LatAmOil - Latin America Oil & Gas
Brazil posts record October trade surplus as oil exports more than double
Brazil posted a trade surplus of $9.32bn in October, the largest for the month since records began in 1989, driven by higher exports of oil, fuels, farm products and minerals.
Brazil oil output seen peaking at 5m bpd in 2028, says EPE
Brazil's oil production is expected to peak at about 5mn barrels per day in 2028, driven mainly by new units starting up in the pre-salt layer, according to a government energy plan.
Brazil’s Petrobras starts drilling second well in Campos Basin's North Brava block
Petrobras has begun drilling a second well in the North Brava block, in the pre-salt layer of the Campos Basin.
RINA secures $12.3mn Petrobras subsea contract in Brazil
Petrobras (NYSE: PBR, B3: PETR4) has handed RINA a contract lasting three years and valued at $12.3mn, under which RINA will evaluate subsea infrastructure off Brazil, examining its integrity and upkeep as well as its eventual decommissioning.
Norway’s DOF extends Petrobras contract for Skandi Olinda vessel to 2028
DOF Group has secured a 304-day extension to the long-term contract of its pipelay support vessel Skandi Olinda with Petrobras.
Italy's Rina wins $12.3mn Petrobras subsea decommissioning contract
Rina has signed a three-year contract worth about $12.3mn with Petrobras to support work on the integrity and decommissioning of subsea systems.
Lloyd's Register approves Brazil’s Petrobras FPSO concept for Tupi revitalisation
Lloyd's Register has granted Approval in Principle to the conceptual design of a floating production, storage and offloading (FPSO) vessel for Brazilian state-run oil company Petrobras' project to revitalise its Tupi field.
Brazil sets terms for national fossil fuel transition roadmap
Brazil's National Energy Policy Council (CNPE) has issued a resolution containing 18 directives to guide the country's roadmap for moving away from fossil fuels.
Repsol Sinopec expects Brazil's Raya gas project to start up in 2028
Repsol Sinopec, the joint venture of Spain's Repsol and China's Sinopec, expects its Raya deepwater project off Brazil to start operating in 2028, supplying 15% of the country's natural gas demand.
Spanish energy firms to keep investing in Brazil, call for regulatory predictability
Spain's leading energy companies will keep investing in Brazil as demand in the country is set to rise sharply over the next decade, but they need regulatory predictability and stability, according to executives.
Colombia targets 2027 restart of oil exploration as reserves decline
Colombia aims to prepare new oil and gas exploration areas for offering to investors by the first quarter of 2027, marking a potential shift after a four-year pause in signing new exploration contracts under former President Gustavo Petro
Colombia's Ecopetrol, Brazil's Petrobras delay Sirius offshore gas project to 2031
The Sirius gas development off Colombia's Caribbean coast will not begin operating until 2031, a year later than planned.
Colombia plans new oil and gas exploration offer for 2027
Colombia's hydrocarbons regulator expects to have new oil and gas exploration acreage ready for offer in the first quarter of 2027, agency president Ernesto Forero said
Drummond Energy plans first Colombia fracking well for 2027
Drummond Energy is considering drilling its first fracking well to explore for gas in Colombia in 2027, company president Alberto García told an industry gathering
Colombia eyes first fracking well by 2027
Colombia could drill its first fracking well next year, GeoPark (NYSE: GPRK) chief executive Felipe Bayón told the ninth Oil and Gas Summit. Drummond Energy also said it wants its first fracking well drilled in 2027
Colombia's Sirius offshore gas project delayed to 2031
Gas output from the Sirius field in Colombia's Caribbean waters will start in 2031, a year later than planned, because consultations with ethnic communities are running behind schedule, Petrobras (NYSE: PBR) said
Colombia prioritises Venezuela gas pipeline revival project
Colombia's government has added the rehabilitation of the Antonio Ricaurte gas pipeline, a cross-border link with Venezuela, to its list of priority national projects, Colombian oil company Ecopetrol (NYSE: EC, BVC: ECOPETROL) announced
Colombia moves to revive Venezuela gas pipeline to diversify supply
Colombia has designated the rehabilitation of the Antonio Ricaurte gas pipeline linking the country with Venezuela as a strategic national project, advancing efforts to secure additional supplies amid concerns over long-term energy availability
Venezuela oil output rises 8.5% as 80 agreements target production growth
Venezuela's crude production has increased 8.5% over the past year, reaching 1.251mn barrels per day (bpd), as the government seeks to attract investment through a revamped oil industry framework
Bolivia's Paz courts Repsol as gas output slumps and import risk looms
Bolivia's natural gas output has fallen to an average of 27mn cubic metres per day this year, from a record 61mn in 2014. Reserves have dropped to about 3.7 trillion cubic feet from 10.7 trillion in 2017.
