LatAmOil - Latin America Oil & Gas
Peru targets 2,657 new oil and gas wells in a decade
Peru anticipates that 2,657 oil and gas wells will be drilled over the coming 10 years as it works to draw more investment into exploration and production.
Trinidad's Heritage Petroleum hunts partners for deeper onshore oil
Heritage Petroleum, the state oil company of Trinidad and Tobago, is looking for contractors to help it explore and possibly develop oil held in deeper formations beneath its onshore acreage.
ExxonMobil eyes Guyana wells as Ranger tiebacks
ExxonMobil (NYSE: XOM) is studying exploration wells close to its Ranger find off Guyana as candidates for linking to a future development there, and the Rockhead well drilled this year is one of them.
Guyana's oil fund hits record $1.89bn in third quarter
Guyana's Natural Resource Fund (NRF) received $1.89bn in petroleum revenue between July and September, its largest quarterly intake on record.
United Oil & Gas secures rigs for Jamaica offshore drilling
United Oil & Gas (AIM: UOG) has found more than 10 suitable drilling rigs for a future exploration campaign on its Walton-Morant licence off Jamaica.
Argentina grants tax incentives to $12.2bn Pluspetrol project in Vaca Muerta
Argentina has approved tax and regulatory incentives for the $12.24bn Bajo del Choique-La Invernada oil and gas project operated by Pluspetrol and state-owned Gas y Petróleo del Neuquén (GyP) in the Vaca Muerta shale formation.
Fire breaks out on unmanned Pemex platform in Gulf of Mexico, no injuries reported
Mexican state oil company Pemex said a fire broke out on its unmanned satellite platform Abkatún-H, about 73km from Ciudad del Carmen in Campeche state, on October 19.
Pemex resumes job cuts, grade reductions at headquarters
Mexican state oil company Pemex has resumed a restructuring that is eliminating dozens of jobs and lowering the grades and pay of other employees at its Mexico City headquarters and in several departments nationwide, multiple sources told Argus.
Pemex debt falls to lowest since 2014 as refining output surges
Mexican state oil company Pemex has cut its debt by more than $20bn in under two years, to its lowest level since 2014, Chief Executive Juan Carlos Carpio said at President Claudia Sheinbaum's regular press briefing at the National Palace.
Ecuador to export 16.2mn barrels of crude to Peru in $1.65bn deal
Ecuador will export 16.2mn barrels of Oriente crude to Peru after state firms EP Petroecuador and Petroperú awarded two contracts on October 14, with estimated revenue of $1.652bn for the Ecuadorean state.
Chile's Enap buys Pluspetrol Ecuador for $207mn to secure crude for its refineries
Chilean state oil company Enap said its subsidiary Enap Sipetrol S.A. has signed a contract to acquire 100% of Pluspetrol Ecuador, which holds a stake in block 10 in Pastaza province, for a base price of $207mn.
Milei rules out force over Falklands as oil row with Britain escalates
Javier Milei has ruled out using force to recover the Falkland Islands, pledging to pursue Argentina’s sovereignty claim through diplomacy even as Buenos Aires steps up a legal and economic offensive against British-backed oil developments.
Citgo raises 2026 profit outlook to as much as $8bn on refining boom
Citgo Petroleum has increased its 2026 earnings forecast by nearly $2bn as strong fuel margins boost the profitability of the Venezuelan-owned refiner’s US operations
Oilfield service firms expand hiring as Venezuela’s recovery gathers pace
International oilfield service companies are recruiting workers and preparing equipment for Venezuela, signalling early progress in a US-backed effort to revive the country’s oil industry.
Trump’s Venezuela oil pact gives US broad control with few guarantees for Caracas
A deal between the Trump administration and Venezuelan oil businessman Alejandro Betancourt gives Washington a 35% stake in North American Blue Energy Partners (NABEP) and extensive rights over its production
India set to receive 13.6mn barrels of Venezuelan oil in October
India is poised to receive 13.6mn barrels of Venezuelan crude in October, including cargoes still at sea, signalling a recovery in a trade that contracted sharply in recent years, according to a statement from S&P Global Energy
Venezuela’s terms of trade seen improving 23% in 2026, ECLAC says
The outlook reflects higher international prices for hydrocarbons and other raw materials, which are expected to increase Venezuela’s purchasing power in foreign markets and lift income generated through international trade
GeoPark triples Vaca Muerta acreage with $95mn block award in Argentina
Colombian exploration company GeoPark has been awarded the Corralera Noreste block in Argentina’s Neuquén Basin, tripling its acreage in the Vaca Muerta shale formation through a deal involving approximately $95mn in total committed costs.
Argentina and UK to face maritime tribunal over Falklands oil project in November
Argentina and the United Kingdom will present their positions at the International Tribunal for the Law of the Sea in Hamburg on November 10 and 11.
Tensions escalate as Hamburg tribunal set dates for UK-Argentina Falklands oil dispute
Tensions are rising in Argentina's attempt to stop development of the Sea Lion oilfield off the Falkland Islands.
