Oil prices are likely to remain high for the foreseeable future and IMF economists say that governments should be looking to back sustainable alternative sources of energy.
Uruguay continues to expand its alternative green energy capacity and the latest contract award will have 25 wind turbines which must be operational within a maximum period of three years. The wind power project of 50 MW will supply renewable energy to a population of 50,000 people.
The Falkland Islands has nominated an Islander as new Director of Mineral Resources who will be taking over from Phyl Rendell when she retires as the end of the year, announced the government of the Islands.
Blackouts blamed on forest fires left without power whole areas of north and central Venezuela, including Caracas, officials said. The power outages began last Thursday due to the collapse of electrical lines located 250 kilometres west of Caracas, Electricity Minister Ali Rodriguez said.
Bolivia has fallen from second to sixth place in the ranking of largest holder of proven natural gas reserves in South America, with Peru behind Venezuela as the two leading countries, admitted a Bolivian Hydrocarbons Association, or CBH, report.
Brazilian oil giant Petrobras suspended an offshore survey Sunday in New Zealand after several environmental activists jumped into the water to block the passage of the ship conducting the study, reports the NZ press.
Oil prices have surged to a two-and-a-half-year high on concerns about supply and a weaker dollar. Brent crude topped $126, while US crude was at $112.79.
Royal Dutch Shell Plc, the world’s biggest distributor of bio-fuels, is shifting research to waste from sugar-cane farming after ending an algae project in Hawaii. Shell, Iogen Corp. and Codexis have been researching enzymes to produce cellulose ethanol from wheat stalks and sugar-cane bagasse, a sugar industry waste product.
Brazil has said a request to halt work on its massive hydro-electric dam in the Amazon rainforest is unjustified despite environmental concerns. Brazil's foreign ministry was responding to the request by the Inter-American Commission on Human Rights.
Venezuela will send Argentina 12 million barrels of diesel and fuel oil starting in May, an official from Venezuela's state oil company PDVSA said.