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PEMEX to Upgrade Docks with $67 Million Investment

Some 840 million pesos (nearly $67 million) will be invested this year to upgrade and modernize seven docks in Mexico, state-owned oil giant Petroleos Mexicanos, or Pemex, said. continue reading »

Bolivian Government to Boost Incentives for Gas Exploration

Bolivia's government, which asserted greater state control over the Andean nation's natural gas sector seven years ago, says it will issue a decree to encourage investment in exploration. continue reading »

Argentina Strives to be Oil Independent by 2020

YPF, the oil company controlled by the Argentine state following the expropriation of a 51 percent stake in the corporation from Spain's Repsol, has set the goal of achieving energy independence, an objective that could be met in "five or six years," CEO Miguel Galuccio said. continue reading »

Italian Firm, Venezuela’s PDVSA To Begin Production at Orinoco Field

State-owned oil giant Petroleos de Venezuela, or PDVSA, and Italy's Eni have commenced production ahead of schedule at their joint venture in the Orinoco Belt, while other projects with China's CNPC and U.S. supermajor Chevron Corp. should start producing crude soon, Oil Minister Rafael Ramirez said. continue reading »

Pemex’s Crude Output Up 1.6 percent

Mexican state-owned oil monopoly Petroleos Mexicanos said it produced an average of 2.56 million barrels of crude per day in January, a 1.6 percent increase over the same month of 2012. continue reading »

Venezuela, Russia Strengthen Alliance with Oil Agreements

Venezuelan state-owned oil company PDVSA has signed a series of offshore gas development and drill-rig import agreements with Russian state-controlled Rosneft, bolstering an alliance with a country that Caracas expects will be its top oil partner by 2021. continue reading »

Australia Discovers Shale Formation Containing Over 200 Billion Barrels of Petroleum

A shale formation containing up to 233 billion barrels of petroleum was found in central Australia by Linc Energy, media reports said Thursday. continue reading »

Pemex Prepares to Lay Off 15,000 in Mexico

State-owned oil giant Petroleos Mexicanos, or Pemex, plans to cut at least 15,000 jobs as part of a reorganization, press reports said. continue reading »

Spain’s Repsol Begins Oil Production at “Megafield” in Brazil

Spanish oil major Repsol has begun commercial production at the pre-salt Sapinhoa "megafield" after connecting a producing well to an FPSO with the capacity to extract 120,000 barrels of oil per day. continue reading »

Petrobras Announces Oil Find Off of Brazilian Coast

Brazilian state-controlled oil giant Petrobras announced a new oil discovery in ultra-deep waters of the Atlantic Ocean. continue reading »

Venezuela’s Carabobo Field Begins Oil Production

The first well in the Carabobo field of Venezuela's oil-rich Orinoco Belt began pumping extra-heavy crude after a launch ceremony attended by the country's energy minister and the CEO of Spain's Repsol, a partner in the project. continue reading »

Mexico Sets Oil Price at $86 per Barrel in 2013

The government has purchased options to cover crude exports at a price of $86 per barrel and ensure it meets the targets set in the Revenue Law, the Mexican Finance Secretariat said. continue reading »

Pacific Rubiales Reaches Daily Production Goal of 280,000 Barrels in Colombia

Canadian oil company Pacific Rubiales Energy said Wednesday it has reached its 2012 production target of 280,000-285,000 barrels of crude per day in Colombia despite licensing delays. continue reading »

Colombia’s Ecopetrol to Invest $9.5 Billion in 2013

Colombian state oil company Ecopetrol announced plans to invest more than $9.5 billion in 2013 as it strives to boost output to 1 million barrels per day by 2015. continue reading »

Petrobras Announces Deep-water Oil Find in Brazil

State-controlled oil company Petrobras on Wednesday announced a new light oil find in ultra-deep waters off Brazil's northeastern coast. continue reading »

Colombia Expects $2.6 Billion Investment From 49 Oil Blocks

Colombia's National Hydrocarbons Agency, or ANH, has awarded 49 oil exploration and production blocks in an auction and said it expects the winning bidders to invest some $2.6 billion over the next six years. continue reading »

Oil Firm Plans to Invest $3 Billion in Southern Argentina

Argentine oil company YPF, under state control after a 51 percent stake was expropriated from Spain's Repsol, said it plans to invest $3.1 billion over the next five years in the southern province of Santa Cruz. continue reading »

Colombian Oil Output Up 10,000 Barrels Per Day From Last Year

Average oil output in Colombia climbed to 960,953 barrels per day in October, up 0.9 percent from the same month of 2011, the Mines and Energy Ministry said. continue reading »

Venezuela’s PDVSA Unable to Find Oil in Cuban Waters

A well drilled by Venezuelan state oil giant PDVSA in Cuban waters of the Gulf of Mexico also has turned up dry, the Communist-ruled island's official media reported Friday. continue reading »

Pemex Up $2.45 Billion Since Beginning of 2012

State-owned oil giant Petroleos Mexicanos, or Pemex, said it posted a net profit of 31.9 billion pesos (about $2.45 billion) in the first nine months of this year, marking a turnaround from the loss posted in the same period in 2011. continue reading »