The Organization of Petroleum Exporting Countries, OPEC, is preparing to implement another round of oil cuts beginning February first, satisfied with its decision to cut supply by 6% that has helped restore market balance.
China's first strategic oil reserve base station has begun to be filled in Ningbo, Zhejiang province, according to reports from the country's National Development and Reform Commission (NDRC). This is the latest step in China's efforts to ensure a strategic oil reserve.
Desire Petroleum plc, the oil and gas exploration company wholly focused on the North Falkland basin, today announces an update on its activities.
Lack of energy, Venezuela's president Hugo Chavez and international terrorism are the major threats for Latinamerica concluded Wednesday several experts from the region in the framework of the World Economic Forum meeting in Davos, Switzerland.
Despite promises last year that gas prices would remain stable in coming months, gas supply company Energas announced Tuesday that prices are to increase by an average of 2.7 percent.
Spain's ENCE unveiled this week in Montevideo plans to produce a million tons of cellulose by September 2009 in a plant to be built in the south west of Uruguay along the River Plate coast.
Chile will call an international bid for the exploration of hydrocarbons in the extreme south of the country during the first half of this year, announced Karen Poniachik, the country's Minister of Energy and Mines.
Oil prices dropped below US$ 51,80 a barrel to new 19-month lows yesterday on a report that OPEC powerhouse Saudi Arabia said further production cuts are not necessary right now.
Brazil's government controlled oil corporation Petrobrás announced this week the start of natural gas production offshore the state of Bahia, which should increase supply in the northeast of the country helping to reduce the strong dependency from Bolivia.
Brazilian state-run oil company Petrobras's Argentine unit Petrobras Energía SA plans to invest more than two billion dollars over the next five years in Argentina and start this year exploring oil on Argentina's territorial sea, Petrobras Energía new Director General Carlos Fontes said.