Energy & OilEnergy & Oil
Paraguay and Brazil are preparing for a long dispute over prices from energy generated in South America's largest dam, shared by the neighboring countries, but which is almost entirely absorbed by the industrial hub of Sao Paulo.
Brazil's government managed oil and gas corporation Petrobras announced on Thursday a new discovery of light oil with an API grade of around 30 in the ultra deep Santos Basin off the Sao Paulo coast.
The Brazilian government has authorized the resumption of plans to expand the country's nuclear power program, basically a third power plant. Work on the Angra 3 reactor, near Rio de Janeiro, has been stalled for 22 years by a lack of money and political issues.
Critics who say the United Nations only churns out hot air will find even more of the stuff if they visit the UN New York headquarters this month. Under the Cool UN initiative, the air conditioning will be turned down and temperatures will rise several degrees.
Bolivia with the help of Venezuela unveiled a plan to increase the country's natural gas reserves to supply energy thirsty neighbors, Brazil and Argentina. Bolivia has 48.7 trillion cubic feet of proven and probable natural gas reserves, the second-largest deposits in South America after Venezuela.
Chile and Spain will spend more than one billion US dollars to set up Latin America's largest wind farm in the South American country, according to the Spanish news agency EFE.
Ecuador government owned petroleum corporation Petroecuador announced this week the creation of a joint company with Chile's counterpart, ENAP, to explore for natural gas in the Guayaquil gulf.
Several international oil companies awarded exploration blocks in Chile's extreme southern Magallanes region should begin oil and gas exploration in August, the government said on Tuesday.
Plans are underway in Chile to invest 47 million US dollars in a wind park at Punta Curaumilla in Region V's Laguna Verde. The project comprises of 12 wind turbines with a 2MW capacity each and seeks to light up 10,000 homes and businesses in the Valparaíso region.
The price of crude sunk to below 121 US dollars a barrel, touching on its lowest point since May, in the wake of a strengthening dollar and the comments of OPEC president Chakib Khelil, who called current prices abnormal and predicted that the barrel price could sink below 100 dollars in the long term.