Industry Developments

The election of Barack Obama to the US presidency brings with it a potentially seismic shift in the energy policy of the world's largest oil consuming country.

Japanese exploration group Inpex has received regulatory approval to acquire half of Royal Dutch Shell's 40% stake in Block BM-C-31 in the Campos Basin offshore Brazil. The price... 2008-11-05

Uruguay's state-owned Administración Nacional de Combustibles Alcohol e Portland (ANCAP) had announced that it will launch its first offshore exploration licensing round at... 2008-11-04

Brazilian state-controlled oil company Petróleo Brasileiro (Petrobras) has signed an agreement with Cuban state-owned oil company Companhia Cubana de Petróleo (Cupet) to explore... 2008-11-03

London-listed GeoPark Holdings has started production at the Dicky-15 well in Chile's Fell Block.

US major ExxonMobil has announced third quarter profits of US$14.83bn, a year-on-year (y-o-y) increase of 58%. Higher crude oil prices offset falling output from facilities in the... 2008-10-31

As concerns over slowing US oil demand and falling crude prices mount, several international oil companies (IOCs) are in the process of reviewing their capital expenditure (capex)... 2008-10-31

Bolivia's President Evo Morales has launched a US$300mn exploration programme in the northern province of La Paz. The project is part of Petroandina's broader US$883mn investment... 2008-10-30

Mexican state-controlled oil company Petróleos Mexicanos (Pemex) reported a loss of US$1.3bn in the third quarter of 2008, despite record high crude oil prices.

British major BP has started production from a second well at its Thunder Horse field in the Gulf of Mexico (GoM). BP is now producing over 100,000 barrels day (b/d) of oil from... 2008-10-29