Brazilian government owned oil giant Petrobras has offered 900 million US dollars for Exxon's assets in Chile as part of its regional downstream expansion policy that includes Argentina, Chile, Paraguay and Uruguay.
Biofuels have the potential to cause both good and harm and governments must therefore be careful to balance the costs and benefits of developing them as energy sources, Secretary-General Ban Ki-moon has said in Brazil as he continues an official trip focused on climate change.
Brazilian President Luiz Inacio Lula de Silva said the discovery of reserves that may total as much as 8 billion barrels of oil and natural gas may lead the country to join the Organization of Petroleum Exporting Countries
Venezuelan President Hugo Chávez challenged Latin American leaders at a summit yesterday to lower regional oil prices, telling big producers to sell oil cheaply to their neighbors.
Brazil's state oil company announced Thursday that it had discovered as much as eight billion barrels of light crude in an ultra-deep field off the coast of Rio de Janeiro, an amount that could transform the country into a major world oil exporter.
U.N. Secretary General Ban Ki-moon said on Tuesday he would discuss how to balance climate change and food security in the development of biofuels when he visits major ethanol producer Brazil next week.
The International Monetary Fund's new managing director, Dominique Strauss-Kahn, Friday said the U.S. dollar remains overvalued --repeating the IMF forecast for the greenback--. However he discarded a recession in the US and said it's no surprise to see the price of oil at such a level
Rockhopper Exploration plc announced that initial interpretation of the 3D seismic data collected over its licences PL032 and PL033 in the Falkland Islands has revealed large fans and structural closures which could form targets for the next round of drilling. The largest fans cover approximately 40sq km and are located near to the Shell well which recovered live oil.
Borders & Southern Petroleum PLC announced this week it has started the acquisition of 3D seismic data across its South Falkland Basin acreage and that it expects to complete the data collection in the first quarter of 2008.
A United Nations expert has condemned the growing use of crops to produce bio-fuels as a replacement for gasoline as a crime against humanity. The UN special rapporteur on the right to food, Jean Ziegler, said he feared bio-fuels would bring more hunger.