Venezuela's state-owned oil and natural gas company PDVSA and India have signed accords worth $1.45 billion whereby oil production is expected to increase from 430,000 barrels per day to 855,000 in less than a year. Exports in mind, there is a natiowide shortage of fuel.
The basket of crude oil used as a benchmark indicator by the Organization of Petroleum Exporting Countries dropped to $44.53, the OPEC Secretariat said on Wednesday in Vienna.
Argentina's oil company YPF and Norway's Statoil have signed a cooperation agreement to further gather information on Argentina's offshore potential. The accord was signed in Oslo between YPF CEO Ricardo Darré and Statoil Exploration vice president Tim Dodson.
The International Energy Agency said in its latest report that last year the world's capacity to generate electricity from renewable sources has now overtaken coal, and renewable accounted for more than half of the increase in power capacity.
President Michel Temer urged Congress on Monday to approve a bill that would ease oil industry regulation and strip state-controlled oil giant Petrobras of some of its privileges in Brazil's most promising oil fields. The proposed regulatory framework would create new jobs and provide a new boost to investment in the sector, Temer said in an address at the opening of the Rio Oil and Gas conference.
Brazil's Petrobras and France's Total oil companies announced on Monday a strategic alliance Monday for upstream and downstream projects as President Michel Temer pronounced Brazil's troubled economy reopened for business.
“Is a monthly stopover in Argentina too high a price to pay for a direct weekly flight to Sao Paulo, the biggest flight hub in South America,” is the question we all have to ask ourselves, said lawmaker MLA Mike Summers this week as he set out the situation and options available to progress and develop the Falkland Islands’ economy.
Petrobras is reading to announce a domestic fuel policy that will avert costly subsidies that drained profits during Brazil’s previous government, Chief Executive Officer Pedro Parente said in an interview. For years fuel prices were manipulated as part of the government's policy to keep inflation under control.
Brazil's lower chamber of Congress approved this week the main points of a bill removing a requirement that state-led oil company Petrobras be the sole operator of vast offshore oil reserves in the costly subsalt layer with a minimum 30% stake in their development.
Horizontal fracking can go ahead, the British government has said, in a landmark ruling for the UK shale gas industry. Communities Secretary Sajid Javid has approved plans for fracking at Cuadrilla's Preston New Road site at Little Plumpton in Lancashire.