Pemex liquids output slips 2.4% in September as company stops publishing crude data
Mexican state oil company Pemex reported liquid hydrocarbons production of 1.613mn barrels per day in September, down 2.4% year-on-year and 1.5% on the month.
Archer secures $40mn drilling contract with Vista in Argentina’s Vaca Muerta
Oilfield services company Archer has secured a two-year drilling contract with Argentine oil producer Vista, worth an estimated $35mn to $40mn including a possible one-year extension, as it expands its operations in the Vaca Muerta shale formation.
US expands Cuba sanctions to eight companies and five vessels
Interruptions to piped water services affected 2.68mn people across Cuba, with electricity shortages accounting for two-thirds of the disruption, President Miguel Díaz-Canel said on November 4
Venezuela targets 3mn bpd by 2037
Venezuela expects to raise crude production to nearly 3mn barrels per day (bpd) by 2037, under a recovery plan requiring almost $76bn in investment over the next five years, Acting President Delcy Rodríguez said
Brazil approves Saipem-Subsea7 merger despite oil companies’ opposition
Brazil’s Administrative Council for Economic Defence (CADE) has approved the merger between Italian engineering group Saipem and offshore services provider Subsea7.
Petrobras P-78 vessel hits full output at Brazil's Búzios field
State-controlled Petrobras (NYSE: PBR, B3: PETR4) said the P-78 vessel at Brazil's offshore Búzios field reached its full output of 180,000 barrels per day (b/d) on October 31, after the BUZ 100 well came onstream.
Fitch affirms Brazil's Petrobras at BB, lifts standalone profile
Fitch Ratings affirmed Petróleo Brasileiro (NYSE: PBR, B3: PETR4) at BB and raised the Brazilian oil company's standalone credit profile to bbb+ from bbb, the agency announced on November 3.
Brazil's COP30 presidency releases deforestation and fossil fuel plans
Brazil's COP30 presidency has published roadmaps to guide countries towards ending deforestation and moving away from fossil fuels.
Argentina’s US financing lifeline survives midterm shock, says EXIM chief
The US Export-Import Bank (EXIM) will maintain its financial cooperation with Argentina and continue working on agreements that could mobilise up to $7bn in funding through 2027, despite the Republicans' defeat at the November 3 midterms.
GeoPark earnings fall as oil discounts squeeze margins
Latin American oil producer GeoPark reported a 19% quarterly revenue decline to $116.2mn for the three months ended September 30, as wider crude price discounts and higher operating costs reduced margins despite stronger output in Argentina
High freight rates and weak demand weigh on Venezuelan crude sales
Venezuela’s oil exports faced a difficult October as rising transportation expenses and reduced refinery demand made its crude harder to sell, with shipments falling to 809,000 barrels a day
Venezuela oil shipments fall 25% as freight costs squeeze exports
Venezuelan crude shipments fell sharply in October as higher tanker rates and seasonal refinery maintenance weakened demand, bringing exports close to some of their lowest levels since Nicolás Maduro came to power
Trump claims US has ‘total control’ of Venezuela
President Donald Trump said the US has assumed “total control” of Venezuela and deployed American representatives there, linking the country’s oil resources to what he described as a major expansion of Washington’s energy position
BP finds hydrocarbons at Tupinamba block off Brazil, to move rig to Bumerangue
UK oil major BP said it has identified hydrocarbons in an exploration well in the deepwater Tupinamba block in Brazil's Santos Basin.
Halliburton, Petrobras complete first Brazil deployment of remote-operated completion system
Halliburton said that its Optime unit had completed the first deployment in Brazil of its Remote Operated Control System (ROCS) service, in collaboration with Petrobras.
Mexico's US gas imports hit record 218 mcm per day in August
Mexico bought a record 7.71bn cubic feet (bcf) per day, or 218mn cubic metres (mcm) per day of natural gas from the US in August, up 4.3% year on year, according to the US Energy Information Administration (EIA).
Noble to start TotalEnergies drilling off Suriname in 2026
Noble Corporation (NYSE: NE) will deploy two offshore rigs to drill for TotalEnergies (EPA: TTE) off Suriname from December 2026.
Touchstone tests Trinidad gas and oil wells
According to an October 29 report by OilNow, Touchstone Exploration (TSX/AIM: TXP) recorded gas flow rates of up to 6,800 mcf/d (thousand cubic feet per day) during testing of the Carapal Ridge-3 (CR-3) well, located in Trinidad...
Petrobras refineries near full capacity as company makes third Equatorial Margin find
Brazilian state oil firm Petrobras ran its refineries at 98% of capacity in October and expects utilisation to stay close to the operational limit for the rest of the year, as it seeks to cut fuel imports.
