Energy & OilEnergy & Oil
OPEC Secretary-General Abdullah El-Badri maintained on Thursday that the oil market has gone crazy and blamed the situation on geopolitical tensions, speculation and the weak US dollar. We want moderate prices.
Saudi Arabia rejected on Friday an appeal by visiting US President George W Bush to raise oil production reported a US official. Saudi officials said they were already meeting demand, and had increased production by 300,000 barrels per day earlier this month.
Uruguay has approved the legal framework and timetable for a round of hydrocarbons exploration licensing, offshore, which will have a first presentation next December. The round is based on the encouraging results of seismic surveying and the interest shown by several global oil corporations, according to the Uruguayan government.
Peruvian President Alan Garcia said on Friday taxes on oil and natural gas exports could help fund global efforts to combat climate change and promote reforestation of the Amazon River basin.
Falkland Oil and Gas Ltd., which operates in the southern and eastern regions of the Falkland Islands, said it expects to begin exploratory drilling in 2009. FOGL secured last October a farm in deal with mining giant BHP Billiton.
Uruguay moved on Monday into phase II of compulsory energy saving measures since lack of sufficient rainfall has seriously limited hydroelectric generation, the country's main source of energy. However the announced restrictions have resurfaced fears about street crime and the manufacturing industry believes the country is on the edge of an emergency situation.
France's TOTAL, one of the world's largest oil companies, confirmed its purchase of the Chilean lubricant plant Castrol. TOTAL currently supplies Chile with 3% of its oil consumption, a figure that will grow as a result of the Castrol purchase.
Sugar cane and cane-based ethanol became a more important energy source than hydroelectric power in Brazil's overall energy production last year, topped only by petroleum and oil products according to a report from the government's energy planning agency, EPE.
European efforts to promote bio-fuels should be rethought because of the contribution they have made to rising food prices, according to Jeffrey Sachs, a top economic advisor to the United Nations.
Enap, Chile's government owned oil corporation and Methanex the huge methanol complex in the extreme south of the country signed this week an agreement to speed exploration and production of natural gas in the region.