Energy & Oil

Energy & Oil
Monday, July 21st 2008 - 21:00 UTC

Paraguay downplays discovery of oil in commercial volumes

Oil camp in the forrest

The Paraguayan government confirmed the existence of oil deposits in an inhospitable area to the north of the country. However one long year must elapse before the deposits can be considered commercially exploitable.

Monday, July 21st 2008 - 21:00 UTC

Mercosur “fantastic but frustrated” idea, ripe in mistakes

Pte. of EU council of wise men

Mercosur is an idea which “involved a fantastic but frustrated will power” according to former Spanish Socialist president Felipe Gonzalez. A previous common infrastructure commitment is more important for integration that having “political groupings such as Mercosur”.

Friday, July 18th 2008 - 21:00 UTC

Petrobras workers preparing nationwide strike in August

Brazilian offshore oil workers will end a five-day walkout on the original Saturday deadline, but warned they may call a new, nationwide strike against state oil company Petrobras next month. Petrobras issued a statement saying the strike and a later work slowdown by refinery workers had not affected production levels.

Wednesday, July 16th 2008 - 21:00 UTC

Oil in biggest one-day drop in 17 years: closes at 138.69

Oil prices fell sharply Tuesday on concerns that a slowing US economy will decrease demand for oil. The price of crude oil in New York at one point fell more than 9 US dollars a barrel in New York trading, the biggest one-day drop in dollar terms in 17 years.

Tuesday, July 15th 2008 - 21:00 UTC

Petrobras record production; strike coming to an end

Brazil's oil and gas government managed corporation Petrobras announced on Tuesday that total production (domestic and abroad) in June reached a record of 2.412.155 barrels of oil equivalent per day, boed, which is 3.3% higher than a year ago and 2.3% over May 2008.

Monday, July 14th 2008 - 21:00 UTC

Petrobras strike: “contingency plan” guarantees supply

Production reduction was only 136.000 bpd.

Brazilian government managed oil and gas corporation Petrobras reacting to a labor strike which began early Monday announced that all but two out of 38 offshore platforms are extracting hydrocarbons.

Monday, July 14th 2008 - 21:00 UTC

Argentina doubles export tax on gas pumped to Chile

The Chilean government admitted on Monday it was “foreseeable” that Argentina would impose a 100% increase on the natural gas export tax. The tax on Argentine gas exported to Chile has soared from 7.8 US dollars per million BTU to 15.9 US dollars, which added to transport and other inputs adds to 29 US dollars per million BTU.

Friday, July 11th 2008 - 21:00 UTC

Iran, Nigeria fears rebound oil prices 5 USD in one day

Oil prices rebounded by more than 5 US dollars a barrel on Thursday as another missile launch by Iran stoked worries that escalating political tensions in the Middle East could cut off supplies out of the region.

Friday, July 11th 2008 - 21:00 UTC

OPEC oil earnings expected to reach 1.25 trillion USD

The Organization of Petroleum Exporting Countries earnings from oil exports are expected to reach a record 1.251 trillion US dollars this year, about 73 billion more than previously estimated, according to the US Energy Information Administration.

Friday, July 11th 2008 - 21:00 UTC

Brazil's Petrobras rig workers begin strike next Monday

Workers from Brazil's government managed oil corporation Petrobras confirmed on Friday they will begin a five-day strike at the country's main fields in the off shore Campos basin on Monday, regardless of whether the company presents a proposal before then.

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