LatAmOil - Latin America Oil & Gas
Atera Energy commits $350mn to Mexico as nearshoring fuels distributed generation push
Atera Energy, the energy efficiency and self-generation venture launched in 2025 by Colombia's Celsia and Brookfield, has begun operations in Mexico with a minimum investment of $350mn earmarked through 2030.
Fuel demand slumps across Mexico's border states as US refinery closures loom over Pacific supply
Retail fuel demand across four northwestern Mexican states fell sharply in June, with combined gasoline and diesel sales dropping 13% year-on-year to around 137,500 b/d from 158,500 b/d.
Bolivia scraps diesel subsidy for bulk buyers, prices jump 84%
Diesel prices for large consumers in Bolivia rose by almost 84% from this week, after a supreme decree ended remaining subsidies for those buying more than 120 litres a month. The measure aims to align domestic fuel prices with international costs.
Peru’s diesel subsidy tests the limits of fiscal intervention
Peru’s $31mn diesel subsidy may contain transport inflation, but its three-month deadline will test whether Lima can prevent emergency fuel support from becoming a recurring fiscal burden.
Guyana’s Stabroek windfall enters a new phase
Guyana’s Stabroek oil revenues are entering a new phase as cost recovery falls and the government’s production entitlement rises to 39.8%. The shift could transform public finances while intensifying scrutiny of the country’s oil dependence.
Venezuela refining recovery gains pace as fuel output covers domestic demand
Venezuela’s battered refining industry is showing signs of recovery, with state oil company PDVSA saying its plants are now processing about 350,000 barrels of crude a day and supplying enough petrol to meet domestic consumption
Hilli Episeyo cleared for Argentina LNG project after eight years offshore Cameroon
Golar LNG's Hilli Episeyo floating liquefied natural gas (FLNG) unit has completed its disconnection from the Kribi field offshore Cameroon after eight years of operations, clearing the vessel to move towards its next assignment.
US investors deepen their push into Argentina's Vaca Muerta oil and gas field
US companies, investment funds and billionaires are increasing their exposure to Argentina's Vaca Muerta shale formation, with Peter Thiel's Thiel Macro acquiring $75.9mn in shares of Vista.
Iberia extends Cuba flight suspension to June 2027 amid fuel shortages
Spanish carrier Iberia has extended the suspension of its flights to Cuba until June 30, 2027, as the island grapples with fuel shortages amid a US oil blockade
Colombian stock exchange BVC pitches Ecopetrol privatisation and stablecoin debate to De la Espriella government
Venezuela pitches US investors on oil and gas projects after legal overhaul
Venezuela is seeking to broaden its appeal to US energy companies beyond its traditional heavy-crude business, offering opportunities in lighter oil fields and natural-gas projects as Caracas seeks to attract capital under a revised legal framework
US targets Venezuela oil interests with sanctions on Sargeant-linked firm
The US has sanctioned a British Virgin Islands company linked to businessman Harry Sargeant III, adding pressure on corporate structures associated with Venezuela’s oil industry as Washington tightens its scrutiny of private-sector energy interests
Cisneros heirs accuse Venezuela of seizing oil rights for US company
The family of late Latin American businessman Oswaldo Cisneros has accused Venezuela’s government of improperly taking control of oil-drilling rights and preparing to hand them to a US producer
Venezuela growth accelerates as oil drives second-quarter expansion
Venezuela’s gross domestic product increased 7.14% from a year earlier in the three months through June, according to figures released by the Central Bank of Venezuela
Venezuela signs Hunt, SLB deals to develop eastern oil and gas fields
Venezuela signed an agreement with US-based Hunt Oil to develop two oil and gas fields in the eastern part of the country, as the government seeks to increase production from existing assets
US says half of Venezuela oil output now heads to American refineries
About half of Venezuela’s oil production is now being shipped to the US, US Energy under Secretary Kyle Haustveit said on August 18, underscoring a growing energy trade between the two countries
Mexico's Banco Multiva raises $300mn AT1 bond to back $14.7bn project pipeline
Mexican lender Banco Multiva has raised $300mn in international Additional Tier 1 capital to underpin a project financing pipeline exceeding MXN250bn spanning energy, infrastructure, government, real estate and agribusiness.
