Energy & OilEnergy & Oil
Oil prices closed Thursday above 72 US dollars a barrel following the meeting of the producers' cartel OPEC on Wednesday and the International Energy Agency forecast of stronger demand as the global economy recovers.
Venezuela’s president Hugo Chavez revealed in an interview with the French daily Le Figaro that he has signed an agreement with his Iranian peer Mahmud Ahmadinejad to develop a nuclear program with the help of the Teheran regime.
Desire Petroleum plc the exploration company focusing on the North Falkland Basin, has announced that it has exchanged a letter of intent with Diamond Offshore Drilling (UK) Ltd for the drilling unit the Ocean Guardian to undertake a four well minimum drilling campaign in the North Falkland Basin.
Petrobras, British Gas and Repsol-YPF announced Wednesday that the deepwater offshore Guara field holds between 1.1 and 2 billion barrels of oil. In an official release Brazil’s government managed oil company Petrobras said initial output may be as much as 50,000 barrels of oil equivalent a day by 2012.
Spain’s oil corporation Repsol-YPF CEO Antonio Brufau praised Brazil for its stability and clear rules of the game for the hydrocarbons industry. Brazil which holds huge reserves of offshore sub-oil this week announced a plan to reinforce control over the new deposits.
Brazil has the necessary knowledge to build an atomic bomb according to an article in Sunday’s edition of Jornal do Brazil. The statement is based on a doctoral thesis presented recently at the Military Institute of Engineering IME.
A cap on bonuses paid to London City bankers would be “enforceable” UK Chancellor of the Exchequer Alistair Darling warned on Friday. Proposals to curb excessive pay and bonuses are being pushed by European nations at the two-day meeting of Finance ministers from the G20 group of major economies being hosted by Mr. Darling in London.
A full fledged effort to search for more natural gas in the extreme south of Chile has been undertaken by the Chilean government and the private sector. The plan anticipates the drilling of 22 new wells, 120 kilometres to the north east of Punta Arenas in the Dorado-Riquelme quadrant, which already has a daily production of 450.000 cubic metres.
British Petroleum announced Wednesday a giant oil discovery at its Tiber Prospect in the deepwater Gulf of Mexico. The well, located in Keathley Canyon block 102, approximately 400 kilometres south east of Houston, is in 1,259 metres of water.
PetroChina plans to acquire a majority stake in Canada’s Athabasca Oil Sands which holds the largest lease in Alberta’s oil sands. The 1.7 billion US dollars deal with Asia’s largest oil company means taking control of 60% of the 1.3 million acres of oil sand leases held by Athabasca.