Energy & OilEnergy & Oil
Shares in UK-Falklands Desire Petroleum slumped Monday as the company officially confirmed a disappointing result from the first drilling in its exploration campaign in the North Falkland Basin.
Codelco, Chile’s nationally-owned copper company and one of the world’s largest, announced last week a plan to outfit some of their mines with solar power over the next few years, a move expected to save millions of dollars in energy costs.
The first well drilled off the Falkland Islands in 12 years has struck oil — but not enough for a commercial well, according to a report from the Sunday edition of The Times.
Argentine President Cristina Fernández de Kirchner met Friday with her Bolivian counterpart Evo Morales and signed a deal that expands until 2026 the current gas-sharing bilateral agreement, which is expected to supply the Argentine Northeast.
Saturday March 27 at 8.30pm local time, more than 4000 cities and towns across 125 countries and regions will switch off their lights for Earth Hour in an historic moment of global unity.
President Hugo Chavez has added three days to Venezuela's Easter holiday to deal with a growing energy crisis. The move which will close government and public offices means most Venezuelans will have a seven-day break starting on 1 April.
Chile’s government has decided to “un-freeze” the increase of the gasoline prices considering that the value of both oil and the US dollar is growing all around the world.
By law, on March 25 the transitory price reduction to the specific oil tax must come to an end. The decree was passed last year to help the local economy given the financial crisis that affected many countries.
Speculation was mounting this week on news of a potential oil strike as a promised announcement from hydrocarbons exploration company Desire Petroleum grew closer.
Petrol prices could reach an eye-watering 120 pennies per litre later this year, the AA is warning. The organisation is claiming that unleaded fuel could even top the price, equivalent to £5.41 a gallon, and Alistair Darling is being urged to delay the introduction of a planned 3p increase in petrol duty due to come in on April 1.
Chile’s new Energy Minister Ricardo Raineri said the country’s electricity supply may not normalize for another six months, following a blackout which hit more than 70% of the country late Sunday night.