phase 1 of the Energia Costa Azul project in Ensenada, Mexico.
Eni sees fast-track expansion at Venezuela's Junín 5 amid contract talks
Chief Executive Claudio Descalzi said negotiations with Venezuelan authorities and the group's US partners had been constructive, underscoring the strategic importance of the Orinoco Belt asset
Petrobras cuts fuel imports as US-Iran war drives refining to record highs
Brazil's state-run oil company Petrobras cut imports of oil derivatives to about 67,000 bpd in the second quarter.
Brazil’s Petrobras' P-33 platform departs Port of Açu for sustainable recycling in Rio Grande
Petrobras said its P-33 platform set sail from the Port of Açu, in São João da Barra, Rio de Janeiro state, bound for a shipyard in Rio Grande, Rio Grande do Sul, where it will undergo sustainable recycling.
Brazil's fuel subsidies to cost $1.3bn per month, minister says
Brazil's government will spend about BRL6.8bn ($1.3bn) per month on subsidies to soften fuel prices, Planning and Budget Minister Bruno Moretti said, comprising roughly BRL1.3bn monthly for gasoline and BRL5.5bn for diesel.
Karoon's Baúna FPSO in Brazil hits record 97.2% operating efficiency in second quarter
Karoon Energy said the FPSO vessel Cidade de Itajaí, operating at its Baúna field off the coast of Brazil, reached operating efficiency of 97.2% in the second quarter, above its targeted range of 90-95% and up from 96.1% in the first quarter.
Brazil’s Petrobras output hits new record as FPSO capacities maxed out
Petrobras increased its oil and natural gas production by 14% in the second quarter from a year earlier, reaching a record 3.34mn barrels of oil equivalent per day (boepd), as new offshore production units boosted output at Brazil's pre-salt fields.
Bolivia arrests former hydrocarbons minister over faulty fuel scandal
Bolivian police arrested former Hydrocarbons Minister Mauricio Medinaceli in La Paz as part of an investigation into the purchase of substandard fuel by Rodrigo Paz's government.
Paratus exits Mexican drilling business after completing Fontis sale
Paratus completes the sale of Fontis' Mexican drilling business, accelerating its transformation into a pure-play offshore infrastructure services provider with stronger cash flow visibility and a fully contracted PLSV fleet.
Curaçao tests its ambitions to become the logistics backbone of the Guiana Basin oil boom
Curaçao is seeking to capitalise on the Guiana Basin's offshore expansion by offering crude storage, transshipment and maritime services. But without firm operator commitments, its logistics hub ambitions remain a strategic bet.
Guyana advances Whiptail development as ExxonMobil begins subsea installation
Subsea installation has begun on ExxonMobil's $12.7bn Whiptail project, advancing Guyana's next major offshore oil development towards first production in 2027 and boosting future output to around 1.3mn bpd.
Paratus Energy completes sale of Mexican drilling unit to Fontis buyer
Paratus Energy Services said July 29 it had completed the sale of Fontis' drilling operations and jack-up fleet in Mexico, closing a transaction that leaves the Norwegian-listed offshore services group focused solely on pipe-laying support vessels.
Borr Drilling's Mexican venture completes $287mn acquisition of five jack-up rigs
Borr Drilling said on July 29 that BC Ventures, its 50/50 joint venture with a long-standing well construction partner in Mexico, had finalised the previously disclosed purchase of five premium jack-up rigs from Fontis Finance.
IMF chief visited Argentina’s Vaca Muerta shale field during Buenos Aires trip
IMF Managing Director Kristalina Georgieva visited Argentina’s Vaca Muerta shale field in Neuquén province on July 28 during the second day of her trip to the country, touring the Loma Campana development operated by state energy company YPF.
Cuba expands private sector access in energy, pharmacies amid economic reforms
Cuba will allow private domestic and foreign companies to participate in oil and natural gas extraction from August under concession agreements, while opening activities including fuel stations, pharmacies and parts of the electricity sector
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