Energy & OilEnergy & Oil
The price of oil has reached a new high for 2009, continuing its recent rise on the back of the weak US dollar and strong US company results. US crude settled up $1.08 at $79.61 in New York trading.
Brazil's government managed oil and gas company Petrobras said on Monday domestic oil output increased 1.2% in September, compared with August, to a record high as it completed platform maintenance and boosted output at some wells. The new record is 2 million bpd from 1.98 million bpd in August.
Chilean president Michelle Bachelet inaugurated last week the country's largest wind park. The Monte Redondo project demanded a 100 million US dollars investment and will have a production of 38 megawatts, which will power 57 thousand homes.
India and Argentina signed a civil nuclear pact and nine other agreements to help boost bilateral trade and investment. Argentine President, Ms Cristina Fernandez de Kirchner, on a state visit to India, signed the agreements after extensive discussions with Prime Minister, Dr Manmohan Singh.
The Organization of the Petroleum Exporting Countries (OPEC) has predicted for next year an increase in global demand for oil driven by a global economic recovery. The 12-nation cartel said in its latest monthly report that 2010 world demand for crude would be 84.93 million barrels per day for an increase of 0.83%.
Rockhopper Exploration oil and gas company which operates in the North Falkland Basin confirmed this week it was considering various options, including a share sale, to fund drilling activities scheduled to begin this coming austral summer in the South Atlantic
Desire Petroleum prospective un-risked recoverable resources net in Falkland Islands waters are over 3 billion barrels of oil in the company’s ten top prospects according to the recently completed Competent Person’s Report, CPR and released this week.
Ministers, industry leaders and experts from 81 countries are meeting in Buenos Aires for the 24th World Gas conference with one main topic in the agenda: the balance between natural gas supply and demand.
Oil company Desire Petroleum announced Friday the formal signing of a rig contract with Diamond Offshore Drilling Ltd. from the UK which means the company is ready to begin its exploratory drilling campaign in the North Falkland basin this summer.
The coming electoral year makes it difficult for the Brazilian congress to approve in the short term the agreement reached with Paraguay referred to the surplus energy from the world’s largest operational hydroelectric dam Itaipú, signed last July by presidents Lula da Silva and Fernando Lugo.