Building will now begin on what will be the world's third-largest hydroelectric dam after Ibama, Brazil's environment agency, gave the go-ahead for the controversial $17 billion (£10.6 billion) project.
Oil options volatility increased as the underlying futures surged the most since September 2009 as unrest in Egypt raised concern that protests would spread to major oil-producing parts of the Middle East.
A Spanish firm and two Argentine ones have been awarded tenders to build wind farms. Spanish Teyma and the Argentine Impsa and Fingano will invest around U$ 300 million in the project.
Representatives from Rockhopper Exploration are visiting the Falkland Islands this week. The company took over the rig Ocean Guardian from Desire on completion of their well, and Rockhopper’s well 14/10-3 (Sea Lion North) was spudded on January 13.
Argentine daily newspaper El Cronista on Monday reported that YPF will begin oil exploration in the Malvinas basin in February. The newspaper reports that exploration will begin 289 kilometres off the coast of Tierra del Fuego and cost U$ 150 million.
Future cooperative agreements among the countries of the Pacific Ring could reduce electricity costs in Chile’s far north by up to 25 percent. Chile’s energy costs are currently the highest in the region.
Work at the hydro-electric complex Yacyreta will finalise at the end of next month, when the dam reaches 83 metres above sea level, as stipulated in its original design, executive director of the Bi-national Entity Yacyreta (EBY) Oscar Thomas informed
Figures released by the Venezuelan Ministry of Energy and Petroleum said the average price of crude oil sold by Petroleras de Venezuela (PDVSA) rose this week to U$ 86.79 up from U$ 85.987 last week.
FOGL, the oil and gas exploration company is pleased to announce an exploration update with respect to its licence interests offshore the Falkland Islands and in particular to its 100% owned and operated southern licences. FOGL also holds a 49% interest in licences collectively referred to as the northern licences in which BHP Billiton holds 51% and is operator.
Chilean officials reached agreement Tuesday with the Citizens Assembly of Magallanes over an increase in natural gas prices that sparked a week-long general strike in the remote southern region, sources involved in the talks said.