LatAmOil - Latin America Oil & Gas

Colombia's Ecopetrol acquires full control of CPO-09 block in Llanos Orientales basin

Colombia's state-controlled oil company, Ecopetrol, has finalised the acquisition of the remaining 45% interest in Block CPO-09 from Spain's Repsol for $452mn.

Colombia's Ecopetrol faces potential $400mn penalty if it exits US fracking operations

Ecopetrol could face a penalty of between $300mn and $400mn if it moves forward with President Gustavo Petro’s call to exit its fracking operations in the US.

Calgary-based Arrow Exploration updates on AB wells in Colombia

Arrow Exploration has provided an operational update on its activities at the Alberta Llanos field within the Tapir Block in Colombia, where it holds a 50% stake.

Mexico's Pemex to select oil areas and partners under new law

Chevron under pressure as it engages Trump administration on Venezuela operations

Chevron Corp. is engaging with the Trump administration as pressure mounts from Republican lawmakers to revoke its licence to operate in Venezuela

Mexico to halt oil exports once Dos Bocas reaches full capacity

Venezuelan foreign minister brands US Secretary Rubio "obsessed" over leftist regimes

Venezuela lashed out at US Secretary of State Marco Rubio, branding him a “pathetic obsessed man” after he labelled Cuba, Nicaragua, and Venezuela as “enemies of humanity” and blamed them for the ongoing migration crisis in the region.

Suriname-Guyana basin expected to play critical role in South American oil exploration, report indicates

Global exploration drilling activity is expected to maintain a steady pace in 2025, with 65-75 high-impact wells targeted for completion globally, according to Westwood Energy's latest explorations insights report.

Maduro claims opposition-controlled Citgo withheld $5bn in profits

Venezuela's Nicolás Maduro has accused opposition figures of withholding more than $5bn in profits from Citgo, the US-based subsidiary of state oil giant PDVSA

Petro’s Columbian government crisis to have further impact on oil and gas

The Colombian government of President Gustavo Petro is facing one of its deepest crises, including following a recent chaotic televised cabinet meeting that exposed internal fractures and led to key resignations within the country’s executive.

Mexico's Pemex eyes Asia oil crude sales to dodge Trump tariffs, Mexico exports could be hit

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

Petrobras eyes fuel prices, China shift boosts Brazil oil

Brazil’s Petrobras is monitoring geopolitical developments to adjust fuel prices as needed, sales director, Claudio Schlosser, told Valor. “At any time, if necessary, we increase or reduce prices, within the commercial strategy,” he said.

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.