Energy & Oil

Energy & Oil
Friday, March 19th 2010 - 03:47 UTC

Warning petrol in UK could reach 120p a litre; 3p increase from April

AA president Edmund King

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.

Tuesday, March 16th 2010 - 18:26 UTC

Chile’s power supply “fragile” for the next six months

The energy sector in Chile is largely privatized

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.

Tuesday, March 16th 2010 - 18:20 UTC

Petrobras planning to issue 60 billion US dollars of new stock

Minister Edison Lobao said Petrobras has “no funding problems”

Brazil’s government managed oil company Petrobras will issue as much as 60 billion US dollars of new stock, most of which will go to the government in exchange for oil rights, Energy Minister Edison Lobao announced Tuesday.

Monday, March 15th 2010 - 13:46 UTC

Blackout Hits Most Of Chile

Transformer failure blamed as much of the country goes dark.
A blackout blamed on a fault in Chile's Central Interconnected System hit nearly all of Chile around 8:50 p.m. local time Sunday night.

Monday, March 15th 2010 - 11:16 UTC

Chinese oil firm buying 50% stake in Argentine group

China's demand for oil is continuing to grow strongly

China National Offshore Oil Corporation (CNOOC) is paying $3.1bn (£2bn) for a 50% stake in Argentine oil and gas group Bridas Corporation. Cnooc Ltd.,

Saturday, March 13th 2010 - 00:14 UTC

China oil demand in January jumps “astonishing 28%” says IEA

Emerging countries, particularly from Asia will underpin oil demand in 2010

China's demand for oil jumped by an “astonishing” 28% in January compared with the same month a year earlier, the International Energy Agency (IEA) says.

Friday, March 12th 2010 - 00:59 UTC

BP gets a hold of Brazil’s oil potential buying out US Devon Energy

Chief Executive Tony Hayward has long eyed Brazil

British Petroleum has agreed to buy Brazilian, Azeri and Gulf of Mexico assets from Devon Energy for 7 billion US dollars, as the US producer refocuses on onshore US fields.

Thursday, March 11th 2010 - 04:34 UTC

Lloyd’s Register, Maersk on program to test bio-diesel for marine engines

A possible new market for bio-diesel

Lloyd's Register is to play a major role in a two year program to test the suitability of bio-diesel for use in powering marine engines. The feasibility study will take place on board the Maersk Line container ship, Maersk Kalmar.

Thursday, March 11th 2010 - 00:43 UTC

More oil in Brazil’s Santos Basin; Petrobras investment plan: 45 billion USD

The pre-salt region runs 800 kilometres along the Brazilian coast

Brazilian government managed corporation Petrobras, Repsol-YPF and BG Group found more evidence of oil in the same offshore Brazilian sub-salt block where the companies’ Guara field holds as much as 2 billion barrels of crude.

Thursday, March 11th 2010 - 00:37 UTC

Argentine government blames Shell and Petrobras for gasoline shortage

Planning Minister Julio De Vido threatened to limit fuel exports

Argentina's government accused energy companies Royal Dutch Shell and Petrobras on Wednesday of deliberately causing gasoline shortages in order to force rival YPF to raise its prices.


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