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Brazil's Petrobras has said it could start test production from the giant Tupi offshore oil field at a rate of 100,000 barrels per day as soon as 2011, although it [...]

Venezuela's state-owned oil company Petroleos de Venezuela (PDV) will invest $10 billion in oil operations this year, up $4 billion from last year, according to the company's President Rafael Ramirez. [...]

Venezuela was dealt a double blow by private investors this week as US major ConocoPhillips said it would take the country to arbitration and Brazil's Petrobras rejected an offer by [...]

Petroleos de Venezuela (PDV) said Friday it plans to start drilling the first of 21 natural gas wells early next year as part of the oft-delayed $2.7 billion Mariscal Sucre [...]

If Argentina's first lady, Senator Cristina Fernandez from the Front for Victory Party (FV) wins Sunday's presidential election as expected, she will inherit from her husband a variety of short-term [...]

Argentina's President Nestor Kirchner issued a decree last week that raises taxes paid by oil and gas producers on the acreage that they hold by a whopping 720%. The tax [...]

Venezuela's National Assembly this week entered the final stages of a debate on constitutional reforms proposed by President Hugo Chavez that could severely curtail personal liberties and extend his mandate [...]

Venezuela and Cuba have signed a series of energy cooperation agreements, including plans to build an LNG regasification terminal on the Communist-ruled island. The two countries' national oil companies--Petroleos de [...]

Foreign oil companies operating in Ecuador did not show up on Monday for a meeting with the government that was to have marked the start of a renegotiation of their [...]

President Rafael Correa of Ecuador unexpectedly signed a decree last week under which the government will keep 99% of 'extraordinary' profits generated by high oil prices. The decision replaces a [...]

The former operators of four projects in Venezuela's Orinoco heavy crude belt--where state oil company Petroleos de Venezuela (PDV) has snatched control--will have to pay the government a total of [...]

Ecuador's President Rafael Correa has claimed a landslide victory in Sunday's election for seats in a constituent assembly that will rewrite the country's Constitution, a move that will tighten Correa's [...]

Iranian President Mahmoud Ahmadinejad was given a red carpet welcome in Venezuela last week, after a short visit to Bolivia where he pledged $1 billion in aid and investment over [...]

Venezuelai[yen]as President Hugo Chavez announced plans during the weekend to invest $20 billion through 2013 to jump start his countryi[yen]as petrochemical industry. However, critics say his plans to use natural [...]

Brazilian state-controlled oil company Petrobras has started to build a heavy crude refinery in the state of Pernambuco without the expected participation of Venezuela's state-owned oil company Petroleos de Venezuela [...]

Venezuela's President Hugo Chavez has presented proposals for sweeping constitutional reforms, including giving the Venezuelan state exclusive rights to exploit natural gas reserves. Up until now, private operators have been [...]

The seizure of a large cash sum carried by a Venezuelan businessman arriving in Buenos Aires has embarrassed Argentine President Nestor Kirchner and led to strained relations between the two [...]

Venezuelan President Hugo Chavez put on a flamboyant show of checkbook diplomacy last week, offering substantial sums of money for new energy investment projects in politically friendly countries throughout Latin [...]

Venezuelan President Hugo Chavez has said his country is willing to help build a liquefied natural gas (LNG) plant in Argentina that would use LNG supplies from his country. If [...]

Venezuela and Cuba plan to cooperate on oil exploration in the waters that surround the Communist-ruled Caribbean island, the first such joint venture between the two nations. PDV and Cuba's [...]

Venezuelan President Hugo Chavez said Sunday he has put ambitious plan for building a transcontinental natural gas pipeline system on the back burner due to a lack of interest from [...]

Venezuela should be prepared for the potential nationalization of its natural gas sector, now that the government has completed its takeover of controlling stakes in all of the country's oil [...]

The government of Argentina plans to open a bidding round for the construction of five new thermal power plants, at a cost of some $1 billion, with the aim of [...]

Venezuela's state-owned oil company Petroleos de Venezuela (PDV) is having a hard time finding enough drilling rigs to reverse the decline in Venezuelan oil production and meet the country's ambitious [...]

The Mexican government boosted security at strategic oil and gas installations Tuesday following rebel attacks that damaged state-owned oil company Pemex's pipelines and caused severe natural gas disruptions. Army members [...]

