Energy & Oil

Energy & Oil
Tuesday, September 22nd 2009 - 05:19 UTC

France’s Total predicts oil at 100 USD because of underinvestment

Christophe de Margerie warns that there could be an oil shortage by 2015

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.

Monday, September 21st 2009 - 11:24 UTC

Brazil’s Petrobras is the world’s eighth biggest in market value

Petrobras market value soared from 96 to 165 billion USD

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.

Friday, September 18th 2009 - 10:57 UTC

Brazil confident of becoming oil super power in the next ten years

Minister Edison Lobo defended the new oil industry bill before Congress

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.

Friday, September 18th 2009 - 10:54 UTC

Petrobras to concentrate all investments in pre-salt deposits

CEO Gabrielli said the company was going through a “fantastic moment”

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.

Thursday, September 17th 2009 - 13:26 UTC

China to invest 16 billion USD to develop new oilfields in Venezuela

President Chavez investing in diversification of investors and markets

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.

Monday, September 14th 2009 - 08:57 UTC

Australia signs 60 billion USD deal to supply gas to Japan and South Korea

The contract makes Australia the main LNG supplier of the region

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.

Saturday, September 12th 2009 - 12:05 UTC

Repsol makes huge natural gas discovery offshore Venezuela

CEO Antonio Brufau, gas partner of President Chavez

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.

Saturday, September 12th 2009 - 10:45 UTC

Rockhopper Exploration joins Falklands’ oil drilling season

Desire announced this week it had contracted an oil exploration rig

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.

Friday, September 11th 2009 - 11:31 UTC

Fakland Islands: Weekly Penguin News Update

For the next two years, these five faces will become as familiar to some Falklands teenagers as their own friends and family. Kathryn, Vicky, Jo, Pam and Ben are the new teachers on the block at FICS,

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.

Friday, September 11th 2009 - 08:16 UTC

Oil price climbs on expectations of global economic recovery

Prices have doubled since last December lows

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.


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