Brazilian government managed energy giant Petrobras produced an average of 2.4 million barrels per day of crude and natural gas at its operations inside and outside Brazil in 2008, an increase of 4.3%, or roughly 100,000 barrels of oil equivalent per day, compared to 2007.
Venezuela is ready to sponsor a new cut in crude production to protect the oil market, two to four million barrels per day, confirmed Rafael Ramirez, Energy Minister and President of Petroleos de Venezuela (PDVSA), the country's government owned oil corporation.
Spanish oil company Repsol anounced this week the discovery of traces of hydrocarbons at a deepwater well being drilled off the Brazilian coast. In an official statement Repsol said the well was completed in Block BM-S-48, located in the Santos Basin off the coast of the south-eastern state of Sao Paulo.
While oil prices ended this week's trading in the range of 35 US dollars the barrel, the International Energy Agency (IEA) has cut its estimates on world oil demand and for the first time since 1982-1983, expects two consecutive years of contracting demand for crude oil.
Dr Colin Phipps, long linked to the Falkland Islands and one of the driving forces behind the promising frontier oil industry passed away in London on January 10.
A Chilean-Peruvian consortium plans to invest 650 million USD in a project to produce ammonium and ammonium nitrate from natural gas, Peruvian President Alan Garcia said Wednesday.
The Ecuadorian government has decided to suspend oil production by Italy's Agip and France's Perenco, both of which operate in the Amazon region, to comply with new OPEC cuts.
Brazil will temporarily shut down power plants fired by natural gas from Bolivia and will reduce imports of the Bolivian fuel through the end of April, announced Mines and Energy mister Edison Lobao.
Brazilian state oil company Petrobras exported in December an average of 620,000 barrels of crude per day, establishing a new record.
Six companies to date have purchased data packages for Uruguay's first offshore Exploration and Production round, mining and energy minister Daniel Martínez said after making a presentation at an energy conference in Santiago de Chile.