Singapore's Seatrium secures $156mn FPSO deal from SBM Offshore
SBM Offshore (Euronext: SBMO) has awarded Singapore-based Seatrium (SGX: 5E2) a deal valued at over SGD200mn ($156mn) to carry out integration work on an FPSO vessel, a floating production, storage and offloading unit, destined...
Guyana offshore oil fields pass major output milestones
Liza 1, the first oil development off Guyana's coast, has produced more than 300mn barrels in total.
Petrobras hits record production
Brazil's Petrobras has reported record quarterly production and exports, while running its refineries close to full capacity, with a third oil discovery in the Equatorial Margin
US Democrats probe Trump administration's role in Flavio Bolsonaro's flight from Brazil
Brazil's Petrobras posts record oil and gas output
Petrobras (NYSE: PBR) produced a record 3.512mn barrels of oil equivalent per day (boed) in the third quarter of 2026, an 11.7% increase on the same period a year earlier.
Brazil's Petrobras seeks biomethane suppliers ahead of 2027
Petrobras (B3: PETR4, NYSE: PBR) has opened a call for proposals to buy biomethane under contracts lasting up to 10 years, with supplies to begin in 2027.
Mexico's Esentia eyes Manzanillo for new LNG export projects
Mexican pipeline operator Esentia has identified the port of Manzanillo, in Colima state, as a strategic site for new liquefied natural gas (LNG) export projects, as other Pacific coast schemes run into environmental and regulatory hurdles.
Lula's re-election keeps Brazil's oil policy on steady course
Brazilian President Luiz Inacio Lula da Silva's unexpected re-election is set to bring continuity to the country's oil and gas policy and to the plans of state-controlled Petrobras.
Ecuador signs framework deal with UAE's ADNOC to draw oil investment
Ecuador has signed a framework agreement with the government of the United Arab Emirates, state oil company Abu Dhabi National Oil Company (ADNOC) and international firms to attract investment into its hydrocarbons sector.
Mexico's Pemex posts $2.1bn nine-month loss despite highest oil prices since 2022
Mexico's state oil company Petróleos Mexicanos (Pemex) booked a net loss of MXN38.76bn (around $2.1bn) in the first nine months of 2026, its third consecutive year in the red over the period, even though oil prices have been at their highest .
Brazil’s Petrobras confirms third oil discovery in ultra-deep waters off Amapá
Brazilian state-owned oil company Petrobras has confirmed a third oil discovery in the Morpho exploration well, located in block FZA-M-59 off the coast of Amapá state, in the Foz do Amazonas Basin.
Venezuela’s new envoy pays court in Washington as US tightens grip
Venezuela’s newly appointed Foreign Minister Oliver Blanco met US Secretary of State Marco Rubio in Washington on November 2, in the latest sign of the US’s growing sway over Caracas.
Argentina’s Sea Lion case faces jurisdiction hurdle over Falklands sovereignty, expert warns
Argentina’s legal challenge against the United Kingdom over the Sea Lion oil project north of the Falkland Islands could be rejected if the International Tribunal for the Law of the Sea (ITLOS) determines that the dispute falls outside its remit.
ExxonMobil eyes Guyana production explosion beyond 2030
ExxonMobil expects its operations offshore Guyana to remain a central driver of the company’s global production growth well beyond 2030.
YPF expects Argentina LNG project to drive local production through $130bn investment
Argentina’s national oil company YPF is orchestrating a massive $130bn capital injection to transform Argentina into a dominant global energy exporter by 2031 through the landmark Argentina LNG project.
Chevron targets high-impact oil and gas exploration in Suriname
Chevron is preparing for a massive wave of high-impact offshore exploration in Suriname, signalling a strategic acceleration within the prolific Guyana-Suriname basin.
Lula's re-election in Brazil may signal uncertainty in natural gas
WHY The gas market may be liberalised, but government divisions may hinder the scope and pace.
