Energy & Oil

• Tuesday, May 26th 2009 - 12:05 UTC

  Government tells Cubans: austerity or blackouts

  

  The Cuban government reduced from 6 to 2% the projected growth of the economy for 2009. The announcement was made by Cabinet vice president and Economy Minister Marino Murillo during a meeting at which “exceptional measures” were announced starting June first to reduce energy consumption, the official daily Juventud Rebelde said Saturday.

• Tuesday, May 26th 2009 - 11:40 UTC

  Brazilian industry to openly debate Itaipu power plant controversy

  

  The world’s largest operational hydroelectric dam and how the energy produced should be distributed and traded will be at the heart of a debate Wednesday between Brazil’s main industrial organization, FIESP, and Paraguayan authorities, the two countries who share the giant power station.

• Tuesday, May 26th 2009 - 05:55 UTC

  Saudis warn of another oil price spike within “two-to-three years”

  

  The world could face within “two-to-three years” another oil price spike similar to that witnessed in 2008, Saudi Arabian Oil Minister Ali al-Naimi said on Monday. Al-Naimi warned a meeting of Group of Eight ministers in Rome that the high-price scenario was likely unless investments in “new capacity expansion projects are made”.

• Monday, May 25th 2009 - 17:36 UTC

  Energy efficiency cooperation agreement signed in Rome

  

  Countries accounting for 80% of energy supply and demand worldwide, including Brazil and Mexico, signed Sunday in Rome, in the framework of the G8 Energy summit, an international partnership energy efficiency cooperation agreement, IPEEC.

• Saturday, May 23rd 2009 - 15:27 UTC

  Rockhopper claims first gas discovery in North Falklands

  

  North Falkland basin explorer Rockhopper Exploration has reclassified a previous exploration well drilled by Shell in 1998, as a gas discovery and as a result has claimed the first discovery in the Falkland Islands.

• Friday, May 22nd 2009 - 08:11 UTC

  China interest in extending more loans to Petrobras but in Renmimbi

  

  China Development Bank may offer more financing to Brazil’s government managed oil and gas corporation Petrobras adding to the 10 billion US dollars extended this week, said Petrobras CEO Jose Sergio Gabrielli on Thursday in New York.

• Thursday, May 21st 2009 - 11:14 UTC

  Oil-export fuelled Venezuela feeling the shortage of hard currency

  

  Venezuela's economy grew at its slowest rate in five years during the first quarter, 0.3% (year to year) and the slowest since 2003 reported the Central Bank. Compared with the previous quarter the contraction was 16.4%.

• Thursday, May 21st 2009 - 11:02 UTC

  Falkland Oil and Gas raises £7.6 million in share issue

  

  Falkland Oil and Gas Ltd (FOGL.L) said on Wednesday it conditionally raised 7.6 million pounds (11.8 million US dollars) to help fund capital expenditure on long-lead drilling equipment, and general and administrative costs through 2010 into 2011.

• Monday, May 11th 2009 - 08:05 UTC

  Itaipu new deal between Brazil and Paraguay still difficult and distant

  

  Paraguay’s chances of a better deal from Brazil regarding the Itaipu Hydroelectric dam surplus power and its price are seen as “difficult” particularly because Brazil is approaching an electoral year, according to Asuncion press reports from journalists who accompanied President Fernando Lugo in his visit to Brasilia.

• Saturday, May 9th 2009 - 07:24 UTC

  Brazil and Paraguay could only agree on a new summit in June

  

  Brazil and Paraguay failed to come to an agreement on proposed renegotiation of accords related to the Itaipu hydroelectric facility and are scheduled to meet again in early June, according to Paraguay’s Executive spokesperson Ruben Penayo.