Argentina’s Neuquén province requires Vaca Muerta producers to report methane emissions
Argentina’s Neuquén province has introduced mandatory greenhouse gas emissions reporting for oil and gas companies operating in the Vaca Muerta shale formation, aiming to reduce methane emissions intensity by 16% over the next 20 years.
Milei hails Argentina's 'underground revolution' as oil output nears 1mn bpd
President Javier Milei said that Argentina was undergoing an “underground revolution” driven by expanding oil production and energy exports, as he defended his economic reforms at the opening of the Argentina Oil & Gas Patagonia 2026 expo.
Argentina's YPF expropriation case awaits US Supreme Court review after first-instance closure
A US federal judge has formally vacated a $16.1bn judgment against Argentina over the 2012 expropriation of oil company YPF and closed proceedings at first instance, leaving litigation funder Burford Capital awaiting a decision.
Brazil’s Petrobras P-82 platform sets sail for Búzios field
Petrobras said its P-82 floating platform had left a shipyard in Singapore for the Búzios field in the Santos Basin's pre-salt layer, where it is expected to start production next year.
Guyana's new Uaru Gold crude matches Liza's high quality, assay shows
Guyana's newest export crude, Uaru Gold, will be a medium-sweet oil with a quality profile very close to the country's original Liza blend when it reaches buyers in December.
Argentina's YPF to acquire remaining stake in power generator YPF Luz for $430mn
Argentina's state-controlled oil company YPF has agreed to pay $430mn for the remaining 24.99% stake in electricity generator YPF Luz held by BNR Power Investments, an investment vehicle linked to GE Vernova, giving it full ownership of the company.
Rosenxt's Zupt teams up with Mitang to offer subsea services in Brazil
Houston-based subsea services provider Zupt, part of Swiss technology group Rosenxt Group, has signed a framework agreement with Brazil's Mitang Brasil - Soluções Submarinas to jointly offer its services.
Argentina's Neuquén achieves record employment as oil and gas boom drives job creation
The manufacturing sector in Argentina’s Neuquén province has reached its highest employment level in nearly three decades, propelled by oil and gas exploration in the Vaca Muerta shale formation.
Suriname's GDP projected to surpass Guyana's in 2028 amid oil and gas boom
Suriname’s economic growth rate is projected by the World Bank to surpass that of neighbouring Guyana by 2028, with the country’s oil and gas sector expected to drive the boom.
Rubio presses India to buy more US, Venezuelan oil
US Secretary of State Marco Rubio has urged India to increase its purchases of crude oil from the United States and Venezuela, seeking to strengthen energy ties with New Delhi amid strained bilateral relations.
Analyst warns of pressure on Russian oil exports and predicts global oil surplus by 2028
Russia faces mounting energy risks from Ukrainian attacks, dependence on Chinese influence and the prospect of a global oil surplus, while Ukraine prepares for a difficult winter, says analyst.
Colombia's Ecopetrol suspends gas import contracts because of price, commercial conditions
Ecopetrol has rejected offers for long-term liquefied natural gas (LNG) supplies after finding their commercial terms inadequate, opting instead to strengthen domestic production and accelerate development of the offshore Sirius field
Colombia's Ecopetrol rejects LNG import offers as Colombia’s gas deficit deepens
Ecopetrol has declared unsuccessful tenders for liquefied natural gas (LNG) supplies with five-year commitments, citing inadequate commercial terms, as Colombia’s declining domestic reserves increase pressure to secure gas imports
Colombia fracking projects could require up to $15bn in investment
Colombia could need $10bn–$15bn to develop unconventional oil and gas projects over their lifetimes, while exploration could take four to six years to deliver results
British company seeks approval for offshore oil transfers in Brazil
British marine services company Top Fenders has requested authorisation from Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP) to conduct ship-to-ship crude oil transfers in Brazilian waters.
Trump asks Mexico to buy more US natural gas, Sheinbaum says
Mexican President Claudia Sheinbaum has confirmed that US President Donald Trump has asked in phone calls for Mexico to buy more American natural gas, while insisting that Mexico also wants to build up its own output of the fuel.
Fitch affirms Colombia's Ecopetrol’s BB rating with stable outlook
Fitch Ratings has maintained Ecopetrol’s international credit rating at BB with a stable outlook, while keeping its standalone credit profile at investment-grade level and its domestic ratings unchanged, the Colombian oil company said
Ecuador resumes pumping Colombian crude to coast after tariff row halted flows
Ecuador's state-owned Petroecuador has restarted transporting crude from Colombian producers Ecopetrol and Amerisur through the San Miguel-Lago Agrio (OSLA) and Trans-Ecuadorian (SOTE) pipelines.
Argentina approves $3.2bn in new Vaca Muerta projects under RIGI
Argentina has approved two projects worth more than $3.2bn by energy company Transportadora de Gas del Sur (TGS) under its Large Investment Incentive Regime (RIGI), aimed at processing natural gas liquids from the Vaca Muerta shale formation.
Cox to invest $1.8bn in El Salvador gas infrastructure
Spanish energy and water group Cox will invest $2.9bn in gas, solar power, battery storage and drinking water projects in El Salvador, with more than half of the total in gas infrastructure.
