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Business 05 Oct 2008 | 12:00 AM

Correa warns Petrobras over Ecuador oil field

QUITO, Ecuador (AP) - Ecuador's president is threatening to nationalize an Amazon oil field if Brazil's state oil company doesn't hand it over quickly.

Business 17 Sep 2008 | 12:00 AM

Brazil's Petrobras hits record oil production

RIO DE JANEIRO, Brazil (AP) - Brazil's state-run oil company Petrobras says it broke its monthly domestic production record in August.

Business 16 Sep 2008 | 12:00 AM

Oil plunges below US$92 in Asia on US credit fears

Oil prices plummeted Tuesday in Asia, falling below US$92 a barrel as investors feared the U.S. credit crisis that brought down brokerage giant Lehman Brothers will drag on global economic growth and restrain demand for crude.

Business 11 Sep 2008 | 12:00 AM

Brazil's Petrobras confirms light crude discovery

SAO PAULO (AP) - Brazil's state-run oil company said Wednesday an offshore field is expected to yield the equivalent of 3 billion to 4 billion barrels of recoverable light crude and natural gas, adding to recent promising reserves the country has discovered.

Business 29 Aug 2008 | 12:00 AM

Brazilian president: Oil to transform Brazil

BRASILIA, Brazil (AP) - President Luiz Inacio Lula da Silva says Brazil could soon be one of the world's biggest producers of oil. But he wants to export value-added products and not just crude.

Business 27 Aug 2008 | 12:00 AM

Modec wins Petrobras contract

RIO DE JANEIRO, Brazil (AP) - The Japanese firm Modec said Tuesday that it won a contract with Petrobras to build a floating production and storage facility that will drill for oil off the coast of Brazil in the nation's giant Tupi field.

Business 22 Aug 2008 | 12:00 AM

Brazil's Petrobras resumes Bolivia exploration

SANTA CRUZ, Bolivia (AP) - Brazil's state-run oil company Petrobras is pledging to spend US$1 billion on Bolivian oil and gas projects - making it the first foreign energy company to invest in Bolivia since President Evo Morales nationalized the industry in 2006.

Business 22 Aug 2008 | 12:00 AM

Petrobras' P-51 platform to pump oil by December

ANGRA DOS REIS, Brazil (AP) - Petrobras says a new drilling platform will be pumping oil and natural gas in Brazil's offshore Campos Basin by December.

Business 19 Aug 2008 | 12:00 AM

Geologist: Brazil oil reserves maybe 55B barrels

BRASILIA, Brazil (AP) - A prominent geologist says Brazil's offshore oil reserves could hold as much as 55 billion barrels of crude.

Business 10 Aug 2008 | 12:00 AM

Ecuador president: Windfall oil rule 'excessive'

QUITO, Ecuador (AP): Ecuadorean President Rafael Correa says a 2007 decree asking oil companies for 99 percent of their windfall profits is excessive.''