United Kingdom energy executives have warned the country faces the prospect of mass civil unrest as a result of people being unable to afford their heating and electricity bills this coming winter.
A corporate tribunal has ordered the Italian government to pay more than £210m to the UK/Falklands oil company Rockhopper as compensation for an offshore oil drilling ban. Rockhopper’s case was launched after the Italian government banned oil exploration and production within a 12 mile-limit off Italy’s coast in 2015, scotching the company’s planned Ombrina Mare oilfield.
An agreement between YPF and CAMYEN for lithium exploration in the province of Catamarca was signed Wednesday. The joint undertaking has been described as the first of its kind.
Argentina's state-run oil company increased the price of fuel at pumps by 7.5% on average Sunday but it remained well below figures in neighboring cities abroad. The accumulated devaluation since the last naphtha adjustment is 16%.
Uruguay's state-run oil company Ancap yielded profits of US$128 million for the first semester of 2022 despite adjusting prices below the import parity price (IPP), it was announced Friday in Montevideo.
Upcoming power cut. The Power & Electrical Section would like to inform the public that there will be a power cut on Thursday 18 August from 3:15 pm to 4:15 pm, the following areas will be affected:
Russia almost doubled the value of its exports to Brazil in the first half of this year and has climbed to fifth supplier of Latin America's largest economy. This despite the trade, financial and diplomatic sanctions imposed on Russia by the United States, the European Union and the United Kingdom following its invasion of Ukraine.
Argentina and a consortium of three international oil companies signed an agreement by which the Fenix gas field at the San Sebastián Bay will be developed in two years time with an investment of US$ 700 million. The agreement includes a decree which reinstates benefits for the hydrocarbons industry, particularly new undertakings as contemplated in Law 19,640.
By Tsvetana Paraskova for Oilprice.com – After years of uncertainty and stagnation, the offshore drilling market is on the rebound and is in the early innings of an up cycle in investment and activity that will outpace the 2016-2019 cycle, major services and rig providers say. Analysts and top offshore drilling executives say that offshore rig utilization and day rates are also rising in a market that is expected to tighten going forward.
Authorities from Brazil and Paraguay have announced a reduction in the price of energy from the binational Itaipu power plant from US$ 22.60 to US$20.75 per kilowatt.