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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Venezuela eyes oil windfall, domestic production upsets as Iran tensions fuel market uncertainty
As fears mount over a potential closure of the Strait of Hormuz following US strikes on Iranian nuclear facilities, Venezuela is positioning itself to capitalise on possible oil price surges.
Mexico risks becoming net oil importer by 2030 amid steep output decline, IEA warns
This shift marks a dramatic reversal for a country that has long been a net exporter of crude oil and underscores Mexico’s growing vulnerability due to chronic underinvestment, ageing fields, and financial strain at Pemex.
Russia’s Rosneft CEO and Venezuela’s VP warn Middle East unrest poses energy market risks
Addressing delegates on June 21, 2025, Sechin positioned Russia, Venezuela and Iran as indispensable to global energy security, pointing to their combined control over a third of the world’s liquid hydrocarbon reserves and 15% of global output
Venezuela’s defence minister warns of Middle East conflict ripple effects on oil markets
Padrino López stressed that any disruption to global oil flows could push Venezuela into a key supplier role for the Western Hemisphere, positioning the country at the forefront of any future energy crisis
Venezuela’s VP blames sanctions for threats to global energy stability
Delcy Rodríguez claimed that around 25% of global daily oil output is currently affected by unilateral sanctions, though she avoided naming specific countries
US eases restrictions on PDVSA 2020 bonds with new OFAC licence
The US Treasury Department has issued a new general licence easing restrictions on transactions involving Venezuela’s PDVSA 2020 8.5% bonds
Cladtek wins major pipe deal for Brazil’s Petrobras’ Búzios field
Cladtek has been awarded a contract by Allseas to supply 120 km of mechanically lined pipes (MLP) with anti-corrosive alloys for Petrobras’ Búzios field in Brazil’s pre-salt Santos Basin.
TotalEnergies advances local content programme in Suriname
TotalEnergies has completed a comprehensive Industrial Baseline Study in Suriname to evaluate the country's local supply chain capabilities, forming the foundation for the company's developing Local Content Programme.
Oil price increases could boost Mexico's public finances by $683mn per dollar rise
Mexico's federal finances stand to benefit from rising oil prices, with the Finance Ministry estimating an additional MXN13.1bn ($683mn) in revenue for every dollar increase in the price per barrel, according to General Economic Policy Guidelines.
Mexico to become oil importer by 2030 amid production decline, International Energy Agency warns
Mexico faces the risk of becoming a net crude oil importer by 2030 amid the world's largest production decline, the International Energy Agency (IEA) estimated in a report on June 24.
Mexico secures fuel production amid Middle East conflict, president says
Mexico is prepared for oil production volatility as Middle East tensions escalate and Iran threatens to close the Strait of Hormuz, a commercial route connecting regional crude producers with Asian, European and American markets
Baker Hughes boosts Guyanese employment through oil and gas
Baker Hughes announced that it achieved a notable localisation milestone in Guyana during 2024, with 55% of its workforce comprising Guyanese nationals.
Brazil’s petrol prices increase at the pump despite refinery cuts, says regulator
Average petrol prices at Brazilian fuel stations increased marginally last week despite refinery price reductions implemented by Brazil’s national oil company Petrobras earlier in June, according to the oil, gas and fuels regulator the ANP.
Latin American oil producers face production slump, Fitch Ratings reports
Fitch Ratings reported that Latin American oil and gas companies faced production headwinds in 2024, with aggregated output for Fitch-rated issuers declining 3% to 6.8mn barrels of oil equivalent per day
Brazil’s Petrobras mulls ethanol expansion as part of $2.2bn investment programme
Brazil’s national oil company (NOC) Petrobras is advancing a major ethanol initiative and plans to announce new partnerships in the renewable fuel sector by the end of this year as part of a $2.2bn investment programme spanning 2025-2029
Colombia's Ecopetrol declares Guamal field commercial amid 2.145bn barrel find
Colombia's state-controlled oil producer Ecopetrol has announced commercial viability for its Guamal petroleum field in the central Meta department, marking the nation's largest hydrocarbon discovery in recent years.
Blackout halts operations at Venezuela’s Cardón refinery, highlighting sector fragility
Venezuela’s Cardón refinery, the country’s second-largest fuel processing facility, was out of service on June 23 following a power outage, according to sources with knowledge of the situation
Venezuela’s Iran ties expose Maduro to new risks as Middle East tensions rise
The deepening crisis threatens to disrupt Venezuela’s already fragile oil industry, which relies on Iran for crude processing, marketing and the supply of diluents critical for domestic fuel production
Gold Reserve seeks US Treasury clarification as Citgo auction nears final stage
Gold Reserve Inc. has filed an emergency motion in a Delaware court requesting clarification from the US Treasury Department on the scope of a recently extended licence shielding Citgo Petroleum from creditor claims
Venezuela targets investment with claims of 30% increase in oil reserves
Speaking during his weekly broadcast, Nicolás Maduro claimed Venezuela now holds the largest verified oil reserves globally, highlighting newly opened investment blocks across both oil and gas segments
Venezuela eyes oil windfall as Strait of Hormuz tensions fuel market uncertainty
As fears mount over a potential closure of the Strait of Hormuz following US strikes on Iranian nuclear facilities, Venezuela is positioning itself to capitalise on possible oil price surges
Colombia's Ecopetrol declares seventh-largest oil field commercial after $452mn Repsol acquisition
Colombia's state-controlled oil giant Ecopetrol declared the commercial viability of its Lorito field on June 24, positioning the discovery as the nation's seventh-largest reservoir with estimated recoverable reserves of 250mn barrels.
Brazil’s Prio targets 200,000 bpd with eye on Gulf of Mexico expansion
Brazilian oil firm Prio expects to double its daily output in 2025 to over 200,000 barrels, up from 100,000 bpd in 2024, CEO Roberto Monteiro said.
Petro-Victory starts drilling AND-5 well in Brazil’s Potiguar Basin
Petro-Victory Energy Corp. has begun drilling the AND-5 well in Brazil’s Potiguar Basin, the company said in a press release. The operation, located in the 100%-owned Andorinha Field in Rio Grande do Norte.
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