Argentina's state-run energy company YPF said this week it will fight a legal claim seek more than US$500 million in damages for rescinding natural gas export contracts in 2009. YPF shall use all its legal resources to defend its interests and those of its shareholders, the company said in a filing with the Buenos Aires Stock Exchange.
Venezuelan cities cleaned up from a night of looting and fiery protests on Wednesday as government offices closed their doors for the rest of the week in the face of a worsening energy crisis that is causing daily blackouts. In Caracas, hundreds of angry voters lined up to sign a petition beginning the process of recalling the deeply unpopular President Nicolas Maduro.
Big OceanData has been awarded a contract to provide the Government of the Falkland Islands with its vessel monitoring system (VMS) capability for another five years. For the first time the system will include AIS data, which will be integrated with existing Inmarsat tracking data from the fishing vessels.
Recession-hit Venezuela will turn off the electricity supply in its 10 most populous states for four hours a day for 40 days to deal with a severe power shortage, the government said Thursday.
The meeting of the world's leading oil exporters to discuss capping production has ended without agreement. After hours of talks in Qatar, the country's energy minister Mohammed bin Saleh al-Sada said that the oil producers needed more time.
Ecuadorian state-owned energy firm Petroamazonas EP, which is looking to boost production at nine of its existing oil fields and on Monday signed a series of investment deals amounting to US$ 1 billion for those areas, enlisting the help of both domestic and foreign companies.
Venezuela's PDVSA will discharge in the coming days its first cargo of U.S. crude bought from British BP, who along with China Oil was awarded a tender to supply the state-run company with some 8 million barrels in the second quarter, traders close to the deal revealed on Wednesday.
Brazil's embattled oil company Petrobras said it will launch a voluntary layoff program to cut an estimated 12,000 jobs in a bid to save up to 33 billion reais ($9.20 billion) by 2020. The program will cost 4.4 billion reais and is open to all employees, according to a statement from Petrobras, which has been hard hit by low oil prices, refinery project problems and a massive price-fixing, bribery and political kickback scandal.
Troubled Brazilian construction company Odebrecht SA plans to sell about 12 billion reais (US$3.4 billion) in assets to help meet its debt obligations, according to the builder’s chief executive officer. The company had a gross debt of 85 billion reais in 2014, the most recent figure available, but much of it is long-term debt and the biggest payments start only in 2025, Odebrecht CEO Newton de Souza said in an interview published Friday in the Folha de S. Paulo newspaper.
A consortium led by France's Total and U.S.-based super major ExxonMobil Corp started this week drilling for oil off Uruguay, Industry, Energy and Mining Minister Carolina Cosse announced. Uruguay is totally reliant on imports for its oil and has for decades tried to discover possible hydrocarbons resources both in the continent and offshore.