Argentina’s Chamber of Deputies passed a bill yesterday that updates the country’s 47-year-old hydrocarbon law.
In order to maximize shale development in the hemisphere, Latin America and the Caribbean should partner with the United States.
Energy dependence and vulnerability are serious issues in the Caribbean, where residents suffer from high and fluctuating electricity costs, frequent blackouts and poor service. Electricity prices are some of the highest in the world, averaging US$0.33 per kilowatt hour compared to $0.09 per kilowatt hour in the United States. Oil reliance is stifling the Caribbean’s economy and the region must work towards diversifying its matrix if it wants to be competitive.
In the latest in power outage to hit Venezuela this year, a blackout on Monday night left a large portion of Caracas in the dark, with other parts of the country affected as well.
Eight Indian companies—OVL, Reliance Industries, Essar Oil, BPCL, Oil India, Videocon Industries, Assam Company, and Indian Oil Corporation—are part of 12 joint ventures in Venezuela, Brazil, Colombia, Ecuador, Cuba, and Peru.
Six people were reported dead after a massive gas explosion at a natural gas storage plant near Puebla, Mexico yesterday.
On September 18, only 11 companies signed up to participate in the auction of Brazil’s pre-salt Libra oil field, one of the largest offshore oil discoveries since 2007. This outcome fell sharply below the Brazilian government’s expectations.
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