Energy & Oil

Energy & Oil
Monday, May 17th 2010 - 04:59 UTC

Strong interest for Peru’s bidding process for 25 oil blocks

Perupetro president Daniel Saba

Peru resumed the bidding process for more than two-dozen oil blocks, almost two years after a bribery scandal related to contracts awarded to a Norwegian company. The president of state-owned Perupetro, Daniel Saba, said that 25 new blocks will be put up for international public bidding.

Monday, May 17th 2010 - 01:54 UTC

Brazil’s energy sector lobbying against review of Itaipú treaty with Paraguay

The mighty Itaipú dam at the heart of Brazil-Paraguay disputes

Brazilian business groups are strongly lobbying members of Congress against a review of a recent agreement reached by President Lula da Silva to treble the money paid to Paraguay for power from the world’s largest operating hydroelectric complex Itaipú, shared by both countries.

Saturday, May 15th 2010 - 04:16 UTC

China Signs 23 Billion USD Deal with Nigeria to Build Three Refineries

Nigeria is a net importer of oil refined products

Nigeria's state-run oil firm Nigerian National Petroleum Corporation and China State Construction Engineering Corporation have signed a 23 billion US dollars deal.

Saturday, May 15th 2010 - 03:09 UTC

NZ oil company operating in Chilean Tierra del Fuego strikes gas

Production still is modest but exploration is promising

An affiliate of New Zealand’s Greymouth oil company, PetroMagallaes announced this week the discovery of hydrocarbons in two prospects in Chilean Tierra del Fuego. The prospects are in Caupolican blocks, belonging to what are known as the Springhill formation.

Friday, May 14th 2010 - 01:22 UTC

Indian Sub-Submersible Gas Rig Sinks off the Coast of Venezuela

The Aban Pearl rig: 95 workers rescued and no gas leaks

Aban Offshore (BOM:523204), India’s largest offshore drilling and oil field services provider, suffered a major setback on Thursday, when its gas platform Pearl sunk off the coast of Venezuela. This was one of Aban’s biggest money spinning rig earning 358,000 US dollars a day.

Thursday, May 13th 2010 - 10:38 UTC

Brazil Announces Discovery of Field with 4.5 Billion Barrels of Light Oil

Haroldo Lima, ANP General Director

Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP) has revealed that the 2-ANP-1-RJS well, dubbed Franco, is estimated to hold 4.5 billion barrels of recoverable light oil.

Wednesday, May 12th 2010 - 18:44 UTC

Colombia the Rising Star of the Oil Industry in South America

The country is behind Mexico, Brazil and Venezuela in oil extraction and exports

Colombian Oil Company Ecopetrol (NYSE:EC) said this week it broke an 11-year-old export record in April, selling 403,510 barrels per day (bpd) of crude oil and refined products to foreign clients.

Monday, May 10th 2010 - 18:44 UTC

Falklands’ Oil Discovery Announcement Has Rockhopper Shares up 32% Monday

The oil exploration rig “Ocean Guardian” operating in Falklands waters

Shares in Rockhopper Exploration (LON:RKH) soared by 32% on Monday morning, after the latest results of its Sea Lion oil discovery in the Falkland Islands suggested a good quality reservoir.

Saturday, May 8th 2010 - 06:33 UTC

Petrobras Sets Monthly Record Oil Production in April: 2.033 Million bpd

Several platforms installed over the last 18 months helped boost output

Brazilian government managed oil and gas corporation Petrobras (SAO:PETR3) set a monthly record for oil production in April with 2.033 million barrels per day topping the previous record of 2.004 million bpd from September 2009, the company said Friday.

Saturday, May 8th 2010 - 01:23 UTC

Falklands’ Rockhopper “High Quality Reservoir” Oil Find Boosts Shares

Managing Director Samuel Moody promised a flow test for Sea Lion prospect

Rockhopper Exploration (LON:RKH) oil discovery in the Falklands Islands is of “good” quality said on Friday a release from the company. The announcement had a positive impact on shares of all Falklands’ oil explorers.

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