Energy company YPF announced the finding of conventional oil at the Cuenca Neuquina, in the Chachahuén bloc, at the Southern area of Mendoza province, that is equivalent to 40 million barrels.
Brazil must expand electricity production over the next decade by an amount equivalent to the power generated by three Itaipú hydroelectric dams, according to a study released Wednesday by the state-run Energy Research Corporation, EPE.
Devon Energy Corp announced Tuesday the sale to China’s Sinopec of a one-third stake in five shale projects in the United States. The terms of the deal call for China’s No. 2 oil company to pay 900 million dollars in cash to the US firm and contribute 1.6 billion toward the cost of drilling.
The US government is ending a three-decade-old policy of subsidizing corn ethanol, but it appears that the loss of the 6 billion dollars annual benefit will have little impact on farmers.
Petrobras has discovered light oil and gas accumulation in the Tambuata prospect in Brazil’s offshore Espirto Santo basin. Well 4-GLF-31-ESS was drilled in 1.520 metres water depth in the Golfinho Concession (4-BRSA-1001-ESS).
Venezuela's PDVSA said on Monday it will pay Exxon Mobil Corp 255 million dollars in compensation for nationalized assets, which is less than a third of what the US oil giant said it was awarded by an arbitration panel.
An international arbitration panel has awarded US oil giant Exxon Mobil Corp 908 million dollars in compensation for Venezuela's 2007 nationalization of assets, less than 10% of what it sought in a dispute that pitted a top global oil company against one of the world's largest oil exporters.
UK government has awarded 46 new offshore exploratory drilling licences to firms, including Shell and Centrica, looking for oil and gas. The awards were initially held back due to environmental concerns.
Rockhopper Exploration, the oil and gas group working in the Falkland Islands announced on Friday it has completed coring and logging operations on a sidetrack of its latest well in the North Falkland Basin
The location of a new deep water port for the Falkland Islands been narrowed down to three potential sites: Mare Harbour, Navy Point (north of the Camber) and Stanley harbour (FIPASS) it was confirmed at the Executive Council meeting last week following a discussion of the issue.