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Uruguay’s ANCAP to produce oil in venture with PDVSA in Venezuela

Uruguay state-owned oil company reached an agreement with Venezuela’s PDVSA to produce oil from a field in Orinoco Belt in Venezuela. ANCAP CEO Jose Coya signed the agreement in Venezuela giving his company a 40 percent stake in the field while PDVSA will retain a 60 percent interest. by Fox News Latino, September 7, 2014…

Venezuela in dilemma over hiking world’s cheapest fuel

It has been 17 years since the last time gasoline prices in Venezuela were raised, but President Nicolas Maduro is considering the option. Venezuela offers highly subsidized gasoline prices to its citizens at less than two U.S. cents a liter, a finance that is costing the country $12.5 billion a year. The decision to raise…

New Pdvsa president faces the challenge of lifting oil output

Former PDVSA president and minister of petroleum and mining, Rafael Ramírez, has been replaced with Eulogio Del Pino and Asdrúbal Chávez respectively. Pino and Chávez face many challenges in their new positions including: lifting oil production in the middle of steady oil prices, improving cash flow for PDVSA, and revising financing of non-core operations. by…

Chile’s Enersis lifts stake in Peruvian power generator Edegel

The Chilean energy group Enersis increased its stake in Peru’s power generator Edegel to 58.6 percent. This increase from 37.5 percent is a deal worth $413 million. This means that Enersis now controls an equivalent capacity of 23 percent of all of Peru’s generation capacity. by Tom Azzopardi, Platts, September 3, 2014 Chilean energy group Enersis…

Brazil confirms Amazon deforestation sped up in 2013

It has been confirmed that last year there was a 29 percent spike in deforestation of the Amazon rainforest. This marks a reversal in gains the rainforest has been seeing since 2009. The largest increases in deforestation occurred where most of Brazil’s agricultural expansion is taking place in the states of Para and Mato Grosso….

Drought leaves up to 2.81 million hungry in Central America

2.81 million people in Central America are struggling to feed themselves due to severe drought causing the loss of crops. The drought is affecting the “dry corridor” of Central America which includes southern Guatemala, northern Honduras and western El Salvador, as well as South America. Guatemala has declared a state of emergency and Nicaraguan President…

Brazil Says Oil Output To More Than Double In 10-Year Plan

Brazil plans to reach oil and gas production of 5 million bpd by 2023, after receiving $550 billion in investments. A 10-year plan released Wednesday revealed that 63 percent of these investments will go to oil and gas. In addition to the increase in production, expected exports in 2023 should reach 1.5 million bpd. by Reese…

Landrieu slammed for stopping Venezuela sanctions

Louisiana Democratic Sen. Mary Landrieu is being pressured to stop blocking a bill that would place sanctions against Venezuela’s government. Landrieu is being accused of siding with Venezuelan leaders who are jailing and killing human-rights protesters. The senator claims her reason for not supporting the bill is due to the fact that it is written…

Mexico’s Pemex estimates crude production will increase to 2.4 million bpd in 2015

Pemex expects its crude production to increase to 2.4 million bpd in 2015; a rise from the 2.35 million bpd it plans to produce this year. This rise is due to the company’s plans to reactivate mature oil fields as well as begin production in newly discovered reserves. Pemex has been given the rights to…

Venezuela’s PDVSA puts on hold exports of diluted crude for Oct

Due to the high costs of imported naphtha that is used to dilute Venezuela’s extra heavy crude, PDVSA has put its plans to export diluted crude in October on hold. As the company struggles with its cash flow problems, one option it is considering is importing Algerian Saharan Blend light crude, instead of naphtha. Another…

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