Energy & Oil

Monday, August 20th 2012 - 01:42 UTC
Ecuador insists in Mercosur interest, but admits it will be a long process

Ecuador has reiterated its intention of joining Mercosur but this needs to be compatible with the rules from the Community of Andean Nations, CAN, (to which it now belongs) said Ecuadorean ambassador Horacio Sevilla Borja.
Friday, August 17th 2012 - 07:02 UTC
Falklands’ Desire updates oil potential of promising Elaine and Isobel prospects

The AIM traded company Desire Petroleum said on Thursday it will seek industry partners to participate in the further exploration of the North Falkland basin based on the quality of its maturing prospect inventory.
Thursday, August 16th 2012 - 05:02 UTC
China soon to become Venezuela’s main trade partner; oil sales soared 60% this year

Venezuelan oil sales to China have jumped by 60% since the start of the year, the country's oil minister said in an interview published on Sunday in the state-run Correo del Orinoco.
Wednesday, August 15th 2012 - 08:54 UTC
Brazilian court listens to natives claims and suspends work on Belo Monte dam

A Brazilian federal court has ordered the immediate suspension of work on the controversial Belo Monte hydroelectric plant, ruling that indigenous communities were not consulted. It was set to be the world's third-largest dam.
Tuesday, August 14th 2012 - 23:23 UTC
Petrobras says it struck light oil in deep waters offshore Sao Paulo state

Brazil's state-managed energy giant Petrobras confirmed the presence of significant quantities of light oil in deep waters off the country's south-eastern coast. Petrobras said in a statement released late Monday that the high-grade oil was in the Carcara well, located 230 kilometres off the coast of the Sao Paulo state, in the BM-S-8 block.
Tuesday, August 14th 2012 - 08:08 UTC
YPF plans to issue 760m dollars in bonds; Argentina fuel imports soar in June

Argentina’s nationalized YPF oil and gas corporation will issue bonds for 3.5 billion Pesos (760 million dollars) as part of its push to reduce fuel imports by investing in domestic output, the energy company said in a letter to regulators on Monday.
Monday, August 13th 2012 - 04:54 UTC
Major oil companies vote of confidence for Falklands’ hydrocarbons industry

The incorporation of a major oil company is a sign of confidence in the future of the Falklands hydrocarbons industry and by any standards “absolutely fantastic”, said the Islands governor Nigel Haywood during an official reception at Government House for Rockhopper Exploration and their UK partners Premier Oil.
Saturday, August 11th 2012 - 10:49 UTC
Argentina applies tax hike on bio-diesel exports and lowers price for local market

Argentina tightened its grip on the country's energy sector on Friday by ordering a tax hike on bio-diesel exports, a move it said was needed to make domestic fuel prices more affordable, but denied market rumours that it will increase a soybean export tax.
Friday, August 10th 2012 - 07:49 UTC
Brazil reminds Paraguay that Itaipu power is jointly shared and managed

Brazil reminded Paraguay it can use the power it needs from the giant Itaipu hydro but there is a contract which regulates how to manage the surplus. A day earlier president Federico Franco said that Paraguay would not “yield” any more electricity to Brazil.
Friday, August 10th 2012 - 07:03 UTC
Falklands, an “excellent investment destination” for the oil industry

The Falkland Islands Government has welcomed the news of a farm-in agreement between Falkland Oil and Gas Ltd and US based Noble Energy which was announced on Monday and confirms the Falklands as an “excellent investment destination”.