LatAmOil - Latin America Oil & Gas

Petrobras CEO seeks aggressive expansion, oil and gas output declined in October

Brazil's state-controlled oil producer Petrobras aims to expand significantly to ensure its long-term future, said CEO Magda Chambriard.

Brazil expands permanent oil block offerings adding 91

Brazil's government has announced plans to add 91 oil exploration blocks to its permanent offer system, potentially generating BRL2.4bn reais ($394mn) in signature bonuses during the next bidding round,

Venezuela’s 2025 budget reflects modest growth following oil revenue uncertainty

While marking a slight increase, the budget remains far below the $114.108bn Venezuela allocated in 2015, during its oil-boom years.

Petrobras CEO seeks aggressive expansion

Petrobras aims to expand significantly to ensure its long-term future, CEO Magda Chambriard told the Financial Times.

Petrobras output falls 11% in October

Brazil's state-controlled oil producer Petrobras reported an 11% decline in oil and gas output in October compared to the same period in 2023, according to data from the national oil regulator ANP.

Ecopetrol prioritises green hydrogen and exploration in 2025 plans

Colombia’s state-owned energy giant, Ecopetrol, has unveiled an ambitious strategy for 2025, emphasising its dual focus on traditional hydrocarbon production and green energy projects.

Venezuela oil exports near 1mn bpd mark, highest since 2020

Venezuela's crude and refined products exports surged to 974,033 barrels per day in November, approaching levels not seen since early 2020, despite ongoing US sanctions and infrastructure challenges.

Guyana's crude production averages 608,000 barrels per day as ExxonMobil achieves offshore record

ExxonMobil's crude oil production at the Stabroek Block averaged 608,000 barrels per day in the first 10 months of 2024, with the company's Payara project achieving the fastest ramp-up in the history of deepwater operations.

Petrobras begins sale process for minority stake in Sergipe field

Brazil's national oil company (NOC) Petrobras has launched the initial stage of selling its 25% stake in the Tartaruga shallow-water field, located in Sergipe state.

EY, PwC analysts expect Argentina's RIGI initiative to boost foreign investment

Argentina's latest bid to attract foreign investment through the RIGI incentives package has shown early promise but faces significant hurdles, according to industry experts.

Harbour Energy acquires stake in Argentina's first LNG project

British energy firm Harbour Energy has acquired a 15% stake in Argentina's first LNG export project, which will feature a floating liquefaction vessel in Río Negro's San Matías Gulf.

Afreximbank and JE Energy sign financing agreement to support Guyanese crude exports

LatAmOil: Petroperu’s woes escalate as market ambitions clash with crises

Petroperu’s woes escalate as market ambitions clash with crises

Petroperu, Peru’s state-owned oil company, is under intense scrutiny as it grapples with financial instability, operational hurdles, and mounting social conflicts.

Pemex faces debt crisis as contracts are suspended

Mexico’s state-owned oil company, Pemex, is navigating a deep financial crisis, marked by unpaid debts exceeding $20bn and a temporary suspension of new contracts with service providers.

Repsol sells Colombian oil assets for $530mn to GeoPark

Spanish energy giant Repsol has exited its oil operations in Colombia, selling key assets to GeoPark for $530mn.

Gran Tierra Energy announces seventh oil discovery in Ecuador

Gran Tierra Energy has announced its seventh oil discovery in Ecuador with the successful drilling of the Zabaleta-K1 well in the Chanangue Block.

US-Venezuela energy talks expected in early 2025, industry official says

Energy talks between US and Venezuelan officials could begin as early as January 2025, following presidential inaugurations in both nations, according to a senior Latin American energy industry representative.

Guyanese government considering options for gas monetisation

Guyana's Vice President Dr Bharrat Jagdeo has outlined the government's multifaceted approach to gas monetisation, addressing concerns about the selection of US-based Fulcrum LNG in a tripartite arrangement with ExxonMobil Guyana Ltd.

Argentina's government advances expansion of major gas pipeline as RIGI initiative takes effect

Argentina's government is progressing with the expansion of the Perito Francisco Pascacio Moreno gas pipeline through a project proposed by Transportadora de Gas del Sur under the government’s Large Investment Incentive Regime.

YPF enters into landmark floating LNG project with Golar LNF and Pan American Energy

Argentina's state energy firm YPF has entered into a landmark $3bn floating LNG project alongside Golar LNG and Pan American Energy, marking a significant expansion of the country's LNG export capabilities.

Key Ecuadorian oil pipeline reverts to state control

Ecuador's heavy crude oil pipeline has reverted to state control following the expiration of its 20-year concession on November 30, 2024, Vice Minister of Hydrocarbons Guilhermo Ferreira Oliveira confirmed.

Pemex oil production hits 14-year low as Dos Bocas refinery faces setbacks

In October, Petróleos Mexicanos (Pemex) recorded its lowest oil production in over a decade, falling below 1.5mn barrels per day (bpd)—a level not seen even during the pandemic.

Petrobras signs platform deals for Sergipe deepwater project

Petrobras has initiated the contracting process for up to two FPSO (floating production, storage, and offloading) vessels for the Sergipe Águas Profundas (SEAP) project in the Sergipe-Alagoas Basin.

Citgo auction sparks fierce battle among creditors, as legal and financial stakes escalate

The impending auction of Citgo Petroleum Corporation's parent company has escalated into a complex financial battleground, with multiple creditors manoeuvring to secure the prized Venezuelan asset.