Energy & Oil

Energy & Oil
Tuesday, September 23rd 2008 - 21:00 UTC

New ultra-deepwater drill-ship can reach depth of 40.000 feet

Noble Corporation confirmed its subsidiary, Noble Drilling Holding LLC, has signed contracts for the construction of a new, dynamically positioned, ultra-deepwater, harsh environment Globetrotter class drill-ship with South Korea's STX Heavy Industries and Dutch-based design and construction firm Huisman Equipment.

Monday, September 22nd 2008 - 21:00 UTC

Brazil: ethanol rapidly turning gasoline alternative fuel

Gasoline is rapidly becoming Brazil's alternative fuel as ethanol consumption zooms according to the latest reports from the country's Ministry of Agriculture. The tendency is strongly supported by consumers' demand and Brazil's auto industry.

Monday, September 22nd 2008 - 21:00 UTC

Jittery markets hike oil price which settles at 120 US dollars

Reflecting uncertainties about the US government 700 billion US dollars bail out plan and its consequences on the US dollar, oil prices on Monday jumped briefly 25 US dollars before falling back to 120.97 US dollars a barrel

Friday, September 19th 2008 - 21:00 UTC

Russia will send high level delegation to OPEC meeting

Russia will send a high-level delegation to the OPEC meeting in Algeria on December Energy Minister Sergei Shatko said on Friday.

Wednesday, September 17th 2008 - 21:00 UTC

Canadian company finds crude in northeast Argentina

An oil deposit was discovered in an exploratory well in the northeast Argentina province of Formosa announced the Canadian company Gran Tierra Energy Inc. The Calgary based company said Wednesday it plans long-term production testing on the Proa.x-1 well and will begin commercial oil sales in about a week.

Tuesday, September 16th 2008 - 21:00 UTC

Global uncertainty settles oil prices below 100 US dollars

Oil prices lost five US dollars ending Monday below 100 US dollars a barrel for the first time in six months, spurred by concerns about the global economy. With banking giant Lehman Brothers filing for bankruptcy protection, US light sweet crude closed Monday in New York at 95.71 and London Brent 92.38 US dollars a barrel.

Tuesday, September 16th 2008 - 21:00 UTC

Brazil determined to join the exclusive nuclear fusion club

Brazil is determined to join the world's exclusive club of nuclear research and is willing to contribute with a billion US dollars to participate in the ambitious International Thermonuclear Experimental Reactor, ITER project in France.

Friday, September 12th 2008 - 21:00 UTC

EU cuts bio-fuels target for transport road to 10% by 2020

European Union lawmakers voted this week to cut in half an ambitious target for using crop-based bio-fuels for 10% of its road transport needs by 2020. The vote by the European Parliament's industry committee deals a blow to climate change goals agreed by EU leaders last year to try to cut carbon dioxide emissions.

Thursday, September 11th 2008 - 21:00 UTC

Petrobras confirms pre-salt oil reservoir of light oil and gas

Petrobras announced this week that the completion of the Iara well drilling (which first found oil in August 2007) confirmed the discovery of light oil in the Santos basin pre-salt reservoir with a recoverable volume estimated in 3 to 4 billion barrels of light oil and natural gas.

Thursday, September 11th 2008 - 21:00 UTC

Nuclear power predicted to continue to expand strongly

The United Nations International Atomic Energy Agency (IAEA) said on Thursday that nuclear power is expected to continue to expand in the coming decades in line with the growing global demand for energy, while also reporting that the power source's share of global electricity generation dropped another percentage point in 2007 to 14%.

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