Oil fortunes ebbed and flowed this week as one exploration company abandoned its well, another looked forward to a second bumper find, and a new player joined the race for black gold in Falklands’ waters.
Brazil’s government controlled energy giant Petrobras began commercial crude production Thursday from a deepwater deposit in the pre-salt region, which the government anticipates will turn the country into a global leader in oil production.
The cold wave in Argentina has killed at least five people, forced the closure of highways and left most of industry short of gas given the soaring residential consumption.
A new US assessment of Venezuela's oil reserves could give the country double the supplies of Saudi Arabia. Scientists working for the US Geological Survey say Venezuela's Orinoco belt region holds twice as much as previously thought.
Argos Resources the latest company to announce it will begin oil exploration operations offshore the Falkland Islands was sent a letter by the Argentine embassy in London warning it “to abstain” from such activities otherwise “it will face legal actions”, according to reports in the Buenos Aires press.
Falkland Oil and Gas (FOGL) will press ahead with its drilling program offshore the Falkland Islands despite reporting that its Toroa F61/5-1 exploration well was dry. However FOGL, which is associated with Anglo-Australian mining giant BHP Billiton, said it will work first towards contracting a deepwater rig.
Brazil’s oil regulator ANP said it concluded its first test at the Franco offshore field, which holds the oil reserves that the government may sell state-controlled Petroleo Brasileiro SA, Petrobras, in exchange for new stock.
One of the world's biggest oil producers has sought global PR expertise as it expands a controversial deep sea offshore sub-salt drilling program.
The world's largest wind turbine company, Denmark’s Vestas, last week announced it will be investing in the Talinay Oriente wind farm project in northern Chile, a project it says will become Latin America's largest wind farm.
The first well to be drilled at the south of the Falkland Islands proved to be a disappointment, Falkland Oil and Gas Ltd, FOGL, officially announced to the London Stock Exchange.