LatAmOil - Latin America Oil & Gas

Brazil's PPSA to auction 106.5mn barrels of pre-salt oil in 2026

Brazil's state-owned oil commercialisation company PPSA will auction 106.5mn barrels of pre-salt oil on 29 July 2026, while projecting the government could collect BRL1.0 trillion ($184bn) in revenue from the pre-salt layer over the next decade.

Brazil's gas market transformation accelerates as production set to double by 2035

Brazil's natural gas sector is undergoing a dramatic transformation, with industrial consumers migrating to a liberalised market at a record pace while the government projects domestic production will double by 2035.

Brazil's industrial gas market hits 13.3mn cubic metres per day as liberalisation drives migration

razil's natural gas market liberalisation has driven 13.3mn cbmd to migrate from traditional distribution channels to the free market, with ceramics and steel industries leading the shift, a report by Wood Mackenzie said.

Brazil's Lula orders fossil fuel exit roadmap after COP30 push fails

Brazilian President Luiz Inacio Lula da Silva has ordered his cabinet to draft a national roadmap for reducing dependence on fossil fuels, following his unsuccessful attempt to secure a global agreement on the issue at last month's UN climate summit.

Brazil’s Petrobras fast-tracks new output

Petrobras expects to begin output at the Sudoeste de Tartaruga Verde block in roughly two years, the company’s head of exploration and production, Sylvia Anjos, said.

Platforms get second life in Brazil’s Petrobras shift

Petrobras has opened a tender to refurbish and reuse the topside units of its decommissioned P-35 and P-37 platforms in the Campos Basin, the company said.

Petrobras, Shell acquire Brazil pre-salt stakes for $1.6bn as Tupi receives no bids

A consortium formed by Brazil’s state-owned oil major Petrobras and Shell won two of three areas offered in an unprecedented auction of the Brazilian government's stake in producing pre-salt blocks, raising BRL8.8bn ($1.6bn) for the Treasury.

Brazil debuts fully domestic SAF supply

Brazil’s state-controlled oil producer Petrobras has started commercial supply of sustainable aviation fuel fully produced in the country.

Colombia's Ecopetrol steps up exploration in hunt for new gas

Colombian state energy company Ecopetrol secured regulatory approval to drill two natural gas exploration wells in the prolific Llanos Foothills basin as the nation confronts a projected 560mn cubic feet per day supply gap by 2030

Ghana's Cybele Energy pens exploration deal in Guyana

Guyana's offshore oil sector is expanding its international appeal, with Ghana-based Cybele Energy Limited set to sign a petroleum agreement on December 9 for shallow-water Block S7.

Trump’s new Monroe Doctrine push puts Venezuela’s oil future at centre of market risks

Wood Mackenzie analysts said Venezuelan output could recover relatively quickly if operational support and financing improved

US pressure on Maduro revives trading frenzy in Venezuela’s defaulted PDVSA bonds

Escalating US pressure on Nicolás Maduro’s government has reignited investor attention on Venezuela’s long-defaulted sovereign and oil company debt

US threat spurs potential Venezuela supply shock, lifting heavy crude prices

A potential US military intervention in Venezuela could materially lift global oil benchmarks by removing a significant source of heavy crude from the market, according to analysis from Rystad Energy

YPF to make FID on Argentina's first major LNG project by mid-2026

Argentina's national oil company YPF expects to reach a final investment decision on its $20bn Argentina LNG project by mid-2026, potentially positioning the country as a major force in global gas markets.

Chile's ENAP inks deal to receive Argentine shale oil through 2033

Chile's national oil company, ENAP, has secured an eight-year supply agreement with Argentine counterpart YPF and partners Shell, Equinor, and Vista for Vaca Muerta shale oil exports.

New Fortress Energy and Puerto Rico finalise seven-year LNG deal

US LNG developer New Fortress Energy has received final approval from Puerto Rico authorities to conclude a seven-year LNG supply deal.

Mexico’s Pemex still struggles to maintain oil output amidst structural, operational pressures

Pemex's crude output has continued to struggle throughout 2025, marking the lowest annual production levels since 2018 and highlighting structural and operational pressures facing Mexico's state-owned oil company.

Vitol to supply Colombia’s new LNG import terminal

Energy and commodity trader Vitol is expected to supply Colombia’s new LNG import terminal on its northern Caribbean coast.

YPF expects FID for Argentina LNG by mid-2026

Argentina LNG could be a gamechanger for the South American country providing it with sustained dollar revenues and shift it to an LNG exporter from an importer.

Brazil pushback hits mega-merger

Brazil’s main oil operators have pressed antitrust authority Cade to take a harder line on the planned merger between Subsea7 and Saipem, according to industry submissions.

Venezuelan oil shipments edge higher despite operational strains and US pressure

Venezuela lifted crude and fuel exports to roughly 921,000 barrels per day (bpd) in November 2025

Brazil’s Petrobras moves on major refinery expansion

Canada's Canacol seeks creditor-protection in Colombia as restructuring advances

Canacol Energy’s court-appointed monitor requested the Colombian Superintendencia de Sociedades to recognise the company’s Canadian restructuring process under the Companies’ Creditors Arrangement Act

Brazil oil output breaks new record

Brazil’s oil and gas output reached a new peak in October, totalling 5.255mn barrels of oil equivalent per day, according to official data.

Mounting debts and leadership shifts at Petroperú heighten risks for Peru’s oil producers

Peru’s hydrocarbons industry is entering a phase of acute operational and institutional fragility as simultaneous financial pressures on Petroperú and persistent governance instability across sectoral bodies intersect.