LatAmOil - Latin America Oil & Gas
Brazil moves to break its southern gas bottleneck
Brazilian gas pipeline operator TBG has proposed a $286mn expansion of the Bolivia-Brazil Gas Pipeline to increase gas flows in the country’s south as supplies from Bolivia decline.
Argentina approves $365mn RIGI expansion for Compañía Mega NGL industrial complex
Argentina has approved a $365mn investment project by Compañía Mega under its Large Investment Incentive Regime (RIGI) to expand production of natural gas liquids (NGL), adding more than 500,000 tonnes of annual output capacity.
Mexico’s Pemex burden is increasingly becoming a sovereign risk
Mexico’s escalating support for Pemex is reshaping sovereign risk, raising borrowing costs and testing the credibility of a government once regarded as one of emerging markets’ strongest fiscal performers.
Bolivia rules out privatising state oil firm YPFB, plans major reform amid fuel crisis
Bolivia's government on August 25 ruled out privatising state energy company Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) but confirmed it is preparing a major overhaul of the firm, as a persistent fuel shortage continues to cause long queues
Brazil extends fuel support as oil risks persist
Brazil’s government will extend a gasoline subsidy of BRL0.44 ($0.085) per litre until September 9, delaying the measure’s planned expiry as global oil prices remain affected by the conflict involving the United States and Iran.
BP advances Bumerangue oil discovery in Brazil
BP has awarded Halliburton an integrated contract for the first appraisal campaign at its Bumerangue deepwater discovery offshore Brazil, as the energy company moves to assess the field’s potential in the Santos Basin.
Guyana’s Whiptail project moves closer to adding 250,000 barrels per day
Guyana’s Whiptail oil project is moving towards offshore installation, with the Jaguar FPSO set to add up to 250,000 barrels per day to the country’s rapidly expanding production capacity.
ExxonMobil fire exposes safety and continuity risks at Guyana’s Liza Unity
A fire briefly halted ExxonMobil’s Liza Unity FPSO offshore Guyana, but rapid emergency procedures allowed production and crude offloading to resume after safety checks.
Navitas acquires second FPSO to accelerate Sea Lion development in Falklands
Navitas Petroleum has exercised an option to acquire a second floating production, storage and offloading (FPSO) vessel for its Sea Lion oil project in the North Falkland Basin, investing about $125mn before upgrades.
Neuquén and Río Negro agree joint infrastructure strategy to support Vaca Muerta growth
Argentina’s Neuquén and Río Negro provinces have agreed to jointly plan infrastructure, transport and logistics in the Alto Valle and the corridor towards Vaca Muerta, seeking to address rising flows of cargo, workers, goods and services.
Neuquén targets Brazil and Chile as new markets for Vaca Muerta gas
Argentina’s Neuquén province is seeking to expand Vaca Muerta gas exports to neighbouring Brazil and Chile, while improving competitiveness and developing new energy sources to diversify the economy beyond hydrocarbons.
SLB gains access to Venezuela oil data in PDVSA modernisation deal
SLB has secured access to Venezuela’s oilfield data under a new agreement with state-run PDVSA, giving the US oil-services company a role in rebuilding and modernising information systems that have deteriorated after years of underinvestment
Venezuela seeks more light crude to support oil growth
Venezuela is stepping up efforts to explore lighter crude and condensate as it seeks to raise overall oil output, Energy Minister Paula Henao told potential investors in Houston earlier this month
Colombia's Ecopetrol takes control of Brava Energia in $1.2bn Brazil deal
Ecopetrol completed its acquisition of a controlling 51% stake in Brazil's Brava Energia for about $1.2bn, expanding its reserves and production base in one of Latin America's key energy markets, the Colombian oil company said
Brazil’s Petrobras rethinks Sergipe gas export plan
Petrobras is reassessing plans for a gas pipeline linked to its Sergipe Deepwater project, as proposed changes to Brazil’s gas market rules could affect the project’s economics.
Brazil expands Petrobras’ SAF production capacity
Brazil’s oil regulator ANP has expanded Petrobras’ authorisation to co-process renewable feedstocks for sustainable aviation fuel at the Henrique Lage refinery, known as Revap, in São Paulo.
