Energy & OilEnergy & Oil
Six companies to date have purchased data packages for Uruguay's first offshore Exploration and Production round, mining and energy minister Daniel Martínez said after making a presentation at an energy conference in Santiago de Chile.
Chile's Lower House unanimously approved this week the naming of a special committee to investigate the financial performance of government owned hydrocarbons corporation ENAP, that suffered huge losses in 2008, and gas exploration projects in Tierra del Fuego which have been described as commercially non viable.
Argentina appointed a supervisor to help oversee pipeline operator Transportadora de Gas del Norte SA, TGN, after the company said it will default on 22.1 million US dollars debt, Federal Planning Minister Julio De Vido announced Monday.
The price of petrol has reached a three-year low in the United Kingdom, according to the Automobile Association and reported in the London press. The average cost of petrol at the beginning of this week was 87.79p a litre compared with 88.27p at the end of December 2005.
Spanish bank La Caixa is no longer in talks with Russia's LUKOIL to sell all or part of its 12.7% stake in oil firm Repsol, it announced on Monday in a one paragraph stock exchange announcement.
Brazil's giant oil and gas corporation Petrobras has plans to open next year its first service stations in Japan to promote the distribution of ethanol, of which Brazil is the world's second leading producer, according to a report from O Estado de Sao Paulo. Petrobras already operates an oil refinery in Japan.
Land locked Paraguay is suffering a shortage of fuel because a serious drought has left the main river, and lifeline, too shallow for vessels with a plus ten feet draught, according to the capital Asunción press.
The era of cheap gas is coming to an end, Russia's Prime Minister Vladimir Putin has told ministers from the world's major gas-exporting countries. Putin said the cost of extracting gas was rising sharply therefore the era of cheap energy resources, of cheap gas, is of course coming to an end.
Internet and phone communications between Europe, the Middle East, and Asia have been seriously disrupted after submarine cables were severed. It is thought the FLAG FEA, SMW4, and SMW3 lines, near the Alexandria cable station in Egypt, have all been cut. A fault was also reported on the GO submarine cable 130km off Sicily.
OPEC will continue to cut crude production until prices stabilize said the cartel's president Chakib Jelil on Friday during a conference of oil producing and consuming countries in London.