Energy & Oil

Wednesday, August 12th 2009 - 11:58 UTC
OPEC expects demand for crude to decline further next year

Oil prices have fallen after producers group OPEC said it now expected demand for its crude to decline further than predicted next year. Blaming the slow nature of the global economic recovery, OPEC now expects demand for its crude to average 27.97 million barrels per day in 2010.
Tuesday, August 11th 2009 - 12:13 UTC
Repsol denies Chinese 17 billion USD offer for YPF

Spain’s largest oil producer Repsol-YPF denied receiving an offer for its Argentine YPF unit following a report that Chinese companies had proposed buying its stake.
Saturday, August 8th 2009 - 14:00 UTC
Brazil and Peru considering building five hydroelectric dams

Brazil and Peru are considering five hydroelectric projects that would cost as much as 15 billion US dollars, revealed Brazilian Energy Minister Edison Lobao.
Friday, August 7th 2009 - 07:19 UTC
US financial support for Brazil to develop massive offshore pre-salt oil deposits

United States is prepared to provide up to 10 billion US dollars in loans to finance the development of massive hydrocarbon reserves off Brazil’s coast, revealed Brazil’s Planning Minister Paulo Bernardo da Silva.
Friday, August 7th 2009 - 07:00 UTC
Petrobras begins operations in Chile and targets 20% of fuels’ market

Brazilian government controlled Petrobras entered the Chilean fuel distribution market in Chile with the inauguration Tuesday of a service station in Santiago. The company paid 400 million US dollars for US-based Exxon-Mobil’s stake in Esso Chile Petrolera and other units in the Andean nation and has targeted a 20% share of the market.
Sunday, August 2nd 2009 - 11:57 UTC
Lula da Silva wants control over world largest iron-ore producer

Brazilian President Lula da Silva wants the government to take control of Vale SA, according to the weekly magazine Veja. However the origin of the information was not revealed.
Sunday, August 2nd 2009 - 11:50 UTC
Nigerian oil debate: losses since 2006 amount to 47 billion USD says Shell

Nigeria has lost about 7 trillion naira (47 billion US dollars) as a result of the shut-in of the Shell Petroleum Development Company (SDPC) output since 2006 in the country the Lagos based Compass newspaper reported this week.
Friday, July 31st 2009 - 07:56 UTC
Wind Power Investment: Blowing Towards Chile

Currently Argentina is only sending 10% of the agreed quantity of natural gas to its Andean neighbour, Chile. Faced with an energy crisis beginning to impact upon economic growth, Chile was forced to scour the globe for energy sources says Eugenio Chinchon, a Chilean business development manager specializing in renewable energy.
Thursday, July 30th 2009 - 14:13 UTC
Energy dispute: having agreed with Brazil, Paraguay now targets Argentina

After having reached an understanding with Brazil, Paraguay next month plans to begin negotiations with Argentina to claim better conditions for the power generated from the Yaciretá dam which both countries share.
Thursday, July 30th 2009 - 13:59 UTC
Russia and Cuba sign Gulf of Mexico oil exploration agreement

Russia is to begin oil exploration in the Gulf of Mexico, after signing a deal with Cuba, says Cuban state media. Russian Deputy Prime Minister Igor Sechin signed four contracts securing exploration rights in Cuba's economic zone in the Gulf.