Brazil clears YPF, Eni and XRG LNG venture
Brazil’s antitrust authority has approved a joint venture involving Argentina’s YPF, Italy’s Eni and Abu Dhabi-based XRG for the Argentina LNG project.
Argentina approves $6.4bn Tecpetrol project in Vaca Muerta under RIGI
Argentina has approved a $6.4bn investment by oil producer Tecpetrol to develop the Los Toldos II Este unconventional oil project in Vaca Muerta under the government's Incentive Regime for Large Investments (RIGI).
Bolivia's YPFB, Santa Cruz municipalities strike emergency deal to ease diesel shortage
Bolivia's state oil company YPFB and the Association of Santa Cruz Municipalities (Amdecruz) have agreed an emergency plan to tackle the country's diesel shortage.
Pemex's gas flaring doubles in H1, casting doubt on environmental pledges
Mexico's state oil company burned off nearly twice as much natural gas in the second quarter of 2026 as it did a year earlier, according to unaudited results.
Argentina's CGC eyes Bolivia as reverse-flow gas corridor to reach Brazil
Argentine energy firm Compañía General de Combustibles (CGC), part of Corporación América, is studying Bolivia as a strategic route to carry Vaca Muerta gas onward to Brazil.
Latin American energy inflation hits 2026 high on fuel costs
Energy inflation in Latin America and the Caribbean hit its highest level of 2026 in June, climbing 8.03% year-on-year on the back of rising fuel prices linked to the war in the Middle East, OLACDE said.
Trinidad suffers offshore setback as Shell postpones Aphrodite gas project
Shell has shelved its Aphrodite offshore gas project in Trinidad and Tobago after failing to reach a commercial agreement with the Trinidad National Gas Company, posing a setback to the country's oil and gas sector recovery.
Guyana-Suriname offshore expansion raises bar for environmental oversight
Guyana and Suriname’s offshore oil expansion is pushing environmental monitoring into deeper waters, with new baseline data becoming increasingly important as drilling and production accelerate.
ExxonMobil reopens Guyana appraisal drilling as Stabroek resource faces technical test
ExxonMobil has resumed appraisal drilling at Guyana’s Barreleye discovery, testing whether a technically challenging reservoir can support future commercial development.
JPMorgan and Santander lead up to $15bn financing talks for Argentina LNG
JPMorgan Chase and Banco Santander are leading financing discussions for Argentina LNG, a $24bn project led by state-controlled YPF to liquefy and export shale gas, with the banks seeking to arrange about $14bn to $15bn alongside other lenders.
Equinor targets 27% rise in production outside Norway by 2030, led by US, Brazil, Angola
Equinor is targeting equity oil and gas production outside Norway of 950,000 boed by 2030, up about 27% from 750,000 boed in Q2 2026, as it concentrates investment in a smaller portfolio led by the US, Brazil and Angola.
Colombia's Ecopetrol faces weaker reserves and tighter cash position at 75
Ecopetrol reaches its 75th anniversary with stronger second-quarter earnings but a tighter balance sheet and a smaller reserve base than in 2022, highlighting the challenges facing Colombia’s state-controlled oil company
Colombia's Ecopetrol lifts fuel output as refineries process more crude
Ecopetrol increased refinery throughput and production of key fuels in the first half of 2026 as its Barrancabermeja and Cartagena facilities operated more steadily, strengthening domestic fuel supply
Venezuela oil output hits 1.23mn barrels a day as investment expands
The country has signed almost 50 investment agreements covering more than 76 hydrocarbon production areas, according to Rodríguez. She said crude production continued even after the June earthquakes, which killed at least 6,509 people
Continental Resources to acquire 50% of Phoenix in $4bn Vaca Muerta expansion
US oil producer Continental Resources has agreed to acquire a 50% stake in Phoenix Global Resources from Mercuria Energy Group, creating an equal joint venture that plans to invest more than $4bn over five years to expand oil and gas production.
Rockhopper plans capital raise after Navitas advances Falkland's Sea Lion second FPSO
UK-listed oil and gas company Rockhopper Exploration is considering a capital raise to fund its 35% share of a second floating production, storage and offloading (FPSO) vessel for the Sea Lion project in the North Falkland Basin.
Trion project nears offshore milestone as key equipment lands in Mexico
The $10.4bn Trion ultra-deepwater oil project moved a step closer to installation after Netherlands-based SBM Offshore confirmed the arrival of critical offshore equipment in Altamira, Mexico, shipped via the Panama Canal from China.
