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Montevideo, March 29th 2024 - 10:32 UTC

Energy & Oil

  • Saturday, November 11th 2023 - 10:52 UTC

    Argentina and Chile sign key lithium agreement

    The agreement “represents a milestone for Chile, being of great value for the National Lithium Strategy,” van Kleveren explained

    Authorities from Argentina and Chile Friday signed a Memorandum of Understanding to establish a Binational Lithium and Salt Flats Working Group which represents a significant step towards strategic cooperation in this regard, it was reported in Santiago and Buenos Aires following negotiations dating back to June 2022.

  • Wednesday, November 8th 2023 - 18:43 UTC

    Guyana asks The Hague court to stop Venezuelan referendum on the annexation of half of its territory

    The former British colony of Guyana has the world's biggest reserves of crude per capita, while Venezuela sits on the largest proven reserves overall.

    Guyana has asked the UN's highest court to stop a Venezuelan referendum on the annexation of the Esequibo, half of its territory and its oil-rich offshore, a claim going back to colonial times.

  • Saturday, November 4th 2023 - 11:23 UTC

    Record oil and gas output reported in Brazil

    Of every 100 barrels produced in Brazil, 86 come from reservoirs geographically linked to Rio de Janeiro

    After extraction in September this year reached 4.666 million barrels of oil equivalent per day, authorities in South America's largest country spoke of record oil and gas production, Agencia Brasil reported citing oil authority ANP sources.

  • Thursday, November 2nd 2023 - 09:14 UTC

    Price of fuel goes up in Argentine to secure supply

    Gasoline must not increase more than it should ahead of the presidential runoff, Massa argued

    Argentina's state-run oil company YPF ordered an average increase of 9.75% in the prices of gasoline and diesel oil at pumps, as the freezing deal between the Economy Ministry and fuel producers came to an end Oct. 31 following a 12.5% adjustment the week after the Aug. 13 Open, Mandatory, and Simultaneous Primary (PASO) elections and their ensuing devaluation of the local currency.

  • Wednesday, November 1st 2023 - 21:23 UTC

    BP third quarter profits lower than expected

    According to the company's report, “while oil production was strong, gas trading had been weak in recent months.”

    British Petroleum posted profits of US$ 3.3bn (£2.7bn) between July and September, lower than predictions of US$ 4bn. Earnings were down from US$ 8.1bn in the same period in 2022 when BP made huge profits following Russia's invasion of Ukraine, which led to oil prices soaring.

  • Wednesday, November 1st 2023 - 09:13 UTC

    Fuel supply in Argentine getting back to normal pending price increase

    “All of a sudden the trucks appeared,” Massa said in an ironical tone

    Fuel supply in Argentina is slowly getting back to normal as an increase in the price at pumps has been admitted onto a negotiating table, it was reported in Buenos Aires. After shortages throughout the weekend, the Government acquiesced to an increase in the price of gasoline.

  • Monday, October 30th 2023 - 09:38 UTC

    Gasoline supply must be normalized, or else... Massa warns

    Argentines must come first, Massa argued

    Argentine Economy Minister and presidential candidate Sergio Massa warned oil companies that unless the fuel shortages are solved by Tuesday, they would not be allowed to ship any exports abroad, it was reported.

  • Saturday, October 28th 2023 - 08:55 UTC

    Argentina to import fuel to ease current shortages

    In the next few days the problem will be solved, said Royón

    Argentine authorities said Friday that more fuel will be imported to guarantee supplies to the pumps as the ongoing crisis is set to drag on for weeks, potentially affecting the Nov. 19 presidential runoff between Economy Minister Sergio Massa and Liberal Congressman Javier Milei, it was reported in Buenos Aires.

  • Friday, October 27th 2023 - 10:16 UTC

    Fuel shortages reported in Argentina

    YPF implemented on Monday an average increase of 3%

    Due to fuel shortages in several parts of Argentina, some pumps were forced to sell only up to a quota per customer while others simply closed their activities on Thursday, it was reported in Buenos Aires.

  • Tuesday, October 24th 2023 - 08:36 UTC

    Big news in oil industry: Chevron takes over Hess Corporation in a US$ 53 billion transaction

    Under the terms of the agreement, Hess shareholders will receive 1.0250 shares of Chevron for each Hess share.

    Chevron Corporation (NYSE: CVX) announced on Monday that it has entered into a definitive agreement with Hess Corporation (NYSE: HES) to acquire all of the outstanding shares of Hess in an all-stock transaction valued at US$ 53 billion, or US$ 171 per share based on Chevron’s closing price on October 20, 2023. Under the terms of the agreement, Hess shareholders will receive 1.0250 shares of Chevron for each Hess share. The total enterprise value, including debt, of the transaction is US$ 60 billion.