LatAmOil - Latin America Oil & Gas

Mexico sets 15-year roadmap to hold oil output at 1.8mn bpd

Mexico's federal government aims to sustain national liquid hydrocarbons production at 1.8mn barrels per day through 2039, part of a strategy to strengthen domestic supply and cut reliance on fuel imports.

Bolivia opens door to private crude imports to ease fuel shortage

Bolivia will allow state and private refineries to import crude oil to produce diesel and petrol and sell them at unsubsidised prices, under Supreme Decree 5701 published in the Official Gazette.

Fitch warns Mexico's economic woes could weigh on Pemex credit profile

Macroeconomic risks facing Mexico (rated BBB-) could spill over into the credit rating of state oil company Pemex (BB+), according to Saverio Minervini, Fitch Ratings' head of corporate ratings for Latin America, in comments to Bloomberg Línea.

Pluspetrol chases ambitious Argentine oil output target of 100,000 bpd by 2029

Pluspetrol is using its $12bn Argentine Large Investments Incentive Regime (RIGI) backed development programme to position itself as one of the Vaca Muerta shale formation’s key producers.

Vaca Muerta gives Argentina leverage as oil firms distance themselves from Falklands project

Argentina's growing Vaca Muerta shale industry is helping the government exert pressure on international oilfield service companies over the Sea Lion project near the Falkland Islands.

YPF plans two more RIGI projects as Argentina targets $154bn in investment

Argentina's state-controlled oil company YPF plans to submit two additional projects to the government's Large Investment Incentive Regime (RIGI) in coming months, potentially taking the value of projects presented by the company and its partners.

Shearwater and SLB launch 3D seismic survey offshore Brazil’s Amapá state

Shearwater Geoservices and SLB have launched a multi-client 3D seismic survey offshore Amapá in northern Brazil's Equatorial Margin as exploration interest in the region grows following the state-owned oil company Petrobras' Morpho oil discovery.

Oil States Brasil wins three-year subsea services contract with Petrobras

Oil States Brasil has secured a three-year contract with Petrobras to provide maintenance and technical assistance services for subsea equipment, covering the company's exploration and production operations and the consortia in which it participates.

Brazil's environmental regulator approves three new wells near Amazon oil discovery

Brazil's environmental regulator Ibama has granted Petrobras permission to drill three additional wells in the block where the company made an oil discovery earlier this year, a decision experts said would help assess the scale of the find.

YPF-led consortium launches $2bn pipeline tender for Argentina LNG project

A consortium led by Argentina's YPF, Italy's Eni and Abu Dhabi investment firm XRG has launched a tender worth about $2bn to procure pipes for two 48-inch gas pipelines and a 24-inch products pipeline that will form part of its planned LNG project.

Argentina files criminal complaints against Navitas, Rockhopper over disputed Falklands oil field

Argentina has ramped up its campaign against the Sea Lion offshore oil project near the Falkland Islands, with President Javier Milei pursuing criminal complaints, sanctions and tougher legislation against companies linked to the development.

SLB rules out Falklands oil work as Argentina tightens sanctions

Oilfield services giant SLB has said it will not participate in hydrocarbon projects in the Falkland Islands (also known as Malvinas) or surrounding waters, following Argentina's decision to tighten sanctions against companies operating there.

Americans split over Trump’s Venezuela oil deal as sovereignty concerns mount

Americans are sharply divided over President Donald Trump’s agreement with Venezuela

Venezuela OPEC exit seen as likely eventually but not imminent

Venezuela is likely to leave OPEC eventually as Caracas restructures its oil industry around closer ties with Washington, though the move would have little immediate effect on crude markets

Growing corporate interest in Venezuela stands out

Venezuela is drawing renewed attention from companies across a range of industries, with more than 25 firms considering market entries, investments or new ventures eight months after Nicolás Maduro was removed from power in a US operation

China draws line over US oil push in Venezuela

Mao Ning, a Chinese Foreign Ministry spokesperson, said that Chinese-Venezuelan cooperation is independent of other countries and should not be subject to outside involvement

Cuba brings 21.9MW solar park online in Guantánamo

Cuba has brought the 21.875MWp El Algarrobo solar park in Guantánamo into service, with the facility becoming the first project in the country’s current photovoltaic programme to be synchronised with the national grid entirely by Cuban technicians

US sanctions squeeze Cuba’s shift to solar power

Cuba’s push to expand renewable electricity is being constrained by difficulties securing fuel and importing equipment, as tighter US sanctions add pressure to an already strained power system, Foreign Minister Bruno Rodríguez

Brazil eyes $4.4bn from 2027 pre-salt oil auction

Brazil’s government expects to raise BRL22.4bn ($4.4bn) from an extraordinary pre-salt oil auction in 2027, according to an annex to the federal budget proposal submitted to Congress.

Chinese energy giants deepen presence in Brazil’s oil sector

Chinese energy companies are expanding their presence in Brazil as they seek to secure crude supplies and gain greater access to the country’s prolific offshore oil resources.

