Energy & OilEnergy & Oil
Brazilian government managed Petrobras said this week that production from the massive oil fields deep below the ocean floor off Brazil’s Atlantic coast was viable at 40 US dollars for a barrel for benchmark Brent crude.
Canada’s Crown Point Ventures Ltd announced that in early to mid July it expects to be commencing the drilling of a three well exploration drilling program at El Valle in the San Jorge basin of Argentine Patagonia.
The Falkland Islands would welcome more interaction with Argentine oil and gas companies as the search for what could be large offshore oil and gas reserves heats up, Falkland Islands director of minerals and agriculture Phyl Rendell told BNamericas.
The Mercosur presidential summit has been postponed for July 24 and 25 it was reported Monday from Asunción, Paraguay, the host of the event. Three of the four full members of the trade group, Argentina, Brazil and Uruguay, proposed the change from the original July 3 and 4 arguing political and electoral reasons.
The Brazilian Executive will present a bill aimed at increasing government control of offshore oil reserves to Congress in July before an annual legislative holiday. However the existing oil exploration rights which have been sold under the current auction system will not be changed with the new proposals.
Brazil’s government is considering changes to the country’s oil law that would open the way for the creation of a separate state owned company to manage development of the sub-salt and deep sea hydrocarbons resources.
Argentine oil and gas company Pan American Energy will invest 80 million US dollars in the first phase of an offshore exploration program in the San Jorge Gulf in Patagonia, next to Comodoro Rivadavia, the company said Tuesday in a statement.
As the US President Barack Obama administration slowly inches towards normalizing its relations with Cuba, pressure is mounting on the new president to lift the decades-old, and universally acknowledged, anachronistic embargo.
Latinamerica will experience this year a 1.7% contraction (negative growth), the first time since 2002, basically because of a severe fall in global trade and remittances according to the United Nations Economic Commission for Latinamerica and the Caribbean, CEPAL.
Crude prices continued to surge on Wednesday, rallying on the news that US inventories fell more than expected and Chevron confirmed a fire at its Nigerian oil facility. Light, sweet crude for July delivery jumped 1.32 dollars, 1.9%, to settle at 71.33 dollars a barrel on the New York Mercantile Exchange, the highest close in seven months.