Energy & Oil

Energy & Oil
Thursday, August 13th 2009 - 08:02 UTC

GM says Chevy Volt could top 230 miles-per-gallon

A Chevrolet Volt is seen during a news conference at GM's Warren Technical Center in Warren, Michigan.

General Motors officially unveiled the Volt, which according to the company can travel up to 40 miles on a single battery charge. The car will likely start production later this year. According to GM, the Volt will get city fuel economy of at least 230 miles-per-gallon, and come packaged with a flex fuel-powered engine-generator. The range of the Volt will be 300 miles, GM said.

Wednesday, August 12th 2009 - 12:12 UTC

Oil at 70 USD per barrel threatens fragile global recovery, says IEA

Chief economist Fatih Birol expects OPEC not to boost prices to harmful levels next September

A fragile global economic recovery will be hurt if oil prices stay at 70 USD per barrel or rise higher, according to International Energy Agency (IEA) Chief Economist Fatih Birol. The IEA advises 28 industrialised countries.

Wednesday, August 12th 2009 - 11:58 UTC

OPEC expects demand for crude to decline further next year

The oil cartel blames the slow global economic recovery

Oil prices have fallen after producers group OPEC said it now expected demand for its crude to decline further than predicted next year. Blaming the slow nature of the global economic recovery, OPEC now expects demand for its crude to average 27.97 million barrels per day in 2010.

Tuesday, August 11th 2009 - 12:13 UTC

Repsol denies Chinese 17 billion USD offer for YPF

The deal could be China’s biggest overseas investment

Spain’s largest oil producer Repsol-YPF denied receiving an offer for its Argentine YPF unit following a report that Chinese companies had proposed buying its stake.

Saturday, August 8th 2009 - 14:00 UTC

Brazil and Peru considering building five hydroelectric dams

Energy short Brazil needs to increase its power capacity by 50% in ten years

Brazil and Peru are considering five hydroelectric projects that would cost as much as 15 billion US dollars, revealed Brazilian Energy Minister Edison Lobao.

Friday, August 7th 2009 - 07:19 UTC

US financial support for Brazil to develop massive offshore pre-salt oil deposits

China had previously loaned Petrobras a similar sum

United States is prepared to provide up to 10 billion US dollars in loans to finance the development of massive hydrocarbon reserves off Brazil’s coast, revealed Brazil’s Planning Minister Paulo Bernardo da Silva.

Friday, August 7th 2009 - 07:00 UTC

Petrobras begins operations in Chile and targets 20% of fuels’ market

The Brazilian oil giant purchased Exxon-Mobil’s assets in Chile

Brazilian government controlled Petrobras entered the Chilean fuel distribution market in Chile with the inauguration Tuesday of a service station in Santiago. The company paid 400 million US dollars for US-based Exxon-Mobil’s stake in Esso Chile Petrolera and other units in the Andean nation and has targeted a 20% share of the market.

Sunday, August 2nd 2009 - 11:57 UTC

Lula da Silva wants control over world largest iron-ore producer

Vale’s CEO Roger Agnelli decision to cut jobs and investments did not satisfy the Brazilian president

Brazilian President Lula da Silva wants the government to take control of Vale SA, according to the weekly magazine Veja. However the origin of the information was not revealed.

Sunday, August 2nd 2009 - 11:50 UTC

Nigerian oil debate: losses since 2006 amount to 47 billion USD says Shell

The Lagos government wants a profit-driven national oil corporation like those in Brazil, Malaysia and Saudi Arabia.

Nigeria has lost about 7 trillion naira (47 billion US dollars) as a result of the shut-in of the Shell Petroleum Development Company (SDPC) output since 2006 in the country the Lagos based Compass newspaper reported this week.

Friday, July 31st 2009 - 07:56 UTC

Wind Power Investment: Blowing Towards Chile

Currently Argentina is only sending 10% of the agreed quantity of natural gas to its Andean neighbour, Chile. Faced with an energy crisis beginning to impact upon economic growth, Chile was forced to scour the globe for energy sources says Eugenio Chinchon, a Chilean business development manager specializing in renewable energy.


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