Petrobras began operating this week a new oil rig with an estimated initial daily production of 15.000 barrels of heavy oil, 17 degrees API in the Jubarte field off Espirito Santo state, according to a release from the corporation.
Oil firms operating in Argentina celebrated a law passed this month to transfer property of hydrocarbons from the nation to provinces, saying that it will foster legal security and investments. But critics say that it will do nothing but atomize control over oil and gas exploration and exploitation.
Argentina is facing a severe energy shortage that many experts blame on the lack of investments since the 2001-2002 economy crisis and despite GDP has grown at about nine percent over the last four years.
Argentina began this month ninety days oil and gas 3D seismic surveying of its continental platform in the Colorada Marina basin 200 miles off Mar del Plata.
Governments in Latin America and the Caribbean expect a fourth straight year of economic growth in 2006, topped by a jump of 12.5 percent in Cuba, according to a report issued Thursday by the UN economic agency for the region.
President Michelle Bachelet on Friday proposed a shake-up of Chile's widely admired but incomplete private social security system, urging a minimum government pension for 1 million elderly Chileans left out of the current program.
Argentina and Brazil signed in Brasilia a protocol for a bilateral trade payments system in local currencies which gradually eliminates the US dollar helping to reduce goods and services transactions costs.
Brimming with posh stores and elegant shoppers, New York City has always held a certain cachet. But there is something that the US's largest city can no longer claim: the world's most expensive residences.
Oil gained more than a dollar on Thursday after Opec decided to cut its output by two per cent from February.
The International Monetary Fund, IMF said that higher levels of investment in Latinamerica can only be reached if several obstacles are tackled: a significant cut in current debt level; lower government expenditure; expansion of the taxable base and greater credibility for monetary institutions.