US majors Exxon Mobil and Conoco-Phillips will exit their two multi-billion dollar projects in Venezuela's Orinoco river belt after failing to accept government-imposed terms for transferring majority ownership to the [...]

Exxon Mobil and ConocoPhillips are the only two foreign operators of a total of six that refused to accept Venezuela's terms for increased state control of their multi-billion dollar projects [...]

Negotiations between Venezuela and six major oil companies on the nationalization of four multi-billion dollar Orinoco heavy oil ventures will likely not be finalized by the official deadline of Jun. [...]

Argentina's President Nestor Kirchner on Wednesday blamed the country's two largest natural gas transportation companies for gas shortages that have forced the government to restrict supplies in recent weeks. Kirchner [...]

Ecuador is expected to be present at Opec's ministerial meeting on Sep. 11 in Vienna and could at that meeting be readmitted as the organization's 13th member, an Opec official [...]

Petrobras hopes to avoid an oil workers strike planned for next month that could disrupt the Brazilian state controlled company's crude output and add to a series of recent setbacks [...]

Nationalization of oil assets and increased government control of state-owned oil company Petroleos de Venezuela (PDV) have seriously hurt the future development potential of the Opec member country's petroleum sector, [...]

The government of Ecuador this month plans to end an ongoing investigation of existing oil contracts that were signed with private operators in the past, and will use the results [...]

Argentina resumed natural gas exports to Chile Wednesday after two days of cuts, but further rationing is seen as unusually low temperatures in the Southern Cone have prompted a boost [...]

Venezuela and Italian Eni could reach a settlement in an ongoing dispute over the country's confiscation of the Dacion oil field before a World Bank arbitration committee issues a ruling [...]

Brazil Mines and Energy Minister Silas Rondeau resigned Tuesday amidst a major embezzlement scandal and police accusations that he participated in a fraudulent scheme related to a key government public [...]

Ecuador has managed to reduce production costs at Block 15 since seizing the oil fields from US Occidental Petroleum last year, however output continues to sit well below the level [...]

Brazil's state-owned oil company Petrobras and the government of Bolivia finally agreed Thursday on a price for the sale of two refineries the company owns in the Andean nation, ending [...]

After stripping operational control of four large heavy oil projects in the Orinoco river basin from major oil companies earlier this week, Venezuela has toughened its stance on compensation for [...]

Venezuela officially assumed operational control over four large heavy oil projects in the Orinoco Basin on Tuesday from Western majors as part of President Hugo Chavez's nationalization effort. Thousands of [...]

US supermajor Exxon Mobil said Monday it has officially agreed to transfer control of its La Ceiba project in Venezuela to state owned oil company Petroleos de Venezuela (PDV), in [...]

Bolivia will be forced to slash natural gas exports to Argentina by 75% and, by a lesser extent, to Brazil due to violent protests in the country's producing areas over [...]

Protesters in Bolivia temporarily shut down natural gas exports to Argentina and took more than 40 policemen hostage during bloody demonstrations for control of revenues from a natural gas field [...]

Ecuador's President Rafael Correa overwhelmingly won popular support Sunday in a national referendum calling for a new assembly that will amend the country's constitution. A new constitution could help create [...]

Venezuela's state-owned oil company Petroleos de Venezuela (PDV) reported a 26% drop in profits for 2006 despite soaring revenues from exports of high-priced crude oil and refined products, as the [...]

Venezuela and Trinidad signed an agreement Tuesday to jointly develop two prospects that sit in common offshore waters and hold vast natural gas reserves, according to Venezuela's state energy company [...]

Venezuela's state-owned oil company Petroleos de Venezuela (PDV) plans to issue $4 billion in domestic bonds soon, as part of the company's effort to raise cash to finance an ambitious [...]

Petrobras could take legal action against Bolivia for delays in ratifying a new natural gas contract the company signed in October with La Paz. Bolivia's Congress is expected to finalize [...]

US Chevron and ConocoPhillips have agreed to transfer operational control of their multi-billion dollar heavy oil projects in Venezuela's Orinoco river belt to state owned oil company Petroleos de Venezuela [...]

Venezuela's President Hugo Chavez has ordered by decree the transfer to the state of four projects that produce over 600,000 barrels per day of heavy crude from the Orinoco river [...]