Energy & Oil

• Saturday, May 17th 2008 - 21:00 UTC

  Peruvian president calls for tax on oil to finance reforestation

  Peruvian President Alan Garcia said on Friday taxes on oil and natural gas exports could help fund global efforts to combat climate change and promote reforestation of the Amazon River basin.

• Thursday, May 15th 2008 - 21:00 UTC

  Falklands Oil & Gas ready to begin drilling in 2009

  

  Falkland Oil and Gas Ltd., which operates in the southern and eastern regions of the Falkland Islands, said it expects to begin exploratory drilling in 2009. FOGL secured last October a farm in deal with mining giant BHP Billiton.

• Wednesday, May 14th 2008 - 21:00 UTC

  Lack of rainfall forces energy restrictions in Uruguay

  

  Uruguay moved on Monday into phase II of compulsory energy saving measures since lack of sufficient rainfall has seriously limited hydroelectric generation, the country's main source of energy. However the announced restrictions have resurfaced fears about street crime and the manufacturing industry believes the country is on the edge of an emergency situation.

• Sunday, May 11th 2008 - 21:00 UTC

  France's Total purchased lubricant plant in Chile

  France's TOTAL, one of the world's largest oil companies, confirmed its purchase of the Chilean lubricant plant Castrol. TOTAL currently supplies Chile with 3% of its oil consumption, a figure that will grow as a result of the Castrol purchase.

• Friday, May 9th 2008 - 21:00 UTC

  Sugar cane becomes Brazil's second energy source

  Sugar cane and cane-based ethanol became a more important energy source than hydroelectric power in Brazil's overall energy production last year, topped only by petroleum and oil products according to a report from the government's energy planning agency, EPE.

• Thursday, May 8th 2008 - 21:00 UTC

  Top UN economist blasts EU for promoting bio-fuels

  

  European efforts to promote bio-fuels should be rethought because of the contribution they have made to rising food prices, according to Jeffrey Sachs, a top economic advisor to the United Nations.

• Wednesday, May 7th 2008 - 21:00 UTC

  ENAP/Methanex sign agreement to look for natural gas

  Enap, Chile's government owned oil corporation and Methanex the huge methanol complex in the extreme south of the country signed this week an agreement to speed exploration and production of natural gas in the region.

• Wednesday, May 7th 2008 - 21:00 UTC

  Forecaster of oil at 100 dollars, now announces U$D 200

  

  The price of crude oil could soar to 200 US dollars a barrel in as little as six months, as supply continues to struggle to meet demand, warned a report from Goldman Sachs energy strategist Argun Murti as benchmark US light crude passed the 123 dollars mark for the first time

• Tuesday, May 6th 2008 - 21:00 UTC

  Oil reaches new highs on supply fears and dollar weakness

  

  The price of a barrel of oil reached Monday above 120 US dollars for the first time, driven by concerns about the situations in Nigeria and northern Iraq. US light sweet crude rose to a record of 120.36 a barrel in morning trading in New York before falling back to a record close of 119.97, up 3.65 over Friday.

• Thursday, May 1st 2008 - 21:00 UTC

  Oil exploration in Magallanes Region begins in six months

  

  The international hydrocarbons corporations which last October were awarded oil exploration licences in the extreme south of Chile signed on Wednesday the operation contracts with the Chilean government during a ceremony headed by President Michelle Bachelet in Punta Arenas.