Bolivia and Brazil have reached agreement after an acrimonious dispute over the nationalisation of two oil refineries in Bolivia owned by Petrobras, the Brazilian government-controlled oil group.
Former U.S. Vice President Al Gore warned that the drive to produce alternative fuels to combat global warming must not create new forms of environmental damage.
Brazil's government owned petroleum company Petrobras announced the discovery of natural gas reserves in the Espirito Santo Basin in the country's southeastern coast.
As the demand for biofuels surges with over one billion people living without access to electricity, a new United Nations report released this week cautions that the world's energy needs must be met in a sustainable and environmentally sound manner.
President Evo Morales said Bolivia would respond in the coming hours to a proposal from Brazil's state-run oil company, Petrobras, regarding compensation for its two refineries in Bolivia recently nationalized.
Venezuela threatened to expel Conoco-Phillips, the US oil company, if it does not abide by the nationalization of stakes held by foreign investors in the country's Orinoco heavy oil operations.
Brazil will increase the use of nuclear energy if it cannot build enough hydroelectric plants, President Luiz Inacio Lula da Silva said on Thursday.
Canada's Methanex, the world's leading producer of methanol and which has a gigantic plant in Punta Arenas expects to break its Argentina natural gas dependency sometime in the next three years, and concentrate on Chilean supplies, said Bruce Aitken, the company's CEO.
Venezuela took control of the Orinoco oil installations on May first completing the process of re-nationalization of the nation's oil reserves. President Hugo Chávez led celebrations of the takeover of the Orinoco Oil Belt which could convert Venezuela into the country with the largest oil reserves.
Bolivia's government owned energy company YPFB took control on Wednesday of the country's oil and gas industry after a dozen oil companies, including Repsol YPF SA, British Gas, Total and Petrobras signed new contracts today.