Region: Latin America Category: Oil & Gas Frequency: Every Tuesday
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LatAmOil provides oil and gas Insight and Foresight from Mexico and Central America to the Caribbean and South America. From the heavyweight producers such as Brazil to emerging frontiers like Guyana, LatAmOil informs you of what is going on and why through commentary, exclsuive interviews, news and analysis. In such a notoriously challenging environment, in-depth and accurate information makes every difference in vital decision making and strategy – LatAmOil brings this directly to your inbox every week.
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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.
Brazil’s oil exports poised to dominate in 2025
Oil could reclaim its position as Brazil’s top export in 2025, the Brazilian Institute of Petroleum and Gas (IBP) said.
Trump halts Mexico tariffs after border troop deal, but tensions remain
The United States and Mexico have reached a temporary agreement suspending new tariffs, following negotiations between President Donald Trump and his Mexican counterpart, Claudia Sheinbaum.
OPEC+ weighs Trump policy as oil prices jump on tariff concerns
Stena Drilling awarded Suriname exploration drilling contract by TotalEnergies
Stena Drilling has secured a contract with TotalEnergies Suriname for a one-well exploration drilling programme using the Stena DrillMAX, with an option to extend for up to three additional wells.
Guyana's landmark hydropower project delayed to 2029
Guyana's Amaila Falls Hydropower Project has been pushed back to 2029, marking a significant shift in the country's clean energy transition strategy as it prioritises gas-powered electricity generation to meet growing demand.
Guyana's Natural Resource Fund sees interest growth amid booming oil output
Guyana's Natural Resource Fund posted impressive growth in interest earnings for 2024, accumulating $141mn in interest income, marking a 63% increase from $87mn in 2023.
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