LatAmOil - Latin America Oil & Gas

Fitch lifts Mexico’s Pemex rating to 'BB' on enhanced government backing

Credit rating agency Fitch has upgraded Mexican state oil producer Petroleos Mexicanos to 'BB' from 'B+', removing its positive watch status and highlighting strengthened government support for the heavily indebted energy company,

Oxford sees oil firms’ return as lifeline for Venezuela’s economy but warns bonds still risky

Oxford Economics says the re-entry of Chevron and other international oil companies into Venezuela could stabilise crude output and ease currency pressures

Chevron, Valero move to restart Venezuelan heavy crude supply after new US licence

Chevron and Valero Energy are advancing talks to reinstate a supply agreement for Venezuelan heavy crude oil destined for US refineries, sources familiar with the matter said, following the issuance of a fresh licence to Chevron

Venezuelan oil exports slip 10% in July as Chevron awaits full US approval

Venezuela’s crude shipments declined nearly 10% in July from the previous month as key partners of state oil company PDVSA awaited expanded authorisations from Washington, according to vessel tracking and internal documents

Venezuela downplays Chevron’s role as US licence limits operations in the country

Venezuelan Minister of Interior Diosdado Cabello dismissed concerns over the future of Chevron’s operations in the country, asserting that the nation is not dependent on the US oil major

Brazil rejects US sanctions over Russian oil imports

Brazil has rejected the imposition of economic sanctions tied to its international trade policy, according to a senior presidential advisor.

Petronas plans Brazil oil field exit

Malaysia’s Petronas is seeking to sell its 50% interest in Brazil’s Tartaruga Verde oil field, targeting proceeds of up to $1bn.

Critical parts delivered for ExxonMobil Guyana's Uaru development

Hunting Subsea Technologies delivered eight titanium stress joints for ExxonMobil's Uaru oil development offshore Guyana, marking another milestone in the rapid expansion of one of the world's fastest-growing deepwater oil regions.

Suriname's GranMorgu project could surpass initial output expectations, TotalEnergies claims

TotalEnergies' flagship GranMorgu project offshore Suriname could exceed its planned production plateau of 220,000 barrels per day, according to CEO Patrick Pouyanné.

ExxonMobil CEO views Guyana oil block as biggest discovery in 15 years

ExxonMobil CEO Darren Woods has highlighted Guyana's offshore Stabroek Block as the oil industry's most significant discovery in the past 15 years, praising the development's exceptional performance during the company's Q2 2025 earnings call.

Solstad lands another Brazil’s Petrobras deal

Solstad Offshore has signed a new four-year agreement with Petrobras for the use of the construction support vessel (CSV) Normand Commander.

Brazil’s Petrobras awards three-year liftboat deal

Brazil turns up the ethanol

Brazil has raised its national ethanol blend requirement in petrol from 27.5% to 30%, effective August 1, leading to immediate impacts on imports, pricing, and supply chains, according to market participants.

Russian diesel surge reshapes Brazil's fuel market

Diesel imports into Brazil rose by 229.7% in Q2 2025 compared to the same period in 2024, driven mainly by increased volumes from Russia, according to Petrobras’ latest production and sales report.

Brazil’s Petrobras picks two more DOF vessels

DOF Group has been awarded two four-year contracts by Petrobras for the deployment of its anchor handling tug supply (AHTS) vessels Skandi Fluminense and Skandi Lifter, the Norwegian offshore supply vessel operator said.

MODEC marks milestones offshore Brazil

MODEC marked two operational milestones this month off Brazil, commemorating 15 years of the FPSO Cidade de Santos MV20 and a decade of the FPSO Cidade de Itaguaí MV26.

Brazil’s Brava Energia output hits record

Brazil’s Brava Energia reported average production of 90.9 thousand barrels of oil equivalent per day in July 2025, marking its highest monthly output to date.

BP strikes big off Brazil

British Petroleum (BP) has confirmed its largest oil and gas find in more than two decades following the drilling of the Bumerangue well in Brazil’s Santos Basin, the company said.

OPEC+ to raise oil production in September

Eight key OPEC+ countries have announced a production adjustment of 547,000 bpd for September

Brazilian deepwater yields BP's biggest oil and gas find in decades

BP has announced its most significant oil and gas discovery in 25 years following successful drilling at the Bumerangue prospect in Brazil's deepwater Santos Basin.

Venezuela’s Cabello says US sanctions target a fiction while US quietly does oil business with Maduro

Diosdado Cabello accused the United States of hypocrisy over sanctions tied to the so-called “Cartel of the Suns,” dismissing the allegations as baseless while highlighting Chevron’s deepening commercial ties with Nicolás Maduro’s regime

Vopak to reconfigure Mexico terminal amid fuel storage demand weakness

Dutch infrastructure operator Vopak plans to partially convert its 640,000-barrel fuel terminal in Veracruz, Mexico, for chemical storage beginning in 2026, citing insufficient sustained demand for refined products storage in the region

Argentine bunker fuel sales slump in first five months of 2025

Argentina's bunker fuel sales plummeted 23% in the first five months of 2025 as operational challenges and competitive pressures weighed on the sector, though suppliers anticipate a recovery in the second half.

Oil prices retreat as Trump's tariff ultimatum creates market uncertainty

Weatherford lands breakthrough drilling technology contract for Mexico's Trion deepwater venture

Texas-based drilling services specialist Weatherford International has captured a pivotal multi-year assignment delivering advanced Managed Pressure Drilling solutions for the Trion deepwater petroleum project