Uruguay's imports jump 12% on oil purchases
Uruguay's imports grew 12% between January and August 2026 compared with the same period a year earlier, while exports showed no change.
Argentina’s Mendoza targets RIGI approval for $4.5bn YPF unconventional oil project
Argentina’s Mendoza province is seeking approval under the Large Investment Incentive Regime (RIGI) for a $4.5bn unconventional oil and gas project involving state-controlled energy company YPF.
Fitch holds Colombia's GeoPark at B+ amid Venezuela expansion
Fitch Ratings kept the long-term foreign and local currency issuer default ratings of Colombia-focused oil producer GeoPark (NYSE: GPRK) at 'B+' with a Stable outlook.
Bolivia taps $1.9bn IMF lifeline as dwindling gas leaves fuel bill soaring
Bolivia is leaning on international lenders to stay afloat as shrinking gas reserves and costlier imported fuel squeeze the economy, with the government now committed to cutting subsidies and public spending in return for support.
Brazil's seasonal diesel import peak delayed to late October, Vortexa says
Brazil's seaborne diesel imports have fallen below their usual seasonal range in recent weeks, and their annual peak is now expected to slip to at least the end of October as more cargoes head for the country.
Argentina formally approves Pluspetrol’s $12bn Vaca Muerta investment
Argentina’s government formally approved a $12.24bn investment by oil company Pluspetrol to develop the Bajo del Choique–La Invernada project in the Vaca Muerta shale formation, with plans to produce more than 100,000 barrels of oil per day.
Argentina’s YPF awards Archer drilling contract worth up to $110mn
Argentina’s state-run oil company YPF has awarded drilling services provider Archer a three-year contract, with an option to extend it by two years, to support operations in the Vaca Muerta shale formation.
Equinor's Bacalhau field in Brazil hits 25mn barrels in first year
Norway's Equinor said its Bacalhau oilfield in Brazil had produced 25mn barrels of oil in its first year of operation, with the field getting close to peak output and on track to reach 220,000 barrels per day in 2026.
Venezuela’s oil law overhaul puts Russian investments at risk
Venezuela’s plan to let foreign companies take controlling stakes in oil fields and manage operations is raising concerns in Moscow that Russian energy investments could lose ground as Caracas deepens its ties with Washington
Venezuela bets on $76bn oil push to rebuild production
Venezuela is counting on a multibillion-dollar investment programme to reverse years of decline in its oil industry, with interim President Delcy Rodríguez projecting nearly $76bn in spending over the next five years
Venezuela oil output rises 8% as PDVSA reports more than 1.2mn bpd
Venezuela’s oil production climbed 8% to more than 1.2mn barrels per day by the end of the third quarter of 2026, as state-owned Petróleos de Venezuela seeks to attract investment, expand commercial partnerships and restore ageing infrastructure
Canada's NG Energy raises expected Colombian gas output as new well starts production
NG Energy International expects output at its María Conchita gas field in Colombia to rise to 23mn cubic feet per day (0.65mn cubic metres per day) gross after its Aruchara-6 well entered production
Canada's NG Energy boosts Colombian gas output as Aruchara-6 starts production
NG Energy International has begun producing gas from its Aruchara-6 well in Colombia’s María Conchita block, lifting field output towards 23mn cubic feet (0.65mn cubic metres) per day gross
BP finds hydrocarbon signs in Brazil’s Tupinambá offshore block
British energy company BP has identified signs of hydrocarbons in the first exploration well drilled in the Tupinambá block in Brazil’s pre-salt Santos Basin, marking another step in its offshore exploration campaign.
US leaves Citgo ownership dispute unresolved as appeal proceeds
The legal battle over Citgo’s future is continuing without a clear signal from Washington, as the US government has declined to take a position on an appeal involving the Venezuelan-owned refiner’s proposed $5.9bn sale
Machado criticises Trump-backed oil partner as she seeks return to Venezuela
Venezuelan opposition leader María Corina Machado challenged Washington’s oil strategy in Venezuela, accusing businessman Alejandro Betancourt of “obscene corruption”
Colombia's Ecopetrol appoints Barreneche as compliance chief after García exit
Colombian state-controlled oil producer Ecopetrol has appointed José Eduardo Barreneche Ávila as corporate compliance director, replacing Rodolfo Mario García after his employment ended by mutual agreement, the company said in an announcement
Engie Chile brings Mejillones online as country's first coal-to-gas conversion
Engie Chile has secured commercial operation for Infraestructura Energética Mejillones (IEM), the first coal-fired power unit in the country to be converted to natural gas.
Brazil’s Petrobras to receive $859mn from partners after Santos Basin stake changes
Petrobras will receive a net payment of about $859mn from partners Shell, TotalEnergies, and Petrogal after the companies agreed to rebalance costs and volumes in the Berbigao and Sururu fields.
China buys half of Brazil's oil exports as Hormuz closure lifts trade
China bought half of Brazil's oil exports as the war on Iran shut the Strait of Hormuz, helping push Brazilian sales to the Asian country to a record in the first nine months of the year, according to a report by the Brazil-China Business Council.
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