Brazil to Woo Big Oil by Offering 30% of Libra’s Profits

Brazil is preparing to woo producers by offering at most a 30 percent take for developing its largest oil field. Analysts say it’s enough to spur interest. The oil regulator is preparing a road show to the U.S., Europe and Asia in late June and early July to market Libra, the largest oil discovery in Brazil that is up for auction in October, Magda Chambriard, the head of the National Petroleum Agency, said ...

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Venezuelans Find Oil Bonanza in Colombia

On a patch of barren savannah in eastern Colombia, a settlement called Oasis has sprung to life in five years. Hundreds of oil workers and truck drivers relax on a February evening in some 40 hotels, bars, eateries and brothels made mostly of corrugated metal sheets. ...

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Ecuador Oil Spill Pollutes Amazon Tributary

Ecuador Oil Spill Pollutes Amazon Tributary

Ecuador's state oil company resumed pumping through the country's main pipeline on Tuesday, four days after it was damaged by a landslide. But crude spilled by the accident reached tributaries of the Amazon River and polluted drinking water for a regional capital far downstream. ...

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Brazil to Auction Rights to Largest Oil Prospect

Brazil plans to auction off its largest-ever offshore oil discovery in October, selling exploration and production rights for a single prospect that is estimated to hold between eight billion and 12 billion barrels of recoverable crude oil at the country's first presalt-bid round, regulators said Thursday. ...

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