The development of non-conventional oil deposits using fracking could generate $500 million per project per year in taxes, royalties, dividends for shareholders and salaries in Colombia, the country’s private oil Continue Reading
In August, rows of corn plants dotted the rural landscape in the Honduran department of Lempira. From afar, nothing looked amiss in these small farms. Yet it hadn’t rained for Continue Reading
Brazilian state-run oil firm Petrobras ( NYSE:PBR ) reported on Tuesday a net income for Q3 surging more than 20 times compared to the profit for the same quarter last Continue Reading
Drivers reported staggering queues to fill their tanks in Venezuela’s western states over the weekend, as existing gasoline shortages worsened, impacting at least half of Venezuela’s 24 regions. In some Continue Reading
Venezuela’s crude sales to the United States declined 19 percent in October from September due to lower exports of upgraded oil from the country’s largest producing region, the Orinoco Belt, Continue Reading
Venezuela is seeking to repatriate about $550 million in gold bars from the Bank of England because of fears it could be caught up in international sanctions on the country, Continue Reading
Chilean state oil company ENAP will accept its first cargo of WTI Midland-spec crude at the Port of Quintero this month, sources said Thursday. Receive daily email alerts, subscriber notes Continue Reading
Cars, motorcycles and buses wrapped around Caracas’ gas stations earlier this week as oil production and refining becomes increasingly erratic in the former petro giant. The fuel shortages have expanded Continue Reading
Earlier this year, Elainy Portela watched with alarm as measles reappeared with a vengeance. Telltale red rashes covered six children near her home in Manaus, just off the highway used Continue Reading
Brazil’s state energy giant Petrobras has decided not to go through with a drilling plan at a field operated by Chevron, effectively ruining the supermajor’s plans for the field, Reuters Continue Reading
A former finance executive of Venezuelan state oil company PDVSA accepted $17 million in bribes as part of a broad embezzlement scheme, U.S. federal prosecutors said on Wednesday, in a Continue Reading
Over the weekend, the ultra-conservative candidate Jair Bolsonaro handily beat his opponent, Fernando Haddad of the Workers’ Party (PT), in the second round of the Brazilian presidential elections. For a campaign Continue Reading
At least 6,000 Venezuelans lined up at Peru’s northern border on Tuesday in hopes of entering the country before a deadline for acquiring residency, and another 4,000 were due to Continue Reading
Oil exports make up 95% of Venezuela’s dollar earnings, and production has been falling off in large part due to a lack of access to capital. “The reason they’ve paid Continue Reading
Brazil’s highly biodiverse Cerrado is being destroyed for soybean production, conservationists say Brazil’s far-right President-elect Jair Bolsonaro will merge the ministries of agriculture and the environment, an aide says, in Continue Reading
Brazil’s oil and natural gas industry will likely continue to see reforms aimed at luring investments and boosting production, especially in the highly productive subsalt frontier, after the country elected Continue Reading
Argentina’s state-controlled oil company, YPF, will significantly boost oil and gas production, investing between $4 billion and $5 billion per year through 2022, Chief Executive Daniel Gonzalez told Reuters on Continue Reading
YPF SA will produce more oil and gas than originally planned over the next five years as shale output from the Vaca Muerta formation picks up, according to the Argentine Continue Reading
ConocoPhillips said Thursday in its third-quarter earnings report it received a $345 million payment from the Venezuelan state oil company PDVSA, and that another payment of $500 million will come Continue Reading
Although Venezuela is regularly delaying or avoiding bond payments and is behind on billions of U.S. dollars in such payments, it is preparing to make a rare US$949-million payment on Continue Reading
Russia is well placed to maintain oil production levels above 10 million b/d beyond the next decade, despite western sanctions limiting its access to technology and capital, the International Energy Continue Reading
With population of fewer than 750,000 people, Guyana —a neighbor of Venezuela—has always depended on commodities. Sugar, gold, shrimp, timber, bauxite, and rice account for nearly 60 percent of this Continue Reading
The Brazilian production of electricity from biomass, mostly produced from sugar cane material and then fed into the country’s power grid, increased 11 percent during January-August from a year earlier. Continue Reading
The United States is mulling over more sanctions against Venezuela, but crude oil exports will not be among the sanction subjects, Reuters reports , quoting a Washington official. The source Continue Reading
