Royal Dutch Shell Plc will invest $10 billion in Brazil over five years now that the country has increased opportunities for foreign companies in its oil industry, its chief executive officer said on Thursday.

Brazil hopes the rules changes will attract foreign oil companies with resources that the scandal-plagued, debt-ridden Petroleo Brasileiro does not have.

In Saudi Arabia, Saipem has been awarded an extension of three years to drilling activities being carried out by ten 2000 HP drilling rigs. In South America, in addition to various extensions ranging in duration from two to twenty-four months for medium and high power rigs in Peru, Colombia, Bolivia and Chile, Saipem has also been awarded a new contract for operations in Argentina, which will be carried out by an hydraulic type rig over a period of eighteen months.

Schlumberger will drill 80 wells in an extra-heavy oil field in the Orinoco Belt, said company spokesman Joao Felix. Terms of the deal, which are still being negotiated, will ensure payment from the government.

Petróleo Brasileiro SA, as Petrobras is formally known, pledged up to $74.1 billion in capital spending for the 2017-2021 period compared with a $98.4 billion target in the prior four-year 2015-2019 plan, according to a securities filing.

The governments of Argentina and the UK have agreed to work toward removal of restrictions on oil and gas work offshore the Falkland Islands.

In April, the company said it expected up to 12,000 employees to leave as part of the layoff program.

"We have held conversations on strengthening our position in oil markets," Iran's Foreign Minister Mohammad Javad Zarif said through an interpreter after a meeting with Ecuador's President Rafael Correa. Zarif added that the two countries have agreed to continue talks within the framework of OPEC, without providing further details. Ecuador Foreign Minister Guillaume Long said they discussed establishing a common position with regards to strengthening oil prices.

“In this underground lies the energy that China needs for the future. Currently, we are sending 600 Mbpd of crude to China, and we expect to increase this trade to more than 1 MMbpd within the next years.”

Net income attributable to the shareholders of Petrobras of US$ 106 million, compared to net loss attributable to the shareholders of Petrobras of US$ 318 million in the 1Q-2016, as a result of: - A decrease of 22% in net finance expenses; - An 7% increase of crude oil and natural gas total production; - Higher revenues with an increase of 14% in crude oil and oil products exports and lower costs related to natural gas imports; Expenses related to the new Voluntary Separation Incentive Plan (PIDV); and Impairment losses related to Comperj assets.

Latin America should strengthen regional trade and financial linkages to boost growth and further the social achievements of the past 15 years.

"Incahuasi is one of the largest gas and condensate fields brought on stream in Bolivia. Incahuasi’s production will contribute to Bolivia’s gas exports to Argentina and Brazil as well as domestic consumption”

Crisis in the global energy industry provides a unique opportunity to expand Rosneft and PDVSA cooperation, which may have a substantial effect on the global oil markets balancing.

Statoil ASA (OSE:STL, NYSE:STO) and Petróleo Brasileiro S.A. - Petrobras (“Petrobras”) (BVMF: PETR4, NYSE:PBR) have agreed that Statoil will acquire Petrobras’ 66% operated interest of the BM-S-8 offshore licence in Brazil’s highly prolific Santos basin. The acquisition includes a substantial part of the Carcará oil discovery, one of the largest discoveries in the world in recent years.

Venezuela and state oil company PDVSA face heavy debt payments this year amid weak oil markets and continuing decay of its socialist economic model. Neither have been able to borrow in recent years because the extremely high yields have made such operations too costly.