The U.S. Geological Survey says it has found the largest continuous oil and gas deposit ever discovered in the United States. A swath of West Texas known as the Wolfcamp shale contains 20 billion barrels of oil and 16 trillion cubic feet of natural gas which makes it nearly three times more petroleum than the agency found in North Dakota's Bakken shale in 2013.
Premier Oil has pushed back its refinancing deal to the first quarter of 2017 but said lenders had largely agreed to new terms, including extending debt repayment dates in exchange for some control over which projects the company can invest in.
The lorry drivers' strike already under way in Uruguay, which broke up as a conflict between freight carriers and the agriculture sectors, may have its impact on the distribution of car petrol, warns Mauro Borzzaconi of the trucking association.
Oil major Shell is planning to continue investing heavily in Brazil as part of a bid to double its global deep water production by the early 2020s. Shell plans to invest US$10 billion over the next five years, Wael Sawan, the company’s executive vice president for deep water, said in an interview this week.
Losses increase from US $ 9 million by mid year to US $ 14 million in September due to contraction of domestic demand, the fall in international prices and the percentage of ethanol cut in gasolines.Carboclor, ANCAP's subsidiary in Argentina, shows no sign of recovery in its most recent balancesheet as production fell below normal levels caused by financial shortcomings which in turn led to a decrease in the inflow of raw materials to the refinery in Campana in the province of Buenos Aires. Shutting down the plant for 25 days is being considered as a partial solution.
Spanish clean energy company Acciona Energía has connected the 246MW El Romero solar plant in Atacama desert, Chile to the county’s Interconnected Central System (SIC), becoming Latin America's largest. The US$343m El Romero Solar plant features 776,000 polycrystalline silicon photovoltaic modules, spread across 280ha area in the municipality of Vallenar, 645km north of the Santiago.
Brazilian state-controlled oil company Petrobras posted an unexpected third-quarter loss after drastically reducing the value of oil fields and other assets amid a severe downsizing and weak oil prices. Petrobras lost a net 16.458 billion reais (US$4.9 billion) last quarter, five times more than a year earlier. Despite that, operational and cash flow trends improved and, without an impairment, profit could have totaled 600 million Reais, Chief Financial Officer Ivan Monteiro said.
The Falkland Islands government numbers are looking brighter than forecasted: for the first three months of the financial year (July –September), the government is showing an actual surplus of £6.407 million, compared to a estimated surplus of £2.211 million.
Petrobras will begin selling off huge “pre-salt” oil fields to raise cash for the desperate Brazilian national oil company, according to new legislation passed by Congress. Politicians in the lower house had fought against the bill, but lawmakers succeeded in pushing the bill through during a late-night session, and the vote stood at 251-22 by the end of the night.
Executives of Brazilian state oil company Petrobras and Bolivian counterpart YPFB signed this week a contract for a US$1.2 billion natural-gas exploration venture in southern Bolivia. Bolivian President Evo Morales and Brazil's minister of mines and energy, Fernando Coelho Filho, traveled to Bolivia's eastern city of Santa Cruz for the signing ceremony.