Energy & OilEnergy & Oil
Chile's state-owned oil and gas company ENAP successfully put into production the well Paraguaya 2 at Intracampos Block (100% ENAP) in Tierra del Fuego, with an initial flow rate of 160 cubic meters per day of oil, equivalent to 1,006 barrels.
Spanish oil major Repsol said Friday that, as part of a preliminary compensation deal struck last year with the Argentine government for the seizure of its former unit, YPF, it will take a charge of 1.28 billion Euros (1.76 billion dollars) on its 2013 earnings.
Argentina's state oil company YPF announced this week that it had signed a memorandum of understanding (MOU) with a subsidiary of Malaysia's national oil company Petronas for unconventional oil and gas resources development in Argentine Patagonia.
Uruguay will renew the contract for the purchase of Venezuela oil and accept the stake increase of that country in a local bio-fuels corporation during the scheduled visit of President Nicolas Maduro to Montevideo next month; it was announced by the Uruguayan Foreign affairs ministry.
Repsol signed a financing deal Friday with Venezuelan state oil company PDVSA that calls for the Spanish energy major to invest 1.2 billion dollars to boost the output of the companies' Petroquiriquire joint venture.
French oil giant Total will be drilling its first well in Uruguay's continental shelf in October 2015, announced the president of the country's oil and gas government owned company ANCAP. Jose Coya also revealed that the company he leads is working on the third Uruguay Round which will implement in the last quarter of next year.
The potential for a golden age of gas comes along with a big “if” regarding environmental and social impact. The International Energy Agency (IEA)—the “global energy authority”--believes that this age of gas can be golden, and that unconventional gas can be produced in an environmentally acceptable way.
Argentina's YPF agreed on Wednesday to pay 852 million dollars for all of Apache operations and assets in the country, making the government managed company the largest operator of natural gas.
Mercosur summit delays and oil are two of the main issues the Paraguayan foreign minister Eladio Loizaga will address with his Venezuelan peer Elias Jaua, when he travels on Thursday to Caracas. Formally the event is a diplomatic reciprocity for Jaua's visit to Paraguay last 9 October, when the two countries re-established full relations.
Paraguay has instructed its ambassador in Buenos Aires to collect information on Argentina's plans to set up an uranium processing plant in the northern province of Formosa, neighboring with the land-locked country.