LatAmOil - Latin America Oil & Gas

Norway's Interoil reports strong production in Colombia and Argentina

Interoil has disclosed production results for November and December 2024 from its assets in Colombia and Argentina, highlighting operational adjustments and performance variations.

Trump declares US intention to 'take back' Panama Canal

Oil overtakes soybeans as Brazil's top export in 2024

Oil became Brazil's leading export in 2024, surpassing soybeans, with crude and mineral oil exports totalling $44.8bn.

Chevron's $300mn Venezuela tax bill raises questions as Rubio vows to axe licence

Marco Rubio, Donald Trump's nominee for secretary of state, has called for a reassessment of Chevron's sanctions waiver in Venezuela, as fresh concerns emerge over the oil major's tax payments to Caracas.

Venezuela's oil output rises 17% but falls short of recovery target

Venezuela's crude oil production averaged 921,000 barrels per day in 2024, marking a 17.6 per cent increase from 2023 levels but falling short of the government's target to exceed 1m bpd, according to OPEC data released last week.

Argentina's Neuquén province forecasts 5% rise in economic growth driven by oil and gas

Neuquén province is projecting 5% economic growth in 2024, driven primarily by hydrocarbon investments and infrastructure development, according to Economy Minister Guillermo Koenig.

Guyana oil revenue skyrockets in 2024 to $2.57bn

Guyana's oil revenues surged to $2.57bn in 2024, representing a 59% increase from the $1.62bn received in 2023.

CB&I wins oil export contract for Argentina's Vaca Muerta

CB&I has won a comprehensive engineering, procurement, fabrication and construction contract for new storage facilities at the Vaca Muerta crude oil exportation facility in Argentina's Rio Negro province.

ExxonMobil begins relinquishing share of Guyana's Stabroek Block

Guyana's ExxonMobil has begun the process of relinquishing 20% of its 6.6mn-acre Stabroek Block despite missing the October 2024 deadline.

Chile seeks new natural gas supply deal with Argentina

Chile is set to forge a new natural gas supply agreement with Argentina, potentially delivering up to 2.5mn cubic metres per day during the winter and spring months through September 2025.

Venezuela accuses Guyana of environmental harm and resource theft in disputed Essequibo territory

Brazil’s Petrobras’ biomethane plan faces price debate

Petrobras has issued a public call for biomethane purchases, aligning with the Fuel of the Future Law, which mandates the inclusion of biomethane in natural gas from January 2026.

Stella Drilling withdraws drillship from Guyana

Aberdeen-based Stena Drilling reduced its drilling presence in Guyana's offshore waters with the departure of its ultra-deepwater drillship Stena DrillMax, according to Guyana's Maritime Administration Department.

Brazil's BNDES backs ethanol producer CMAA’s expansion with $79mn

Brazil's national development bank BNDES has approved BRL480mn ($79mn) in financing for sugar and ethanol producer CMAA to boost biofuel production in Minas Gerais state.

Colombia's green gamble: LNG imports surge amid Petro’s climate push

The Andean country is witnessing a shift in its energy landscape as declining gas reserves coincide with President Gustavo Petro’s refusal to issue new drilling contracts.

GeoPark abandons $530mn deal for Repsol’s Colombian oil and gas assets

GeoPark has withdrawn from its proposed $530mn acquisition of Repsol’s oil and gas operations in Colombia. The deal, originally announced in November 2024, included Repsol’s 45% stake in Block CPO-9 and a 25% interest in SierraCol Energia Arauca.

Colombia's Ecopetrol, JPMorgan to halve ADR conversion costs

Colombia’s state-controlled oil company Ecopetrol announced on January 15 that it has reached an agreement with JPMorgan Chase Bank N.A. to temporarily lower conversion costs for its American Depositary Receipts (ADRs) by 50%.

Venezuelan President Maduro reshuffles PDVSA leadership

Venezuelan President Nicolás Maduro has implemented significant leadership changes at state-run oil giant PDVSA, appointing Jovanny Martinez as executive vice president and Marco Magallanes as head of the Venezuelan Petroleum Corporation (CVP)

US Department of Energy predicts 8% slide in Brent price in 2025

The US Department of Energy expects Brent crude oil prices to decline to an average of $74 per barrel in 2025, an 8% drop from 2024 levels.

Brazil marks two decades of biodiesel policy, expands production and usage

Brazil's biodiesel programme, initiated under a 2005 law during President Luiz Inácio Lula da Silva’s first term, has advanced significantly, with biodiesel blends reaching 14% (B14) in March 2024.

Citgo's strategic role underscored amid challenges for PDVSA

Petróleos de Venezuela’s (PDVSA) ad hoc board of directors has unveiled its 2024 performance report, highlighting the pivotal role of Citgo, its US-based refining subsidiary, as a cornerstone asset for the state-owned enterprise.

Mexico braces for Trump’s return but 25% tariffs not necessarily likely

As Mexico braces for a critical year in 2025, economic and political challenges loom large under the pending new US administration led by Donald Trump.

Mexico braces for Trump’s return but 25% tariffs not necessarily likely

As Mexico braces for a critical year in 2025, economic and political challenges loom large under the pending new U.S. administration led by Donald Trump.

ICJ may rule on Guyana-Venezuela’s Essequibo dispute next year

Guyana's former Foreign Minister Carl Greenidge said that the International Court of Justice (ICJ) could deliver its ruling on the Guyana-Venezuela border controversy by 2026.

Turkey, Brazil lead Russian diesel imports after EU ban

Turkey and Brazil emerged as Russia's primary diesel and gasoil buyers in 2024 following the EU's import ban, LSEG data showed.