Energy & OilEnergy & Oil
The Bank of England has asked formally for new powers to prevent a housing boom and bust. Under the powers, the Bank would be able to limit how much people can borrow to buy a home, according to their financial circumstances.
Borders & Southern Petroleum PLC said it will join a Falkland Islands drilling consortium so it can participate in the 2015 drilling program on the Islands, as soon as partnering and funding has been secured for its licenses.
Unsatisfied with the pace at which the federal government is acting to reduce greenhouse gas emissions, several U.S. states and a few Canadian provinces are forging ahead with their own initiatives.
Credit ratings agency Moody's Investors Service has warned about the Argentine situation which can become “harmful” for Latin America, stating that the country's economy is in “decline” and qualifying current policies as “highly risky.”
Global goods trade will grow less than hoped this year and next, and factors including regional conflicts and the Ebola outbreak are putting a quick return to stronger growth at risk, the World Trade Organization said today.
A recent report from Greenpeace found that China's coal consumption declined in the first half of this year and new Chinese government data suggests that the country's coal imports have dropped. Estimates indicate that by the end of the year, China's coal imports could be 8 percent below 2013 levels.
Brazil's biggest oil field, Libra, will cost 80 billion dollars to develop, according to a senior executive with France's Total, one of five consortium members participating in the project. Total's vice president of exploration and production for the Americas, Ladislas Paszkiewicz, made the estimate at the Rio Oil & Gas conference, which began Monday and runs through Thursday.
Falkland Oil and Gas Limited (FOGL) reported this week that it is making progress with its preparations for its next drilling campaign, which is scheduled to start during the first quarter of 2015 off the South Atlantic Falklands Islands.
Brazil will hold a 13th round of oil rights auctions in the first half of next year in a sale that will include new areas in the country's promising Eastern Margin offshore region, a senior mines and energy ministry official said this week.
Argentina's YPF oil and gas state corporation CEO Miguel Galuccio pointed out that the increase in gas prices is needed in order to sustain “strong investment levels” for the company and revealed that the cost of drilling a well in the country's massive oil field in Vaca Muerta has fallen below 7 million dollars.