Region: Latin America Category: Oil & Gas Frequency: Every Tuesday
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Brazil’s Petrobras may raise natural gas prices by 20% in May, distributors warn
Brazil's natural gas distributors fear Petrobras could raise the prices it charges them by around 20% starting in May, driven by the surge in global oil prices following the US-Israeli war on Iran, trade group Abegas said.
Brazil oil reserves climb again
Brazil’s proven oil reserves rose 3.84% in 2025 from a year earlier, the National Agency of Petroleum, Natural Gas and Biofuels (ANP) said, reflecting additions from new projects and revisions to existing fields.
Brazil's proven oil reserves rise nearly 4% in 2025
Brazil's proven oil reserves grew by 3.84% in 2025, year on year, as new development projects, declarations of commerciality, and field revisions added billions of barrels to the national tally.
Cuba, Russia deepen energy ties as fuel shipments arrive amid crisis
Cuba and Russia reaffirmed their strategic partnership during talks in Havana on April 9, as Moscow stepped up oil shipments to the island to ease an ongoing energy crisis, officials said
Baker Hughes wins order to supply gas turbines for Argentina LNG pipeline project
Baker Hughes has secured an order from San Matias Pipeline S.A. to supply gas compression equipment for a major pipeline project in Argentina, aimed at transporting natural gas from the Vaca Muerta formation to support future LNG exports.
Grupo Cuñado expands role in Argentina’s Vaca Muerta infrastructure projects
Spain-based Grupo Cuñado has strengthened its presence in Argentina’s energy sector by supplying key materials for pipeline and storage infrastructure linked to the Vaca Muerta shale formation, the company said.
Oil majors win injunction against Brazil's 12% crude export tax; government appeals
Five major international oil companies operating in Brazil secured a court injunction on April 8 suspending the collection of a 12% crude export tax, dealing a significant blow to the government's effort to fund diesel subsidies.
Brazil’s Petrobras to refund distributors over disputed LPG auction after Lula criticism
Brazil’s state-owned oil company Petrobras has approved refunds to customers to neutralise the price effects of a LPG auction that drew sharp criticism from President Lula and triggered the dismissal of a senior executive.
Brazil’s Petrobras buys back full stake in Campos Basin fields from Petronas for $450mn
Petrobras has signed contracts to acquire Petronas Petróleo Brasil's 50% interests in two Campos Basin oil fields for $450mn, restoring the Brazilian state oil company's full ownership of assets currently producing 55,000 barrels of oil per day.
Seadrill secures $480mn Petrobras contract extension for West Polaris drillship
Seadrill has secured a three-year contract extension for its West Polaris ultra-deepwater drillship with Brazilian state-owned oil company Petrobras, adding approximately $480mn to its backlog.
Colombia's Ecopetrol downgraded by S&P after Colombia rating cut
Ecopetrol saw its credit rating lowered to BB- from BB by Standard & Poor's, following a similar downgrade of Colombia’s sovereign rating, the agency said
Brazil pushes biodiesel beyond limits
Brazil’s biodiesel industry and farm lobby are pressing the National Petroleum Agency (ANP) to loosen rules on voluntary blending above the current 15% mandate, seeking to remove prior approval requirements for higher shares.
Russia tightens grip on Brazil diesel market
Russia remained Brazil’s largest diesel supplier in March for a second month, even as tensions in the Middle East tightened global fuel markets, according to data from the Foreign Trade Secretariat (Secex).
Brazil expands pre-salt auction
Brazil’s oil regulator ANP said the next pre-salt auction will include 23 exploration blocks, following an update to the notice for the Permanent Production Sharing Offer.
Brazil set to launch biomethane market
Brazil’s oil and gas regulator ANP expects the first biomethane guarantee-of-origin certificates to be issued in May, triggering compliance requirements under the Fuel of the Future law.
Argentina seen as key Latin American beneficiary of higher oil prices, JPMorgan says
Argentina is poised to be a key Latin American economy structurally positioned to benefit from higher global oil prices, according to a report by JPMorgan.
Argentina's YPF chief says fuel prices to remain steady even if oil falls after freeze
YPF CEO Horacio Marín said the state-controlled energy company will keep fuel prices steady even if international oil prices decline, following a 45-day freeze introduced earlier this month by the Argentine state-run oil company,
Bolivia fuel import crisis continues
Bolivia and Chile have stepped up bilateral cooperation to tackle a cross-border fuel adulteration network, as probes reveal systematic tampering with shipments destined for the Bolivian market.
Russia to dispatch second oil tanker to Cuba
Russia plans to send a second oil tanker to Cuba following the delivery of hundreds of metric tonnes at Matanzas port earlier this week, Russian Energy Minister Sergei Tsivilev stated.
Venezuela opens for business, investors weigh promise against reality
The months since Nicolás Maduro's capture have brought Venezuela closer to the global economy than at any point in a generation.
US allowing Russian oil cargo to Cuba is ‘humanitarian’, not policy shift
A Russian oil tanker has reached Cuba with a cargo of crude, marking the first significant delivery to the island in months and highlighting a limited but notable shift in US enforcement of its sanctions.

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