Energy & OilEnergy & Oil
An assessment that Venezuela sits on one of the largest oil fields on record does not threaten the potential of Canadian reserve development, analysts said.
A new US assessment of Venezuela's oil reserves could give the country double the supplies of Saudi Arabia. Scientists working for the US Geological Survey say Venezuela's Orinoco belt region holds twice as much petroleum as previously thought.
The geologists estimate the area could yield more than 500 billion barrels of crude oil.
Oil company Repsol YPF is studying the impact on its hydrocarbon reserves accounting as a consequence of a change in Bolivian law, but has not made a decision on whether to lower its reserves, a spokesman for Spanish firm confirmed this week in Madrid.
The ugly swarms of algae that plague Chile's beaches may be an alternative energy blessing in disguise. Chilean economic development corporation (CORFO) announced an investment of 7 million US dollars towards a seaweed-based bio-ethanol project spearheaded by Chile and U.S. scientists.
BHP Billiton Ltd., Australia’s biggest oil and gas producer, boosted its forecast for petroleum exploration spending by 33% because of an increase in drilling in the US Gulf of Mexico and offshore Australia.
Brazil inaugurated this week the world’s first ethanol-fuelled power plant in the state of Minas Gerais. The flex-fuel turbine, which was converted from running solely on natural gas, began operating on December 31 and is currently in its optimization and testing phase.
The earthquake which rocked Padang, western Sumatra in September last year killing more than 1000 people was not the 'great earthquake' which earth scientists are waiting for. In fact, it may have made the next massive earthquake more likely.
DRILLING chemicals, pipe casing and logging equipment are just part of the mass of physical supplies being offloaded in Stanley in preparation for the arrival of the oil rig in Falkland Islands waters next month.
The biggest wind farm in ice covered Antarctica and which can generate enough electricity to power 500 homes, was formally switched on this weekend.
The United States and Europe may be experiencing one of the coldest winters in decades, but things continue to heat up in the Southern Hemisphere. Science magazine has obtained exclusive data from NASA that indicates that 2009 was the hottest year on record south of the Equator. The find adds to multiple lines of evidence showing that the 2000s were the warmest decade in the modern instrumental record.