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Tag Results for "Oil Resources"

New Oil Blocks to be Actioned in Ecuador’s Amazon Region

Ecuador will auction contracts for new Amazon oil blocks believed to contain as much as 1.6 billion barrels, Non-Renewable Natural Resources Minister Wilson Pastor said Friday. continue reading »

Mexico Researches Non-conventional Oil and Gas Resources

Mexico plans to invest 3.13 billion pesos (some $242 million) in a project that will use state-of-the-art technology to assess the nation's prospective non-conventional oil and gas resources, the Energy Secretariat said. continue reading »

Nicaraguan Lawmakers Approve $6.6 Bilion Inter-Oceanic Pipeline, Oil Refinery

Nicaragua's legislature has approved a bill authorizing construction of an oil refinery, an inter-oceanic pipeline and other facilities, a $6.6 billion project to be partially funded by close ally Venezuela. continue reading »

Oil Production in Ecuador Over 500,000 Barrels Per Day

Crude production in Ecuador rose in July to 508,000 barrels per day, its highest level since February 2011, the Central Bank said. continue reading »

Regardless of Oil Spill, Chevron Will Remain in Brazil

U.S. supermajor Chevron Corp. will not leave Brazil and is working to restart its projects in the South American country, where a court had given the energy company until the end of August to halt its operations, Chevron's chief of Latin American operations, Don Stelling, said. continue reading »

Venezuela Begins Oil Exploration off of Cuba

State-owned oil giant Petroleos de Venezuela, or PDVSA, has started exploring for oil in deepwater areas off Cuba, Oil and Mining Minister Rafael Ramirez said. continue reading »

Colombia’s Ecopetrol, U.S. Find Oil in Gulf of Mexico

Colombia's Ecopetrol and two U.S. joint venture partners have discovered oil and gas at a deep-water well in the U.S. Gulf of Mexico, the Bogota-based firm said Thursday. continue reading »

Argentina Eliminates Price Control on Natural Gas, Price Rises 300 Percent

Argentine President Cristina Fernandez has announced plans for a 300 percent hike in natural gas wellhead prices, an increase aimed at spurring greater investment in that sector. continue reading »

Peruvian Pipeline to Transport Ecuadorian Crude from Amazon

Ecuador will use a Peruvian pipeline to transport crude extracted from the southern part of its Amazon region, the Non-Renewable Natural Resources Ministry said. continue reading »

Chavez Boasts of Venezuela’s Vast Natural Gas Reserves

Venezuela has proven natural gas reserves of 200 quintillion cubic feet, placing them among the largest in the world, President Hugo Chavez said. continue reading »

Petrobras Discovers New Oil Deposit in Brazil

Brazilian state-controlled oil company Petrobras has announced the discovery of a new oil accumulation at a deep-water well off the country's northeast coast. continue reading »

Argentina and Venezuela Form “Strategic” Oil Alliance

Argentine President Cristina Fernandez and Venezuelan counterpart Hugo Chavez signed an agreement in Brasilia forming a "strategic alliance" between their respective state oil companies, YPF and PDVSA. continue reading »

Chevron Loans $2 Billion to Venezuela For Joint Venture

Chevron has extended a $2 billion line of credit to its joint venture with state-owned Petroleos de Venezuela SA, the Venezuelan company said. continue reading »

Ecuador’s Largest Oil Refinery Returns to Work After Temporary Power Outage

Ecuador's largest refinery came back online Friday after operations had been temporarily halted due to a power outage, state oil firm Petroecuador said. continue reading »

Pemex Covers Expenses and Investments By Selling $1.75 Billion in Bonds Internationally

State-owned Petroleos Mexicanos, or Pemex, said it sold $1.75 billion worth of bonds on the international market, raising funds that will be used to cover operating expenses and investment. continue reading »

Colombian Will Receive $120 Billion Over Next 10 years From Oil Industry

The oil industry will invest up to $120 billion in Colombia over the next 10 years even though a crude output target of 1 million barrels per day has not been achieved due to persistent security challenges, the president of the Colombian Oil Association, or ACP, said. continue reading »

Pacific Rubiales to acquire PetroMagdalena, Another Canadian Firm Connected to Colombian Oil

Pacific Rubiales Energy, a Toronto-based firm that is Colombia's second-largest oil producer, said here it has reached an agreement to acquire "all issued and outstanding" common shares of another Canadian oil company, PetroMagdalena, for $243 million. continue reading »

Colombia’s Ecopetrol Market Value Hits $126.72 Billion, Overtakes Brazil’s Petrobras

Colombian oil company Ecopetrol overtook Brazilian energy firm Petrobras earlier this week to become Latin America's largest public company by market value, according to a study by Sao Paulo-based consultancy Economatica. continue reading »

Mexico’s Pemex Denies $30 billion Accounting Fraud

Mexico's state-owned oil monopoly Petroleos Mexicanos has denied any accounting irregularity after a congressional oversight body said it had identified a possible $30 billion fraud. continue reading »