Mexico widens net on fuel theft with tax and financial intelligence push

Mexican authorities seized 37.1mn litres of illicit fuel and identified nearly 2,000 illegal pipeline taps between September 2025 and June this year, according to President Claudia Sheinbaum's second annual report to the nation.

Eni sees Venezuela expansion improving prospects for $2.3bn debt recovery

Italian energy major Eni's new agreement to operate Venezuela's giant Junin 5 heavy oilfield could improve its prospects of recovering $2.3bn in outstanding receivables from state-owned PDVSA.

Guyana is hurtling toward its 2030 oil output target with Uaru leading the charge

Guyana’s government wants oil production to reach 1.7mn barrels per day by the end of the decade; a target that appears possible due to the upcoming Uaru project.

Peru’s exploration collapse exposes a deeper hydrocarbons problem

Peru’s hydrocarbons sector faces a reserve-replacement problem as exploration investment collapses 99%, putting future production and gas-based industrial development under pressure.

Peru cuts oil royalties to make Amazon oil investment more competitive

Peru is cutting oil royalties at Block 131 to attract new investment, betting that lower fiscal costs can unlock production in mature and underexplored fields.

Falklands oil dispute escalates as Milei targets Sea Lion and UK-backed companies

Argentina has moved to intensify its campaign against offshore oil development near the Falkland Islands (also known as Malvinas), with President Javier Milei seeking tougher sanctions against companies involved in the Sea Lion project.

Eni deal improves chances of recovering $2.3bn Venezuela debt

After almost 30 years in Venezuela, Eni has accumulated substantial receivables from PDVSA while maintaining operations through political turmoil, economic crisis and US sanctions

Gilinski group takes control of GeoPark with Venezuela oil deal

Jaime Gilinski is expanding his business empire into Venezuela’s oil industry, signing an agreement with interim President Delcy Rodríguez that gives GeoPark a 25-year operating contract for the Bare block in the Orinoco Belt

Venezuela targets Orinoco oil revival with foreign investment and technology

The country has about 303bn barrels of reserves, according to PDVSA Vice President Jovanny Martínez, with approximately 270bn concentrated in the Orinoco region

Venezuela oil deal offers 2.5mn-barrel recovery path, Oxford says

A new US-Venezuela oil agreement could put the country's battered economy on a stronger growth path and improve its fiscal and debt position, Oxford Economics said

Venezuela blames power sabotage on oil deal protests

Venezuela's interim President Delcy Rodríguez accused protesters of sabotaging the country's electricity system following the signing of oil agreements with the US

Venezuela-US oil deal faces legal questions over concessions and control

At the centre of the dispute is North American Blue Energy Partners, which was granted rights to develop more than 65bn barrels of Venezuelan reserves without a public tender

Wright says lower Venezuela risk will unlock new energy investment

US Energy Secretary Chris Wright said a sharp reduction in perceived risk in Venezuela is opening the door to a new wave of investment in the country's energy industry

PDVSA uses treasury accounts as shield against creditor claims

The arrangement is intended to reduce the risk that creditors pursuing claims against PDVSA could target company-held funds

Brazil, Venezuela drive 10% surge in Latin America oil output

Brazil and Venezuela helped drive a 10% year-on-year increase in Latin American and Caribbean oil production in April, with the region producing 318mn barrels, according to the Latin American and Caribbean Energy Organization

Venezuela inflation slows to 8.9% in August after July surge

The National Consumer Price Index rose 8.9% from the previous month, the central bank said Friday, pointing to a more stable exchange rate and improved distribution of goods and services

Venezuela says it retains oil ownership under US deal

Venezuela sought to draw a line between foreign investment and control of its natural resources, saying it retains ownership of its oil reserves under a landmark agreement with the US to develop 17 fields containing about 65bn barrels of crude

Colombia's De La Espriella pushes two close friends for top Ecopetrol positions

Colombian President Abelardo de la Espriella is pushing his business partner and campaign chief, Joaquín Gutiérrez, to lead state oil company Ecopetrol, while placing his electoral strategist, Carlos Suárez

Arrow Exploration hits record 6,000 boepd production in Colombia

Arrow Exploration reported record corporate production exceeding 6,000 barrels of oil equivalent per day, driven by drilling success, strong workover results and its recently acquired Thorsby field in Alberta, Canada, the company said in a statement

Brazil’s Petrobras oil find at mouth of Amazon could rival Guyana's light crude, sources say

Preliminary analysis of oil samples from Petrobras' Morpho well, at the mouth of the Amazon River, indicates crude with an API gravity of between 35 and 40, a quality that would place it among the lightest ever discovered in Brazil.

Brazil expects $4.4bn from 2027 pre-salt oil auction

Brazil's government expects to raise $4.4bn from an extraordinary pre-salt oil auction in 2027, revenue that will be crucial to delivering the country's first effective primary fiscal surplus in years.

Brazil advances on two fronts in oil and gas regulation

Brazilian authorities took two separate steps to expand the country's oil and gas sector this week, clearing new exploratory drilling off the Amazon coast while approving dozens of onshore blocks in the northeast for future licensing.

