Energy & Oil

• Friday, August 13th 2010 - 06:33 UTC

  Brazil halts operations on Petrobras oil platform citing safety reasons

  

  Brazil's oil regulator said on Thursday it halted operations of state oil company Petrobras' (PETR4.SA: Quote) offshore P-33 platform, citing safety concerns. The announcement follows oil workers union claims that the rig was “dangerous”.

• Saturday, August 7th 2010 - 05:59 UTC

  BP sells Colombian operation to local and Canadian companies

  

  Colombian state oil company Ecopetrol S.A. and Canadian firm Talisman have reached an agreement to buy the Colombia operation of BP Plc for 1.75 billion US dollars.

• Friday, August 6th 2010 - 22:20 UTC

  Bolivia’s gas reserves ‘comfortably’ sufficient for the next twenty years

  

  Bolivia’s proven gas reserves stand at 19 trillion cubic feet, which means the country can address domestic and foreign demand comfortably during the next 20 years announced Friday by Energy and Hydrocarbons minister Fernando Vincenti.

• Thursday, August 5th 2010 - 17:28 UTC

  Foster Wheeler awarded engineer contract for Montevideo LNG receiving plant

  

  Foster Wheeler AG (Nasdaq: FWLT) announced Wednesday that its Global Engineering and Construction Group has been awarded an owner’s engineer contract for a new LNG receiving terminal (the “GNL Del Plata” facility) to be built in Uruguay’s capital Montevideo.

• Wednesday, August 4th 2010 - 22:08 UTC

  Venezuela’s oil corporation profits plummet because of “•global capitalist crisis”

  

  State-owned Petroleos de Venezuela SA earnings reached 4.49 billion US dollars in 2009, down from 9.41 billion in 2008, Energy and Petroleum Minister Rafael Ramirez revealed this week. Speaking at PDVSA headquarters in Caracas, he cited the “global capitalist crisis” as a major factor in the sharp fall in net income.

• Saturday, July 31st 2010 - 05:42 UTC

  Following repeated blackouts Chile announces major overhaul of power control

  

  In light of recent problems with Chile’s electrical system Energy Minister Ricardo Raineri announced this week plans to overhaul the control centre of the interconnected power grid, on which the majority of Chile’s electricity is run.

• Tuesday, July 27th 2010 - 23:46 UTC

  Argos Resources raised £ 22 million for hydrocarbons exploration in Falklands

  

  Argos Resources with exploration licences in the North Falkland Basin expects its shares to be admitted to trading on AIM on Thursday 29 July. Argos Resources has raised £22 million (£20.6 million net of costs) in a placing of new ordinary shares at 31 pence per share which will give the company a market capitalisation of £67 million.

• Tuesday, July 27th 2010 - 20:20 UTC

  Ecuador moves to increase state control over the oil industry

  

  OPEC member Ecuador says it will start renegotiating contracts with private oil companies as it moves to increase state control over the sector. Under the new hydrocarbons law, the current production-sharing agreements will be replaced by a flat fee.

• Friday, July 23rd 2010 - 22:39 UTC

  Rockhopper spuds second well in Falklands North Basin

  

  Rockhopper Exploration (AIM: RKH) announced that on Friday early morning it had spudded Ernest 26/6-1 exploration well in the North Falkland Basin, the second well the British company is drilling following the successful discovery of oil in its Sea Lion prospect.

• Thursday, July 22nd 2010 - 23:36 UTC

  Bolivia, Paraguay and Uruguay consider building 2.000 kilometres gas pipeline

  

  Natural gas-rich Bolivia has invited Paraguay and Uruguay to confirm sufficient demand to justify the building of a commercially viable 2.000 kilometres pipeline linking with Asunción and Montevideo.