Energy & OilEnergy & Oil
Oil prices have reached an 18-month high as analysts predict the recovery of the US economy and a rising demand for fuel. Crude oil for May delivery hit a high of 85.89 USD a barrel at one point in New York trading - the dearest since the peak of the financial crisis in October 2008.
Desire Petroleum Plc (AIM:DES) the oil and gas exploration company, wholly focused on the North Falkland Basin, wishes to provide a further drilling update on the Liz 14/19-1 Exploration well, where wireline operations are continuing.
LOCAL investors – reputedly one in ten of the population – saw the value of their oil shares plummet this week as Desire Petroleum confirmed media speculation that the first oil found by the Ocean Guardian rig was of poor quality.
Petrominerales Ltd., mostly owned by Canadian companies said Monday that an oil well drilled in Colombia has produced a prolific 15,600 barrels of high-quality crude per day, following similarly strong results from two other wells on its Candelilla discovery.
Venezuelan President Hugo Chavez announced the discovery of a “super well” that shows an offshore field holds almost twice as much natural gas as originally estimated.
Shares in UK-Falklands Desire Petroleum slumped Monday as the company officially confirmed a disappointing result from the first drilling in its exploration campaign in the North Falkland Basin.
Codelco, Chile’s nationally-owned copper company and one of the world’s largest, announced last week a plan to outfit some of their mines with solar power over the next few years, a move expected to save millions of dollars in energy costs.
The first well drilled off the Falkland Islands in 12 years has struck oil — but not enough for a commercial well, according to a report from the Sunday edition of The Times.
Argentine President Cristina Fernández de Kirchner met Friday with her Bolivian counterpart Evo Morales and signed a deal that expands until 2026 the current gas-sharing bilateral agreement, which is expected to supply the Argentine Northeast.
Saturday March 27 at 8.30pm local time, more than 4000 cities and towns across 125 countries and regions will switch off their lights for Earth Hour in an historic moment of global unity.