Energy & OilEnergy & Oil
The head of French oil giant Total has told the BBC the world could face a shortage of oil because of underinvestment. Chief executive Christophe de Margerie warned that too little has been spent trying to tap into new oil reserves because of the economic crisis.
Brazil’s government managed oil and gas company Petrobras is the world’s eighth biggest global company in market value, according to a survey carried out by Ernst & Young.
Brazil will have crude for half a century and become a leading oil exporter and “an important player in international geopolitics” the country’s energy minister said during a congressional hearing.
Brazilian government managed oil and gas company Petrobras will freeze overseas investments as the company concentrates on its primary role to develop recently discovered offshore oil reserves, CEO Jose Sergio Gabrielli said Thursday.
Venezuelan President Hugo Chavez announced Wednesday that China will invest 16 billion US dollars to boost oil production in the country particularly along the Orinoco River, as part of a strategy to reduce dependence on the US market.
US oil firm Chevron has signed 60 billion US dollars worth of deals to supply natural gas to Japan and South Korea from its Gorgon project in Australia. Chevron Australia said it would supply Osaka Gas with 1.375 million tonnes of natural gas a year over 25 years.
Spain’s biggest oil company Repsol-YPF announced on Friday the discovery of a Venezuelan gas field containing as much as 8 trillion cubic feet of fuel, equivalent to 1.2 to 1.4 billion barrels, one of the world’s largest finds.
Oil and gas explorer Rockhopper Exploration with licences in the North Falkland Basin announced Friday it had agreed terms with a third party energy company for a farm-in to one of the Company’s licences, including support for the costs of drilling one well.
DESIRE SHARE PRICE SOARS ON BACK OF OIL NEWS.
Desire Petroleum shareholders who have stood by their investments for more than a decade were rewarded yesterday when the news that a rig had been sourced sent shares leaping almost 40 per cent to 89p.
Oil prices closed Thursday above 72 US dollars a barrel following the meeting of the producers' cartel OPEC on Wednesday and the International Energy Agency forecast of stronger demand as the global economy recovers.