Investment bank Barclay's has issued a downgrade of Brazil's state-owned oil firm, Petrobras, predicting substantial losses in the company's downstream operations as it is forced to import more fuel to meet strong domestic demand.
An international arbitration tribunal has ordered Ecuador to suspend enforcement of an $18.2bn judgement registered against Chevron. The tribunal, convened under the U.S.-Ecuador Bilateral Investment Treatyand administered at the Hague, is considering claims made by the U.S. oil major that Ecuador's prosecution was carried out unlawfully.
Venezuela’s state-run oil firm, PDVSA, has confirmed the payment of approximately $250m to Exxonmobil. The payment has been made to compensate the company for nationalised assets, in line with a ruling from the International Chamber of Commerce (ICC).
Respol has confirmed that its Argentinean subsidiary, YPF, will settle an $8bn tax debt demanded by the Argentinean Government. The company will pay $20m to lift a recently imposed ban on trading in fuel products.
Petrobras has announced that its Comperj refinery, currently under construction in Rio de Janeiro state, has been delayed. The site’s start-up date has been pushed back from the end of 2013 to September 2014.
Argentina's Energy Institute, the IAE, has warned that the country faces an "unprecedented energy crisis" as falling production and rising demand leads to the loss of self-sufficiency. The institute, which is made up of former energy ministers, criticised the lack of long-term policy planning for the Energy, "a total lack of planned strategy and an inadequate implementation of serious policies."