Oil prices of near 100 dollars per barrel caused alarm in consuming countries in 2007 and analysts forecast another tense crude market this year with triple-figure records a real prospect.
Crude oil rose to $100 a barrel for the first time in New York as record global fuel consumption threatens to outpace production.
Petroleos del Peru SA, Peru's state oil company and the country's largest, plans to sell a 10% stake on the Lima Stock Exchange next year to raise funds for investment projects, Chief Executive Officer Cesar Gutierrez revealed on Thursday.
The methanol industry in the extreme south of Chile has announced it will have to appeal to redundancies and an international demand, if Argentina does not resume the supply of natural gas as stipulated in contract clauses, according to company sources.
BHP BILLITON and Falkland Oil and Gas (FOGL) representatives will visit the Falklands in January to establish contact with FIG and businesses that will be involved in exploration drilling.
Repsol-YPF CEO Antonio Brufau and Enrique Eskenazi, Chairman of the Petersen Group, signed Wednesday a binding memorandum of agreement for the acquisition by the Argentine business group of 14.9% of YPF capital stock, according to a release from Repsol.
A huge oil spill has washed to the shore north of Comodoro Rivadavia in Argentine Patagonia, threatening the rich marine life in the area according to reports from the Argentine press.
In its end of the year summing up Brazil's government managed oil corporation Petrobras announced Wednesday it has set another daily oil-production record in Brazil: 2.238,000 barrels, a mark only eight companies in the world have reached.
Uruguayan emergency teams are working this weekend round the clock to clean the sandy beach of the country's most exclusive sea-resort which suffered the consequences of an oil spill of an estimated 15.000 liters of crude.
Petrobras shares rose Friday a day after Brazil's government owned oil company said it found more oil in the offshore Santos Basin. Shares rose 4.88, or 4.5%, to $112.88 in afternoon trading.