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