Vaca Muerta recoverable oil estimate is doubled
Argentina has nearly doubled its estimated recoverable oil in the Vaca Muerta shale formation to 30.17bn barrels, up from 16.22bn barrels in 2013
Braskem Idesa files Chapter 11 in US, parent eyes Brazil debt restructuring
Mexican petrochemical firm Braskem Idesa, a joint venture between Brazil's Braskem and Mexico's Grupo Idesa, has filed for Chapter 11 bankruptcy in the United States after striking agreements with creditors and shareholders to cut debt.
Peru fuel subsidies expose gap between short-term relief, energy policy
Peru’s fuel subsidies offer short-term relief, but the deeper problem is structural: domestic gas remains underused while infrastructure and investment needed to lower regional energy costs remain stalled.
Guyana's oil boom has lifted it past the US on GDP per capita
Six years after its first barrel, Guyana has the fastest-growing income per head in the world - and has overtaken the United States on the measure.
Guyana's government earns over $343mn in oil revenues in July
Guyana's Natural Resource Fund earned approximately $343.4mn in oil revenues during July 2026, the Bank of Guyana’s July report showed.
Brazil targets B20 biodiesel approval by early 2027 as producers push for faster increase
Brazil's Ministry of Mines and Energy expects to complete technical feasibility tests for biodiesel blends of up to 20% in diesel by February 2027, with potential regulatory approval by then or by August 2027 if specification adjustments are needed.
API and Mexico's IMP sign pact to align oil and gas standards, boost technical training
The American Petroleum Institute (API) and Mexico's Instituto Mexicano del Petróleo (IMP) have signed a memorandum of understanding aimed at deepening cooperation on industry standards, technical training and certification.
Latin America LNG imports hit one-year high as Argentina leads regional demand
Latin America and the Caribbean imported 80.38 Bcf of liquefied natural gas (LNG) in July, the highest monthly volume in a year, as seasonal demand in Argentina helped drive regional purchases and Honduras recorded its first-ever LNG imports.
YPF unveils $51bn Argentina LNG project, targeting $10bn in annual exports
Argentina's state-controlled oil company YPF has unveiled a $51bn investment in its Argentina LNG project, the largest investment announcement in the company's history, with construction expected to begin in 2027
Venezuela oil revival draws controversial intermediary to Washington
Alejandro Betancourt, a Venezuelan businessman and major shareholder of North American Blue Energy Partners, has become an important intermediary in Washington’s effort to draw US investment into Venezuela’s oil industry
Venezuela refinery output rises as PDVSA says gasoline needs are met
Venezuela’s state oil company is processing about 350,000 barrels of crude a day at its refineries, enough to cover domestic gasoline consumption, according to PDVSA president Hector Obregon
India’s ONGC gets US licence to return to Venezuela oil projects
India’s biggest oil and gas producer is preparing to deepen its involvement in Venezuela after receiving authorisation from the US Office of Foreign Assets Control, according to Indian media reports
Brazil’s Lula backs Amazon oil drilling
Brazilian President Luiz Inacio Lula da Silva defended oil exploration off the coast of Amapá, near the mouth of the Amazon River, after Petrobras reported hydrocarbons in an exploratory well in the region.
Russia sends humanitarian aid to Cuba as energy crisis strains supplies
A delegation from Russia’s Civic Chamber delivered humanitarian supplies to Cuba during a visit to Havana on August 16, offering food and basic equipment as the island faces shortages of fuel, medicines and other essential goods
Colombia's Ecopetrol takes control of Brava in $1.2bn Brazil expansion
Ecopetrol has completed the acquisition of a 51% controlling stake in Brazilian oil producer Brava Energia for about $1.2bn, expanding the Colombian state-controlled company's reserves and production base in Brazil
Ecuador signs $30mn deal with Petrobell to develop Amazon oil block through 2050
Ecuador's government has signed a $30mn contract with Petrobell for the exploration and exploitation of Block 94 - Tamya, located in the Amazonian province of Sucumbíos, on the border with Colombia, under an agreement running until 2050.
