Energy & Oil

Energy & Oil
Wednesday, October 1st 2008 - 21:00 UTC

Europe fines nine oil companies for the “paraffin mafia”

The European Commission fined on Wednesday nine petrochemical companies a total of 676 million Euros for forming a “paraffin mafia” to fix prices and carve up markets for wax.

Wednesday, October 1st 2008 - 21:00 UTC

Brazilian sugar and ethanol coop plans to triple production

Brazil's largest sugar and ethanol cooperative Copersucar said on Wednesday it had become a company and plans to triple its production in the next ten years. Founded in 1959 Copersucar expanded operations and became one of the world's biggest private exporters of sugar and ethanol.

Monday, September 29th 2008 - 21:00 UTC

FOGL prepare to drill south and east of Falklands

FOGL Chairman Richard Liddell

Drilling preparatory work is continuing in licenced areas to the South and East of the Falkland Islands announced Falkland Oil and Gas Limited (FOGL) in its interim results for the six months ending June 2008.

Sunday, September 28th 2008 - 21:00 UTC

Brazil announces more oil and gas proven reserves

Brazil's oil and gas government managed corporation Petrobras announced the proven presence of oil in a well south of the Santos Basin, in sandy reservoirs above the salt layer. The discovery confirms the good light oil potential in the shallow water portion of the basin, said Petrobras in a brief release from last Friday.

Sunday, September 28th 2008 - 21:00 UTC

ENAP exploring for coal methane gas in Magallanes

Chile is exploring for methane gas from the abundant coal reserves in the extreme south region of Magallanes, more precisely 80 kilometers to the north of Punta Arenas.

Wednesday, September 24th 2008 - 21:00 UTC

Venezuela anticipates oil sales to China of a million bpd in 2012

China and Venezuela signed on Wednesday in Beijing a wide range of agreements to boost trade, energy cooperation and agriculture and in other fields. The agreements were signed by Chinese Vice Premier Li Kegiang and visiting Venezuelan president Hugo Chavez.

Wednesday, September 24th 2008 - 21:00 UTC

China takes over leading Norwegian offshore drilling co.

China Oilfield Services Limited China's largest integrated oilfield services provider in offshore China, COSL announced this week it had successfully completed the 2.5 billion US dollars acquisition of the Norwegian offshore drilling company Awilco Offshore ASA .

Wednesday, September 24th 2008 - 21:00 UTC

OPEC underlines oil barrel/US dollar “symmetric” link

Chakib Khelil blames financial instability for crude market turbulence

OPEC President Chakib Khelil said on Wednesday world oil prices were still being influenced by factors such as monetary and currency policy in the United States and speculation rather than market fundamentals.

Tuesday, September 23rd 2008 - 21:00 UTC

New ultra-deepwater drill-ship can reach depth of 40.000 feet

Noble Corporation confirmed its subsidiary, Noble Drilling Holding LLC, has signed contracts for the construction of a new, dynamically positioned, ultra-deepwater, harsh environment Globetrotter class drill-ship with South Korea's STX Heavy Industries and Dutch-based design and construction firm Huisman Equipment.

Monday, September 22nd 2008 - 21:00 UTC

Brazil: ethanol rapidly turning gasoline alternative fuel

Gasoline is rapidly becoming Brazil's alternative fuel as ethanol consumption zooms according to the latest reports from the country's Ministry of Agriculture. The tendency is strongly supported by consumers' demand and Brazil's auto industry.

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