After attending the Mercosur extraordinary meeting in Brasilia, President Cristina Fernández and her Venezuelan counterpart, Hugo Chávez, signed a cooperation agreement to develop a strategic energy plan between state oil companies YPF and PDVSA.
After two disappointing results, Borders & Southern has officially completed its deep water drilling program in the South Falkland Islands basin, the company announced on Tuesday. The company said well Stebbing has been “successfully plugged and abandoned,” bringing to an end the Company's current two well drilling program.
Venezuelan president Hugo Chavez announced he expected to sign an oil/gas alliance between Argentina’s YPF and PDVSA (Venezuelan Petroleum) when he meets with his peer Cristina Fernandez in Brasilia in the framework of the Mercosur extraordinary summit to officially incorporate the country as full member of the trade group.
As part of its “Malvinas noose tightening” policy the Argentine government is planning an international tender to offer licenses to explore for oil near the Falkland Islands, reports Buenos Aires main daily Clarin in its Monday edition, citing a letter to Congress by Cabinet chief Juan Manuel Abal Median.
Planning Minister Julio De Vido denied that the Government plans the “intervention” of the energy sector and clarified that “we demand investment and production plans. This is not an intervention, simple more planning.”
The world’s largest supplier of methanol, Canadian-based Methanex, will invest 550 million dollars to relocate a methanol production plant from the extreme south of Chile to a 225-acre site in Geismar, Louisiana.
Barrick Gold, the world’s biggest gold miner, says its capital costs to develop a giant mine high in the Andes could reach 8 billion dollars and has delayed production until 2014.
The Argentine government announced the creation of an oil planning commission that will set national energy goals and have the power to review private companies’ investment plans.
Uruguayan president Jose Mujica strongly defended the incorporation of Venezuela to Mercosur and forecasted that in a short time the country will become Uruguay’s third trade associate, behind China and Brazil.
Brazilian President Dilma Rousseff said on Friday her government will unveil more measures to stimulate the economy in the next few months, including investments in ports, airports, railroads and highways.