Trinidad and Tobago poised for bold hydrocarbon recovery with ExxonMobil set to deliver seismic results
ExxonMobil is expected to deliver seismic results from the ultra-deepwater TTUD-1 Block by end-August 2026, potentially unlocking broad resource potential offshore Trinidad and Tobago.
Guyana’s oil revenue outlook strengthens despite production dip
Guyana’s oil output slipped in Q2, but lower cost recovery, higher crude prices and Uaru’s expected year-end start could sharply increase government revenues despite weaker production at Liza.
Guyana’s shallow-water data push targets an underexplored frontier
Viridien’s new 3D seismic survey is targeting Guyana’s underexplored shallow waters, combining modern imaging with legacy data to reduce exploration risk and strengthen the geological case for future offshore investment.
Peru targets fuel shock with temporary diesel subsidy
Peru introduces a temporary 15%-20% diesel subsidy for transport operators as fuel prices surge and protests intensify. The targeted measure aims to contain inflationary pressure while limiting the fiscal cost of a broader fuel subsidy.
Vaca Muerta investment accelerates as TGS, Vista and Tenaris expand projects
Energy companies TGS, Vista Energy and Tenaris are stepping up investment in Argentina’s Vaca Muerta shale formation, announcing plans covering more than $3.8bn in spending by TGS, $1.8bn a year by Vista and a new drilling rig for 2027.
Argentina nearly doubles recoverable oil estimate for Vaca Muerta
Argentina has nearly doubled its estimate of recoverable oil in the Vaca Muerta shale formation to 30.17bn barrels, from 16.22bn barrels in 2013, strengthening the government’s plans to expand crude exports and attract foreign currency.
YPF targets $10bn in annual exports and 20,000 new jobs
Argentina’s state-controlled oil company YPF expects its long-term energy projects to generate $10bn a year in exports and create 20,000 jobs, with the company planning to invest $29bn over the next four years once financing is completed.
Brazil takes biofuels to COP31
Brazil plans to push for a larger role for biofuels in global climate policy at this year’s COP31 summit in Turkey, as it seeks to build support for alternatives to fossil fuels.
Brazil’s Petrobras finds oil in Foz do Amazonas
Petrobras has found hydrocarbons in an exploratory well in deep waters off Amapá, in the Amazon River mouth basin, the state-controlled oil company said. The Morpho well, in block FZA-M-59, lies about 175 km offshore at a depth of 2,886 metres.
Venezuela plans 56.6mn cubic metres of gas supply to power system by December
Venezuela plans to increase methane gas supplies to its thermal power network, targeting deliveries of about 56.6mn cubic metres to the domestic market by December
Brazil bets on SAF boom
Brazil could become a major global producer and exporter of sustainable aviation fuel, but infrastructure, financing and regulatory gaps could limit its progress, agricultural economist Antonio Márcio Buainain said.
Venezuela grants BP, XRG and UCC gas licenses for Lorán field
Venezuela granted gas exploration licences to BP, Abu Dhabi-based XRG and Qatar’s UCC, expanding a push to attract international energy companies under interim President Delcy Rodríguez
Colombia's Ecopetrol executive says fracking could secure nation a decade of gas supply
Fracking could guarantee Colombia up to a decade of gas self-sufficiency, with projects already identified across the Magdalena river basin ready to proceed once regulatory barriers are lifted, said Ecopetrol's board chairman Luis Felipe Henao.
Analysts predict mid-to-high $80s per barrel oil prices for this year
Oil price forecasts for 2026 are converging around the mid-to-high $80s per barrel after months of extreme revisions triggered by the Middle East conflict.
