Energy & OilEnergy & Oil
The Paraguayan government confirmed the existence of oil deposits in an inhospitable area to the north of the country. However one long year must elapse before the deposits can be considered commercially exploitable.
Mercosur is an idea which involved a fantastic but frustrated will power according to former Spanish Socialist president Felipe Gonzalez. A previous common infrastructure commitment is more important for integration that having political groupings such as Mercosur.
Brazilian offshore oil workers will end a five-day walkout on the original Saturday deadline, but warned they may call a new, nationwide strike against state oil company Petrobras next month. Petrobras issued a statement saying the strike and a later work slowdown by refinery workers had not affected production levels.
Oil prices fell sharply Tuesday on concerns that a slowing US economy will decrease demand for oil. The price of crude oil in New York at one point fell more than 9 US dollars a barrel in New York trading, the biggest one-day drop in dollar terms in 17 years.
Brazil's oil and gas government managed corporation Petrobras announced on Tuesday that total production (domestic and abroad) in June reached a record of 2.412.155 barrels of oil equivalent per day, boed, which is 3.3% higher than a year ago and 2.3% over May 2008.
Brazilian government managed oil and gas corporation Petrobras reacting to a labor strike which began early Monday announced that all but two out of 38 offshore platforms are extracting hydrocarbons.
The Chilean government admitted on Monday it was foreseeable that Argentina would impose a 100% increase on the natural gas export tax. The tax on Argentine gas exported to Chile has soared from 7.8 US dollars per million BTU to 15.9 US dollars, which added to transport and other inputs adds to 29 US dollars per million BTU.
Oil prices rebounded by more than 5 US dollars a barrel on Thursday as another missile launch by Iran stoked worries that escalating political tensions in the Middle East could cut off supplies out of the region.
The Organization of Petroleum Exporting Countries earnings from oil exports are expected to reach a record 1.251 trillion US dollars this year, about 73 billion more than previously estimated, according to the US Energy Information Administration.
Workers from Brazil's government managed oil corporation Petrobras confirmed on Friday they will begin a five-day strike at the country's main fields in the off shore Campos basin on Monday, regardless of whether the company presents a proposal before then.