Venezuela has awarded licenses to a unit of Russian oil major Rosneft to develop two offshore gas fields, Rosneft said in a statement.Venezuelan President Nicolas Maduro signed the deal during a visit to Venezuela by Rosneft CEO Igor Sechin, it said.
Mexican national oil company Pemex blamed the cancellation of a potentially lucrative deepwater Gulf of Mexico project on weak investor appetite due to competition from recent auctions in Brazil and low oil prices. Mexico’s oil regulator canceled a tender to pick an equity partner for Pemex’s Nobilis-Maximino project, as company interest was not as robust as expected.
Mercosur is confident a framework agreement with the European Union will be announced next week despite resistance from farmers in Europe to permit tariff-free beef imports, a Mercosur official said. “There is more than a 70% chance of reaching a deal,” said the official close to the negotiations that have dragged on for almost two decades.
Brazil's National Agency for Oil, Natural Gas, and Biofuels (ANP) announced the areas for the exploration and production of oil and natural gas to be made available as part of a new, permanent-offer system. The move covers 846 blocks of 13 sedimentary basins, adding up to some 285,400 square kilometers.
President Mauricio Macri hosted the official launching of the Argentine chair of G20, the world’s major forum for global economic, political, and financial cooperation. In his inaugural speech Macri said Argentina is committed ”to build consensus for fair and sustainable development” and will use its role as the first South American country to chair the G20 group of major economies to combat protectionism.
The giant Libra field in Brazil’s pre-salt zone has started producing oil, French Total said on Monday without providing details about the production rate at the field.
Canadian exploration and production company PentaNova Energy announced it signed a final farm-in agreement with Argentine energy company YPF for a further 11% stake in the Llancanelo oilfield, reports Buenos Aires media.
Britain successfully lobbied Brazil on behalf of BP and Shell to address the oil giants’ concerns over Brazilian taxation, environmental regulation and rules on using local firms, government documents reveal, according to a piece published in The Guardian.
Brazil's low-cost oil will help Petrobras compete in a tough market as it seeks to turn around its business, Pedro Parente, CEO of the state-owned oil giant anticipated. Oil majors such as Exxon, Mobil, BO, Royal Dutch Shell, Total and Statoil have been snapping up blocks in the Atlantic Ocean off the coast of Brazil that hold crude under thousands of meters of salt.
Shares of Brazil’s Petrobras plunged 7.8% on Tuesday a day after the state-controlled oil company reported disappointing third-quarter earnings. The company also announced that during October oil production remained stable but gas was down 1.5%