Chevron Corp completed a US$ 350 million purchase of a refinery in the Houston suburb of Pasadena, Texas, from Brazil’s Petrobras, Chevron said in a statement. The sale was agreed to in January, but Chevron put the transfer of the 112,229-barrel-per-day plant’s ownership on hold on April 2, telling Petrobras it had to prove the refinery would operate as promised.
Chevron Corp. Chief Executive Officer Mike Wirth pledged to work closely with the U.S. to remain in Venezuela despite a spiralling crisis that has led rival oil major Total SA to retreat.
Venezuela's state-run oil company PDVSA is telling customers of its joint ventures to deposit oil sales proceeds in an account recently opened at Russia's Gazprombank AO, according to sources and an internal document, reported Reuters on Saturday.
Oil majors are set to gather in Rio de Janeiro this Friday to unveil bids for stakes in Brazil’s high potential offshore areas ahead of elections that are casting a cloud of uncertainty over the industry.
Argentina plans to launch a delayed offshore licensing round in October as it seeks to explore a large frontier region in the South Atlantic for potential oil and natural gas production growth in the future. This was announced to oil executives in Houston by Argentina's energy secretary Javier Iguacel.
Brazil’s state-run oil giant Petrobras aims to raise output as much as 10% to around 2.3 million barrels per day (bpd) in 2019 and cut net debt by US$10 billion, according to Chief Financial Officer Rafael Grisolia. The world’s most indebted oil company is on course to reduce debt to US$ 69 billion by the end of this year despite falling short of its US$ 21 billion asset sales target, Grisolia pointed out.
The blue chip Dow Jones Industrial Average suffered its steepest decline since June 2016 on Friday, amid wider losses in United States markets. The fall came after a string of disappointing earnings reports from giants such as Apple.
In an effort to handle its overdue debts, Venezuela is all but giving away oil assets. President Nicolás Maduro is reportedly so desperate to pay the US$ 3.7 billion in debts that he is selling off the assets to Russia.
US cinema star Brad Pitt has been invited by the Ecuadorian government to observe the pollution in the country's Amazon region allegedly caused by Chevron. President Rafael Correa announced the invitation in his regular weekend report, saying that the oil giant is in preparation of spearheading a film with the movie star about an alleged case against the company.
YPF SA and Petroliam Nasional Bhd, state-controlled companies from Argentina and Malaysia, signed a 550 million dollars deal to drill fields at the world’s fourth-largest shale oil deposit in Patagonia’s Vaca Muerta, south Argentina.