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Montevideo, July 25th 2024 - 06:26 UTC

Energy & Oil

  • Wednesday, July 3rd 2024 - 10:00 UTC

    Plummetting lithium price leads BASF to drop investment plans in Chile

    An oversupply of lithium is feared given a recent increase in worldwide output so prices went down

    Chemical giant BASF SE dropped its plans to invest in lithium mining assets in Chile after a recent downward turn in the mineral's price, it was reported. The German company thus canceled all talks with Canada's Wealth Minerals Ltd., which has exploration projects in the South American country, it was explained.

  • Tuesday, July 2nd 2024 - 08:03 UTC

    Ban on Heavy Fuel Oil shipping in Arctic waters has become effective

    In colder waters, experts say, the fuel does not break down but sinks in lumps that linger in sediments, threatening fragile ecosystems.

    An international ban starting July first, on the use of Heavy Fuel Oil, HFO, in the Arctic region adopted by the United Nations maritime body, the International Maritime Organization (IMO), at the Marine Environment Protection Committee, in June 2021, has come into effect aiming to protect the vulnerable waters from the risk of oil spills.

  • Saturday, June 22nd 2024 - 06:20 UTC

    Falklands Rockhopper Exploration collects first tranche of Ombrina Mare payment

    ”We are delighted to have received the tranche one payment under the Ombrina Mare monetization agreement[, said CEO Samuel Moody

    Oil company Rockhopper Exploration PLC, with key interests in the Falkland Islands, on Friday, announced it had received the first tranche payment in relation to the monetization of its Ombrina Mare arbitration award, according to a report from Alliance News.

  • Thursday, June 20th 2024 - 15:55 UTC

    Falklands: Consultation to begin on Sea Lion offshore oil development, north of the Islands

    A Floating Production Storage and Offloading vessel (FPSO), so common offshore Brazil's Petrobras operations, would be operational at Sea Lion Filed

    Following an extraordinary sitting of Executive Council on Monday 17 June, the Falkland Islands Government has agreed that there will be a public consultation from Monday 24 June to Monday 5 August 2024, on the Environmental Impact Statement for the Sea Lion Field Northern Development Area, Phase 1 and 2, which has been submitted by Navitas Petroleum Development and Production Limited.

  • Thursday, June 20th 2024 - 10:55 UTC

    Petrobras CEO says oil will lead Brazil's energy transition

    Chambriard has already been in charge of the company since late May when she replaced Jean-Paul Prates

    Despite being de-facto the new CEO of Brazil's state-run oil company Petrobras for a while, Magda Chambriard took her oath of office Wednesday during a ceremony in Rio de Janeiro, Agencia Brfasil reported. In her speech at the event attended among others by President Luiz Inácio Lula da Silva, Chambriard insisted that oil would lead the way into energy transition progressively reducing carbon emissions and zeroing them by 2050.

  • Thursday, June 20th 2024 - 10:43 UTC

    Nationwide blackout hits Ecuador after heavy rains kill 17

    The power outages were due to “a fault in the transmission line” that caused a “cascading disconnection,” Luque explained

    Entire cities across Ecuador were left with no electricity Wednesday at around 3.30 pm just two days after Energy Minister Roberto Luque ruled out that possibility when he downplayed the importance of the cessation of activity of at least three hydroelectric power plants due to heavy rains that caused at least 17 deaths according to preliminary reports. In mid-April, a series of outages led to the dismissal of Luque's predecessor Andrea Arrobo.

  • Wednesday, June 19th 2024 - 19:26 UTC

    Hike in electricity bills burdening Chile's inflation policy

    Chile needed not to repeat Argentina's disproportionate fare increases, Ramos explained

    A recent increase in electricity bills has Chile's Central Bank needing to postpone getting the South American country's inflation under control, according to the Monetary Policy Report (IPoM) for June 2024 released Wednesday.

  • Monday, June 17th 2024 - 19:58 UTC

    Argentina to remove solar panels Tuesday, weather permitting

    “Remove the solar panels as soon as possible or we will,” warned a Boric not as tolerant as Chile's Foreign Minister van Klaveren

    Argentina's Navy will remove the solar panels mistakenly placed in Chilean territory after President Gabriel Boric Font warned that his country would take action if Buenos Aires failed to comply at the earliest time possible.

  • Friday, June 14th 2024 - 21:18 UTC

    Petrobras CEO regrets time spent without exploring Equatorial Margin

    ”I took part in the discovery of the pre-salt,” Chambriard had noted on her first day as CEO

    Petrobras' newly appointed CEO Magda Chambriard said this week that Brazil's state-run oil company “lost 10 years” by not exploring an area known as the new “pre-salt” and criticized the Brazilian Institute for the Environment and Renewable Natural Resources (Ibama) for the delay in authorizing oil explorations in the so-called Equatorial Margin, Agencia Brasil reported.

  • Thursday, June 13th 2024 - 10:31 UTC

    Several companies trying to replicate Guyana's oil boom success in Suriname

    Suriname is a former Dutch colony in the north of South America, with a long history of corruption and drug dealings, but oil could make a vast transformation.

    Will Suriname become another oil boom province as neighboring Guyana? Wood Mackenzie hydrocarbons consultants believe it to be possible but exploration efforts have taken longer and the extraordinary Stabroek Block success and its dozen discoveries from the ex British colony has yet to be replicated.