Argentina’s energy surplus jumps to $722mn in July on oil export growth
Argentina recorded an energy trade surplus of $722mn in July, up sharply from $12mn a year earlier, as oil exports doubled and energy imports fell, extending the country’s improving energy balance during 2026.
Mexico misses Latin America's oil boom as Brazil, Guyana fill the gap left by Iran conflict
Mexico is being left behind as Latin America emerges as the world's leading oil supplier outside OPEC, with Brazil, Argentina, Guyana and Venezuela capturing new market share while Mexican crude exports sit at historic lows.
Brazil’s Petrobras opens tender for new diesel unit
Argentina turns Strait of Hormuz into competitive advantage
Argentina is positioned to unlock a critical global energy sector advantage due to the Strait of Hormuz closure, as two massive monobuoys complete their passage through the vital chokepoint.
Brazil’s equatorial oil could fuel industry
Argentina's Neuquén province achieves record oil output for July
Argentina's Neuquén province produced an average of 658,640 barrels of oil per day in July 2026, a record high for the province and a 1.64% increase on a monthly basis.
Continental, Mercuria plan $4bn investment in Argentina’s Vaca Muerta
US oil producer Continental Resources and Swiss commodities trader Mercuria are planning to invest about $4bn over five years to expand oil production in Argentina’s Vaca Muerta shale formation.
Saudi Aramco signs $3.7bn in deals with French firms
Saudi Aramco has signed agreements and an MoU with French firms worth a potential $3.7bn, covering drilling equipment, oil and gas pipes and AI, during MBS's Paris visit.
Guyana weighs fuel security as oil boom exposes import dependence
Guyana’s oil boom has not ended its fuel vulnerability. Georgetown is weighing refineries, strategic storage and a national oil company as geopolitical shocks expose the risks of relying on imported refined products.
MODEC brings Guyana’s next FPSO closer to first oil
Guyana’s oil expansion advances as MODEC’s FPSO Errea Wittu arrives for the Stabroek block’s Snoek, Mako and Uaru developments, bringing ExxonMobil’s next offshore production phase closer to first oil.
Brazil’s largest gas plant halts operations
Brazil’s largest operating gas-fired power plant, GNA II, has suspended generation indefinitely after a technical failure damaged equipment at the 1.7 GW facility in Rio de Janeiro state.
Guyana’s oil boom exposes the operational risks of rapid output growth
A brief fire halted ExxonMobil’s Liza Unity operations off Guyana, exposing the operational risks behind the country’s rapid rise towards 1mn barrels per day of offshore oil production.
Brazil’s Petrobras FPSO hits peak production
Petrobras’ Alexandre de Gusmão FPSO has reached its production capacity of 180,000 barrels of oil per day at the Mero field in Brazil’s Santos Basin pre-salt.
Guyana’s oil boom pushes output past 1mn barrels a day
Guyana’s oil output is set to exceed 1mn barrels per day as the Errea Wittu FPSO prepares for Uaru, deepening the country’s dependence on offshore hydrocarbons while increasing pressure to turn record production into broader economic gains.
Brazil’s Petrobras secures long-term gas access in Bahia state
Petrobras and three energy companies have extended their agreements for access to the Catu Natural Gas Treatment Unit in Bahia, securing processing capacity for gas produced from onshore fields in the state.
Brazil’s Petrobras targets four offshore blocks in Ghana
Petrobras has entered direct negotiations for exploration contracts covering four offshore blocks in Ghana’s Keta Basin after the country’s Ministry of Energy and Green Transition approved its application.
Petro-Victory doubles Brazil oil output
Petro-Victory Energy increased oil production at its Capixaba Energia assets in Brazil by 128% during the first year of operations, while cutting production costs by 37%.
Brazil’s Amazon oil find boosts Lula’s re-election campaign
Brazil’s recent oil discovery off the Amazon coast is giving President Luiz Inacio Lula da Silva a boost in his re-election campaign, particularly in Amapá, where the project could bring future investment and jobs.
Cuba invites Iranian investors into fuel market
Cuba has called on Iranian companies to invest in its fuel supply market, saying investors can operate in the country using “any currency” as Havana opens up parts of its economy under pressure from US sanctions.
