LatAmOil - Latin America Oil & Gas

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.

Ecuador resumes operations at Heavy Crude Oil Pipeline

Ecuador has resumed operations on its Heavy Crude Oil Pipeline, marking a crucial step toward restoring oil exports after severe weather disruptions forced the suspension of crude shipments from the South American nation.

Argentina emerging as dominant regional gas supplier, Wood Mackenzie reports

Argentina is positioning itself to become a dominant regional gas supplier and significant global LNG exporter, with production potentially reaching 180mn cubic feet per day by 2040 under base-case projections, according to Wood Mackenzie.

Colombia's top firms still oil-dependent as Ecopetrol leads profit rankings

Colombia's largest corporations continue to derive their wealth predominantly from traditional energy sectors, with state-owned Ecopetrol leading profit rankings despite declining returns.

Just 111 of the world’s biggest companies are causing $28 trillion worth of climate damage, says study

Just 111 of the world’s largest fossil fuel companies are collectively responsible for an estimated $28 trillion in climate-related economic damage, and just ten of those companies are responsible for half of that total.

Argentina secures $2bn loan to finance key pipeline

Argentina's oil sector has secured a landmark $2bn loan to finance the construction of the Vaca Muerta Oleoducto Sur pipeline and deepwater port in Río Negro.

Brazil’s Petrobras installs new tech on FPSOs

Exail, part of Exail Technologies, has secured an order to supply 30 Quadrans attitude and heading reference systems (AHRS) for Petrobras FPSOs operating offshore Brazil, the company said.

Trump administration grants final window for Venezuelan LPG trade

The US has provided a final grace period for companies to complete liquefied petroleum gas shipments from Venezuela, extending authorisation until September 5 for cargoes loaded before this week's deadline.

Mexican authorities seize 4mn gallons stolen fuel from abandoned trains in Coahuila

Mexican security forces confiscated approximately 4mn gallons of stolen diesel, gasoline and petroleum distillates from two abandoned rail tanker trains near Ramos Arizpe and Saltillo in Coahuila state, bordering Texas, the Associated Press reported.

Argentina seeks to overturn $16.1bn YPF judgement

Argentina's government is mounting an ambitious legal challenge to overturn a $16.1bn judgment related to YPF's nationalisation.

Shell increases gas output forecast for Trinidad's Manatee project

Shell has increased its production forecast for the Manatee gas project offshore Trinidad and Tobago by 10%, providing a crucial boost to the country's energy sector amid recent setbacks from US sanctions.

ExxonMobil relinquishes stake in Guyana's Stabroek Block

ExxonMobil and its partners have fulfilled a key contractual obligation by relinquishing 2,534 km2 of Guyana's prolific Stabroek offshore oil block to the government.

Suriname's new president faces pressure to drive oil and gas sector growth

Suriname has elected Jennifer Geerlings-Simons as its first woman president, positioning the 71-year-old former opposition leader to oversee the country's emerging oil and gas sector amid significant economic expectations.