LatAmOil - Latin America Oil & Gas

MODEC's FPSO crowned Brazil's top oil producer

Japan's MODEC has achieved recognition for operating Brazil's largest oil and gas production facility, with its floating production storage and offloading vessel at the Mero field earning status as the country's leading producer.

Norway’s Solstad lands $84mn Petrobras charter for anchor handling vessel

Norwegian maritime services company Solstad Offshore has sealed an $84mn four-year charter agreement with Brazil's national oil company Petrobras for the anchor handling tug supply ship Normand Turquesa.

India boosts oil imports from US, Brazil as part of supply diversification

According to reports, imports of US crude surged by 51% year-on-year to 271,000 barrels per day between January and June, up from 180,000 bpd during the same period in 2024.

Colombia's oil and gas output drops sharply amid sector slump

Colombia's hydrocarbon sector continued its downward trajectory in May as natural gas production tumbled 11.3% whilst crude oil output fell 4.8%, according to data from the National Hydrocarbons Agency (ANH).

Brazil’s PetroVictory wraps up AND-5 drilling

Petro-Victory Energy has finished drilling the AND-5 well in the Potiguar Basin, Rio Grande do Norte, through its partnership with Azevedo & Travassos Energia (ATE).

Brazil warns US over tariff threat

Brazil may impose reciprocal trade measures if US President Donald Trump’s plan to levy a 50% tariff on imports from Brazil takes effect, President Luiz Inácio Lula da Silva said.

Brazil’s Petrobras eyes Bahia exit

Brazil’s Petrobras may sell its onshore oil and gas assets in Bahia due to high costs and low production compared with its offshore pre-salt fields, CEO Magda Chambriard said.

Brazil freezes Petrobras Amazon oil blocks

Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP) has halted the exploration period for Petrobras contracts in six blocks in the Foz do Amazonas basin until environmental clearance is granted by Ibama.

Guanabara FPSO tops Brazil output

Brazil’s FPSO Guanabara MV31 has been confirmed as the country’s top producing unit by the National Agency for Petroleum, Natural Gas and Biofuels (ANP), underlining its role at Petrobras’ Mero field in the Santos Basin, MODEC said.

Gold Reserve signals confidence in Citgo team as $7.4bn deal for Venezuelan asset awaits ruling

Gold Reserve Inc. expressed support for Citgo Petroleum Corp.’s current leadership as it awaits a federal court’s decision on its $7.4bn bid to acquire the refiner’s parent company

Bondholders move to derail Venezuela-owned Citgo sale over disputed collateral rights

A group of creditors holding defaulted Venezuelan bonds is moving to block a $7.4bn offer to acquire Citgo Petroleum Corp.’s parent company, arguing the deal would undermine their legal claims to pledged collateral

Venezuela warns against energy exclusion as OPEC calls for trillions in investment

During a session focused on unlocking the $17 trillion needed by 2050 to secure global energy flows, Delcy Rodríguez stressed that Venezuela must remain part of the international energy equation

Venezuela aims to cut oil reliance with 11% industrial growth target by 2025

According to pro-government outlet Misión Verdad, the international sanctions—numbering over a thousand—have left deep scars on the country’s core industries

Trion deepwater project reaches 25% completion amid Mexico production decline warnings

Woodside's Trion crude oil joint venture with Pemex has achieved 25% completion, progressing on budget and schedule towards a 2028 launch whilst Mexico faces projected production decline to 1.29mn bpd by 2030, Mexico Business News reported.

Mexico's flagship $20bn refinery falls short of energy sovereignty goals

The Olmeca Refinery, positioned as Mexico's pathway to energy independence, operates at merely one-third capacity despite representing the Americas' largest new petroleum facility and consuming $20bn in public investment, the Financial Times reported

Cuba oil shipments reflect Mexico's geopolitical priorities amid declining export volumes

Mexico’s Dos Bocas refinery operates below capacity following extended shutdown

Mexico's Olmeca Refinery in Dos Bocas, Tabasco, continues running below designed capacity after a months-long operational halt between December 2023 and February 2024 due to saline water contamination, Mexican President Claudia Sheinbaum confirmed

Argentina files appeal against US ruling over YPF case

Argentina has filed an appeal against a US court ordering the country to surrender its 51% controlling stake in national oil company YPF, court documents showed.

Colombia unveils $194mn royalties scheme to drive extractive investment

Colombia's mines and energy ministry has unveiled proposals to distribute nearly COP775bn (approximately $194mn) through royalty-based incentives targeting oil, gas, coal, precious metals and nickel sectors across 2025-26.

Colombian authorities seize Anglo-French Perenco assets over alleged paramilitary funding

Colombian prosecutors have confiscated Anglo-French energy company Perenco's assets worth approximately $10mn following accusations of historical payments to defunct paramilitary groups.

Venezuela courts African energy allies as OPEC summit held

Venezuela is stepping up its diplomatic outreach with key African energy producers as part of efforts to deepen south-south cooperation and push back against Western sanctions

Venezuela criticises energy sanctions at OPEC seminar in Vienna

Venezuela's Vice President Delcy Rodriguez has used a major oil industry gathering to condemn international sanctions on energy producers, warning they threaten global supply security and undermine investment in the sector.

Arbitrators reported to have reached decision in ExxonMobil, Hess dispute

The arbitrators in a legal dispute between ExxonMobil and Hess have reportedly reached a decision.

Brazil breaks new oil record, schedules new oil auction as COP30 nears

Brazil recorded its highest oil and natural gas output in May, according to the national regulatory agency’s latest monthly report. This increased hydrocarbon output comes as the county will host the annual US climate summit in November.

Pemex crisis deepens as Mexico prepares $120bn bailout amid debt, refining slump and supplier revolt

Mexico’s state-owned oil company, Petróleos Mexicanos (Pemex), is undergoing significant financial restructuring as it grapples with a complex mix of escalating debt, reduced refining output, and growing supplier unrest.