Energy & Oil
Energy & Oil feedBG Group plans to invest 20 billion USD to develop oil and gas in Brazil
The president of British Gas Group in Brazil, Nelson Silva said this week that the company plans to invest 20 billion US dollars in the country until 2020.
Repsol cutting EP investment plans to reduce costs
Repsol-YPF, Spain’s biggest oil company cut its five-year exploration and production investment plan to reduce costs as the economic slowdown saps earnings. Repsol will invest an estimated 8.76 billion Euros in E&P from 2008 through 2012, down from an earlier plan to spend 9.3 billion Euros, the Madrid-based company announced Monday.
Lula da Silva orders in-depth investigation into the massive blackout
Brazilian president Lula da Silva revealed Friday he had ordered all government offices linked to the power industry, an in depth investigation into the Tuesday blackout which he described as a “national disaster”.
US trade deficit widens fuelled by auto and oil imports
United States trade deficit widened in September by the most in a decade, reflecting rising demand for imported oil and automobiles as the economy rebounded from the worst recession since the 1930s.
Chile ready to begin pumping natural gas into Argentina
The Chilean government set up the legal framework allowing the export of re-gasified natural gas to Argentina over existing gas pipelines, as well as to other countries of the region following the inauguration of facilities in central Chile, reports Santiago’s La Tercera.
Euro zone “technically” emerges from recession in third quarter
The 16-strong group of nations in the Euro-zone has “technically” emerged from recession, official figures show. European countries using the single currency grew their collective economy 0.4% in the third quarter.
Gibraltar Chief Minister upbeat about economic prospects for 2010
Gibraltar is not just having a relatively good level of economic activity during global recession and financial crisis, but is further positioning itself well to move into a significant new growth phase when the global economy and markets recover.
Brazil says massive blackout was caused by a lightning storm
Brazilian officials stated the blackout that left at least 60 million of people in the dark in Brazil and neighbouring Paraguay Tuesday was caused by a lightning storm.
Brazil can’t explain the four hours massive blackout
The world’s largest operational hydroelectric dam, Itaipú which on Tuesday caused a four hours blackout in 16 of Brazil’s 27 states and most of Paraguay was back in full production early morning Wednesday but authorities have so far remained silent about the causes of the major turnoff.
IEA forecasts 40% energy demand growth by 2030; mostly fossil fuels
World global demand for energy which has fallen in 2009 because of the recession is forecasted to soar 40% by 2030 and the Copenhagen summit next month will be “crucial” to design an energy sustainable future according to the “World Energy Outlook 2009” released in London by the International Energy Agency.
