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Jan. 24 (oilprice.com) Venezuela is often described as sitting atop the largest oil reserves on Earth. Officially, the country reports more than 300 billion barrels of proven oil—more than Saudi Arabia. To many readers, that figure implies vast, untapped wealth waiting only for political change to unlock it. But Venezuela did not become the world’s... Continue Reading →
Jan. 20 (oilprice.com) Oil production in South America’s Guyana has gone from strength to strength in recent years, as international oil majors develop several new oil-producing regions. This has led Guyana to become one of the most-promising oil producers in the Americas, with high hopes for the future of “low-carbon” oil production. Now, following the United... Continue Reading →
Jan. 14 - The Tupi/Iracema field, located in the pre-salt layer of the Santos Basin, reached a production of 1 million barrels/day this Friday (January 9th), repeating the historic mark first achieved in 2019. This result aligns with Petrobras' new 2026-30 Business Plan, which foresees an increase in oil and gas production through the management... Continue Reading →
Jan 9 (Reuters) - Exxon Mobil CEO Darren Woods said on Friday the U.S. oil major is ready to evaluate a potential return to Venezuela in what would be a stunning development after its assets in the South American country were nationalized nearly 20 years ago. Woods, however, said Venezuela was currently "uninvestable" and significant legal... Continue Reading →
Jan. 3 (oilprice.com) Suriname’s government, in the capital Paramaribo, has been hungrily eyeing neighboring Guyana’s massive world-class oil boom since before the 2020 pandemic. Both impoverished South American nations of less than one million share the Guyana Suriname Basin. The offshore basin is delivering an oil boom that is exceeding all expectations, making Guyana, based... Continue Reading →
Jan. 2 (oilprice.com) Argentina, in a surprise development, overtook Colombia to become South America’s fourth-largest oil producer. The country is undergoing a once-in-a-generation unconventional hydrocarbon boom, which began with Buenos Aires nationalizing integrated energy major YPF in 2012. Since then, Argentina’s oil and natural gas output has kept soaring higher, regularly hitting new monthly highs as volumes... Continue Reading →
Jan. 2, 2026 - Petrobras began oil production from the P-78 floating production, storage and offloading (FPSO) vessel in the Búzios field, in the pre-salt layer of the Santos Basin, this Wednesday, December 31. Búzios 6 (P-78) has the capacity to produce 180,000 barrels of oil and 7.2 million m³ of gas per day. The... Continue Reading →
Dec. 31 (OE) U.K.-based oil and gas firm Harbour Energy has been appointed operator of the Zama oil project offshore Mexico. The appointment was agreed by the Zama partners, including Pemex, Grupo Carso and Talos Energy who will have the option to appoint key personnel into Harbour's project team, and subsequently approved by SENER (Mexico's... Continue Reading →
Dec. 9 (Reuters) Shell is seeking a buyer for a 20% stake in its Brazilian oilfield cluster to help fund a multibillion-dollar offshore development, Bloomberg News reported on Tuesday, citing sources. Shell declined to comment on the report, when contacted by Reuters. Shell held a 50% stake in Gato do Mato, which is a deepwater project offshore Brazil, and... Continue Reading →
Dec. 4 - Petrobras informs that it has acquired the rights and obligations of the Union in Mero and Atapu units at the Non-Contracted Areas Auction held today by Pré-Sal Petróleo S.A. – PPSA. The consortium formed by Petrobras (80%), in partnership with Shell Brasil Petróleo Ltda (20%), acquired the Union’s 3.500% participation in the production sharing agreement of the Mero shared... Continue Reading →
Brazil Energy Insight 