Energy & Oil

Energy & Oil
Thursday, June 25th 2009 - 17:16 UTC

Brazilian pre-salt reserves extraction costs in the range of 40 USD per barrel

According to Petrobras officials Brazil should be extracting 5.7 million bpd by 2020

Brazilian government managed Petrobras said this week that production from the massive oil fields deep below the ocean floor off Brazil’s Atlantic coast was viable at 40 US dollars for a barrel for benchmark Brent crude.

Thursday, June 25th 2009 - 10:06 UTC

Canadian oil company begins exploration drilling in Patagonia’s San Jorge basin

The area still has producing wells which were started in the sixties

Canada’s Crown Point Ventures Ltd announced that in early to mid July it expects to be commencing the drilling of a three well exploration drilling program at El Valle in the San Jorge basin of Argentine Patagonia.

Wednesday, June 24th 2009 - 08:36 UTC

Falklands oil basin open to all companies including from Argentina

Phyll Rendell told BNAmericas that any oil production round the Falklands is still at least ten years away.

The Falkland Islands would welcome more interaction with Argentine oil and gas companies as the search for what could be large offshore oil and gas reserves heats up, Falkland Islands director of minerals and agriculture Phyl Rendell told BNamericas.

Tuesday, June 23rd 2009 - 11:54 UTC

Itaipu dispute postpones Mercosur presidential summit in Paraguay

The former bishop and former trade union leader can’t agree on the power bill

The Mercosur presidential summit has been postponed for July 24 and 25 it was reported Monday from Asunción, Paraguay, the host of the event. Three of the four full members of the trade group, Argentina, Brazil and Uruguay, proposed the change from the original July 3 and 4 arguing political and electoral reasons.

Tuesday, June 23rd 2009 - 11:31 UTC

New legislation envisions Brazil as oil resources and technological giant

Oil companies must develop services and equipment factories in Brazil

The Brazilian Executive will present a bill aimed at increasing government control of offshore oil reserves to Congress in July before an annual legislative holiday. However the existing oil exploration rights which have been sold under the current auction system will not be changed with the new proposals.

Friday, June 19th 2009 - 14:00 UTC

Brazil drafting legislation to create new state-owned oil company

Sub-salt resources should put Brazil among the world’s leading oil producers.

Brazil’s government is considering changes to the country’s oil law that would open the way for the creation of a separate state owned company to manage development of the sub-salt and deep sea hydrocarbons resources.

Wednesday, June 17th 2009 - 12:10 UTC

Oil and gas exploration off Comodoro Rivadavia begins August

Pan American Energy has contracted Western Geco for the seismic surveying

Argentine oil and gas company Pan American Energy will invest 80 million US dollars in the first phase of an offshore exploration program in the San Jorge Gulf in Patagonia, next to Comodoro Rivadavia, the company said Tuesday in a statement.

Monday, June 15th 2009 - 07:45 UTC

Cuban Oil: Havana’s Potential Geo-Political Bombshell

As the US President Barack Obama administration slowly inches towards normalizing its relations with Cuba, pressure is mounting on the new president to lift the decades-old, and universally acknowledged, anachronistic embargo.

Thursday, June 11th 2009 - 09:05 UTC

Latinamerica forecasted to contact 1.7% with mild recovery at end of 2009

Less trade flows, remittances and tourism is heavily impacting on Latam

Latinamerica will experience this year a 1.7% contraction (negative growth), the first time since 2002, basically because of a severe fall in global trade and remittances according to the United Nations Economic Commission for Latinamerica and the Caribbean, CEPAL.

Thursday, June 11th 2009 - 06:21 UTC

Low inventories push crude to 71 USD, highest in seven months

Oil production in 2008 increased boosted by OPEC; non OPEC output was down 1.4%.

Crude prices continued to surge on Wednesday, rallying on the news that US inventories fell more than expected and Chevron confirmed a fire at its Nigerian oil facility. Light, sweet crude for July delivery jumped 1.32 dollars, 1.9%, to settle at 71.33 dollars a barrel on the New York Mercantile Exchange, the highest close in seven months.


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