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 United States will control Venezuela’s oil sales for an “indefinite” period and will deposit the proceeds from those transactions into accounts controlled by Washington, U.S. Energy Secretary Chris Wright said
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
Crude oil output in 2025 will remain at 516 million tonnes, the same level as the previous year, and will rise by 2% in 2026 to 525 million tonnes, Russian Deputy Prime Minister Alexander Novak 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
The company’s CFO, Fernando Melgarejo, attributed the profit to an increase in crude output, which helped offset the decline in international prices
