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MercoPress, en Español

Montevideo, June 9th 2025 - 11:20 UTC

Energy & Oil

  • 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.

  • Tuesday, March 14th 2017 - 06:26 UTC

    Falklands denies any commitment to reduce oil royalty has been entered

    Luxton said “FIG does not intend to embark on negotiating fiscal policy through the media” and confirmed no commitment to reduce royalty had been entered

    The Falkland Islands government announced on Monday that it is currently in discussion with Premier Oil on a wide range of issues with the objective of progressing the Sea Lion development towards a successful project sanction.

  • Monday, March 13th 2017 - 18:34 UTC

    Repsol announces largest onshore oil discovery in the US in three decades

    Repsol has been actively exploring in Alaska since 2008 and finally hit a big one. The find came after drilling two wells with its partner, Armstrong Oil & Gas.

    Spanish oil firm Repsol SA has announced the largest onshore oil discovery in the U.S. in three decades, a 1.2 billion barrel find on Alaska’s North Slope. Repsol has been actively exploring in Alaska since 2008 and finally hit a big one. The find came after drilling two wells with its partner, Armstrong Oil & Gas.

  • Thursday, March 9th 2017 - 13:55 UTC

    Temer launches 55 infrastructure projects to boost private investment and create 200.000 jobs

    “We are leaving behind a deep recession and entering in a phase of prosperity where private investment will be decisive,” said the president

    Brazil's President Michel Temer launched an infrastructure concessions program on Tuesday that he said should raise 45 billion Reais (US$14.43 billion) in investment in building and operating roads, port terminals, railways and power transmission lines. Temer said the program was key to restoring an attractive business environment as Brazil struggles to emerge from its worst-ever recession.

  • Monday, March 6th 2017 - 08:52 UTC

    Russia displaces Saudi Arabia as world's largest supplier of crude oil

    Russia does not belong to OPEC, but has followed recent decisions to curb production, with a result being that oil prices have risen 20% since November.

    Russia has taken over from Saudi Arabia as the world’s largest supplier of crude oil, according to the Riyadh based Joint Organizations' Data Initiative. Russia pumped 10.49 million barrels a day in December, with Saudi Arabia just behind at 10.46 and the US third at 8.9 million barrels. Iraq came up in fourth place with 5 million barrels.

  • Sunday, February 26th 2017 - 11:21 UTC

    YPF and Shell reach deal to develop oil and gas assets in Vaca Muerta shale field

    The deal comes after President Macri reached an agreement with oil companies and unions last month to stimulate investment in Vaca Muerta

    Argentina's state-run oil company YPF said it reached a preliminary deal with Royal Dutch Shell Plc to develop oil and gas assets in the Vaca Muerta shale field, involving a US$300 million investment from Shell.

  • Friday, February 24th 2017 - 15:51 UTC

    Falklands and Brexit, subjects raised by visiting MPs to the Islands

    MP's Wes Streeting, KarinSmyth, Alan Mak and AmandaMilling at the press conference

    The impact of Brexit on the Falkland Islands and the economy in general were subjects raised with visiting Members of Parliament this week. The delegation of four made a flying visit to the Falkland Islands last weekend accompanied by FI Representative in London Sukey Cameron.

  • Tuesday, February 21st 2017 - 10:58 UTC

    Petrobras exporting record volumes from sub-salt offshore oil fields

    Brazil’s sub-salt production rose to 1.26 million barrels per day (bpd) in December, equivalent to 46% of the country’s total output – up from 34% a year earlier.

    Rising output from Brazil’s sub-salt offshore oil fields is allowing Petrobras to export record volumes of oil and import less light crude for its refineries, a senior executive said. Cláudio Mastella, executive manager for refining and natural gas logistics, said the move is helping to reduce Petrobras’ operational and logistical costs because lighter oil is easier and cheaper to refine into products like gasoline and diesel.