Mexican President Enrique Peña Nieto signed on Monday a package of landmark energy reform bills, ending the 76-year-old state monopoly on oil drilling and reopening the sector to foreign companies.
Brazilian president Dilma Rousseff admitted on Monday the government could increase domestic fuel prices at refineries by up to 6% after the October presidential election. The increase of 5.5% and 6% is a preliminary calculation and is geared to help prop the finances of the government managed oil and gas giant Petrobras.
Brazilian oil output reached a record 2.246 million barrels per day (bpd) in June and exceeded the previous record of 2.231 million bpd in January 2012, the National Agency of Petroleum (ANP) reported. Output is up 2.6% from May 2014 and 6.9% June on June.
The Inter-American Development Bank (IDB) has approved a 40.9 million dollars loan from its ordinary capital and 25 million from the Canada Climate Fund, which is administered by the Bank, to finance the private sector in Uruguay in the construction, operation and maintenance of a photovoltaic solar energy plant and its related facilities.
Oil and gas explorer GeoPark expects to end the year having drilled 35 wells in Chilean Magallanes and Tierra del Fuego, which must be added to the 560 million dollars the company has invested in the region since it began operations in 2006, said the company in an economic impact report presented by consultants Gemines.
The debate over the impact of peak oil has been raging for decades. Although few deny that the end of mass oil consumption is drawing nearer, educated estimates now range between 2020 and 2030.
Falkland Islands economy will keep growing and businesses will be busy next year spurred by the oil industry and better Illex catches, anticipated Falkland Islands Chamber of Commerce, FICOC, Roger Spink who was re-elected as head of the Board of Directors.
The British government plans to make more land available for licensing for oil and natural gas exploration in the first such expansion since 2008. The move, which had been anticipated by the oil and gas industry, could prove to be a milestone in efforts by the government of Prime Minister David Cameron to encourage the extraction of natural gas and oil from shale rock.
Venezuela's state-run oil company Petroleos de Venezuela SA (PDVSA) is considering offers to sell its U.S. downstream subsidiary Citgo, industry research group Argus Media reported on its website last Friday.
Global Summits Organizer IRN and Grupo BG de Eventos will be launching the inaugural Uruguay Oil & Gas 2014 Summit which will take place on 17th-18th November in the capital of Uruguay, Montevideo. This Summit follows the announcement of the third oil bidding round, the Ronda Uruguay III.