LatAmOil - Latin America Oil & Gas

Ecuador offers to supply oil to buyers of Venezuelan exports

Ecuador's President Daniel Noboa has offered to supply up to 250,000 barrels per day of oil to nations currently purchasing Venezuelan crude, aiming to curtail funding to Nicolás Maduro's regime.

Canada, Mexico strike deals to delay Trump tariffs

Canada and Mexico both struck deals this week to push back the imposition of 25% tariffs on all goods being exported to the US by 30 days.

Refining performance weighs on US supermajors’ fourth-quarter results

ExxonMobil and Chevron both saw a drag on their earnings for the fourth quarter of 2024 from their refining operations.

Mexico extends lead as top US trade partner

Colombia's oil sector faces double blow as drilling slumps, Petro halts US venture

Colombia's energy sector confronted mounting challenges as drilling activity plunged and President Gustavo Petro ordered state-owned Ecopetrol to divest from its US fracking operations.

OPEC+ continues with production plan despite Trump’s demands

OPEC+ has decided to continue with its current oil production plans after a review meeting on February 2 despite calls from US President Donald Trump to lower crude prices.

Colombia oil drilling slumps 37% as investment retreat hits output

Colombia's oil drilling activity plunged 36.8% in December 2024, with active rigs falling to 24 from 38 a year earlier, Colombian Petroleum and Gas Chamber (Campetrol) reported.

Brazilian consumers struggle with rising fuel and food prices

Brazil faces mounting inflation pressures as petrol and diesel prices increased following state tax hikes, while food costs continue to surge, with coffee hitting 50-year highs amid growing concerns over economic stability.

Brazil’s Petrobras reports production drop despite pre-salt records

Brazil's national oil company (NOC) Petrobras met its 2024 production targets despite posting declines across most operations, with total output falling 3.1% to 2.66mn barrels of oil equivalent per day (boed).

Brazil’s Petrobras gets $174mn payment from PetroRio in Albacora deal

Petrobras has received BRL1.025bn ($174mn) from PetroRio as the final contingent payment for the sale of its stake in the Albacora Leste offshore field, marking the completion of a significant divestment in the Campos Basin.

Russia’s fuel exports to Brazil sharply up, says Russian ambassador

Russia has significantly increased petroleum product exports, mainly diesel, to Brazil since mid-2022, Russian Ambassador to Brazil Alexei Labetsky said.

Colombia's Petro orders Ecopetrol to scrap US deal with Oxy over environmental concerns

Colombian President Gustavo Petro has directed state-controlled Ecopetrol to abandon a joint venture with US-based Occidental Petroleum, citing environmental risks. The project, located in the Permian Basin, was expected to yield approximately 90,000

Brazil’s Petrobras signs major oil supply deal with India

Brazil's national oil company (NOC) Petrobras has agreed to supply 24mn barrels of oil to an Indian state-owned firm as it seeks to diversify its export markets beyond China, according to a senior executive.

ExxonMobil awards Baker Hughes multiyear contract for offshore developments in Guyana

Baker Hughes announced that it had secured a significant multiyear contract from ExxonMobil Guyana to provide speciality chemicals and services for the Uaru and Whiptail developments in the Stabroek block.

Petrobras eyes fuel prices, China shift boosts Brazil oil

Petrobras is monitoring geopolitical developments to adjust fuel prices as needed

Colombia's Ecopetrol extends US fracking partnership with Oxy amid production challenges

Ecopetrol has secured an agreement with Occidental Petroleum (Oxy) to extend its fracking operations in the US Permian Basin until June 2026.

Galp Energia faces output drop in Brazil, CEO resigns

Galp produced 110,000 barrels of oil equivalent per day in Q4 2024, down 13% year-on-year and 2% from the previous quarter. Output in Brazil accounted for 110,000 barrels per day, a 6% drop from a year earlier.

Venezuelan oil exports jump due to increased shipments to China

Venezuelan oil sales climbed to 867,000 barrels per day last month, highlighting the Latin American nation's strengthening position in global energy markets as sanctions relief broadens export opportunities.

Stena Drilling awarded Suriname drilling contract by TotalEnergies

TotalEnergies has awarded a significant offshore drilling contract to Stena Drilling, marking another step forward in Suriname's emerging oil and gas sector.

Crude oil exports expected to rise to 89% of Guyana's exports in 2025

Guyana's crude oil exports are projected to dominate the country's export portfolio in 2025, accounting for 89% of total exports, a significant increase from 68% in 2021, according to a government projection.

Argentine Governor of Neuquén meets with YPF president to discuss oil and gas development

Neuquén's governor, Rolando Figueroa, met with YPF president Horacio Marín to discuss development plans for the province's crucial oil and gas sector.

Colombia's Ecopetrol cedes oil block to Venezuelan firm

Ecopetrol has transferred its stake in an oil exploration block in Colombia’s Magdalena Valley to Venezuelan firm Cpven E&P Corp, despite the company’s financial difficulties.

Mexico's Pemex eyes Asia crude sales to dodge Trump tariffs

Mexico's state oil company Pemex could avoid new US tariffs by redirecting crude exports to Asia, as US President Donald Trump's 25% levy on Mexican imports threatens its primary export market.

Colombia's Ecopetrol and Occidental extend Permian Basin partnership

Ecopetrol and Occidental Petroleum have renewed their strategic alliance for fracking operations in the US Permian Basin.

EU, IEA launch new forum for energy transition framework ahead of COP30 in Brazil, but money still talks loudest

Last month the European Union and the International Energy Agency (IEA) launched the Global Energy Transition Forum (GETF) with the intention of sustaining the momentum towards energy transition targets.