Energy & OilEnergy & Oil
With less than 40 days remaining before the country takes center stage as host of the 2014 FIFA World Cup, Brazilian hydropower power operators are facing a severe drought that makes energy rationing an increasing likelihood.
The Argentine unit of Brazilian state-controlled oil giant Petrobras has signed an agreement with the Patagonian province of Rio Negro that extends its three concessions in that region for 10 years. The new deal was inked after the company renegotiated its contractual conditions with the provincial government.
Russian President Vladimir Putin said he doesn't think the European community can do without the natural gas it gets from energy monopoly Gazprom. With a Russian economy starting to decline, however, it may be Gazprom that's too strongly interconnected to the European market to break free.
After a 16-hour debate, Argentina's Lower House passed the law to pay Spanish Repsol 5 billion dollars in bonds to compensate for the 2012 seizure of a majority stake in Argentina's energy company YPF.
A fire in the Waterport power station left most of Gibraltar without electricity on Sunday afternoon, reports the Gibraltar Chronicle. Police urged residents in the area to close their windows as thick black smoke billowed from the power station, though no one was injured in the incident.
Argentina's National Institute for Agricultural Technology (INTA) has invented a way to convert cow flatulence into usable energy, and it involves putting a plastic backpack on a cow. Livestock are responsible for a remarkable amount of global methane emissions, which are a major cause of global warming.
As protests in Ukraine's eastern region turned violent on Sunday leading to the death of a Ukrainian security officer in a shootout with pro-Russian militia, Kiev threatens military action while Moscow flexes its geo-economic warfare muscles.
Brazil's Federal police confirmed on Friday that it had orders from a Parana federal judge to raid Petrobras offices in search of documentation related to an alleged major money laundering scheme but it was not necessary because of the collaboration from the country's largest oil and gas corporation officials.
The following article from the Sydney Morning Herald was written by Chris Zappone, who recently visited the Falkland Islands as a guest of the local government and the Foreign Office.The Falkland Islands are not an easy place to reach. Flights come only weekly. Cruise ships making the trip brave frigid seas, freezing nights and recently, harassment from Argentine dockworkers.
US oil giant Chevron and state-controlled YPF unveiled plans Thursday to spend another 1.6 billion dollars to develop Argentina's Vaca Muerta shale formation for oil and gas projects. The investment comes on top of 1.2 billion Chevron agreed to spend last year for a shale pilot project.