Colombian state oil company Ecopetrol said it made a new discovery at a well in the south-eastern Caño Sur block, of which the company is the sole owner and operator.
The Mito-1 exploratory well yielded an average of 200 barrels per day of heavy oil in initial testing, Ecopetrol, which plans to drill another 10 wells at that block in the near future, said.
Argentina and Peru are the top recipients of Chilean overseas investments in the service sector according to report released last week covering a two decade period from 1990 to 2010.
US agricultural processor Archer Daniels Midland Co said this week it was building a grain export terminal in Nueva Palmira, Uruguay, capable of loading large bulk shipments of corn, wheat, soybeans and soy-meal.
For years LAN Chile has dominated the Chilean airways, but recent reports suggest Uruguayan based airline Pluna is hoping to open up new domestic flights within Chile, increasing the competition already offered by Sky airlines and PAL airlines.
Borders & Southern Petroleum has extended a contract for exploratory drilling in Falkland Islands waters to include at least another two wells, it was announced on Thursday by parties involved.
Uruguay’s sound economic and stable political environment were underlined by the country’s Deputy Minister for Public Works and Transport during a high level business forum to attract investors to Latin American which was held in the capital of South Korea, Seoul.
Brazilian President Dilma Rousseff revealed this week that the purchase of 36 fighter jets for the country's Air Force and involving billions of dollars but which has been postponed for years will be made in 2012.
The following piece by Jude Webber writing for the Financial Times explains the different approach by the two neighboring countries to the windfall earnings of the commodities boom.
Uruguay started marketing a sale of 10-year Samurai bonds guaranteed by the Japan Bank for International Cooperation, according to reports in the Montevideo and Tokyo financial press.
A group of Brazilian banks and funds have created a company called Sete Brasil that will build seven deep-water rigs for state-run oil company Petrobras offshore exploration campaign, Petrobras announced on Monday.