Get our news on your inbox! x

Remember me Forgot password

MercoPress, en Español

Montevideo, June 9th 2025 - 22:09 UTC

Energy & Oil

  • 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.

  • Wednesday, June 6th 2018 - 08:52 UTC

    Venezuela's oil delivery contracts could suffer 50% haircut

    PDVSA is asking its principal clients that are collectively owed 1.5 million bpd of crude in June to accept smaller volumes and restructure existing supply contracts

    Venezuela’s state-owned PDVSA is considering a declaration of force majeure on some of its oil supply contracts in June unless its clients agree to accept volume reductions of up to 50%, Argus reported on Tuesday, citing PDVSA officials.

  • Monday, June 4th 2018 - 07:06 UTC

    Truckers strike is estimated to have cost Brazilian agriculture some US$ 1.77 billion

    Chicken and pork losses are estimated in US$ 798 million. Brazil is the world's biggest chicken exporter. It shipped 4.3 million tons of chicken meat in 2017

    The 10-day-long Brazilian striking truckers protests are winding down and companies from meatpackers to soy crushers are resuming operations. Some problems persist in some sectors and will need time to recover. Primary estimates of losses for farmers' sector could reach US$ 1.77bn

  • Friday, June 1st 2018 - 07:35 UTC

    Guyana on the global energy map: oil production expected to reach 600.000bpd

    “ExxonMobil's discovery of the Liza field in 2015 truly put Guyana on the global energy map,” said Espen Erlingsen, head of upstream research at Rystad Energy.

    The Norwegian oil and gas research firm Rystad Energy is predicting that Guyana's oil sector could generate annual revenue of US$15 billion and that the government would pocket most of the profit generated from the explorations.

  • Thursday, May 31st 2018 - 08:27 UTC

    Debilitated Brazilian government challenged with an oil-workers 72-hour strike

    The oil sector strike included workers on at least 20 oil rigs in the lucrative Campos basin of 46 operated by Petrobras

    Brazilian oil workers began a 72-hour strike on Wednesday in a new blow to President Michel Temer following a nationwide trucker protest that has strangled Latin America's largest economy for over a week. The strike affecting several rigs, refineries, plants and ports is the latest challenge for state-led oil firm Petrobras, whose shares have tumbled nearly 30% in two weeks over fears that political interference would unwind more investor-focused policies.

  • Thursday, May 31st 2018 - 07:40 UTC

    Deal to compensate one of the world's most indebted oil company

    Despite overlapping with the truckers’ strike, talks “were not suspended,” Deputy Mining and Energy Minister Marcio Felix said. “They are very close”

    Petrobras and Brazil’s government are “very close” to resolving a long-running dispute over an oil-rich offshore area, a deputy minister said, dismissing concerns a fuel pricing crisis had emerged as an obstacle in talks.