Energy & Oil

• Thursday, August 22nd 2013 - 23:43 UTC

  China will build and finance two dams in Patagonia equivalent to 10% of Argentine power demand

  

  Argentina's government this week awarded a 4 billion dollars contract for the construction of two hydroelectric dams to a consortium led by China Gezhouba (Group) Co. and which includes Argentine firms Electroingenieria SA and Hidrocuyo SA.

• Thursday, August 22nd 2013 - 23:40 UTC

  Brazil fuel prices remain unchanged for now…despite growing losses of Petrobras

  

  Brazil's President Dilma Rousseff has not yet discussed raising gasoline and diesel prices to support state-run oil producer Petrobras, said her spokesperson in response to local media reports on Thursday.

• Thursday, August 22nd 2013 - 23:24 UTC

  Brazil launches 60bn dollars currency-intervention program to boost the sliding Real

  

  Brazil's central bank announced a currency-intervention program on Thursday that will provide 60 billion dollars worth of cash and insurance to the foreign-exchange market by year-end, a move aimed at bolstering the country's currency, the Real which has slipped to near five-year lows against the dollar.

• Thursday, August 22nd 2013 - 11:32 UTC

  Falklands’ government supports Premier Oil proposed development concept

  

  The Falkland Islands Government notes the update provided by Premier Oil today (Thursday) regarding the progress of the Sea Lion oilfield development in the North Falkland Basin, and “supports the proposed phased development concept which will help mitigate local infrastructure and capacity pressures during peak development activity”.

• Thursday, August 22nd 2013 - 00:39 UTC

  Argentina’s trade surplus down 40% in July; unemployment fell to 7.2%

  

  Argentina's trade surplus shrank by 40% in July from a year earlier as surging fuel and auto imports increased pressure on President Cristina Fernandez government's system of currency controls. However the unemployment rate in the second quarter fell to 7.2% according to official data.

• Thursday, August 22nd 2013 - 00:37 UTC

  China’s CNOOC and Dow in line to sign agreements to develop Argentina’s shale deposits

  

  YPF, the energy company in which Argentina holds a majority stake said its next shale oil and gas partnership will be with a group including China’s Cnooc. A deal is expected to be signed sometime next month.

• Wednesday, August 21st 2013 - 18:39 UTC

  Sharp decline of oil and gas from off-shore UK is ‘worrying’ says annual report

  

  The sharp decline in production of oil and gas from under British waters is “worrying” industry leaders. Trade body Oil and Gas UK says there is record investment this year of £13.5bn, but its annual report on the industry's economic impact highlights the sharp fall in output of 19% during 2011 and 14% in 2012.

• Tuesday, August 20th 2013 - 01:42 UTC

  Argentina challenges ICSID judges in the dispute with Repsol over YPF seizure

  

  Argentina formally challenged on July 29 the appointments of Judge Francisco Orrego Vicuña as mediator in Argentina’s dispute with Spanish oil firm Repsol and Claus von Wobeser as the head of the International Centre for Settlement of Investment Disputes (ICSID)’s arbitral tribunal that will pronounce a ruling in the case, it was revealed by Telam the official news agency.

• Tuesday, August 20th 2013 - 01:14 UTC

  Tolmount gas discovery in the North Sea could be one of the largest in a decade

  

  Germany's E.ON says the size of a gas discovery made in the UK almost two years ago could be “significantly” larger than it previously thought. The integrated player said data from a recent appraisal well at the Tolmount discovery off the UK could make the find “one of the largest discoveries made in this part of the North Sea for several years”.

• Friday, August 16th 2013 - 17:46 UTC

  Ecuador ‘forced’ to drill for oil in pristine Amazon rainforest; ‘rich countries have failed us’

  

  Ecuador has abandoned a conservation plan that would have paid the country not to drill for oil in previously untouched parts of Yasuni National Park in the Amazon rainforest. President Rafael Correa said rich nations had failed to back the initiative, leaving Ecuador with no choice but go ahead with drilling.