Venezuela's Hugo Chavez and Argentina's Nestor Kirchner inaugurated Wednesday the first well in the heavy-crude Orinoco strip to be operated by Argentine companies.
The Spanish oil consortium Respsol-YPF in planning to undertake seismic surveying in the Malvinas basin in 2008, and could invite Argentina's new government owned oil company Enarsa to participate in the operation
Chile's oil corporation ENAP began drilling for natural gas last February 15 in continental Magallanes Region in an area identified as Dorado-Riquelme to the north east of Punta Arenas.
Venezuela will reinforce security measures after a branch of al Qaeda called for attacks on suppliers of oil to the United States, the defence minister said on yesterday.
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.