Colombia lifts gas supply restrictions after SPEC terminal restores capacity
Colombia’s government lifted temporary restrictions on natural gas supply after the SPEC LNG regasification terminal in Cartagena restored its full available capacity of 533mn cubic feet per day (15.09mn cubic metres per day)
Venezuela’s oil ambitions hinge on bringing skilled workers back
nergy companies seeking to expand production are confronting a depleted labour pool, while the compensation available in the country remains far below what many Venezuelan professionals can earn overseas
Machado pledges to honour Venezuela oil contracts, seeks new investment rules
María Corina Machado said a future Venezuelan government would respect legally signed oil contracts while calling for changes to the regulatory framework to attract private investment and rebuild the energy industry
Trump’s Venezuela oil deal faces operational and financial hurdles
North American Blue Energy Partners (NABEP), the little-known company selected to develop 17 Venezuelan oilfields under a US-backed agreement, faces significant operational and financial challenges as it seeks to raise production beyond 1mn bpd
Venezuela oil shipments to US surge 236% as sanctions ease
Venezuela recorded the largest increase in oil shipments to the US among global suppliers during the first eight months of 2026, as sanctions relief helped revive trade between the two countries
PDVSA export revenue jumps 60% to $18.7bn through September
Venezuela’s state oil company Petróleos de Venezuela SA (PDVSA) generated more than $18.7bn in oil export revenue during the first nine months of 2026, an increase of about $7bn from the same period a year earlier
Chevron targets 20% increase in Venezuelan oil output by year-end
Chevron expects to lift gross oil production in Venezuela to about 300,000 barrels per day by (bpd) the end of 2026, as changes to the country’s fiscal framework improve the economics of its operations, Chief Executive Officer Mike Wirth said
NABEP plans $100bn investment to expand Venezuelan oil output
North American Blue Energy Partners plans to invest nearly $100bn in Venezuela’s oil and gas industry, seeking to expand production and upgrade infrastructure as the privately held company targets output of more than 1mn barrels per day (bpd)
Eni starts operations at Venezuela’s Junín 5 oil field, targets 200,000 Bpd
Eni has begun developing production at Venezuela’s giant Junín 5 oil field in the Orinoco Oil Belt, aiming to raise output from 12,000 barrels per day to 200,000 as the Italian energy group expands its presence in the country
GeoPark closes Venezuela entry as Gilinski takes 56% stake
Bogotá-based oil producer GeoPark (NYSE: GPRK) has completed its entry into Venezuela after a 25-year production contract for the Bare Block in the Orinoco Belt came into force, handing Grupo Gilinski roughly 56.3% of the company.
Argentina’s YPF seeks incentives for $8.7bn Vaca Muerta shale project
Argentina’s state-controlled oil producer YPF has applied for government investment incentives for an $8.73bn shale oil development in the Bajo del Toro and Bajo del Toro Norte blocks in Vaca Muerta.
Argentina’s Vista Energy raises production 33% and exports 73% of Vaca Muerta crude
Vista Energy increased its hydrocarbon production by 33% year on year to a record 169,000 barrels of oil equivalent per day in the third quarter of 2026, while exporting 73% of the crude oil it sold.
GeoPark completes Venezuela entry as Gilinski takes control
Bogotá-based oil producer GeoPark (NYSE: GPRK) has closed its entry into Venezuela and handed majority ownership to Colombia's Grupo Gilinski
Colombia LNG imports rise as gas output falls and El Niño threatens hydropower
Colombia’s reliance on imported liquefied natural gas (LNG) is increasing as domestic production declines and a strengthening El Niño threatens hydropower generation, potentially raising demand for gas-fired electricity
OPEC+ holds December output steady as 2027 call looms
OPEC+ left December production targets unchanged on November 1, deferring any fresh policy move into next year as the group grapples with Iran war export disruptions
Trump says Venezuela sent 1mn barrels of oil as a ‘gift’
US President Donald Trump said Venezuela had sent a tanker carrying 1mn barrels of crude oil as a “gift,” as his administration moves to expand American control.
Argentina’s YPF swings to $1.2bn quarterly profit as shale output boosts results
Argentina’s state-controlled oil company YPF reported a net profit of $1.196bn in the third quarter of 2026, reversing a loss of $198mn in the same period last year.
Experts question Venezuela’s claim to 303bn barrels of oil reserves
Venezuela’s claim to hold the world’s largest proven oil reserves is facing renewed scrutiny as experts question the figures supporting US plans to expand control over the country’s petroleum resources.
Brazil's Petrobras pumps record 3.5mn boepd as exports climb 20.7%
Brazil's state-run Petrobras reports record production and exports in 3Q26.
Oil shock freezes Chile's rate cuts as the economy stalls
A jump in oil prices has frozen Chile's interest rate cuts at the very moment its economy has started to shrink.
Colombia rations gas as Spec terminal repair cuts supply ahead of El Niño
Colombia’s Ministry of Mines and Energy declared scheduled natural gas rationing from October 27 after a fault in one of four regasification trains at the Spec LNG terminal in Cartagena, the only facility through which the country imports gas
Ecuador's Petroecuador adds 19,521 barrels a day from new wells
Ecuador’s state oil company Petroecuador brought 10 new wells into production in October, adding a reported 19,521 barrels of crude a day as the country seeks to sustain output through further drilling and maintenance
El Niño puts Latin American mining operations under pressure
Ecuador adds 110 MW of thermal power ahead of dry season
Ecuador plans to add 110 megawatts (MW) of rented thermal generation from November to strengthen electricity supplies as the country prepares for seasonal water shortages and potential El Niño-related disruption
Cuban envoy seeks restart of halted Mexican oil supplies
Cuba is in talks with Mexico to restart fuel deliveries that stopped this year after Washington threatened sanctions, Cuban Ambassador to Mexico Eugenio Martínez Enríquez said.
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