Energy & OilEnergy & Oil
The United States Navy celebrated Earth Day April 22 by showcasing a flight test of the “Green Hornet,” an F/A-18 Super Hornet multi-role fighter jet powered by a 50/50 blend of conventional jet fuel and camelina aviation bio-fuel.
DESIRE Petroleum, the oil exploration company in which many Falkland Islanders are shareholders, has said it is hopeful of making a discovery, despite posting a £2.5 million pre-tax loss for the year ending December 31 2009.
An oil rig in the Gulf of Mexico that caught fire after an explosion on Tuesday night has now sunk, the US Coast Guard has said. A search is continuing for 11 missing workers after the blast at the Deepwater Horizon rig. The other workers on the rig, off Louisiana, were evacuated to the US.
Panamanian president Ricardo Martinelli announced Thursday there was oil in the Darien jungle and he planned to expand the mining industry in Panama while protecting the environment.
The Brazilian government accepted bids Tuesday to build what would be the world’s third-largest hydroelectric dam in the Amazon. Officials proceeded with the auction immediately after a judge overturned another magistrate’s injunction blocking the tender and revoking the environmental permit for the 11,000 MW Belo Monte complex.
The Inter-American Development Bank, IDB, announced Friday its intention to increase its financing for renewable energy and climate-related projects to 3 billion US dollars a year by 2012.
Exxon-Mobil has completed an extended-reach well offshore southern California, which it claims is the world’s longest extended-reach well drilled from an existing offshore fixed platform drilling rig.
Rockhopper Exploration (AIM: RKH) has spudded its 100% owned Sea Lion 14/10-B exploration well in the Licence PL032 in the North Falkland Basin. Once drilling is complete, Sea Lion’s results will be eagerly anticipated among investors following the prospective Falkland oil and gas play.
Brazilian government managed energy giant Petrobras announced it acquired a 50% stake in an exploration block in Australia with significant natural gas potential. Petrobras acquired the stake from MEO Australia for 39 million USD.
Venezuelan Energy and Oil Minister Rafael Ramirez said some 120 billion USD will be invested over the next seven years in the Orinoco Belt, which the U.S. Geological Survey says is the largest petroleum accumulation it has ever evaluated.