Energy & OilEnergy & Oil
A new gas field has been found in east Bolivia, which will have a production capacity of 2.4 million-cubic-meter a day by October, Bolivian President Evo Morales announced. The new field, called Tacobo and operated by Argentine Pluspetrol, is located in San Isidro, the Bolivian eastern province of Santa Cruz rich in oil and natural gas reserves.
Argentina halted fuel exports and called for a pump price rollback on Monday amid reports of fuel shortages, government news agency Telam reported, citing unidentified government sources.
Brazilian Mines and Energy minister Nelso Hubner proposed a tripartite meeting with Argentina and Bolivia to ensure the supply of Bolivian natural gas for the two main economies of South America highly energy dependent of their inland resource-rich neighbor.
OPEC president Chakib Khelil said on Saturday that the organization is supplying the international market with enough crude but can't be blamed for record prices. But he anticipated oil prices can be expected to keep rising during the first quarter of this year before stabilizing in the following quarter.
Environmental groups have expressed outrage over a decision by the US government to open a huge area off Alaska's northwest coast for oil drilling.
Oil prices hovered on the record 100 US dollars a barrel even after Indonesia OPEC (Organization of Petroleum Exporting Countries) governor Maizar Rahman said the cartel has the capability to increase production by 500,000 barrels a day in the coming February meeting. However he warned that oil prices could climb even higher.
Russia looks to cooperation in the nuclear energy sphere with Uruguay, the country's ambassador to the Latin American state said on Monday.
Oil prices of near 100 dollars per barrel caused alarm in consuming countries in 2007 and analysts forecast another tense crude market this year with triple-figure records a real prospect.
Crude oil rose to $100 a barrel for the first time in New York as record global fuel consumption threatens to outpace production.
Petroleos del Peru SA, Peru's state oil company and the country's largest, plans to sell a 10% stake on the Lima Stock Exchange next year to raise funds for investment projects, Chief Executive Officer Cesar Gutierrez revealed on Thursday.