Energy & OilEnergy & Oil
Bolivian President Evo Morales has signed into law a contract for India's Jindal Steel and Power to develop the massive El Mutun iron ore deposit through a 2.1 billion US dollars investment, believed to be the largest foreign investment in Bolivia's history.
Canada's Methanex Corporation the world's largest producer of methanol announced it agreed to finance Chilean natural gas explorations by GeoPark holdings in exchange for a share of the gas it finds in the Magallanes basin.
Oil prices rebounded Monday as speculation grew that OPEC may decide to leave output unchanged at a meeting this week in Abu Dhabi. New York's light sweet crude for January delivery, closed at 89.31 dollars per barrel and in London Brent North Sea crude jumped 1.54 dollars to settle at 89.80 dollars.
China is interested in exploring for hydrocarbons on continental Argentina and in the South Atlantic, revealed Beijing's new ambassador in Buenos Aires Zeng Gang. He also said that talks for a possible joint undertaking offshore with Argentina's oil corporation Enarsa are also advancing.
Brazil's giant EBX recently announced plans to build the largest coal-fired energy-producing complex in Chile, to be named Castilla, which will be located near the Region III city of Copiapó. Market sources indicate that the investment associated with this type of power plant would exceed 2 billion US dollars.
Resources giant BHP Billiton said Wednesday it still hoped rival Rio Tinto would warm to its uninvited takeover bid, despite opposition from customers who fear it will lead to a stranglehold on prices.
Falkland Oil and Gas Limited (FOGL) announced this week that BHP Billiton has decided to exercise its option to increase its interests in FOGL's 2002 and 2004 licences to the South and East of the Falkland Islands.
Brazil's government oil corporation Petrobras has plans to invest 2 to 3 billion US dollars to begin prospecting in the giant deposit of Tupi which has recoverable reserves in the range of 5 to 8 billon barrels of crude and natural gas.
Government oil corporations from Brazil, Colombia and Peru signed Thursday an agreement in Lima to jointly invest in the exploration and production of hydrocarbons in the Peruvian Amazon.
The day after President Lula da Silva said that God is Brazilian, following the discovery of massive new oil reserves offshore, Petrobras reported that the country's domestic oil output fell 2.3% in October from September in its fourth straight monthly drop totaling a steep 5% below year-ago levels.