Brazil and Petrobras show something in common with US LTO: even with a lot of debt and desire, and a strong resource base it is difficult to raise production in Continue Reading
Venezuela is tapping at least five new top executives to state oil company PDVSA, six sources said on Wednesday, but the changes are unlikely to halt the unraveling of the Continue Reading
The United States plans to turn up sanctions pressure on Venezuela but sees less need to immediately target its energy sector, given sagging production from the OPEC member’s state-run oil Continue Reading
As crisis-plagued Venezuela struggles to pay its bills at home and abroad, foreign creditors are circling one of the country’s most valuable assets: Citgo, the Houston-based oil company that it Continue Reading
Venezuela’s state-owned oil company PDVSA is preparing to pay holders of its 2020 bond some $950 million this month, after failing to make interest payments on most other bonds this Continue Reading
Royal Dutch Shell Plc ( RDSa.AS ) is negotiating the sale of its stake in a Venezuelan oil joint venture to Paris-based Maurel & Prom ( MAUP.PA ), three sources Continue Reading
Chinese refiners are buying more and more very cheap heavy Canadian crude oil to make up for the dwindling supply of Venezuela’s heavy grades as China’s road construction sector—a key Continue Reading
Gas y Petroleo del Neuquen is preparing a fourth round for the remaining 44 frontier blocks in Vaca Muerta, a system that is opening the door to smaller players to Continue Reading
Venezuela has officially launched what its President Nicolas Maduro claims is a first state-backed oil-backed cryptocurrency, El Petro, which analysts and experts see as nothing but a scam and another Continue Reading
Argentina has announced the launch of an offshore oil and gas block tender in what it says is the last frontier for oil and gas exploration in the southern hemisphere. Continue Reading
A delay in port repairs following a tanker collision is putting additional pressure on already pressured Venezuelan crude oil exports, Reuters quoted anonymous sources close to PDVSA as saying this Continue Reading
Argentina is in the midst of an economic and market crisis. Its local currency has lost around 40 percent against the U.S. dollar so far this year. The central bank Continue Reading
Repairs to a dock at Venezuela’s main oil export port will take at least another month to complete following a tanker collision more than a month ago, further restraining the Continue Reading
The Calcasieu River ship channel is a fisherman’s paradise for speckled trout. It is also a vital thoroughfare for Venezuelan oil. Tankers with Venezuelan crude sail up to the Citgo Continue Reading
Venezuelan migrants sleep before the start of a job fair in Medellin, Colombia, on Sept. 27. As hundreds of thousands of desperate Venezuelans flee their country, in many cases on Continue Reading
Royal Dutch Shell Plc ( RDSa.AS ) and Chevron Corp ( CVX.N ) on Friday led big bets by oil majors seeking to clinch key stakes in Brazil’s coveted offshore Continue Reading
The Trump administration and some others in the U.S. government have sent some not-so-subtle hints lately that they are open to a military invasion of Venezuela to oust President Nicolas Continue Reading
The United States is considering putting more pressure on Nicolas Maduro’s regime in Venezuela, U.S. Secretary of State Mike Pompeo recently said, and some analysts speculate that the increased pressure Continue Reading
Sao Paulo — Venezuela’s sole iron ore producer Ferrominera Orinoco put mine operations on hold at the end of last week as a result of a workers strike, market sources Continue Reading
When the New York Times earlier this month reported that President Trump had met with Venezuelan military officers unhappy with the country’s government to discuss a coup against Nicolas Maduro, Continue Reading
Venezuelan President cum dictator Nicolas Maduro has announced that his nation is set to increase its oil exports to China to a staggering one million barrels per day (bpd) over Continue Reading
Washington — The US is preparing actions to pressure the Maduro regime in Venezuela, which analysts said Sunday could include some oil sector sanctions. Receive daily email alerts, subscriber notes Continue Reading
The owners of an idled oil refinery in the U.S. Virgin Islands that once ranked among the world’s largest have hired a former Hess Corp executive closely acquainted with the Continue Reading
Venezuela to significantly increase oil exports to China will increase its oil exports to China to one million barrels a day, President Nicolas Maduro has said, following a visit to Continue Reading
Royal Dutch Shell Plc has won a long-term contract to provide liquefied natural gas to a Chinese company’s 441 megawatt power plant under construction in Colon, Panama, advisors on the Continue Reading
“Darwin said only the fittest survive, and that’s where we are in Venezuela,” said Jorge Useche, 43 years old, explaining why he’d taken a 10-hour bus ride to the border Continue Reading
