The drop in oil demand by refiners at local level and the exports limited to a minimum at global level due to the coronavirus pandemic, pushed storage capacity to the limit in the producing provinces
The British giant said it slumped into a u$s4.4-billion net loss in the first quarter as the coronavirus pandemic crushed demand for oil. "Our industry has been hit by supply and demand shocks on a scale never seen before," BP's CEO stated
The OPEC+ oil alliance, led by Saudi Arabia and Russia, produced an average of 42.83 million barrels per day (bpd) of crude in December, cutting output by 238,000 bpd, or 0.5%, from November levels
The chief executive of French oil major TotalEnergies, Patrick Pouyanné, said that the company is “assessing” options to return to Venezuela, but “it's going to take some time to get a clear investment framework in place”
U.S. oil producer Continental Resources has signed an agreement with Pan American Energy (PAE) to develop four areas in the Vaca Muerta region jointly
Oil prices are likely to fall this year as a wave of supply creates a surplus in the market, although geopolitical risks linked to Russia, Venezuela and Iran will continue to fuel volatility, Goldman Sachs said
The government said the elimination of export duties aims to preserve activity in mature basins, provide investment certainty, and protect jobs in the sector
According to the company’s 2026–2028 strategic plan, the projected investments aim to increase Vaca Muerta production by 60%, reaching 180,000 boe/d in 2028
The transfer is part of Project Andes, under which YPF seeks to divest mature assets to focus on Vaca Muerta. The areas involved are Los Chorrillos, Lago Fuego, and Tierra del Fuego Fracción A, B, C, D, and E
