Energy & Oil

• Friday, June 19th 2009 - 14:00 UTC

  Brazil drafting legislation to create new state-owned oil company

  

  Brazil’s government is considering changes to the country’s oil law that would open the way for the creation of a separate state owned company to manage development of the sub-salt and deep sea hydrocarbons resources.

• Wednesday, June 17th 2009 - 12:10 UTC

  Oil and gas exploration off Comodoro Rivadavia begins August

  

  Argentine oil and gas company Pan American Energy will invest 80 million US dollars in the first phase of an offshore exploration program in the San Jorge Gulf in Patagonia, next to Comodoro Rivadavia, the company said Tuesday in a statement.

• Monday, June 15th 2009 - 07:45 UTC

  Cuban Oil: Havana’s Potential Geo-Political Bombshell

  

  As the US President Barack Obama administration slowly inches towards normalizing its relations with Cuba, pressure is mounting on the new president to lift the decades-old, and universally acknowledged, anachronistic embargo.

• Thursday, June 11th 2009 - 09:05 UTC

  Latinamerica forecasted to contact 1.7% with mild recovery at end of 2009

  

  Latinamerica will experience this year a 1.7% contraction (negative growth), the first time since 2002, basically because of a severe fall in global trade and remittances according to the United Nations Economic Commission for Latinamerica and the Caribbean, CEPAL.

• Thursday, June 11th 2009 - 06:21 UTC

  Low inventories push crude to 71 USD, highest in seven months

  

  Crude prices continued to surge on Wednesday, rallying on the news that US inventories fell more than expected and Chevron confirmed a fire at its Nigerian oil facility. Light, sweet crude for July delivery jumped 1.32 dollars, 1.9%, to settle at 71.33 dollars a barrel on the New York Mercantile Exchange, the highest close in seven months.

• Tuesday, June 9th 2009 - 09:44 UTC

  Repsol, Petrobras and BP to explore for oil next to Falklands’ waters

  

  A consortium led by Spanish oil firm Repsol YPF SA (REP) plans to explore for oil in international waters between Argentina and the Falkland Islands, officials from the company said Monday.

• Tuesday, June 2nd 2009 - 10:35 UTC

  Next July Chile begins to cut its Argentine natural gas dependency

  

  After years of import disruptions and domestic gas shortages, Chile’s energy industry is now eagerly awaiting the arrival of the first liquefied natural gas (LNG) shipment to the country’s new LNG terminal, located in the city of Quintero (Region V).

• Tuesday, June 2nd 2009 - 10:25 UTC

  Patagonia will have the world’s most important wind power park

  

  Spanish energy company Grupo Guascor will build a 2.4 billion US dollars wind power park in Argentine Patagonia, which could be the largest in the world said on Monday Jose Grajales president of the corporation

• Monday, June 1st 2009 - 08:17 UTC

  Blackouts in Cuba if companies don’t comply with restrictions

  

  The Cuban government has threatened with cutting power to companies and entities that do not comply with the “exceptional measures” which become effective Monday to save fuel and help the rapidly deteriorating island’s economy, aggravated by the current global financial crisis.

• Friday, May 29th 2009 - 11:38 UTC

  Boreal summer and OPEC push oil to new six-month high

  

  Oil surged past 65 US dollars a barrel on Thursday to a fresh six-month high after OPEC decided to keep output unchanged and data showed a steep drop in US crude inventories.