Energy & Oil

• Friday, January 6th 2012 - 06:52 UTC

  YPF finds oil south of Mendoza; source estimated in 40 billion barrels

  

  Energy company YPF announced the finding of conventional oil at the Cuenca Neuquina, in the Chachahuén bloc, at the Southern area of Mendoza province, that is equivalent to 40 million barrels.

• Thursday, January 5th 2012 - 05:33 UTC

  In a decade Brazil must increase power generating capacity by 56%

  

  Brazil must expand electricity production over the next decade by an amount equivalent to the power generated by three Itaipú hydroelectric dams, according to a study released Wednesday by the state-run Energy Research Corporation, EPE.

• Wednesday, January 4th 2012 - 06:09 UTC

  China’s Sinopec buys stake in five shale projects in the US

  

  Devon Energy Corp announced Tuesday the sale to China’s Sinopec of a one-third stake in five shale projects in the United States. The terms of the deal call for China’s No. 2 oil company to pay 900 million dollars in cash to the US firm and contribute 1.6 billion toward the cost of drilling.

• Wednesday, January 4th 2012 - 06:06 UTC

  US is ending three-decade subsidies on corn ethanol

  

  The US government is ending a three-decade-old policy of subsidizing corn ethanol, but it appears that the loss of the 6 billion dollars annual benefit will have little impact on farmers.

• Wednesday, January 4th 2012 - 05:20 UTC

  Petrobras announced discovery of light oil offshore Espirito Santo basin

  

  Petrobras has discovered light oil and gas accumulation in the Tambuata prospect in Brazil’s offshore Espirto Santo basin. Well 4-GLF-31-ESS was drilled in 1.520 metres water depth in the Golfinho Concession (4-BRSA-1001-ESS).

• Tuesday, January 3rd 2012 - 03:04 UTC

  Venezuela cuts Exxon-Mobil compensation payment from 908m to 255m dollars

  

  Venezuela's PDVSA said on Monday it will pay Exxon Mobil Corp 255 million dollars in compensation for nationalized assets, which is less than a third of what the US oil giant said it was awarded by an arbitration panel.

• Monday, January 2nd 2012 - 03:46 UTC

  Victory for Chavez in arbitration with Exxon Mobil over assets’ nationalization

  

  An international arbitration panel has awarded US oil giant Exxon Mobil Corp 908 million dollars in compensation for Venezuela's 2007 nationalization of assets, less than 10% of what it sought in a dispute that pitted a top global oil company against one of the world's largest oil exporters.

• Saturday, December 31st 2011 - 03:26 UTC

  UK awards 46 offshore hydrocarbons exploratory licences in controversial areas

  

  UK government has awarded 46 new offshore exploratory drilling licences to firms, including Shell and Centrica, looking for oil and gas. The awards were initially held back due to environmental concerns.

• Friday, December 30th 2011 - 21:10 UTC

  Rockhopper completes sidetracking of its latest well in Falklands’ waters

  

  Rockhopper Exploration, the oil and gas group working in the Falkland Islands announced on Friday it has completed coring and logging operations on a sidetrack of its latest well in the North Falkland Basin

• Wednesday, December 28th 2011 - 03:41 UTC

  Falklands have three options for a new deep water port

  

  The location of a new deep water port for the Falkland Islands been narrowed down to three potential sites: Mare Harbour, Navy Point (north of the Camber) and Stanley harbour (FIPASS) it was confirmed at the Executive Council meeting last week following a discussion of the issue.