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MercoPress, en Español

Montevideo, April 24th 2025 - 03:43 UTC

Energy & Oil

  • Thursday, April 6th 2017 - 12:35 UTC

    ExxonMobil strikes oil again offshore Guyana, the second this year

    Esso Exploration and Production Guyana Ltd. commenced drilling the Snoek well on Feb 22, and was safely drilled to 5,175 meters in 1,563 meters of water 18 March

    ExxonMobil’s oil finding streaking offshore Guyana is continuing, with the company reporting yesterday that it has struck oil again. It is Exxon’s third such find in the Stabroek Block and the second this year, coming on the heels of oil discoveries in Liza in 2015 and Payara in January.

  • Tuesday, April 4th 2017 - 09:55 UTC

    Maduro gained his true objective: sweeping authority to cut oil deals on behalf of PDVSA

    Rosneft, a major PDVSA partner at a time when relations between Caracas and Moscow have grown increasingly cozy, said the deal was legal.

    Venezuelan Supreme Court reversal decision to take over the opposition-led congress seems to have yielded to domestic and international pressure, but it still gives embattled populist President Nicolas Maduro broad new powers over the country´s vast oil wealth, which now appears to have been his true target.

  • Monday, April 3rd 2017 - 13:52 UTC

    Brazil rapidly becoming global supplier of light crudes

    Petrobras Guilherme said company's production ”consists of much lighter oil than we used to produce in the past; we have demand for more than we can deliver.”

    Brazil is poised to sharply increase oil exports this year as heavy investments spur new output and demand for its lighter crudes win more buyers, especially in China and India. Production is projected to rise 210,000 barrels per day (bpd) in 2017, second only in the size of additional supply to the United States among non-OPEC producers.

  • Monday, March 27th 2017 - 11:07 UTC

    Petrobras posted losses of US$ 4.8 billion during 2016

    Petrobras has been at the center of a corruption scandal that has ensnared powerful lawmakers and business executives.

    Brazil's state-run oil company says it posted a US$4.8 billion loss in 2016 mainly because of a reduction in the value of assets it needs to sell to lower a debt estimated at more than US$100 billion.

  • Saturday, March 25th 2017 - 09:29 UTC

    Argentina closer to energy self sufficiency: US$ 2.3bn investment in Vaca Muerta shale fields

    Tecpetrol will aim to produce an average 14 million cubic meters of shale gas per day by 2019, which is half the volume of gas Argentina currently imports

    Argentina's Tecpetrol, part of the Techint Group, said on Thursday it would invest US$2.3 billion in the Vaca Muerta shale fields through 2019, the largest announcement in the formation in years. Tecpetrol said in a statement the investment was made possibly due to measures from President Mauricio Macri's government, including a deal with labor unions earlier this year and a definition of price supports this month.

  • Friday, March 24th 2017 - 11:02 UTC

    Maduro desperately selling assets to pay US$ 3.7bn in debts

    The Venezuelan president Nicolás Maduro is reportedly so desperate to pay the US$ 3.7 billion in debts that he is selling off the assets to Russia.

    In an effort to handle its overdue debts, Venezuela is all but giving away oil assets. President Nicolás Maduro is reportedly so desperate to pay the US$ 3.7 billion in debts that he is selling off the assets to Russia.

  • Friday, March 24th 2017 - 10:54 UTC

    Venezuela paralyzed because of gasoline shortage: supplies rushed in from Houston

    Venezuelans have spent hours in lines, as they await a product that has been in short supply for several days in different cities across the country

    Although Venezuela has 18 refineries throughout the world and six on its own soil, on Thursday most states face a shortage of gasoline that has led to long lines at gas stations around the country. Venezuelans have spent hours in such lines, as they await a product that has been in short supply for several days in different cities across the country.

  • Wednesday, March 22nd 2017 - 12:01 UTC

    Guyana beats exploration/production record: oil extraction expected to begin 2019

    Exxon-Mobil in 2016 announced the successful drilling of a deepwater exploration well, positioning Guyana's seafloor as one of the richest oil discoveries in decades.

    United States oil giant Exxon Mobil Corporation is moving full steam ahead with plans to transform Guyana, in the north of South America, into a major oil producer. In what industry experts call a rare occurrence in the industry, Exxon Mobil has asked the David Granger administration for a production license to start pumping oil from the country’s seabed, less than five years after it discovered major oil finds.

  • Tuesday, March 21st 2017 - 10:02 UTC

    Ushuaia closes down as main gas pipeline suffers accidental rupture

    Governor Bertone and the head of the local tourism office Luis Castelli appealed to Buenos Aires for help

    Ushuaia in Tierra del Fuego was forced on Monday to close down government offices, suspend classes and impose a blackout rotation program following a serious leak from the natural gas pipeline which is the main source of power for the Argentine extreme south province capital.

  • Tuesday, March 14th 2017 - 21:28 UTC

    Is a second OPEC cut on the Cards?

    U.S. shale has been capping the upside: Brent has not breached US$58 per barrel. Analysts are now mostly predicting oil prices will remain below US$60 this year.

    OPEC's coordinated effort to curtail global supply has so far managed to put a floor under oil prices, which have been sitting modestly above US$50 since the deal was announced at the end of November last year. But resurging U.S. shale has been capping the upside, and Brent has not breached US$58 per barrel. Analysts and experts are now mostly predicting that oil prices will remain below US$60 this year.