Energy & Oil

• Wednesday, October 29th 2008 - 20:00 UTC

  Mexico approves opening oil industry to private sector

  

  In a turbulent session, the Mexican Congress Tuesday approved seven bills reforming the state oil company Petroleos Mexicanos (Pemex), which holds a monopoly on the industry, to allow participation by private international firms.

• Saturday, October 25th 2008 - 20:00 UTC

  Falling oil market ignores OPEC production cut

  

  Crude prices plunged Friday despite a hefty OPEC cut in production as recession fears gripped global markets in panic, heightening concerns about declining energy demand. New York's main contract, light sweet crude for December delivery, tumbled to 64.15 USD a barrel, down 3.69 from its close Thursday.

• Saturday, October 25th 2008 - 20:00 UTC

  Mexico moves to reform oil industry with private sector

  Mexico's Senate approved this week changes to the country's oil sector designed to halt rapidly falling production and ensure Mexico's oil self-sufficiency in the medium term. The bill must now be considered by the Lower House.

• Thursday, October 23rd 2008 - 20:00 UTC

  Rockhopper denies FT; no agreement entered with BHP Billiton

  

  Rockhopper Exploration plc the AIM traded (RKH) oil and gas explorer with licences in the North Falkland Basin, notes the report in the Financial Times today entitled “Smaller producers get ready for consolidation”.

• Thursday, October 23rd 2008 - 20:00 UTC

  Oil price at a 16-month low as energy demand contracts

  

  Oil prices tumbled on Wednesday to a 16-month low amid more evidence that the economic downturn was drying up energy demand. Light, sweet crude on the New York Mercantile Exchange - the benchmark price - settled at 66.75 US dollars, around five dollars lower than the day's high.

• Sunday, October 19th 2008 - 20:00 UTC

  BHP Billiton visits Falklands to organize oil drilling program

  

  Representatives of global minerals giant, BHP Billiton, were in the Falkland Islands last week laying the groundwork for a Southern Ocean drilling programme, which they hope will begin in some 12 to 18 months time.

• Sunday, October 19th 2008 - 20:00 UTC

  Petrobras September oil-gas production sets new record

  

  Brazil's government managed oil and gas corporation Petrobras set a new production record in September with 1.897.563 barrels/day, surpassing the volume extracted in the previous month by 12.400 barrels, or 1%. Compared to a year ago, the increase was 7.26%.

• Saturday, October 18th 2008 - 20:00 UTC

  Interest for nuclear energy growing world wide

  

  More than 50 countries have alerted the International Atomic Energy Agency (IAEA) that they are considering utilizing nuclear power, announced this week the head of the United Nations body.

• Thursday, October 16th 2008 - 20:00 UTC

  UK petrol below £1 per litre for the first time in 2008

  

  British consumers hit by the credit crunch had something to smile about at last when petrol dipped below the £1 a litre mark for the first time this year. There was more cheer for travellers when two major UK airlines - British Airways and Virgin Atlantic - announced a reduction in fuel surcharges.

• Thursday, October 16th 2008 - 20:00 UTC

  OPEC emergency meeting moved forward to October 24

  

  The Organisation of Petroleum Exporting Countries, OPEC, has brought forward an emergency meeting to discuss the effect of the global financial crisis on oil markets. The announcement was made public when oil prices plunged below 67 USD the barrel.