
Repsol Chairman Antonio Brufau has expressed his determination to reach a solution on compensation for the nationalisation of its shares in YPF, and says that he is willing to take the matter to an international court level to ensure a fair amount is paid.

Gasoline rationing in New York City which was scheduled to end on Monday has been extended through Friday, even as the gas station lines that prompted it have all but disappeared.

BP Plc agreed on Thursday to plead guilty to a raft of charges in the deadly Gulf of Mexico spill and pay a record 4.5 billion dollars including the biggest criminal fine in United States history. Three BP employees were also charged, two of them with manslaughter.

Petrobras Argentina reported this week that it made a new oil- and gas-field in the northern area of the Puesto Peter franchise, which is located in the Patagonia province of Santa Cruz.

A World Bank report released Tuesday found that Latin America and the Caribbean registered a 50% jump in the number of people joining the middle class during the last decade, which was called by economists an historic achievement for a region long exposed to wealth inequality.

The United States is forecasted to overtake Saudi Arabia and Russia as the world's top oil producer by 2017, the West's energy agency said on Monday. The International Energy Agency (IEA) said it saw a continued fall in US oil imports with North America becoming a net oil exporter by around 2030 and the United States becoming almost self-sufficient in energy by 2035.

Chilean government owned oil and gas company, ENAP, described as ‘unacceptable’ British Gas announcement to GNL Chile that its will not comply with provision contracts next year.

Working on experience gained from the relocation of thousands of tons of equipment from Aberdeen to the Falkland Islands for the round of exploratory drilling started in 2010 has helped a Scottish company launch a software program set to revolutionize the oil and gas industry.

The Falkland Islands government has granted a one year extension for Rockhopper Exploration’s production licences PL023 and PL024. The licences, in which Rockhopper has a 40% interest, have been extended until November 2013, with no requirement for the operator to perform further work on the licences in that time.

Hedge funds have been quietly building up stakes in the oil explorers operating off the Falkland Islands betting that companies will ignore the threats made by Argentina to disrupt the activity, according to a Reuters’ piece published this week.