Canada’s Americas Petrogas and venture partner Gran Tierra Energy have made a significant discovery of oil in the first of three exploration wells on the Rinconada Norte block in the Neuquen Basin of Argentina.
OPEC cut its forecast Monday for global oil demand and production, citing the slowing economic recovery. In its monthly report, the Organization of Petroleum Exporting Countries said it expected demand growth to drop to 1.1 million barrels per day -- 150,000 barrels per day fewer than its earlier forecasts.
Argentina’s government will monitor ownership changes at Spain’s Repsol and it reserves the right to wield its golden share in YPF, the Spanish concern’s local unit, YPF, said in a statement after a board meeting that included a state-appointed director.
Uruguay could enjoy 1.3 billion dollars of wind farms in the next four years after developers said they could provide electricity cheaper than conventional energy sources.
Tullow Oil has announced an oil discovery from an exploration well off the coast of French Guiana. The drilling encountered 72 metres of net oil pay in two turbidite fans.
Uruguay detailed plans to auction 15 offshore exploration blocks on Thursday, part of the energy-short country's efforts to reduce its dependence on imports of oil and natural gas.
Falkland Oil and Gas (FOGL), the exploration company focused on its extensive licence areas to the South and East of the Falkland Islands, reiterated it has signed a contract for the Leiv Eiriksson drilling rig for two firm slots in the first half of 2012.
Argentina could import 66 liquefied natural gas cargoes in 2011 triple the amount it purchased last year, according to data from state energy company Enarsa.
Uruguay’ government owned oil corporation ANCAP said on Friday it had begun exploratory drilling inland with its own resources. The announcement was done during the presentation of the II Uruguay Round to tender offshore exploratory blocks which has attracted interest from several regional and international corporations.
A failure affecting four transmission lines left four Brazilian regions (thirteen states) partially without electricity on Friday, highlighting the growing strain on the nation's power infrastructure.