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
Brazil’s National Agency of Petroleum (ANP) said it will impose conditions before authorizing state-owned oil company Petrobras to resume drilling a controversial offshore well near the mouth of the Amazon River, after operations were suspended on Sunday due to a leak of fluid from company equipment
U.S. President Donald Trump is promising incentives and compensation to oil companies that invest in Venezuela, but the industry remains hesitant due to a “lack of clarity” around support, political uncertainty, and the deterioration of Venezuela’s infrastructure
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
