Energy & OilEnergy & Oil
In spite of the global recession and the international gloomy atmosphere, Magallanes region in the extreme south of Chile has been forecasted ten years of 6.3% annual average growth speared by investments in energy related projects.
With Deutsche Bank forecasting a barrel of oil at 40 USD in 2009, Opec president Chakib Khelil said members of the cartel have lost about 700 billion US dollars because of falling crude prices.
Iran's OPEC governor, Mohammad Ali Khatibi, is calling on the oil cartel to cut production by a further 1 to 1.5 million barrels per day when it meets in Cairo later this month.
Phyl Rendell, Falkland Islands Director of Minerals and Agriculture attended the International AAPG (American Association of Petroleum Geologists) in Cape Town, South Africa.
While the price of crude oil for future delivery declined below 60 US dollars a barrel, OPEC sources on Tuesday said that the cartel will again consider cutting production when it meets next month in Algiers.
Magallanes and Los Lagos regions in the extreme south of Chile are looking into the possibilities of developing vast resources of peat in the area. Magallanes has an estimated 2.2 million hectares of peat and peaty soil which is equivalent to 17% of that territory.
Wind farms off the Skegness coast in east England have helped make the Unite Kingdom since November the leader in offshore wind generation. The Lynn and Inner Dowsing farms are located 5 kilometres east of Skegness and when fully commissioned will transfer 194 megawatts of power to the national grid.
Brazil's pre-salt oil reserves already under concession could reach as much as 80 billion barrels of oil equivalent, said the head of Brazil's National Petroleum Agency (ANP), Haroldo Lima, on Friday.
Ecuador has told Spanish-Argentine oil company Repsol YPF to leave the country after having refused to accept a government demand to change the contract which enables it to extract 60.000 bpd.
Brazil is scheduled to sign on Friday an agreement with Cuba for deep-water oil and gas exploration and production. The event is considered the highlight of the two day visit of President Lula da Silva to the island beginning late Thursday.