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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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.
Brazil approves early work on offshore gas pipeline project
Brazil’s Energy Research Company (EPE) has recommended early construction of an offshore gas pipeline linked to the Raia Project following a request by operator Equinor, the state-owned agency confirmed.
Wilson Sons goes fully renewable at Rio base in Brazil
Wilson Sons has begun operating its Rio Offshore Support Base in Guanabara Bay entirely on renewable energy, primarily wind and solar.
Brazil’s Petrobras pressure on fuel prices could ease if crude price falls sustained
Oil price declines following reports of a potential ceasefire in the Israel-Iran conflict have reduced pressure on Brazil’s national oil company Petrobras to adjust domestic fuel prices, according to industry analysis.
TotalEnergies outlines environmental measures for landmark GranMorgu project offshore Suriname
TotalEnergies outlined the cost-cutting and environmental measures it plans to implement in its GranMorgu project in Suriname, with the company allocating 30mn man-hours to the development.
Russia courts Mexico with LNG offer as energy ties with US face strain
Russia is pushing to boost energy ties with Mexico, offering LNG and tech support as the country faces ageing infrastructure, low output, and heavy reliance on US gas.
Argentina's Neuquén province hits all-time high in oil output
Neuquén province has achieved a new oil production milestone, extracting 468,682 barrels per day in May and surpassing its previous March record by 1.2%, according to National Energy Secretariat.
Pemex’s new sustainability drive comes amid regulatory crackdown on fuel stations
As Petróleos Mexicanos (Pemex) seeks to reposition itself in Mexico’s decarbonisation agenda, the broader energy sector is facing mounting regulatory scrutiny.
Mexico faces paradox of rising oil revenue and structural decline in output
Mexico faces a paradox: rising oil prices offer short-term relief, but weak production and refining threaten long-term energy sovereignty and fiscal stability.
Pemex faces operational breakdown amid delayed contractor payments
Mexico’s state oil company Pemex is grappling with a financial crisis that has left nearly $21bn in unpaid bills to contractors, sparking fears of operational paralysis in key oil-producing states such as Campeche, Veracruz, and Tabasco.
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