The Organization of Petroleum Exporting Countries, OPEC continues to monitor global oil markets and is prepared to help mitigate any tightness but the level of 30 million barrels a day ensures that commercial oil stocks remain at comfortable levels for the time being, said OPEC's Secretary General in Vienna.
Brazilian government-controlled oil company Petrobras is planning to invest 18 billion US dollars in the gas sector over the next four years, most of it in 2008, taking Brazil's current production from 27.5 million cubic meters in 2006 to 70 million cubic meters by 2011.
Growing natural gas supply cuts to Chile because of the Argentine energy crisis have caused the Chilean economy a half point GDP loss in 2006 and so far this year losses equivalent to 307 million US dollars to the manufacturing industry.
Brazilian scientists claim to have established as a scientific fact that the Amazon is the longest river in the world. The Amazon is recognized as the world's largest river by volume, but has generally been regarded as second in length to the River Nile in Egypt.
To avoid residential blackouts the Argentine government imposed stricter electricity consumption restrictions plunging some industrial customers to an indefinite supply cut off as demand again peaked when temperatures plunged to freezing levels.
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.