Energy & Oil

• Thursday, March 19th 2009 - 16:22 UTC

  Saudis warn of “catastrophic” oil supply crunch in near future

  

  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.

• Wednesday, March 18th 2009 - 15:32 UTC

  New natural gas discovery in Tierra del Fuego

  

  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.

• Wednesday, March 18th 2009 - 13:54 UTC

  Falkland Oil & Gas and Billiton ready to drill in Falklands’ waters

  

  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.

• Monday, March 16th 2009 - 08:58 UTC

  Repsol accepts Ecuador new contract rules for oil sharing

  

  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.

• Monday, March 16th 2009 - 08:56 UTC

  OPEC: no further measures until full compliance of agreed oil cuts

  

  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.

• Saturday, March 14th 2009 - 15:01 UTC

  Debate on Chile’s energy options - Faced with climate change, World Bank recommends hydroelectricity

  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.

• Saturday, March 14th 2009 - 14:54 UTC

  Paraguay is asking Brazil to pay 16 times more for Itaipú energy

  

  Paraguay is a poor country and is fighting for a fair market price for its share of energy generated at South America’s largest hydroelectric dam shared with Brazil. “Somehow we are subsidizing Brazil’s energy”, said Paraguayan president Fernando Lugo in an interview with the Spanish daily El Mundo.

• Friday, March 13th 2009 - 06:25 UTC

  OPEC consensus for another oil production cut

  

  Venezuela will insist at this week end’s meeting in Vienna of the Organization of Petroleum Exporting Countries, OPEC, that the cartel needs to impose more production cuts, an influential lawmaker said in Caracas.

• Thursday, March 12th 2009 - 08:55 UTC

  Argentine oil provinces request floor price to ensure employment

  

  Argentina’s oil and gas producing provinces are requesting from the Buenos Aires a floor price for hydrocarbons to ensure income from royalties for their weakened budgets.

• Wednesday, March 11th 2009 - 23:39 UTC

  Brazil/Uruguay summit agrees on free trade and energy integration

  

  Brazilian president Lula da Silva said that relations with neighbouring Uruguay are at “their best level ever”, following a meeting Tuesday with visiting president Tabare Vazquez.