LatAmOil - Latin America Oil & Gas

Venezuela oil exports hold at 1.17mn bpd in August

The US remained Venezuela’s biggest market, but flows fell to about 553,000 bpd from a record 786,000 in July. India’s purchases climbed 66% month-on-month to roughly 297,000 bpd, while shipments to Europe nearly tripled to about 260,000 bpd

US Energy Secretary seeks more US investment in Venezuela

“We want to see a lot of investment from the United States in Venezuela to increase opportunities and prosperity for Venezuelans, Americans, and energy consumers,” Wright told reporters at Maiquetía International Airport

Mexico's Sheinbaum touts $20bn Pemex debt cut and 32,000MW power push

Mexico's power sector is set for a 32,000MW capacity expansion by 2030, part of a broader energy strategy President Claudia Sheinbaum outlined in her two-year progress report, alongside a $20bn reduction in Pemex's debt load.

Pemex support squeezes Mexico's fiscal room as credit rating risks mount

Mexico's continued financial backing for Pemex is testing the limits of the country's fiscal space, with markets watching the 2027 Economic Package for signs of how far the government can go without further damaging its credit rating.

Bolivia orders temporary takeover of YPFB as fuel crisis deepens

Bolivia's government has ordered an "extraordinary" and temporary intervention in state oil company YPFB, aiming to restore operational efficiency after irregularities in fuel supply, though business leaders say the move comes too late.

Argentina's Vaca Muerta has more than a decade of growth ahead, Enverus says

Vaca Muerta shale formation has enough commercially viable oil and gas resources to support more than a decade of continued development, although greater access to export markets will be needed to unlock its full potential.

US lays out sweeping Venezuela oil pact as legal and political risks mount

The White House has set out the architecture of the sweeping US-Venezuela oil agreement President Donald Trump unveiled last week.

Costa Rica's recope eyes $120mn LPG storage expansion at Moín as studies near completion

Costa Rica's state fuel company Recope is advancing feasibility studies for a 134,000-barrel LPG storage expansion at its Moín terminal in Limón province, with the analysis due to complete in 2026 and the infrastructure targeted

Ecuador's TPG commits $50mn to expand Guayaquil port capacity

Ecuador's Petroecuador strengthens 27 sites as El Niño risks rise

Petroecuador has deployed preventive measures at 27 strategic sites across Ecuador since May to protect oil infrastructure and maintain fuel and liquefied petroleum gas supplies amid potential impacts from the El Niño-Southern Oscillation

Colombian oil services firms enter Venezuela as US secures majority control of 65bn barrels, Campetrol says

Colombian oil services and goods companies are deploying into Venezuela to capture opportunities created by the reactivation of the country's petroleum sector, following President Donald Trump's announcement that the US had secured majority control

Chevron to invest over $7bn in Venezuela, Colombia’s GeoPark and Italy’s Eni will also enter

Chevron plans to invest over $7bn in Venezuela over the next five years as it targets more than a doubling of its oil production in the South American country to 600,000 barrels per day.

Mexico extends fuel price pact with retailers to February 2027

Mexico's government has renewed a voluntary agreement with fuel retailers to cap petrol and diesel prices for a further six months, extending the deal until February 2027 as part of efforts to contain inflation, President Claudia Sheinbaum announced.

Uruguay holds fuel prices steady for second consecutive month

Uruguay's government kept retail fuel prices unchanged for September, the second straight month it has frozen prices despite pressure from international oil markets to raise them, the Ministry of Industry and the Ministry of Economy and Finance said

Brazil's Raizen completes $1.42bn sale of Argentina downstream operations to Mercuria units

Raizen has completed the sale of its Argentine operations to Latam Downstream Holdings and Silver Projects I, companies owned by Mercuria Energy Group, for a total enterprise value of $1.42bn.

Argentina lawyers, veterans file lawsuit against British-Israeli oil project off the Falklands

Argentine environmental lawyers and veterans of the 1982 war against Britain have filed a lawsuit seeking to halt the Sea Lion offshore oil project backed by Israeli energy company Navitas Petroleum and Britain's Rockhopper Exploration.

Asian refiners turn to Argentine crude as Iran war disrupts Middle East supply

Asian refiners in Japan, South Korea and China have increased purchases of Argentine Medanito crude in recent weeks as disruptions linked to the Iran war intensify competition for Middle Eastern oil and encourage buyers to diversify supply.

US-backed firm to displace Chinese and Russian oil operators in Venezuela

A US-backed energy company is set to assume control of Venezuelan oil projects that have been run by Chinese and Russian interests

Trump signals ExxonMobil return to Venezuela as oil industry reopens to foreign firms

ExxonMobil may be preparing to re-enter Venezuela, nearly 20 years after leaving the country, as the Trump administration pushes to revive its oil industry and bring international energy companies back

India boosts Venezuelan oil imports to highest level since 2020

India sharply increased purchases of Venezuelan crude in August, taking shipments from the South American producer to their highest level since 2020 as refiners responded to the easing of US sanctions

Chevron plans Venezuela expansion as Trump pushes new oil deal

Chevron is preparing to expand its operations in Venezuela, according to a US official, as President Donald Trump accelerates efforts to bring American companies back into the country’s oil industry

Venezuela may leave OPEC, Trump says it is up to Caracas

Venezuela is mulling whether it should leave OPEC, Bloomberg has reported, citing sources. Venezuela is one of five founding members.

Venezuela Communist Party rejects US oil pact, calls it ‘savage plunder’

Venezuela’s Communist Party rejected a 25-year oil agreement between Caracas and Washington, accusing the government of transferring control over the country’s resources without public scrutiny or constitutional oversight

Machado casts Venezuela as energy ally as oil deal reshapes sector

Venezuelan opposition leader María Corina Machado said the country could become a major driver of energy and commercial growth across the Western Hemisphere

Pentagon takes stake in Venezuelan oil venture as details of Trump's deal emerge

Controversial businessman Alejandro Betancourt's NABEP wins 100-year rights to 17 fields, but contradictions over ownership terms and unresolved legal questions cloud the "biggest oil deal in history."