Region: Latin America Category: Oil & Gas Frequency: Every Tuesday
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LatAmOil provides oil and gas Insight and Foresight from Mexico and Central America to the Caribbean and South America. From the heavyweight producers such as Brazil to emerging frontiers like Guyana, LatAmOil informs you of what is going on and why through commentary, exclsuive interviews, news and analysis. In such a notoriously challenging environment, in-depth and accurate information makes every difference in vital decision making and strategy – LatAmOil brings this directly to your inbox every week.
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Ecuador oil spill situation worsens after containment dike collapse
Ecuador's ongoing oil spill crisis worsened when an improvised containment dike on the Caple River collapsed amid heavy rainfall in Esmeraldas province, allowing thousands of additional barrels of crude to flow toward the Pacific Ocean.
Woodside to sell Trinidad and Tobago assets to Perenco for $206mn
Woodside has reached an agreement to sell its Greater Angostura assets in Trinidad and Tobago to Perenco for $206mn, the company announced.
Brazil’s Petrobras, banks negotiate shared governance for Braskem
Creditor banks holding Novonor's controlling stake in Brazil’s petrochemicals major Braskem are negotiating governance arrangements with the second largest shareholder, national oil company (NOC) Petrobras.
Shell Brazil’s Gato do Mato project awards large contract to TechnipFMC
TechnipFMC has secured a major integrated engineering, procurement, construction and installation contract worth more than $1.0bn from Shell for the Gato do Mato pre-salt development offshore Brazil.
Brazil wins UN approval for expansive "Blue Amazon" maritime claim
Brazil has secured UN recognition for a significant expansion of its northern maritime boundary, gaining sovereign rights over an additional ocean area equivalent to the size of Germany.
Venezuelans rush to buy dollars as currency tumbles on US oil sanctions
Venezuelans are scrambling to buy dollars, sending the bolívar to historic lows as fears grow that the latest US sanctions will further destabilise the country’s fragile economy
US tariffs on Venezuelan oil disrupt exports to China and India
A new 25% tariff imposed by the United States on buyers of Venezuelan oil and gas has upended trade flows to China and India, the primary customers of Nicolás Maduro’s regime, which together account for more than half of the country’s crude exports
Trinidad and Tobago reaffirms offshore gas project as US tightens Venezuela sanctions
Trinidad and Tobago’s Prime Minister Stuart Young said that work on a major offshore gas venture with Venezuela remains on track, despite mounting US pressure on Caracas and uncertainty over the renewal of a key Washington-issued licence
Legal battle over Venezuela's Citgo intensifies as creditors contest initial bid
A legal dispute over Citgo Petroleum has escalated in a Delaware court as creditors challenge a proposed starting bid for shares in Venezuela’s largest foreign asset
Maduro dismisses US warning over Essequibo dispute
Venezuela’s Nicolás Maduro lashed out at US Secretary of State Marco Rubio, calling him an “imbecile” after the top diplomat warned of consequences if Venezuela attempted military action against Guyana
Panama revokes 128 ship registrations in crackdown on Russia and Iran’s shadow fleet
Panama has intensified its crackdown on sanctioned vessels by revoking the registration of 128 ships, a move primarily targeting the "shadow fleet" facilitating oil exports from Russia and Iran.
Equinor extends Floatel Victory contract for Brazil offshore operations
Norwegian energy firm Equinor has extended its contract with Floatel International for the Floatel Victory accommodation unit at its Peregrino oilfield offshore Brazil.
Brazil pushes for ethanol edge in Japan
A Brazilian delegation in Japan is advocating for the country to prioritise Brazilian ethanol under a new biofuel mandate, arguing it has a lower carbon footprint than US ethanol.
Colombia’s Cerrejón cuts coal output as Asia becomes key market
Cerrejón, Colombia's largest coal mine operated by Glencore, plans to cut its annual production by 5 to 10mn tonnes, reducing output to between 11 and 16mn tonnes, citing unsustainable maritime transport costs for thermal coal.
Colombian congress advances energy tariff reform amid rising public pressure
Colombia's Congress is progressing with legislation aimed at reducing electricity and gas tariffs, a move that has garnered bipartisan support and addresses longstanding public grievances over high utility costs, particularly in the Caribbean region.
Colombia's Ecopetrol to invest $1.2bn to continue improving petrol quality
Ecopetrol, Colombia's leading petroleum company, has announced plans to invest approximately $1.2bn over the next seven years to upgrade the quality of petrol produced at its Barrancabermeja refinery.
Pemex crude exports from Mexico rise 33% in February versus January
Crude oil exports by Mexican state energy company Pemex grew 33% in February compared to January. Despite the recovery from a tumble the month before, exports were still down 25% compared to February 2024.
US seeks strategic foothold in Caribbean with Rubio visit
US Secretary of State Marco Rubio embarked on a critical diplomatic tour of the Caribbean, addressing pressing regional issues including Haiti's security crisis and Guyana's emerging geopolitical significance amid its oil boom.
Vibra launches Brazil’s first sustainable aviation fuel supply
Vibra has begun supplying sustainable aviation fuel in Brazil, the company said in a press release. The imported biofuel is now available at Tom Jobim International Airport in Rio de Janeiro, the first distributor of SAF in the country.
Rockhopper confirms FID deadline for Falkland Islands offshore development
A final investment decision for the Sea Lion offshore development in the Falkland Islands could be reached by mid-2025, according to Rockhopper Exploration, which partners with Israeli operator Navitas Petroleum on the project.
Trading firm Vitol enters bidding race in Citgo auction, Red Tree selected as stalking horse
Vitol, a prominent trading firm, has entered the bidding race to acquire US refiner Citgo and filed a request with a federal court seeking further details on the stalking horse bid.
US tariffs on Venezuelan oil put China, India, Spain in spotlight
Washington’s move to impose 25% secondary tariffs on nations purchasing Venezuelan oil and gas has drawn sharp reactions, particularly from China, the top buyer of the South American country’s crude.
Pemex production plunges 11% in February
State oil company Pemex’s crude production dropped to 1.36mn barrels per day (b/d) in February, representing an 11.5% year-on-year (y/y) decline
Trading firm Vitol joins legal push for more information in Citgo sale auction
Vitol, a prominent trading firm, has entered the bidding race to acquire US refiner Citgo and filed a request with a federal court seeking further details on the stalking horse bid
India’s Reliance Industries to halt Venezuelan oil imports amid US tariff threat
Reliance Industries, the operator of the world's largest refining complex, has decided to cease importing Venezuelan oil following the United States' announcement of a 25% tariff on countries purchasing crude from Venezuela
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