Energy & Oil

• Friday, September 4th 2009 - 13:12 UTC

  Chile determined to boost natural gas production in Magallanes

  

  A full fledged effort to search for more natural gas in the extreme south of Chile has been undertaken by the Chilean government and the private sector. The plan anticipates the drilling of 22 new wells, 120 kilometres to the north east of Punta Arenas in the Dorado-Riquelme quadrant, which already has a daily production of 450.000 cubic metres.

• Thursday, September 3rd 2009 - 03:26 UTC

  BP announces giant deep oil discovery in the Gulf of Mexico

  

  British Petroleum announced Wednesday a giant oil discovery at its Tiber Prospect in the deepwater Gulf of Mexico. The well, located in Keathley Canyon block 102, approximately 400 kilometres south east of Houston, is in 1,259 metres of water.

• Wednesday, September 2nd 2009 - 07:01 UTC

  Chinese company moves heavily into Canadian oil sands

  

  PetroChina plans to acquire a majority stake in Canada’s Athabasca Oil Sands which holds the largest lease in Alberta’s oil sands. The 1.7 billion US dollars deal with Asia’s largest oil company means taking control of 60% of the 1.3 million acres of oil sand leases held by Athabasca.

• Monday, August 31st 2009 - 07:33 UTC

  Brazil announces sweeping reforms for oil and gas industry

  

  The Brazilian government is set to unveil on Monday a sweeping reform of regulations covering the oil and natural gas industries Monday. The regulatory framework will delineate how recently discovered offshore sub-salt oil deposits should be developed, who will develop them and who will reap the rewards.

• Wednesday, August 26th 2009 - 02:06 UTC

  Foreign Office impressed with Falklands oil security measures

  

  A British Foreign and Commonwealth security consultant whose work will assist the Falkland Islands Government to progress the drilling of offshore exploration wells spent a week in the islands earlier this month.

• Monday, August 17th 2009 - 12:09 UTC

  Chile ponders tidal energy potential in Magellan Strait

  

  An initial study on Chile’s tidal energy capacity confirms the country has “unique global potential” for this renewable energy source. According to the report, published by Chile’s National Energy Commission (CNE), even if only 10% of this renewable resource is harnessed, it would exceed the existing installed capacity of Chile’s central electricity grid, or SIC.

• Friday, August 14th 2009 - 02:58 UTC

  Indian-Russian consortium interested in YPF

  

  The Economic Times from Mumbai published on its online edition an article informing that Indian government owned energy company ONGC Videsh Ltd and its overseas investment branch, OVL, is having conversations with three Russian companies -Rosneft, Lukoil and Gazprom- for acquiring a substantial stake in YPF, the Argentine arm of Spanish oil major Repsol YPF SA.

• Thursday, August 13th 2009 - 08:37 UTC

  Argentine exodus since 2001 has reached 800.000 or 2.1% of total population

  

  Over 800.000 Argentines left the country following the 2001 economic debacle, according to the latest report from the International Organization for Migration, which in the last decade represents 2.1% of total population.

• Thursday, August 13th 2009 - 08:02 UTC

  GM says Chevy Volt could top 230 miles-per-gallon

  

  General Motors officially unveiled the Volt, which according to the company can travel up to 40 miles on a single battery charge. The car will likely start production later this year. According to GM, the Volt will get city fuel economy of at least 230 miles-per-gallon, and come packaged with a flex fuel-powered engine-generator. The range of the Volt will be 300 miles, GM said.

• Wednesday, August 12th 2009 - 12:12 UTC

  Oil at 70 USD per barrel threatens fragile global recovery, says IEA

  

  A fragile global economic recovery will be hurt if oil prices stay at 70 USD per barrel or rise higher, according to International Energy Agency (IEA) Chief Economist Fatih Birol. The IEA advises 28 industrialised countries.