Brazil will pay about 11% more for natural gas from Bolivia under a deal presidents Lula da Silva and Evo Morales signed Thursday in Brazil and that could resolve a year of tense relations between the South American nations.
Brazilian state oil company Petrobras said yesterday fourth-quarter profit fell 36 percent, hit by higher production costs that its chief executive said were worrisome.
The cost of producing oil and gas has risen about 53 percent in the past two years, and the trend is expected to continue this year, according to a report released yesterday.
Brazil described as childish and amateur Bolivia's indication that it may cancel a scheduled presidential bilateral summit, if Brazil does not pay more for Bolivian natural gas.
The Venezuelan government and United States AES Corporation signed Thursday a memorandum of understanding (MOU) for the purchase of AES's 82.14% stake in La Electricidad de Caracas (EDC) for 739.3 million US dollars.
Brazil's government managed oil company Petrobras announced the beginning of production at the offshore Cottonwood field in the Gulf of Mexico, United States.
Interpretation of the 920km 2D seismic data collected in early 2006 is complete and Rockhopper Exploration is pleased to provide the following exploration update.
The Organization of Petroleum Exporting Countries, OPEC, is preparing to implement another round of oil cuts beginning February first, satisfied with its decision to cut supply by 6% that has helped restore market balance.
China's first strategic oil reserve base station has begun to be filled in Ningbo, Zhejiang province, according to reports from the country's National Development and Reform Commission (NDRC). This is the latest step in China's efforts to ensure a strategic oil reserve.
Desire Petroleum plc, the oil and gas exploration company wholly focused on the North Falkland basin, today announces an update on its activities.