Energy & Oil

• 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.

• Thursday, May 1st 2008 - 21:00 UTC

  Fuel prices hiked in Brazil; first time since 2005

  

  Brazilian Finance Minister Guido Mantega this week announced a 10% hike in the price of gasoline and 15% for diesel fuel, the first such increase since 2005. The increases refer to products from Petrobras, the country's government owned oil corporation which sets the pace for the rest of the industry.

• Wednesday, April 30th 2008 - 21:00 UTC

  Power failure causes panic in crime-ridden Venezuelan capital

  

  A major power blackout hit almost 40% of Venezuela's territory and left Caracas in the dark for hours on Tuesday. Power was restored to most regions and Caracas by mid-evening. However a feeling of panic invaded Caracas because the transport system grounded to a halt and commuters had to walk through the crime-ridden city.

• Wednesday, April 30th 2008 - 21:00 UTC

  North Falklands Desire Petroleum names new chairman

  

  Desire Petroleum the hydrocarbons exploration company wholly-focussed on the North Basin of the Falkland Islands, announced Wednesday that Dr. Colin Phipps will be stepping down from the Board, due to ill health, with immediate effect.

• Tuesday, April 29th 2008 - 21:00 UTC

  Brazil forecasts record production of sugar cane ethanol

  

  Brazil is forecasting for this year its greatest production of sugar cane ethanol ever according to the country's National Supply Company, Conab. The total volume is estimated between 26.4 and 27.4 billion liters, 14.9% and 19.4% higher than in 2007.

• Monday, April 28th 2008 - 21:00 UTC

  Transparency call for oil industry to help with “revenue puzzle”

  

  A majority of leading oil and gas companies are far from transparent when it comes to the payments they make to resource-rich countries, leaving the door open to corruption and hampering efforts to fight poverty, according to a report published Monday by Transparency International (TI).