Energy & Oil

Tuesday, November 27th 2012 - 04:47 UTC
President Franco says Paraguay will begin pumping oil in mid-2013

Paraguayan president Federico Franco announced on Monday that starting on 2013 the country will become an oil producing nation, after a recent discovery close to the border with Argentina.
Friday, November 23rd 2012 - 20:06 UTC
CPR confirms potential of Desire Petroleum discoveries in the Falklands

Falklands’ oil explorer Desire Petroleum announced on Friday that the findings of a Competent Person’s Report, CPR, have confirmed the potential of its discoveries offshore the Islands in the North Falkland Basin.
Thursday, November 22nd 2012 - 21:35 UTC
North Dakota oil and gas production increasing 3% to 5% monthly

Crude production from the Bakken and Three Forks formations in North Dakota could rise by another 50-100% in the next three years, and not start to decline until 2020 or even 2025, according to official projections from the North Dakota Oil and Gas Division.
Tuesday, November 20th 2012 - 01:36 UTC
Repsol presses charges against Chevron for making business with nationalized YPF

Spanish oil company Repsol has pressed charges against Chevron over “disloyal competition”, after the US company reached an agreement with its former Argentine branch YPF to conduct explorations in the Vaca Muerta reservoir, a company spokesman announced.
Tuesday, November 20th 2012 - 00:46 UTC
Repsol wants fair compensation from Argentina; will appeal to all legal resources

Repsol Chairman Antonio Brufau has expressed his determination to reach a solution on compensation for the nationalisation of its shares in YPF, and says that he is willing to take the matter to an international court level to ensure a fair amount is paid.
Monday, November 19th 2012 - 11:37 UTC
Gasoline rationing extended in New York until next Friday

Gasoline rationing in New York City which was scheduled to end on Monday has been extended through Friday, even as the gas station lines that prompted it have all but disappeared.
Friday, November 16th 2012 - 00:42 UTC
BP pleads guilty to Gulf of Mexico spill and will pay a record 4.5bn

BP Plc agreed on Thursday to plead guilty to a raft of charges in the deadly Gulf of Mexico spill and pay a record 4.5 billion dollars including the biggest criminal fine in United States history. Three BP employees were also charged, two of them with manslaughter.
Wednesday, November 14th 2012 - 07:08 UTC
Petrobras strikes oil and gas in extreme south of Argentina at the Springhill field

Petrobras Argentina reported this week that it made a new oil- and gas-field in the northern area of the Puesto Peter franchise, which is located in the Patagonia province of Santa Cruz.
Tuesday, November 13th 2012 - 20:51 UTC
Latam rapidly turning into middle class continent, says World Bank

A World Bank report released Tuesday found that Latin America and the Caribbean registered a 50% jump in the number of people joining the middle class during the last decade, which was called by economists an historic achievement for a region long exposed to wealth inequality.
Tuesday, November 13th 2012 - 00:56 UTC
US to overtake Saudis and Russia as world’s top oil producers by 2’17, says IEA

The United States is forecasted to overtake Saudi Arabia and Russia as the world's top oil producer by 2017, the West's energy agency said on Monday. The International Energy Agency (IEA) said it saw a continued fall in US oil imports with North America becoming a net oil exporter by around 2030 and the United States becoming almost self-sufficient in energy by 2035.