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MercoPress, en Español

Montevideo, May 19th 2025 - 17:51 UTC

Energy & Oil

  • Tuesday, June 26th 2018 - 08:35 UTC

    Latest member to join OPEC expects to raise oil production by 65%

    Congo Brazzaville joined OPEC last week and plans to open up its oil industry, which the government says is dominated by Total SA and Eni SpA, to new investors

    The Republic of Congo expects to raise oil production by as much 65% this year as two new projects come on stream, Hydrocarbons Minister Jean-Marc Thystere-Tchicaya said.

  • Tuesday, June 26th 2018 - 08:26 UTC

    Petrobras begins operations at Tartaruga Verde field

    Tartaruga Verde field has good quality oil (27º API), and is located in the southern area of the Campos basin, in the post-salt, in water depth ranging from 700 to 1,300 m

    Petrobras has announced the start of production at Tartaruga Verde field, in the deep waters of the Campos basin, by means of FPSO Cidade de Campos dos Goytacazes. The FPSO is located about 127 km off the coast of the state of Rio de Janeiro, in water depth of 765 m, with a capacity to process daily up to 150,000 bbl of oil and 3.5 MMcmg and 5 MMcm of gas compression.

  • Saturday, June 23rd 2018 - 10:29 UTC

    OPEC ministers agree to increase oil supplies, but volume has to be decided

    On Friday, OPEC members agreed to start pumping more oil, though the agreement will not end the group's 18-month-old deal to limit output

    OPEC ministers announced a deal on Friday that will increase oil supplies from the producer group, which has been capping output in order to balance the market and boost prices for the last 18 months. The agreement came after a week of tense negotiation at OPEC's headquarters in Vienna, Austria. Top OPEC producer Saudi Arabia faced the challenge of convincing a handful of reluctant producers including Iran, Iraq, and Venezuela to support an output hike.

  • Saturday, June 23rd 2018 - 10:27 UTC

    Exxon-Mobil made its eighth major oil discovery offshore Guyana

    “The Longtail discovery is in close proximity to the Turbot discovery southeast of the Liza field,” Steve Greenlee, ExxonMobil Exploration Company president said

    ExxonMobil made its eighth oil discovery offshore Guyana at the Longtail-1 well in the Stabroek Block on June 20. The company encountered 256 feet of oil-bearing sandstone. The well was drilled to 18,057 feet depth in 6,365 feet of water.

  • Friday, June 22nd 2018 - 09:10 UTC

    Petrobras loses massive wage dispute, which could cost US$ 4.5 billion

    The head of the Superior Labor Court, Brito Pereira, had to vote to untie the ruling, which had 13 labor judges voting for the employees and 12 for the company

    Brazil’s top labor court on Thursday ruled in favor of workers at Petrobras in a wage dispute that could cost the world’s most indebted oil company up to 17 billion Reais (US$ 4.5 billion). Petrobras may still appeal the Superior Labor Court’s ruling in the case, brought by oil workers seeking more pay.

  • Thursday, June 21st 2018 - 08:57 UTC

    Brazil eases rules in oil industry to boost production

    Petrobras banned top offshore construction companies, most of which domestic, after the Lava Jato investigation revealed the extend of corruption

    Brazil’s move to ease rules forcing oil producers to buy from domestic suppliers means Latin America’s top producer will be able to sustain output of 5 million barrels per day (pbd) by the mid-2020s, compared to just 3.7 million bpd under prior rules, consultancy Wood Mackenzie said in a report on Wednesday.

  • Monday, June 18th 2018 - 07:10 UTC

    Uruguay and oil hopes: a permanent bidding round scheme, after failure of latest auction

    “The oil and gas industry has its cycles and it has demonstrated that predictions are very difficult,” Energy and Industry minister Carolina Cosse said

    Uruguay will move towards a permanent offer process for offshore oil blocks as other Latin American countries have done, after an April auction failed to attract bids, Industry, Energy and Mining Minister Carolina Cosse said in an interview.

  • Friday, June 15th 2018 - 10:57 UTC

    Petrobras ex-CEO becomes head of Brazilian giant food processor BRF

    Parente was elected BRF chairman in April when shareholders were seeking a management overhaul in the wake of a food safety probe and poor results.

    The board of Brazilian food processor BRF SA on Thursday elected Chairman Pedro Parente to the additional post of chief executive, the company said in a securities filing. Parente, the former CEO of state-controlled oil company Petrobras will hold both positions for an initial period of 180 days, BRF said.

  • Monday, June 11th 2018 - 08:20 UTC

    Mexico's future closely linked to oil development no matter who's the next president

    Energy Minister Joaquin Coldwell said that two further auctions planned before the handover would go ahead, as would tenders for seven joint ventures

    Mexican oil output could return to 2 million barrels per day by about 2022 if the next government pursues plans to auction off development blocs to private investors, Energy Minister Pedro Joaquin Coldwell announced. Mexico will elect a new president on July 1 but the front-runner in opinion polls, leftist Andres Manuel Lopez Obrador, has threatened to delay opening up the energy sector to private investment.

  • Wednesday, June 6th 2018 - 14:09 UTC

    Falkland Islands Reception in London

    Former Falklands Governor and FIA Chairman Mr. Alan Huckle proposes the loyal toast.

    Marking another successful year, the Annual Falkland Islands Government Reception took place on Tuesday 5th June at Middle Temple, London. Islanders in Britain, their friends and supporters, politicians, and veterans of the 1982 war of liberation met in high spirits.