Energy & OilEnergy & Oil
Towering above the beautiful bay of Angra dos Reis near to Rio de Janeiro a vast oil platform stands almost ready to head out to sea. Work is almost completed on Petrobras 51 (P-51) and there seems little doubt it will be put to good use, with Brazil making headlines around the world for its recent oil finds.
OPEC is likely to keep oil output policy unchanged at its meeting in September as prices remain high despite a sharp fall from July's peak, a source from the Organization of Petroleum Exporting Countries said on Monday.
Brazilian president Lula da Silva proposed the review of the current oil exploitation model and the creation of another company to manage the so called pre-salt oil fields which are believed to hold anywhere from 50 to 70 billion barrels of light crude.
Brazil's state-run oil company Petrobras CEO Sergio Gabrielli said Friday he expects new ultra-deep-water finds to yield 100,000 barrels of oil a day by 2010 and announced the company would begin testing production in the fields next September 2 although we don't expect the new fields to have a significant impact on oil production until 2013.
Brazilian President Luiz Inacio Lula da Silva is pondering whether to create a new state-run oil company to manage oil production from Brazil's new sub-salt reserves, according to press reports in Sao Paulo
A jack-up oil platform for exploration in shallow waters is expected to arrive in the coming weeks in the Argentine San Jorge Gulf basin where three exploratory wells have been scheduled for drilling plus a fourth offshore Santa Cruz province, according to reports in the Argentine press.
Venezuela will sponsor an oil production cut at the next OPEC (Organization of Petroleum Exporting Countries) meeting in September if prices continue to fall, cautioned Energy minister Rafael Ramírez in Caracas.
Chile's director of tourism bureau, SERNATUR Oscar Santelices said that the country's tourism industry is worried about potential negative effects of the HidroAysén dam project slated for Chilean Patagonia.
Argentine Oil Corporation YPF announced this week a 500 million US dollars annual investment plan to be mainly implemented in the Patagonian province of Santa Cruz to help sustain hydrocarbons extraction in the San Jorge Gulf basin
AIM listed Desire Petroleum Plc. announced on Thursday that a formal farm-out agreement has been entered into with Arcadia Petroleum Ltd following the approval of the Falkland Islands Government.