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Petrobras gained 3.19% and Ecopetrol 2.03% on Friday while the WTI-tracking fund USO fell 1.77% after the G7 agreed to release up to 100 million barrels. The post Petrobras ADR Gains 3.2% as G7 Taps Oil Reserves | Oil Report, Oct 2 appeared first on The Rio Times.
Ecopetrol's new president says Colombia has 7.4 years of oil reserves and 5.9 years of gas, and is taking the company back into fracking and offshore drilling. The post Ecopetrol Fracking Return and Offshore Push as Colombia Reserves Fall appeared first on The Rio Times.
Niger’s oil minister held a press conference on Wednesday to address a key issue for the country: the oil reserves Niger could rely on to fuel its development. Most of Niger’s oil production is currently operated by Chinese companies, but one area — the Kafra oil block — could become a cornerstone of economic cooperation with neighbouring Algeria. Active drilling has begun in the block, with the minister announcing that the zone could hold an estimated 2.5 billion barrels of oil. Our correspondent Harold Girard tells us more.
Venezuela has some of the world’s largest oil reserves and could eventually produce far more than it does today. But Columbia University’s Luisa Palacios says reviving the industry would take years, up to $150 billion in investment and a major rebuilding of trust after decades of contract changes, expropriations and infrastructure decline. (Source: Bloomberg)