Energy & Oil

Thursday, July 24th 2008 - 21:00 UTC
Arctic holds massive oil and gas reserves say US scientists

The Arctic could hold as much as 90 billion barrels of undiscovered oil and has as much undiscovered gas as all the reserves known to exist in Russia, US government scientists have said in the first governmental assessment of the region's resources.
Tuesday, July 22nd 2008 - 21:00 UTC
Massive investment in Magallanes region gas exploration

Chile's government owned oil and gas company ENAP is planning to invest over 300 million US dollars in the next three years to develop natural gas deposits in Magallanes Region, in the extreme south of the country.
Monday, July 21st 2008 - 21:00 UTC
Paraguay downplays discovery of oil in commercial volumes

The Paraguayan government confirmed the existence of oil deposits in an inhospitable area to the north of the country. However one long year must elapse before the deposits can be considered commercially exploitable.
Monday, July 21st 2008 - 21:00 UTC
Mercosur “fantastic but frustrated” idea, ripe in mistakes

Mercosur is an idea which “involved a fantastic but frustrated will power” according to former Spanish Socialist president Felipe Gonzalez. A previous common infrastructure commitment is more important for integration that having “political groupings such as Mercosur”.
Friday, July 18th 2008 - 21:00 UTC
Petrobras workers preparing nationwide strike in August

Brazilian offshore oil workers will end a five-day walkout on the original Saturday deadline, but warned they may call a new, nationwide strike against state oil company Petrobras next month. Petrobras issued a statement saying the strike and a later work slowdown by refinery workers had not affected production levels.
Wednesday, July 16th 2008 - 21:00 UTC
Oil in biggest one-day drop in 17 years: closes at 138.69

Oil prices fell sharply Tuesday on concerns that a slowing US economy will decrease demand for oil. The price of crude oil in New York at one point fell more than 9 US dollars a barrel in New York trading, the biggest one-day drop in dollar terms in 17 years.
Tuesday, July 15th 2008 - 21:00 UTC
Petrobras record production; strike coming to an end

Brazil's oil and gas government managed corporation Petrobras announced on Tuesday that total production (domestic and abroad) in June reached a record of 2.412.155 barrels of oil equivalent per day, boed, which is 3.3% higher than a year ago and 2.3% over May 2008.
Monday, July 14th 2008 - 21:00 UTC
Petrobras strike: “contingency plan” guarantees supply

Brazilian government managed oil and gas corporation Petrobras reacting to a labor strike which began early Monday announced that all but two out of 38 offshore platforms are extracting hydrocarbons.
Monday, July 14th 2008 - 21:00 UTC
Argentina doubles export tax on gas pumped to Chile

The Chilean government admitted on Monday it was “foreseeable” that Argentina would impose a 100% increase on the natural gas export tax. The tax on Argentine gas exported to Chile has soared from 7.8 US dollars per million BTU to 15.9 US dollars, which added to transport and other inputs adds to 29 US dollars per million BTU.
Friday, July 11th 2008 - 21:00 UTC
Iran, Nigeria fears rebound oil prices 5 USD in one day

Oil prices rebounded by more than 5 US dollars a barrel on Thursday as another missile launch by Iran stoked worries that escalating political tensions in the Middle East could cut off supplies out of the region.