Energy & Oil

Friday, April 23rd 2010 - 06:21 UTC
Gulf of Mexico Rig Explodes and Sinks; 11 Workers Missing; Fears of Oil Leak

An oil rig in the Gulf of Mexico that caught fire after an explosion on Tuesday night has now sunk, the US Coast Guard has said. A search is continuing for 11 missing workers after the blast at the Deepwater Horizon rig. The other workers on the rig, off Louisiana, were evacuated to the US.
Friday, April 23rd 2010 - 03:25 UTC
Panamanian president announces oil has been found in the Darien area

Panamanian president Ricardo Martinelli announced Thursday there was oil in the Darien jungle and he planned to expand the mining industry in Panama while protecting the environment.
Wednesday, April 21st 2010 - 03:29 UTC
Brazilian government awards bid to build controversial Amazon dam

The Brazilian government accepted bids Tuesday to build what would be the world’s third-largest hydroelectric dam in the Amazon. Officials proceeded with the auction immediately after a judge overturned another magistrate’s injunction blocking the tender and revoking the environmental permit for the 11,000 MW Belo Monte complex.
Saturday, April 17th 2010 - 03:21 UTC
IDB promises 3 billion USD annually to finance renewable energy

The Inter-American Development Bank, IDB, announced Friday its intention to increase its financing for renewable energy and climate-related projects to 3 billion US dollars a year by 2012.
Saturday, April 17th 2010 - 03:04 UTC
Exxon-Mobil claims to have drilled the longest extended-reach well offshore

Exxon-Mobil has completed an extended-reach well offshore southern California, which it claims is the world’s longest extended-reach well drilled from an existing offshore fixed platform drilling rig.
Friday, April 16th 2010 - 10:04 UTC
Falklands: Rockhopper Exploration spuds Sea Lion

Rockhopper Exploration (AIM: RKH) has spudded its 100% owned Sea Lion 14/10-B exploration well in the Licence PL032 in the North Falkland Basin. Once drilling is complete, Sea Lion’s results will be eagerly anticipated among investors following the prospective Falkland oil and gas play.
Thursday, April 15th 2010 - 17:14 UTC
Petrobras completes global presence by acquiring stake in Australian block

Brazilian government managed energy giant Petrobras announced it acquired a 50% stake in an exploration block in Australia with significant natural gas potential. Petrobras acquired the stake from MEO Australia for 39 million USD.
Thursday, April 15th 2010 - 17:11 UTC
Venezuela plans to invest 120 billion USD in developing Orinoco heavy crude

Venezuelan Energy and Oil Minister Rafael Ramirez said some 120 billion USD will be invested over the next seven years in the Orinoco Belt, which the U.S. Geological Survey says is the largest petroleum accumulation it has ever evaluated.
Thursday, April 15th 2010 - 05:53 UTC
Argentina to resume nuclear program in cooperation with Russia

Russian President Dimitri Medvedev met with President Cristina Fernández de Kirchner to commemorate 125 years of bilateral relations between Argentina and Russia and to sign several cooperation agreements in different fields including helping Argentina to develop its nuclear program.
Thursday, April 15th 2010 - 05:50 UTC
China’s Sinopec expected to invest in Brazilian offshore oil blocks

China's Sinopec will buy stakes in two Brazilian offshore blocks from state-run Petrobras, local media reported Wednesday, as part of a cooperation agreement to be signed during a visit by China's president to Brazil.