Energy & Oil
Energy & OilBrazil’s power companies report huge losses in 2012 forced by cheaper electricity bills
Latinamerica’s largest power company Eletrobras, managed by the Brazilian government reported losses equivalent to 3.4bn dollars last year which were mostly attributed to a bill promoted by the administration of President Dilma Rousseff ro reduce electricity bills both for industry, agriculture and home consumption.
YPF and US based DOW sign memorandum to develop shale gas in Patagonia
Argentina’s nationalized energy company YPF on Tuesday signed a memorandum of understanding with the local subsidiary of the US Dow Chemical to develop the shale gas deposits in the southern Nequen province.
BRICS summit to discuss creation of development bank with 50bn initial capital
Brazilian President Dilma Rousseff will attend this week's BRICS summit of five emerging powers hosted by South Africa to discuss creation of their own development bank, the Planalto office announced.
Falklands/Malvinas discussions between UK and Argentine lawmakers
Lawmakers from Argentina and the UK attending the 128th Inter-parliamentarian Union assembly held in Ecuador have been holding intense but ‘respectful’ discussions about the Falklands/Malvinas sovereignty dispute.
As Cyprus collapses, it's a race to the Mediterranean gas finish line
By Jen Alic of Oilprice.com - Cyprus is preparing for total financial collapse as the European Central Bank turns its back on the island after its parliament rejected a scheme to make Cypriot citizens pay a levy on savings deposits in return for a share in potential gas futures to fund a bailout.
Argentina should be self-sufficient in energy in five/six years says YPF
Argentina’s energy self-sufficiency can be expected in five to six years said Miguel Galuccio, CEO of YPF, the oil and gas corporation which was nationalized a year ago when the government of President Cristina Fernandez seized a 51% majority from Spain’s Repsol.
Petrobras keeps target of 2.5m bpd in 2016 and 4.2m bpd in 2020
Brazilian state-controlled oil company Petrobras has unveiled its business plan for the 2013-2017 period projecting investment of 236.7 billion dollars and maintaining its goal of raising crude-oil output from 2 million barrels per day in 2012 to 4.2 million bpd in 2020.
Chevron estimates US has recoverable oil and gas equivalent to 35 years of Saudi production
Conservative estimates put the size of recoverable crude oil and natural gas offshore the United States at the equivalent of nearly 35 years of Saudi Arabia's production. Chevron made the case emphasizing the need for development of US offshore resources.
Cuban leadership trusts Venezuelan oil and financial aid will continue to pour in
A mix of sorrow, self-interest and dread took hold of Cuba as word spread like wildfire that Venezuelan President Hugo Chávez, who had done so much for the country, was dead. While the official newscast devoted its entire program to events unfolding in Caracas, the government reaction was slow in coming.
Cash-short Petrobras shares surge following raise in diesel prices
Brazil’s Petrobras shares surged in Wednesday trading after the company surprised investors with a 5% increase in domestic diesel wholesale prices. The latest increase helps offset investor disappointment with January's lower-than-expected jump in gasoline and diesel prices, which had pushed Petrobras's shares to a seven-year low in recent sessions.
