Oil prices dropped below US$ 51,80 a barrel to new 19-month lows yesterday on a report that OPEC powerhouse Saudi Arabia said further production cuts are not necessary right now.
Brazil's government controlled oil corporation Petrobrás announced this week the start of natural gas production offshore the state of Bahia, which should increase supply in the northeast of the country helping to reduce the strong dependency from Bolivia.
Brazilian state-run oil company Petrobras's Argentine unit Petrobras Energía SA plans to invest more than two billion dollars over the next five years in Argentina and start this year exploring oil on Argentina's territorial sea, Petrobras Energía new Director General Carlos Fontes said.
The Chinese economy expanded 10.5% in 2006, the fourth year running it has been growing at double digit pace revealed on Friday Ma Kai head of the powerful Development and Reform Committee, NDRC.
Brazil's government managed hydrocarbons corporation Petrobras begun Tuesday oil and gas extraction from the new Cidade do Rio de Janeiro vessel-platform in the Espadarte field, belonging to the Campos Basin.
Bolivia's government owned petroleum corporation YPFB will be announcing next week companies interested in supplying natural gas to Argentina following on the agreement recently signed and extending until 2026.
Brazil's mostly government owned oil corporation Petrobras celebrated this week its entry to the select group of world companies with a market value over 100 billion US dollars.
Cuba reached its target of 3.9 million tons of oil and gas in 2006, while foreign companies in association with the local Cubapetroleo, CUPET, corporation continue exploration in 30 other wells, reported Havana authorities.
Summer has come to Argentina with a vengeance, bringing temperatures soaring above 40 degrees Celsius this week and almost unbearable loads on the power system.
In an effort to offset expected shortages in diesel fuel supplies, the Argentine government has announced a project to build a refinery that will require an about 2.3-billion-dollar investment which will be mainly made by some 30 private oil companies, with the exception of Royal/Dutch Shell, which is engaged in a dispute with the administration.