Cuba says no talks with US under way, calls embargo 'genocidal'

Cuba adds generation capacity as grid deficit eases from previous day

Cuba expected to boost electricity generation capacity by late afternoon on September 6 with the reconnection of unit four at the Carlos Manuel de Céspedes thermoelectric plant in Cienfuegos, adding roughly 145 MW to the national grid

Raúl Castro makes public appearance in Cuba, quelling health rumours

IEB Construcciones wins $15.4mn contract for Argentina LNG project

Argentine construction company IEB Construcciones has won a 23.336bn peso ($15.4mn) engineering, procurement and construction contract to develop an operations base and warehouse supporting Southern Energy's LNG export project at San Antonio Este.

Fitch affirms Tecpetrol at BB- as Vaca Muerta boosts production outlook

Fitch Ratings has affirmed Tecpetrol S.A.'s long-term foreign- and local-currency issuer default ratings at BB- with a stable outlook, citing growing production, reserves, exports and low-cost operations.

Argentina's Neuquén prepares new tenders to expand Vaca Muerta gas development

Argentina's Neuquén province is preparing a second 2026 tender round under its Exploratory Plan to attract investment in oil and gas areas in Vaca Muerta.

Brazil oil output hits record 4.5mn barrels per day

Brazil’s oil production reached a record 4.5mn barrels per day in July, up 0.5% from June and 13.6% from a year earlier, according to data released by the National Agency of Petroleum, Natural Gas and Biofuels (ANP).

Brazil tax tribunal cancels $650mn Petrobras claim

Brazil’s administrative tax appeals court, Carf, has overturned a BRL3.4bn ($650mn) tax assessment against Petrobras, removing a major fiscal contingency for the state-controlled oil company.

Argentina escalates Falklands dispute as Trump leaves UK support in doubt

Javier Milei has threatened sanctions on oil companies near the Falklands and promised new naval funding, hardening Argentina's claim days after Donald Trump declined to rule out shifting US policy on the islands.

Argentina's Neuquén province to build 1000 km of roads, remedying oil transport hurdle

Argentina’s Neuquén Province announced that it will formalize an infrastructure financing agreement with major oil companies operating in Vaca Muerta, pre-funding approximately 1,000 km of road construction before year-end.

Argentina to build 207km Vaca Muerta pipeline, oil companies will finance 1000 km in roads

Río Negro Governor Alberto Weretilneck signed an agreement with Oleoductos del Valle SA for the 207km Duplicar Norte pipeline, significantly boosting Argentina’s oil transportation capacity.

BP sells stakes in Brazil, US Gulf of Mexico exploration blocks to Shell

BP has agreed to sell part of its ownership in an offshore exploration block in Brazil and five leases in the US Gulf to Shell.

Chevron’s long Venezuela bet finally pays off with $7bn oil deal

Chevron’s two-decade decision to remain in Venezuela while rivals exited is now yielding a potentially major payoff, with a new agreement giving the US oil giant access to billions of barrels and extending its operations into the 2040s

Machado demands transparency from US-Venezuela oil agreement

Opposition leader María Corina Machado criticised the recently announced US-Venezuela oil agreement, saying the lack of information surrounding the deal has fuelled concern over its consequences for the country

GeoPark enters Venezuela as Colombia's Gilinski takes control

GeoPark is entering Venezuela through the Bare heavy-oil block in the Orinoco Belt under a 25-year production participation contract with PDVSA Petróleo, while Grupo Gilinski is set to become the Colombian oil producer’s controlling shareholder

Venezuela signs oil, power deals with Chevron, Eni and GE Vernova

Venezuela signed a series of energy agreements with international companies as interim President Delcy Rodríguez hosted US Energy Secretary Chris Wright at the Miraflores Palace in Caracas

Venezuela military backs US oil deal as lawmakers endorse agreement

Venezuela’s military leadership endorsed a sweeping oil agreement with the United States, with Defence Minister Gustavo González López portraying the pact as a step towards economic cooperation and stability rather than a concession to Washington

Venezuela oil output seen surpassing 2mn bpd by 2030

Venezuela could more than double its oil production before the end of the decade as new investment flows into the country’s energy sector, US Energy Secretary Chris Wright said during a visit to Caracas

Rubio says Venezuela oil pact can help pave way for democratic vote

The US-backed overhaul of Venezuela’s oil industry is intended to do more than raise crude production, according to Secretary of State Marco Rubio

Trump’s Venezuela oil plan faces hurdle in refilling US strategic reserve

President Donald Trump says Venezuelan crude from a newly announced oil agreement will help replenish the US Strategic Petroleum Reserve, with the process of “topping out” expected to begin soon

Venezuela oil exports hold at 1.17mn bpd in August

The US remained Venezuela’s biggest market, but flows fell to about 553,000 bpd from a record 786,000 in July. India’s purchases climbed 66% month-on-month to roughly 297,000 bpd, while shipments to Europe nearly tripled to about 260,000 bpd

US Energy Secretary seeks more US investment in Venezuela

“We want to see a lot of investment from the United States in Venezuela to increase opportunities and prosperity for Venezuelans, Americans, and energy consumers,” Wright told reporters at Maiquetía International Airport