Qatar's oil minister said Monday he was OK with crude oil at 50 US dollars per barrel for this year, reflecting a measure of pragmatism by OPEC. However OPEC president forecasted that oil prices could reach 75USD by the end of the year.
President Lula da Silva said that Brazil can’t depend for its natural gas solely on Bolivia and anticipated that with the recent opening of a liquid gas plant, the fuel can be imported from the Caribbean. Anyhow “we will continue to purchase Bolivian gas until at least 2019”.
Brazil’s government managed oil and gas corporation Petrobras said there is “no chance” a planned strike by its workers beginning Monday will limit the country’s fuel supply.
Brazil needs 270 billion US dollars in investment over the next 10 years to develop massive new deepwater oil reserves, energy minister Edison Lobao said on Thursday.
Saudi Arabia's oil minister Ali al-Naimi warned Wednesday of a possible catastrophic energy supply crunch without prompt investment. The minister said the ideal price for oil lies between 60 and 75 US dollars a barrel.
Latinamerican oil and gas explorer GeoPark Holdings Ltd (GPK.L) announced this week that tests at its newly drilled gas well in southern Chile were successful and that it planned to drill seven to nine new wells in 2009.
Falkland Oil and Gas Ltd (FOGL.L), which has a farm-in-deal with BHP Billiton, said on Tuesday it expected to be drill ready by the end of the third quarter or early 2010. The announcement was made after having posted a narrower full-year pre-tax loss.
Ecuador’ government owned Petroecuador signed a transitional contract with Repsol-YPF, giving the Ecuadorian government a bigger share of the Spanish oil company’s profits for one year and paving the way for new fee-for-service deal.
Oil ministers from the 12 OPEC (Organization of Petroleum Exporting Countries) meeting in the Austrian capital Vienna over the weekend decided to keep oil production at current levels.
As evidence of global warming continues to mount, the world community is coming ever closer to a consensus on the issue, agreeing that climate change is very much real and that it must – before its already present effects worsen – be urgently addressed.