Venezuelan billionaire under investigation emerges in energy revival push
Alejandro Betancourt, the Venezuelan billionaire with two UK properties worth a combined $79.mn, is emerging as a prominent intermediary as Caracas seeks to revive its energy industry and attract foreign investment
Venezuela’s oil export recovery runs into port capacity constraints
Venezuela’s effort to raise oil exports is facing a logistical hurdle: its ageing maritime infrastructure is struggling to keep pace with renewed production and international demand
Venezuela oil industry opens to foreign capital as recovery hinges on investment
Venezuela’s oil industry is attracting renewed interest from international companies as regulatory changes and eased US restrictions create more room for foreign investment, though major infrastructure and policy hurdles remain
Venezuela economy seen growing more than 10% in 2027 on oil investment
Venezuela’s economy could expand at a double-digit pace in 2027 as renewed investment drives a recovery in oil production, according to Alejandro Grisanti, director at consulting firm Ecoanalítica
Tecpetrol, GyP secure RIGI incentives for $6.4bn Vaca Muerta oil project
Argentine oil producer Tecpetrol and provincial energy company Gas y Petróleo del Neuquén (GyP) have secured approval for their $6.4bn Los Toldos II Este project in the Vaca Muerta shale formation to join Argentina’s RIGI program.
Oil prices see modest decline on August 24 despite Washington's threat of new Iranian sanctions
Oil prices fell by around 2% on August 24 as traders took profits following two weeks of gains and awaited details of new US sanctions against Iran.
Venezuela’s idle drilling rigs draw interest as oil industry seeks to expand
Venezuela’s effort to increase crude production is beginning to draw investment towards dormant drilling equipment, with SLB and Formentera Partners working on plans to bring more rigs into operation or import additional units
Venezuela’s idle drilling rigs draw interest as oil industry seeks to expand
Venezuela’s effort to increase crude production is beginning to draw investment towards dormant drilling equipment, with SLB and Formentera Partners working on plans to bring more rigs into operation or import additional units
Venezuela looks to Shell technology as it pushes to revive gas industry
A Venezuelan team was briefed on Shell’s technical and operational capabilities, including offshore exploration, reservoir management and technologies used in complex energy projects
Venezuela returns to SBO’s radar as oil industry seeks new equipment
Venezuela is emerging again as a potential market for oilfield equipment as international companies move to rebuild an energy industry that has suffered years of underinvestment
Venezuela’s oil comeback draws early US interest as investors weigh risks
Venezuela is trying to turn a recovery in oil production into a broader revival of its energy industry, with smaller US companies beginning to take positions despite lingering concerns over infrastructure, regulation and the protection of investments
Critical report says Argentina’s RIGI has concentrated investment in mining and oil
Argentina’s Large Investment Incentive Regime (RIGI) has concentrated investment in mining and hydrocarbons rather than broadening the economy into new sectors, according to a report.
Petrobras targets four Ghana blocks as Africa exploration push widens
Brazilian state-controlled oil major Petrobras (B3: PETR3; NYSE: PBR) has entered negotiations with Ghana over four offshore exploration blocks in the Keta Basin as it expands its African oil strategy.
White & Case selected to advise financing for Dominican Republic’s Manzanillo LNG project
The Dominican Republic’s Manzanillo LNG-to-power project has selected global law firm White & Case to advise lead arrangers and joint structuring agents Citibank and JPMorgan Chase on the $900 mn project.
Brazil’s Petrobras moves ahead with CCS pilot
Petrobras has awarded Halliburton a contract to drill and complete four onshore wells for its São Tomé carbon capture and storage (CCS) pilot in Rio de Janeiro state, moving forward with infrastructure for the project.
Harold Hamm and Mercuria plan $4bn investment in Argentina’s Vaca Muerta
US oil producer Continental Resources and Swiss commodities trader Mercuria are planning to invest about $4bn over five years to expand oil production in Argentina’s Vaca Muerta shale formation.
Continental, Geopark among bidders as Neuquén draws 10 offers in Vaca Muerta tender
Gas y Petróleo del Neuquén (GyP), the provincial oil company overseeing Argentina’s Neuquén province, received bids for eight of 15 oil and gas blocks offered in its latest Vaca Muerta licensing round.
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