Energy & Oil

• Tuesday, March 4th 2014 - 23:35 UTC

  YPF oil and gas production up in January but still not enough

  

  Argentina's YPF increased oil and gas production by around 9% in January, continuing a trend that began in mid-last year in which the state-controlled firm reversed long-standing production declines. And while the rest of the sector continued to lag behind, oil production at least did experience a monthly increase, suggesting that YPF’s increases in output are starting to have a positive effect on the sector as a whole.

• Saturday, March 1st 2014 - 02:29 UTC

  Core-hole confirms conventional oil reservoir potential in north Uruguay

  

  Australia's Petrel Energy has confirmed the conventional oil reservoir potential of the San Gregorio and Cerrezuelo sandstones in Uruguay following detailed analysis of the Cardozo Chico core-hole samples. Petrel said that laboratory testing undertaken by Weatherford in Houston returned excellent permeability and porosity measurements.

• Wednesday, February 26th 2014 - 07:03 UTC

  Britain's oil and gas industry faces 'biggest challenge in 50 years' because of low level of exploration

  

  Britain's oil and gas industry has warned it faces its “biggest challenge in 50 years” due to the low levels of exploration. Industry body Oil and Gas UK said only 15 wells were drilled last year. That was despite strong levels of investment, reaching a record last year and sustained this year.

• Tuesday, February 25th 2014 - 20:43 UTC

  Repsol board approves the YPF compensation deal worked out with Argentina

  

  Spanish oil major Repsol's board approved on Tuesday in Madrid a definitive 5 billion dollars settlement from Argentina over assets seized in 2012, drawing a line under a two-year battle for compensation.

• Tuesday, February 25th 2014 - 04:41 UTC

  Falklands oil company completes 3D survey; prepares drilling program for next year

  

  Falkland Oil and Gas Ltd, FOGL, announced on Monday the completion of its 3D seismic survey offshore the Falkland Islands. This is the third and final 3D survey prior to the next drilling program, which is expected to commence in early 2015, said the company in a release.

• Tuesday, February 25th 2014 - 04:29 UTC

  ENAP Magallanes begins production at new well; company's profits soar in 2013

  

  Chile's state-owned oil and gas company ENAP successfully put into production the well “Paraguaya 2” at Intracampos Block (100% ENAP) in Tierra del Fuego, with an initial flow rate of 160 cubic meters per day of oil, equivalent to 1,006 barrels.

• Saturday, February 22nd 2014 - 06:21 UTC

  YPF and Repsol are expected to sign a compensation deal next week

  

  Spanish oil major Repsol said Friday that, as part of a preliminary compensation deal struck last year with the Argentine government for the seizure of its former unit, YPF, it will take a charge of 1.28 billion Euros (1.76 billion dollars) on its 2013 earnings.

• Wednesday, February 19th 2014 - 22:16 UTC

  YPF signs agreement with Petronas for shale development in Vaca Muerta

  

  Argentina's state oil company YPF announced this week that it had signed a memorandum of understanding (MOU) with a subsidiary of Malaysia's national oil company Petronas for unconventional oil and gas resources development in Argentine Patagonia.

• Monday, February 17th 2014 - 09:42 UTC

  Uruguay and Venezuela will further increase energy related cooperation

  

  Uruguay will renew the contract for the purchase of Venezuela oil and accept the stake increase of that country in a local bio-fuels corporation during the scheduled visit of President Nicolas Maduro to Montevideo next month; it was announced by the Uruguayan Foreign affairs ministry.

• Saturday, February 15th 2014 - 05:50 UTC

  Spain's Repsol signs 1.2bn dollars financing deal with Venezuela's PDVSA

  

  Repsol signed a financing deal Friday with Venezuelan state oil company PDVSA that calls for the Spanish energy major to invest 1.2 billion dollars to boost the output of the companies' Petroquiriquire joint venture.