Energy & OilEnergy & Oil
Repsol-YPF, Spain’s biggest oil company cut its five-year exploration and production investment plan to reduce costs as the economic slowdown saps earnings. Repsol will invest an estimated 8.76 billion Euros in E&P from 2008 through 2012, down from an earlier plan to spend 9.3 billion Euros, the Madrid-based company announced Monday.
Brazilian president Lula da Silva revealed Friday he had ordered all government offices linked to the power industry, an in depth investigation into the Tuesday blackout which he described as a “national disaster”.
United States trade deficit widened in September by the most in a decade, reflecting rising demand for imported oil and automobiles as the economy rebounded from the worst recession since the 1930s.
The Chilean government set up the legal framework allowing the export of re-gasified natural gas to Argentina over existing gas pipelines, as well as to other countries of the region following the inauguration of facilities in central Chile, reports Santiago’s La Tercera.
The 16-strong group of nations in the Euro-zone has “technically” emerged from recession, official figures show. European countries using the single currency grew their collective economy 0.4% in the third quarter.
Gibraltar is not just having a relatively good level of economic activity during global recession and financial crisis, but is further positioning itself well to move into a significant new growth phase when the global economy and markets recover.
Brazilian officials stated the blackout that left at least 60 million of people in the dark in Brazil and neighbouring Paraguay Tuesday was caused by a lightning storm.
The world’s largest operational hydroelectric dam, Itaipú which on Tuesday caused a four hours blackout in 16 of Brazil’s 27 states and most of Paraguay was back in full production early morning Wednesday but authorities have so far remained silent about the causes of the major turnoff.
World global demand for energy which has fallen in 2009 because of the recession is forecasted to soar 40% by 2030 and the Copenhagen summit next month will be “crucial” to design an energy sustainable future according to the “World Energy Outlook 2009” released in London by the International Energy Agency.
A huge expansion of nuclear power was signalled Monday by the British Government as it named 10 sites where new power stations could be built. The first is set to be operational by 2018 and, by 2025 nuclear electricity generation could amount to around 40% of new energy provision.