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Vietnam has cancelled a major oil project in the South China Sea for the second time in a year in the face of Chinese pressure. State-owned PetroVietnam ordered Spanish energy firm Repsol to suspend planned operations in the Red Emperor field in Vietnam’s economic zone after coming under pressure from the Vietnamese Government, itself under pressure from China, according to a BBC report....
US oil major Chevron agreed in mid-May to invest $1.5 billion in Argentina's large shale development project in Patagonia, despite energy industry scepticism over Argentine President Cristina Fernandez keeping promises made to the group during negotiations....
According to a report in the Daily Telegraph, the nationalised Argentinean oil company YPF, formerly owned by Spain's Repsol, is teaming up with Venezuelan oil giant PDVSA to explore the continental shelf around the Falkland Islands for oil....
Resource-rich South America should be reaping the full benefits of the high demand for hydrocarbons around the globe. That several countries in the region are not is due to a number of reasons, amongst the most important of which are politicians wedded to populism and nationalism....