Brazil's government will reclaim promising oil exploration blocks won by companies in a bidding round five years ago but never formally leased to the winners, the country's energy minister Edison Lobao said.
Some 900 million barrels of oil have been detected at two basins in eastern Panama, representing a potential contribution to the country’s coffers of 15 billion dollars over 20 years, the National Energy Secretariat announced.
Exxon Mobil Corp, the largest US oil company, will spend as much as 76.3 million dollars to explore and develop shale oil and natural gas in Argentina with Americas Petrogas Inc.
Global production of bio-fuels increased 17% in 2010 to reach an all-time high of 105 billion liters, up from 90 billion liters in 2009.
Mexico's state oil monopoly Pemex said on Tuesday it aims to boost its access to top-end technology to explore for oil in the deep waters of the Gulf of Mexico by increasing its stake in Spanish oil firm Repsol.
ENAP, Chile’s national oil and gas corporation announced it will invest 30 million dollars in drilling ten exploratory wells in Magallanes province, extreme south Patgonia and where the country’s main hydrocarbons resources are located.
US oil major Exxon Mobil has clinched an Arctic oil exploration deal with Russian state-owned oil firm Rosneft. The venture seemingly extinguishes any remaining chance of UK’s BP reviving its own deal, which lapsed in May.
The cleanup after tropical storm Irene continued Tuesday across the Canadian province of Quebec, where the storm washed out roads, downed power lines and possibly contributed to one death. An 81-year old man died after he disappeared for several hours during the storm northeast of Montreal.
Argentina’s securities regulator said it will investigate the chairman and chief executive officer of YPF SA, the nation’s largest oil producer, as part of a probe into the company’s accounting.
“Argentina wants to charge 49 dollars per KW of power transferred from Paraguay to Uruguay, which is five times what it charges Brazil” claims Paraguayan Vice President Federico Franco who described the pretension as “inadmissible and preposterous”.