Peter Thiel's Milei bromance pays off with $76mn Argentina shale stake
Peter Thiel has taken a $76mn stake in Argentina's top shale producer, Vista Energy, deepening his ties to President Javier Milei's government and betting oil-rich Vaca Muerta will help power the next wave of AI.
Argentina's hydrocarbon sector drives Neuquén's private sector employment
Neuquén's hydrocarbon sector has emerged as the primary engine driving the Argentine province’s private sector employment expansion, with oil and gas output hitting a record figure in May.
YPF expects new Argentina pipeline to begin oil exports in January 2027
Argentina’s state-controlled oil company YPF expects to start exporting 180,000 barrels of crude per day through a new port in Río Negro province in January 2027, with capacity planned to rise to 360,000 bpd by mid-year and 550,000 bpd.
Argentina LNG seeks RIGI approval for $51bn Vaca Muerta project
Argentina LNG has applied to join Argentina's Incentive Regime for Large Investments (RIGI) for a $51bn integrated liquefied natural gas (LNG) project backed by YPF, Eni and XRG, with the development expected to begin operating in 2031.
VMOS offshore platform installed off Argentina’s Río Negro coast
A self-elevating platform has been positioned off Punta Colorada in Argentina’s Río Negro province as part of the offshore works for Vaca Muerta Oil Sur (VMOS), marking a new stage in the construction of infrastructure designed to transport crude.
Two small earthquakes recorded near Chevron operations in Argentina’s Vaca Muerta
Two earthquakes measuring 2.8 and 2.6 magnitude were recorded near unconventional oil and gas operations in Neuquén province on August 6 and August 12, bringing the number of seismic events detected in the province during 2026 to 57.
Brazil’s Brava Energia, PetroReconcavo sign long-term oil purchase agreement for Potiguar Asset
Brava Energia said it has signed a new long-term agreement to purchase crude oil produced by PetroReconcavo in the Potiguar Asset, marking the first long-term partnership between the two companies.
Oil States do Brasil to supply rigid jumpers for Petrobras' Buzios 10 project
Oil States do Brasil has signed a contract to manufacture and supply rigid jumpers for the state-owned oil company Petrobras’ Buzios 10 project, located in the pre-salt area of the Santos basin.
Petrobras' Tupi field in Brazil reaches 4bn barrels in cumulative production
Petrobras’ Tupi field, in the pre-salt layer of the Santos basin, has reached cumulative production of 4bn barrels of oil equivalent, becoming the first asset in the Brazilian state-owned oil company's history to hit that milestone.
Brazil's Búzios field boosts natural gas supply with new export route
Brazil's Búzios field, the country's top oil and natural gas producer, is set to play a larger role in supplying gas after regulator ANP authorised Brazil’s state-owned oil company Petrobras to begin exporting gas from its P-78.
Cuba’s US fuel inflows reshape private energy market
US fuel exports to Cuba’s private sector have expanded into a small but growing distribution market, providing limited relief from the island’s energy shortages while also contributing to a costly black market
Bolivia's Paz apologises over persistent fuel shortages, vows to fight "mafias"
Bolivian President Rodrigo Paz apologised on August 12 for his government's failure to resolve the country's fuel crisis.
Ecuador reopens tender to finish $69mn fuel storage project at Esmeraldas refinery
State oil firm Petroecuador has launched a fresh tender to complete a $69mn project aimed at expanding liquid storage capacity at the Esmeraldas refinery (REE).
Abu Dhabi's XRG secures stake in Venezuela's Loran gas field
XRG, ADNOC's international energy investment company, announced that it has secured an interest in Venezuela's offshore Loran gas licence.
XRG joins BP-led development of Venezuela’s Loran gas field
XRG, the investment arm of Abu Dhabi National Oil Co., is set to enter Venezuela’s offshore gas sector through the development of the Loran field, strengthening the United Arab Emirates’ presence in Latin America’s energy industry
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