London AIM listed Falkland Oil and Gas announced it has reached an agreement to farm out a 35% stake in most of its Falkland Islands’ exploration licenses to the US Noble Energy to help fund its drilling plans off the Islands.
Venezuela’s government oil corporation, PDVSA, in considering with Argentina’s YPF exploring for oil and gas in the area next to Falkland/Malvinas waters, revealed the president of the corporation and Minister of Petroleum and Mining.
The slowdown in Latin America’s once booming economies could take a heavy toll on profits for Spanish and Portuguese companies whose two-decade investment spree abroad has provided a lifeline during a deepening crisis at home.
Under the heading of “In by the back door” referred to the expansion of Mercosur, The Economist says “bringing Venezuela certainly was smart, in the sense of cunning rather than wise”, but it was done ignoring the block’s rules which call for unanimity in admitting new members.
A public debate on the future of the Falkland Islands in the face of income from oil exploitation is required rapidly, according to a Member of the elected Legislative Assembly.
Peru’s government has extended a state of emergency for 60 days in several districts of south-central regions because of the presence of the guerrilla group Shining Path remnants.
Brazil’s government controlled oil and gas corporation Petrobras and Britain’s BP announced the discovery of oil in a deep-water offshore well in a new area for exploration off Brazil's northeast coast, according to a securities filing on Thursday.
After two disappointing results, Borders & Southern has officially completed its deep water drilling program in the South Falkland Islands basin, the company announced on Tuesday. The company said well Stebbing has been “successfully plugged and abandoned,” bringing to an end the Company's current two well drilling program.
Venezuelan president Hugo Chavez announced he expected to sign an oil/gas alliance between Argentina’s YPF and PDVSA (Venezuelan Petroleum) when he meets with his peer Cristina Fernandez in Brasilia in the framework of the Mercosur extraordinary summit to officially incorporate the country as full member of the trade group.
As part of its “Malvinas noose tightening” policy the Argentine government is planning an international tender to offer licenses to explore for oil near the Falkland Islands, reports Buenos Aires main daily Clarin in its Monday edition, citing a letter to Congress by Cabinet chief Juan Manuel Abal Median.