Venezuelan government oil company, PDVSA begins this week hydrocarbons exploration in six blocks offshore Cuba, 100 miles from the United States coast, with prospects of finding abundant light crude.
Oil prices are nearing an all time record after supply concerns on Tuesday lifted them above 78 US dollars a barrel, almost the 78.40 reached in the aftermath of the Lebanon conflict in July 2006.
The Organization of Petroleum exporting countries, OPEC, holds 77.2% of the world's proven reserves and 49.3% of natural gas, according to the latest Annual Statistical Bulletin for 2006, an anticipation of which was released this week in Vienna but will be officially presented on September 13.
Consolidation among the four major players in the upstream oil and gas exploration sector in the South Atlantic off of the Falkland Islands is likely in the short-term, reported this week the Financial Times.
Venezuela's Hugo Chavez said he felt disappointed that his jumbo gas pipeline proposal to supply the South American continent had been frozen by several of the potential beneficiaries of the multi billion project.
Rockhopper Exploration plc, the North Falkland Islands explorer, announced that volumetric work has been completed on the Company's leads and prospects in licences PL023 and PL024. The work suggests un-risked P50 recoverable reserves of in aggregate 2.5 billion barrels of oil providing encouragement against the backdrop of an easing rig market.
The world's leading and largest producer of methanol, Methanex Corporation said Monday that it had joined Wintersall from Germanay and GeoPark Holdings to bid for natural gas concessions in the extreme south of Chile.
Chile's impending energy crisis, sharpened by diplomatic tensions with Argentina and one of the coldest winters on record, was the theme of a seminar held last week in Valparaíso's Congress building. New Energy Minister Marcelo Tokman Ramos, Environment Minister Ana Lyn Uriarte and various members of Congress spoke at the event, which was titled Energy Policy in Chile: A Challenge.
Global demand for oil will increase significantly next year, with greater pressure on prices, said the International Energy Agency (IEA) in its monthly report.
Argentina in the midst of its worst energy shortage in decades launched Friday the announced Total Energy program which basically subsidizes oil corporations liquid fuels sales to industry with the purpose of ensuring the supply of gas to home consumers.