Energy & OilEnergy & Oil
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.
The price of crude oil could soar to 200 US dollars a barrel in as little as six months, as supply continues to struggle to meet demand, warned a report from Goldman Sachs energy strategist Argun Murti as benchmark US light crude passed the 123 dollars mark for the first time
The price of a barrel of oil reached Monday above 120 US dollars for the first time, driven by concerns about the situations in Nigeria and northern Iraq. US light sweet crude rose to a record of 120.36 a barrel in morning trading in New York before falling back to a record close of 119.97, up 3.65 over Friday.
The international hydrocarbons corporations which last October were awarded oil exploration licences in the extreme south of Chile signed on Wednesday the operation contracts with the Chilean government during a ceremony headed by President Michelle Bachelet in Punta Arenas.