LatAmOil - Latin America Oil & Gas

US Halliburton wins major drilling deal from Brazil’s Petrobras

US oilfield services firm Halliburton has secured a three-year contract from Brazil's national oil company Petrobras for offshore drilling services.

Brazil’s Petrobras reports rise in oil, gas reserves

Brazil’s national oil company Petrobras said its proven reserves rose by 500mn barrels to 11.4bn barrels in 2024, with crude oil and condensates making up 85% of the total.

Rio de Janeiro state leads Brazil’s natural gas production

The state of Rio de Janeiro accounts for 74% of Brazil’s natural gas production, according to a study by the Federation of Industries of the State of Rio de Janeiro (Firjan).

Mexico restricts private power firms as state energy companies regain control

Mexico's government has introduced six energy reform bills requiring private companies to operate only under contracts with state enterprises Petróleos Mexicanos (Pemex) and Federal Electricity Commission (CFE).

Brazil's Petrobras cuts natural gas prices by 1%

Petrobras will reduce the sale price of the natural gas molecule by an average of 1% from February 2, 2025, based on contracts with distributors. Prices are adjusted quarterly according to Brent crude fluctuations and the R$/US$ exchange rate.

Mexico hits record 5.7% GDP deficit in 2024 as spending rises

IMF projects Suriname's GDP to surge by 55% in 2028, driven by oil and gas production

Suriname is poised for dramatic economic expansion, with the IMF forecasting 55% GDP growth in 2028 when offshore block 58 begins production.

Trinidad and Tobago signs two production sharing contracts with EOG Resources

Trinidad and Tobago has expanded its offshore energy partnerships, signing two production-sharing contracts with EOG Resources following its recent shallow-water bid round.

Vaca Muerta emerges more as key driver of Argentina's 2024 oil output

Argentina's prolific Vaca Muerta formation witnessed substantial growth in oil production during 2024, with output rising 29.40% in December.

Mexico unveils private sector power contracts in energy reform

Mexico's government proposed legislation to allow private energy contracts while maintaining state utility Federal Electricity Commission's (CFE) minimum 54% market share, Energy Minister Luz Elena González announced on January 29.

Bolivia's crisis of fuel shortages, sabotage claims and long queues

Bolivia is grappling with a deepening fuel crisis as petrol stations report supply cuts and prolonged closures, while the government accuses them of deliberately fuelling panic.

US Senators claim China could disrupt Panama Canal operations, but Panama stands firm

A group of US senators, including Ted Cruz, has raised concerns in Washington over China’s alleged influence in the Panama Canal, claiming Beijing could use its presence in the region to disrupt operations in a future conflict.

Ecuador offers to supply oil to buyers of Venezuelan exports

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

Ecuador accelerates closure of oil block through continued output decline

Ecuador's progressive closure of Block 43-ITT in the Yasuní National Park is gathering pace, with oil production declining as planned.

Hess fourth-quarter results beat expectations as Guyana business booms

Hess Corp surpassed market expectations in its fourth-quarter results, reporting a net profit of $542mn as production volumes soared in both the United States and Guyana.

Hess beats profit expectations for fourth quarter

Hess beat analyst expectations when it posted its results for the fourth quarter of 2024 this week.

Mexico's Pemex payment delays have been forcing offshore rig suspensions

State oil company Pemex has suspended operations on three offshore rigs and accumulated $283mn in unpaid bills to contractors amid a growing cash crunch, drilling companies reported on January 28.

Brazil’s Petrobras weighs fuel prices amid market pressure

Brazil’s Petrobras’ pricing policy has come under scrutiny as the gap between its fuel prices and international benchmarks narrows.

Mexico's Sheinbaum proposes energy sector overhaul with state control focus

Mexican President Claudia Sheinbaum is to present an energy reform bill to Congress in due course which aims to strengthen state control while allowing public-private partnerships in power and oil sectors.

Mexico rushes gas storage plans amid US supply concerns

Mexico plans to accelerate the doubling of its strategic natural gas storage capacity amid concerns about potential supply pressure from the US.

Brazil launches first biorefinery complex for advanced biofuels

Brazil laid the cornerstone for its first integrated biorefinery complex for advanced biofuels, with production set to begin in 2026.

Brazil’s Petrobras hits 2024 output targets, boosts pre-salt production

Brazil’s national oil company (NOC) Petrobras met its 2024 production targets, with total oil and gas output reaching 2.7mn barrels of oil equivalent per day (boed).

Brazil’s Petrobras CEO signals diesel price shift

The CEO of Brazil's national oil company (NOC) Petrobras informed President Luiz Inacio Lula da Silva that the company would modify diesel prices.

Venezuela's Citgo parent auction relaunches with new terms to boost bids

A Delaware court has approved fresh terms for the sale of Venezuela's PDV Holding, parent company of US refiner Citgo Petroleum, in a renewed effort to attract higher bids after creditors rejected an earlier offer last year.

Guyana leads Caribbean's 2024 export recovery, IDB reports

Guyana's oil sector emerged as the dominant force behind the Caribbean's export recovery in 2024, achieving a remarkable 59.6% growth according to the Inter-American Development Bank's latest trade trends report.