LatAmOil - Latin America Oil & Gas

Brazil's oil export tax faces legal challenge risk as government uses levy to fund fuel subsidies

Brazil's decision to impose a 12% export tax on oil and diesel to fund fuel subsidies is reviving memories of a similar measure in 2023 that was struck down by the courts, with lawyers warning fresh legal challenges from the oil sector are likely.

Brazil's airlines seek tax relief as players warn Petrobras could hike jet fuel by 50%

Brazil's aviation sector is seeking emergency tax relief as the Iran war risks driving jet fuel prices up by as much as 50%, industry sources warn.

Brazil fuel crisis deepens as diesel surges, truckers weigh strike

Brazil is facing a deepening fuel crisis as diesel prices soared nearly 20% at the pump in the first half of March, President Luiz Inácio Lula da Silva blamed unscrupulous market participants, and truck drivers threatened a nationwide strike.

Neuquén plans hydrocarbons licensing round to boost Vaca Muerta development

Argentina’s Neuquén province is preparing to launch a new hydrocarbons licensing round on August 19, Governor Rolando Figueroa said, as authorities seek to expand investment in the Vaca Muerta shale formation and capitalise on growing interest.

Colombia's Terpel posts 18.4% EBITDA surge in 2025 as EV charging and solar push beyond fuel roots

Organización Terpel reported full-year 2025 revenues of COP 38.1 trillion ($8.86bn), up 4.3% year-on-year, and a consolidated EBITDA of COP 1.76 trillion ($409mn), a rise of 18.4%, according to the company's 2025 management and sustainability report

Petrobras and Ecopetrol confirm deepwater gas find off Colombia, strengthening Caribbean gas province

Petrobras and Ecopetrol confirmed a natural gas discovery at the Copoazú-1 exploratory well in Block GUA-OFF-0, located roughly 36km off Colombia's Caribbean coast in 964 metres of water, according to joint announcements by both companies

Mexico caught in oil price dilemma as Middle East conflict drives crude higher

Mexico's Pemex names Cárdenas to lead new advisory commission on anniversary of oil nationalisation

Floodwater carrying oily residue ignites outside Pemex's Olmeca refinery in Mexico killing five

US appeals court pauses YPF-related lawsuits as Argentina awaits key ruling

A US appeals court has ordered a temporary suspension of all legal proceedings linked to the expropriation of Argentine oil company YPF, granting Argentina’s request to halt enforcement actions.

Brazil eyes higher Bolivian gas imports to shore up supply amid regional energy push

Brazil is seeking to expand natural gas imports from Bolivia as part of a broader strategy to reinforce energy security and deepen bilateral integration, following high-level talks between the two countries.

Venezuela oil output tops 1mn bpd as post-Maduro reforms and US ties reshape sector

Venezuela’s oil sector is showing renewed momentum, with crude production rising close to 10% in February to surpass the symbolic threshold of 1mn barrels per day, according to figures from OPEC.

Latin America protects domestic markets as oil, gas prices rise

Mexican President Claudia Sheinbaum announced her government will apply fuel subsidies through reductions in the IEPS excise tax on both petrol and diesel as the Middle East conflict pushes up global oil prices and strains domestic fuel costs.

Colombia, Venezuela eye natural gas integration amid sanctions and supply pressures

Natural gas has become a central pillar in the evolving energy relationship between Colombia and Venezuela as both countries seek to rebuild ties while addressing shifting supply dynamics and geopolitical constraints.

US refiners ramp up Venezuelan crude intake as global oil flows shift

Imports of Venezuela’s heavy crude — a key feedstock for complex Gulf Coast refineries — jumped sharply in early March, with volumes rising in a short span

Oil majors reassess Venezuela as price surge revives investment appeal

Once labelled “uninvestable” amid political turmoil, the country is being reconsidered due to its vast reserves

Brazil's fuel market rattled by price surge as Petrobras cancels auctions and distributors fear shortfall

Brazil's fuel market has been thrown into turmoil by the ongoing conflict in the Middle East, with gasoline and diesel prices hitting fresh highs, the state-owned oil company Petrobras suspending fuel auctions, and distributors worried about supply.

US weighs broader sanctions relief to unlock Venezuela oil output

The Trump administration is preparing additional measures to ease restrictions on Venezuela’s oil industry

PDVSA reappoints head of US units as Citgo control hangs in balance

The appointment remains largely symbolic for now. Asdrúbal Chávez cannot assume effective control without authorisation from the US Treasury’s Office of Foreign Assets Control

Petrobras tightens grip on offshore Brazil

Petrobras has moved to take full ownership of two offshore assets in Brazil’s Campos Basin by exercising its pre-emptive right to acquire stakes held by Petronas.

PRIO clears path for new Brazil wells

PRIO has received authorisation to drill multiple wells at the Frade field in Brazil’s Campos Basin after the environmental regulator issued an amended licence.

Russian oil tankers close in on Cuba after island's worst blackout in decades

Russia has sent two ships carrying crude oil and gas to Cuba as the Caribbean island endures its worst energy crisis in living memory, with a 29-hour nationwide blackout underscoring the depth of a sanctions-induced fuel emergency.

Cuba restores grid after 29-hour blackout — its sixth total outage in 18 months

Cuba broadens solar tax breaks to private citizens as power crisis deepens

Russia sends fuel ships to Cuba as island battles power shortages

Russia has dispatched two vessels carrying oil and gas to Cuba as the Caribbean nation grapples with its worst energy crisis in decades