South America Archives -

Petrobras confirms new deepwater gas discovery offshore Colombia

August 3, 2026

(World Oil) – Petrobras has confirmed a new deepwater natural gas discovery at the Sandia-1 exploratory well in Colombia’s GUA-OFF-0 Block, further expanding the company’s growing offshore gas portfolio in the country. The Sandia-1 well, located approximately 42 km offshore in 1,251 m (4,104 ft) of water, encountered gas-bearing intervals that are being evaluated through well logging, with laboratory analyses planned to further

Refiners elbow traders to take a larger slice of Venezuela’s oil

July 21, 2026

(BOE Report) – Refiners and oil-producing firms in the U.S. and elsewhere are gaining market share in Venezuela’s crude as they sign direct contracts with state-run PDVSA, challenging the global traders that inked earlier deals with the government of interim President Delcy Rodriguez. Trading houses Vitol and Trafigura currently control the lion’s share of Venezuela’s oil exports through agreements signed

Uruguay’s offshore oil province could be bigger than Vaca Muerta

July 13, 2026

(Oil Price) – Companies are gearing up for exploration drilling in deepwater blocks offshore Uruguay in the hope that the South Atlantic margin offshore South America could hold a lot of oil, similar to the recent discoveries offshore Namibia in Africa. Uruguay, with a limited exploration drilling history of three wells spudded, all dry, has attracted the interest of many international

Venezuela issues sweeping oil regulations to expand private sector role

July 10, 2026

(World Oil) – Venezuela’s interim government published long-awaited oil regulations on Thursday that effectively end the decades-long control of national oil company Petróleos de Venezuela SA (PDVSA) over the country’s lifeblood industry. Spanning 29 pages in the Official Gazette, the regulations lay out rules for the private sector to operate, from wellhead to fuel pump, as well as fiscal terms, with a range

Eni takes 32% stake in Vaca Muerta blocks for Argentina LNG

June 29, 2026

(Oil & Gas 360) – Publisher’s Note: Eni will present at EneCom Denver – The Energy Investment Conference at the Westin Downtown, August 17-19, 2026. Register to attend. (World Oil) – Eni has agreed to acquire a 32% interest in three upstream blocks in Argentina’s Vaca Muerta shale as part of the integrated Argentina LNG project, expanding its position in one of the world’s largest unconventional gas developments. The agreement

Venezuela emerges as key supplier in India’s post-Hormuz strategy

June 4, 2026

(World Oil) – India signaled interest in deeper energy ties with Venezuela, including sourcing crude supplies and investments in the country’s oil sector, after acting Venezuelan President Delcy Rodríguez held talks with Prime Minister Narendra Modi in New Delhi. “The government is aggressively seeking new sources of crude oil and energy to ensure India’s energy security,” Rudrendra Tandon, secretary east in

Vaca Muerta and Argentina’s energy reset

May 21, 2026

(By Oil & Gas 360) – For years, Vaca Muerta was viewed as one of the world’s great untapped shale opportunities, massive resources, strong geology, and comparisons to the Permian Basin, but limited by political instability, capital controls, and inconsistent energy policy. Now, the basin is entering a different phase. Located in Argentina’s Neuquén Basin, Vaca Muerta holds the world’s

ConocoPhillips says Venezuela oil reforms still fall short for investors

May 21, 2026

(World Oil) – The head of ConocoPhillips said Venezuela’s initial steps to attract foreign oil companies that could help revive the nation’s production are falling well short of what’s needed to convince firms to invest. The recent changes to Venezuela’s oil law intended to entice foreign drillers still give the government wide latitude to charge royalties of up to 30%, as much as

Guyana, going from frontier to global oil force

May 6, 2026

(By Oil & Gas 360) – A decade ago, Guyana wasn’t part of the global oil conversation. Today, it’s one of the most important new sources of supply in the world. Few countries have moved from discovery to production as quickly or as successfully. What started as a high-risk exploration play has become a case study in how modern oil development can

U.S. oil and gas firms sign deals to operate in Venezuela

May 1, 2026

(Oil Price) – Venezuela has signed agreements with two U.S. energy firms to operate in the country as a growing number of international oil and gas companies are vying to return to the world’s biggest crude resource holder. The Venezuelan government of interim President Delcy Rodríguez has just signed agreements with U.S. firms Hunt Overseas Oil Company and Crossover Energy, which plan to

Venezuela’s oil exports climb 14% to highest level in over 7 years

May 1, 2026

(Investing) – Venezuela’s oil exports increased 14% to 1.23 million barrels per day in April, marking the highest level in more than seven years, according to shipping data and documents from state company PDVSA released on Friday. The rise in exports was driven by increased sales to the United States, India and Europe. A total of 66 vessels departed from Venezuelan

bp inks offshore gas exploration deal with Venezuela

April 30, 2026

(World Oil) – bp Plc and Venezuela agreed on a deal to explore for natural gas offshore as the South American country’s energy revival gathers pace following the U.S. capture of Nicolas Maduro. The memorandum of understanding between bp and Caracas establishes “potential areas for co-operation in material gas and future exploration,” bp said Wednesday in an emailed statement. Venezuela state firm

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