Methanex the world's largest methanol plant which operates from Punta Arenas has seen a drastic reduction of its production because of the persistent cuts in natural gas supply provided by neighboring Argentina.
Sixteen provinces, over half of the Argentine territory, are short of gas oil endangering crop harvesting and preparing the soil for this year's wheat production, warned the Argentine Agrarian Federation, FAA which is planning a national stoppage to underline the seriousness of the situation.
Enersis, a subsidiary of the Chile's energy giant Endesa, will provide GasAtacama with 20 million US dollars needed to save the electricity supplier from imminent bankruptcy.
Lacking a steady supply of natural gas from Argentina, GasAtacama has had to burn expensive diesel to generate electricity. It is thus incurring losses each day it continues to operate.
Chile invited on Friday local and foreign companies to invest in the exploration and production of oil and natural gas at 10 promising blocks in the Magallanes region, on the southern tip of South America.
Desire Petroleum plc announces that on 3 June 2007, Wavefield InSeis ASA commenced a contract to acquire high resolution 2D shallow-seismic data, at a number of potential drilling sites, on its licences in the North Falkland Basin, using the seismic vessel Bergen Surveyor. This vessel has just finished work for Falklands Oil and Gas Limited on their licences to the south of the Falkland Islands.
Rockhopper Exploration plc (Rockhopper) (AIM:RKH) is pleased to announce that it has appointed RPS Energy (RPS) to undertake an Environmental Impact Assessment (EIA) over licences PL023 and PL024. The EIA will be conducted in parallel with Desire Petroleum's EIA over licences PL006 and PL007, resulting in cost savings for both companies.
Spanish-Argentine oil company Repsol YPF SA admitted Monday that it's looking to divest a stake of around 45% of its Argentine unit YPF which it purchased in 1999 for the sum of 15 billion US dollars when Argentina was ruled by President Carlos Menem.
The cold spell that gripped Argentina since early this week has left 31 dead, the Spanish news agency EFE reported.
The Thirty-Seventh Regular Session of the General Assembly of the Organization of American States (OAS) will open in Panama City, Panama, next Sunday, June 3, with a focus on Energy for Sustainable Development, in recognition of the fundamental importance of energy resources for the future of the nations of the region.
Next week Chile will officially invite international corporations to participate in the exploration and production of hydrocarbons in the Magallanes Region. Chilean Minister of Mines Karen Pniachik will be in Punta Arenas for the opening ceremony.