Energy & Oil

• Wednesday, March 25th 2009 - 07:57 UTC

  Brazil begins to cut natural gas dependency from Bolivia

  

  President Lula da Silva said that Brazil can’t depend for its natural gas solely on Bolivia and anticipated that with the recent opening of a liquid gas plant, the fuel can be imported from the Caribbean. Anyhow “we will continue to purchase Bolivian gas until at least 2019”.

• Monday, March 23rd 2009 - 08:48 UTC

  Petrobras guarantees fuel supply ahead of five day strike

  

  Brazil’s government managed oil and gas corporation Petrobras said there is “no chance” a planned strike by its workers beginning Monday will limit the country’s fuel supply.

• Friday, March 20th 2009 - 05:27 UTC

  Brazil needs 270 billion USD in ten years to make true its oil dreams

  

  Brazil needs 270 billion US dollars in investment over the next 10 years to develop massive new deepwater oil reserves, energy minister Edison Lobao said on Thursday.

• 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.