Energy & Oil

Friday, March 26th 2010 - 00:59 UTC
Chilean government announces biggest fuel price hike in months

Chile’s government has decided to “un-freeze” the increase of the gasoline prices considering that the value of both oil and the US dollar is growing all around the world.
By law, on March 25 the transitory price reduction to the specific oil tax must come to an end. The decree was passed last year to help the local economy given the financial crisis that affected many countries.
Friday, March 19th 2010 - 15:25 UTC
Falklands rife with speculation waiting for first oil drilling results

Speculation was mounting this week on news of a potential oil strike as a promised announcement from hydrocarbons exploration company Desire Petroleum grew closer.
Friday, March 19th 2010 - 03:47 UTC
Warning petrol in UK could reach 120p a litre; 3p increase from April

Petrol prices could reach an eye-watering 120 pennies per litre later this year, the AA is warning. The organisation is claiming that unleaded fuel could even top the price, equivalent to £5.41 a gallon, and Alistair Darling is being urged to delay the introduction of a planned 3p increase in petrol duty due to come in on April 1.
Tuesday, March 16th 2010 - 18:26 UTC
Chile’s power supply “fragile” for the next six months

Chile’s new Energy Minister Ricardo Raineri said the country’s electricity supply may not normalize for another six months, following a blackout which hit more than 70% of the country late Sunday night.
Tuesday, March 16th 2010 - 18:20 UTC
Petrobras planning to issue 60 billion US dollars of new stock

Brazil’s government managed oil company Petrobras will issue as much as 60 billion US dollars of new stock, most of which will go to the government in exchange for oil rights, Energy Minister Edison Lobao announced Tuesday.
Monday, March 15th 2010 - 13:46 UTC
Blackout Hits Most Of Chile

Transformer failure blamed as much of the country goes dark.
A blackout blamed on a fault in Chile's Central Interconnected System hit nearly all of Chile around 8:50 p.m. local time Sunday night.
Monday, March 15th 2010 - 11:16 UTC
Chinese oil firm buying 50% stake in Argentine group

China National Offshore Oil Corporation (CNOOC) is paying $3.1bn (£2bn) for a 50% stake in Argentine oil and gas group Bridas Corporation. Cnooc Ltd.,
Saturday, March 13th 2010 - 00:14 UTC
China oil demand in January jumps “astonishing 28%” says IEA

China's demand for oil jumped by an “astonishing” 28% in January compared with the same month a year earlier, the International Energy Agency (IEA) says.
Friday, March 12th 2010 - 00:59 UTC
BP gets a hold of Brazil’s oil potential buying out US Devon Energy

British Petroleum has agreed to buy Brazilian, Azeri and Gulf of Mexico assets from Devon Energy for 7 billion US dollars, as the US producer refocuses on onshore US fields.
Thursday, March 11th 2010 - 04:34 UTC
Lloyd’s Register, Maersk on program to test bio-diesel for marine engines

Lloyd's Register is to play a major role in a two year program to test the suitability of bio-diesel for use in powering marine engines. The feasibility study will take place on board the Maersk Line container ship, Maersk Kalmar.