Energy & Oil

Energy & Oil
Friday, September 11th 2009 - 08:16 UTC

Oil price climbs on expectations of global economic recovery

Prices have doubled since last December lows

Oil prices closed Thursday above 72 US dollars a barrel following the meeting of the producers' cartel OPEC on Wednesday and the International Energy Agency forecast of stronger demand as the global economy recovers.

Friday, September 11th 2009 - 07:37 UTC

Venezuela announced nuclear energy cooperation program with Iran

Iranian president Mahmud Ahmadinejad has promoted technology transfers to Venezuela (Photo Efe)

Venezuela’s president Hugo Chavez revealed in an interview with the French daily Le Figaro that he has signed an agreement with his Iranian peer Mahmud Ahmadinejad to develop a nuclear program with the help of the Teheran regime.

Thursday, September 10th 2009 - 18:46 UTC

Desire signs ‘letter of intent’ for Falklands drilling campaign

Phyl Rendell: “excellent news for the Falklands”

Desire Petroleum plc the exploration company focusing on the North Falkland Basin, has announced that it has exchanged a letter of intent with Diamond Offshore Drilling (UK) Ltd for the drilling unit the Ocean Guardian to undertake a four well minimum drilling campaign in the North Falkland Basin.

Thursday, September 10th 2009 - 11:31 UTC

Petrobras, BG, Repsol confirm huge offshore oil deposit

Guara could hold anywhere from 1.1 to 2 billion barrels of oil

Petrobras, British Gas and Repsol-YPF announced Wednesday that the deepwater offshore Guara field holds between 1.1 and 2 billion barrels of oil. In an official release Brazil’s government managed oil company Petrobras said initial output may be as much as 50,000 barrels of oil equivalent a day by 2012.

Thursday, September 10th 2009 - 05:00 UTC

Repsol praises Brazil’s legal and fiscal stability for the oil industry

Antonio Brufau, Repsol’s CEO says Brazil has become a crucial piece of its world operations

Spain’s oil corporation Repsol-YPF CEO Antonio Brufau praised Brazil for its stability and clear rules of the game for the hydrocarbons industry. Brazil which holds huge reserves of offshore sub-oil this week announced a plan to reinforce control over the new deposits.

Monday, September 7th 2009 - 14:49 UTC

Brazil has the “knowledge to build an atomic bomb”

The academic thesis presented at the Military Institute of Engineering caught the eye of IAEA.

Brazil has the necessary knowledge to build an atomic bomb according to an article in Sunday’s edition of Jornal do Brazil. The statement is based on a doctoral thesis presented recently at the Military Institute of Engineering IME.

Saturday, September 5th 2009 - 06:32 UTC

Controversy over bankers’ bonuses at Finance minister summit in London

A cap would be “unenforceable”, warned UK Chancellor of the Exchequer Alistair Darling

A cap on bonuses paid to London City bankers would be “enforceable” UK Chancellor of the Exchequer Alistair Darling warned on Friday. Proposals to curb excessive pay and bonuses are being pushed by European nations at the two-day meeting of Finance ministers from the G20 group of major economies being hosted by Mr. Darling in London.

Friday, September 4th 2009 - 13:12 UTC

Chile determined to boost natural gas production in Magallanes

The plan is mainly geared to ensure a steady supply of natural gas for the Methanex plant in Punta Arenas

A full fledged effort to search for more natural gas in the extreme south of Chile has been undertaken by the Chilean government and the private sector. The plan anticipates the drilling of 22 new wells, 120 kilometres to the north east of Punta Arenas in the Dorado-Riquelme quadrant, which already has a daily production of 450.000 cubic metres.

Thursday, September 3rd 2009 - 03:26 UTC

BP announces giant deep oil discovery in the Gulf of Mexico

The Tiber well was drilled to a depth of almost 11.000 metres

British Petroleum announced Wednesday a giant oil discovery at its Tiber Prospect in the deepwater Gulf of Mexico. The well, located in Keathley Canyon block 102, approximately 400 kilometres south east of Houston, is in 1,259 metres of water.

Wednesday, September 2nd 2009 - 07:01 UTC

Chinese company moves heavily into Canadian oil sands

The Chinese operation is seen as an injection boost since oil sands are believed to be profitable when the oil barrel is above 80 US dollars.

PetroChina plans to acquire a majority stake in Canada’s Athabasca Oil Sands which holds the largest lease in Alberta’s oil sands. The 1.7 billion US dollars deal with Asia’s largest oil company means taking control of 60% of the 1.3 million acres of oil sand leases held by Athabasca.

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