The International Monetary Fund lowered its forecast for economic growth in Uruguay this year to 3% from its previous estimate of 3.3%, the IMF's deputy managing director said on Friday in Montevideo. Naoyuki Shinohara told reporters that the revision is due to lower growth expected in Uruguay's neighbors Argentina and Brazil and lower prices for commodities and Uruguayan exports.
Australia's Petrel Energy has confirmed the conventional oil reservoir potential of the San Gregorio and Cerrezuelo sandstones in Uruguay following detailed analysis of the Cardozo Chico core-hole samples. Petrel said that laboratory testing undertaken by Weatherford in Houston returned excellent permeability and porosity measurements.
Euro zone inflation stabilized in what the European Central Bank has called the danger zone in February, data showed on Friday, while unemployment remained stuck near record highs ahead of an ECB policy meeting next week.
Minister of Defense Agustín Rossi said Argentina has no conflict hypothesis regarding the Falklands/Malvinas Islands, strongly denying statements from a British newspaper which argued the UK was closely monitoring Argentina's investment in military procurement.
Britain's oil and gas industry faces 'biggest challenge in 50 years' because of low level of exploration
Britain's oil and gas industry has warned it faces its biggest challenge in 50 years due to the low levels of exploration. Industry body Oil and Gas UK said only 15 wells were drilled last year. That was despite strong levels of investment, reaching a record last year and sustained this year.
Spanish oil major Repsol's board approved on Tuesday in Madrid a definitive 5 billion dollars settlement from Argentina over assets seized in 2012, drawing a line under a two-year battle for compensation.
Falkland Oil and Gas Ltd, FOGL, announced on Monday the completion of its 3D seismic survey offshore the Falkland Islands. This is the third and final 3D survey prior to the next drilling program, which is expected to commence in early 2015, said the company in a release.
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.
Brazil and the European Union agreed on Monday to lay an undersea communications cable from Lisbon to Fortaleza to reduce Brazil's reliance on the United States after Washington spied on Brasilia.
Barcelona have been charged by a Spanish court with committing tax fraud in the signing of Brazil forward Neymar last year in the latest twist to a saga that has already claimed the scalp of the club president.