Energy & Oil

Energy & Oil
Tuesday, November 17th 2009 - 01:02 UTC

Repsol cutting EP investment plans to reduce costs

The Spanish oil company has announced important oil and gas finds this year

Repsol-YPF, Spain’s biggest oil company cut its five-year exploration and production investment plan to reduce costs as the economic slowdown saps earnings. Repsol will invest an estimated 8.76 billion Euros in E&P from 2008 through 2012, down from an earlier plan to spend 9.3 billion Euros, the Madrid-based company announced Monday.

Saturday, November 14th 2009 - 13:54 UTC

Lula da Silva orders in-depth investigation into the massive blackout

Government satellites “killed” the strong winds and lightning storm original explanation of the outage

Brazilian president Lula da Silva revealed Friday he had ordered all government offices linked to the power industry, an in depth investigation into the Tuesday blackout which he described as a “national disaster”.

Saturday, November 14th 2009 - 13:44 UTC

US trade deficit widens fuelled by auto and oil imports

The success can be partly attributed to the federal “cash for clunkers” auto trade-in program.

United States trade deficit widened in September by the most in a decade, reflecting rising demand for imported oil and automobiles as the economy rebounded from the worst recession since the 1930s.

Saturday, November 14th 2009 - 13:05 UTC

Chile ready to begin pumping natural gas into Argentina

A one billion US dollars re-gasification plant was inaugurated last month

The Chilean government set up the legal framework allowing the export of re-gasified natural gas to Argentina over existing gas pipelines, as well as to other countries of the region following the inauguration of facilities in central Chile, reports Santiago’s La Tercera.

Saturday, November 14th 2009 - 05:47 UTC

Euro zone “technically” emerges from recession in third quarter

The encouraging performance of France and Germany was crucial

The 16-strong group of nations in the Euro-zone has “technically” emerged from recession, official figures show. European countries using the single currency grew their collective economy 0.4% in the third quarter.

Friday, November 13th 2009 - 01:08 UTC

Gibraltar Chief Minister upbeat about economic prospects for 2010

Peter Caruana announced 10% across the board corporate tax rate

Gibraltar is not just having a relatively good level of economic activity during global recession and financial crisis, but is further positioning itself well to move into a significant new growth phase when the global economy and markets recover.

Friday, November 13th 2009 - 01:04 UTC

Brazil says massive blackout was caused by a lightning storm

In spite of the official report, much of what happened remains in the dark

Brazilian officials stated the blackout that left at least 60 million of people in the dark in Brazil and neighbouring Paraguay Tuesday was caused by a lightning storm.

Thursday, November 12th 2009 - 06:37 UTC

Brazil can’t explain the four hours massive blackout

The country’s three main states and 80 cities were left completely in the dark

The world’s largest operational hydroelectric dam, Itaipú which on Tuesday caused a four hours blackout in 16 of Brazil’s 27 states and most of Paraguay was back in full production early morning Wednesday but authorities have so far remained silent about the causes of the major turnoff.

Wednesday, November 11th 2009 - 10:55 UTC

IEA forecasts 40% energy demand growth by 2030; mostly fossil fuels

Nobuo Tanaka, IEA Executive Director optimistic about containing climate change

World global demand for energy which has fallen in 2009 because of the recession is forecasted to soar 40% by 2030 and the Copenhagen summit next month will be “crucial” to design an energy sustainable future according to the “World Energy Outlook 2009” released in London by the International Energy Agency.

Tuesday, November 10th 2009 - 08:23 UTC

New UK energy plan anticipates 40% nuclear power by 2025

Names of ten new sites for nuclear plants (nine in England one in Wales) were unveiled by Energy Secretary Ed Miliband

A huge expansion of nuclear power was signalled Monday by the British Government as it named 10 sites where new power stations could be built. The first is set to be operational by 2018 and, by 2025 nuclear electricity generation could amount to around 40% of new energy provision.


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