Energy & Oil

• Thursday, April 15th 2010 - 17:14 UTC

  Petrobras completes global presence by acquiring stake in Australian block

  

  Brazilian government managed energy giant Petrobras announced it acquired a 50% stake in an exploration block in Australia with significant natural gas potential. Petrobras acquired the stake from MEO Australia for 39 million USD.

• Thursday, April 15th 2010 - 17:11 UTC

  Venezuela plans to invest 120 billion USD in developing Orinoco heavy crude

  

  Venezuelan Energy and Oil Minister Rafael Ramirez said some 120 billion USD will be invested over the next seven years in the Orinoco Belt, which the U.S. Geological Survey says is the largest petroleum accumulation it has ever evaluated.

• Thursday, April 15th 2010 - 05:53 UTC

  Argentina to resume nuclear program in cooperation with Russia

  

  Russian President Dimitri Medvedev met with President Cristina Fernández de Kirchner to commemorate 125 years of bilateral relations between Argentina and Russia and to sign several cooperation agreements in different fields including helping Argentina to develop its nuclear program.

• Thursday, April 15th 2010 - 05:50 UTC

  China’s Sinopec expected to invest in Brazilian offshore oil blocks

  

  China's Sinopec will buy stakes in two Brazilian offshore blocks from state-run Petrobras, local media reported Wednesday, as part of a cooperation agreement to be signed during a visit by China's president to Brazil.

• Saturday, April 10th 2010 - 05:09 UTC

  Rio do Janeiro will host first top level meeting on Brazil’s pre-salt oil fields

  

  The first major top-level industry wide meeting of all leading players in the exploration of the Brazilian pre-salt oil fields will be taking place next in June in Rio de Janeiro.

• Friday, April 9th 2010 - 02:57 UTC

  Argentina to drill two wells next to Falklands’ waters in last quarter

  

  Several oil companies operating in Argentina have teamed up to begin hydrocarbons explorations close to Falklands’ waters. The companies have programmed to spend 140 million US dollars in two exploratory wells for which they have contracted a special drilling vessel, according to reports in the Buenos Aires press.

• Thursday, April 8th 2010 - 04:25 UTC

  Mujica consolidates close trade and energy links with Venezuela

  

  Venezuelan President Hugo Chavez offered Wednesday to help Uruguay expand a refinery and supply it with crude oil. Chavez and visiting Uruguayan President Jose Mujica signed several accords pledging to deepen trade and energy ties between the two nations.

• Wednesday, April 7th 2010 - 21:02 UTC

  Bolivia and Brazil discuss energy and exploitation of strategic minerals

  

  Bolivia and Brazil are considering a vast joint investment program to industrialize natural gas and for the exploitation of strategic minerals in the salt plains of the land-locked Andean country.

• Wednesday, April 7th 2010 - 01:09 UTC

  Falklands’ Desire describes Liz well as “promising”; confirms drilling campaign

  

  Following the announcement of a gas discovery in the North Falklands Basin, Desire's Chairman Stephen Phipps describes the ‘The Liz’ well as, “complex and highly encouraging” and sufficiently promising to continue with the drilling campaign in Falklands’ waters.

• Monday, April 5th 2010 - 23:57 UTC

  Oil prices reach an 18-month high following on US encouraging data

  

  Oil prices have reached an 18-month high as analysts predict the recovery of the US economy and a rising demand for fuel. Crude oil for May delivery hit a high of 85.89 USD a barrel at one point in New York trading - the dearest since the peak of the financial crisis in October 2008.