Energy & Oil

• Wednesday, January 16th 2008 - 20:00 UTC

  OPEC: no oil shortage; investors abandoning US dollar

  

  OPEC is ready to increase its output if the fundamentals of supply and demand justify such a move, but does not believe there is a current shortage of oil in the market, the cartel's secretary-general Abdallah el-Badri said on Wednesday.

• Monday, January 14th 2008 - 20:00 UTC

  Magallanes oil/gas exploration contracts ready for next March

  

  Chile's Ministry of Mines expects to sign next March oil operating contracts with the corporations that have won licences to explore and exploit hydrocarbons in the extreme south of the country reports La Prensa Austral from Punta Arenas.

• Monday, January 14th 2008 - 20:00 UTC

  Peru en route to become regional natural gas power

  

  Spain's Repsol announced the discovery of a new gas deposit at block 57 in Peru's Cuzco department that holds 56.6 billion cubic meters. The discovery was made at exploratory well Kinteroni X1 where initial production tests have reached 1Mm3/d of gas and 198m3 of associated liquid hydrocarbons.

• Saturday, January 12th 2008 - 20:00 UTC

  Air conditioner census to combat power cuts in Argentina

  Although the Argentine government refuses to use the word “crisis”, President Cristina Fernandez de Kirchner launched Friday the energy rational consumption program geared to alleviate the power cuts and shortages that have plagued the city of Buenos Aires and metropolitan area.

• Saturday, January 12th 2008 - 20:00 UTC

  Brazilian oil and iron companies largest in Latinamerica

  Brazilian oil company Petrobras and mining company Companhia do Vale do Rio Doce (CVRD) ended 2007 as the two largest companies in Latin America by market capitalization, according o a study carried out by consulting company Economática and released this week.

• Thursday, January 10th 2008 - 20:00 UTC

  Specter of energy rationing looms heavily over Brazil

  

  Brazil's Energy Minister denied reports Wednesday that a short supply of natural gas from Bolivia and a lack of rain might force Brazil, which relies heavily on hydroelectric power, to ration energy later this year

• Thursday, January 10th 2008 - 20:00 UTC

  US Co. extracting crude and gas in Tierra del Fuego

  

  Houston independent Apache Corp. reported that its Seccion Banos-2004 well on the Argentine side of Tierra del Fuego is producing 1,635 b/d of oil and 1.3 MMcfd of gas from the Lower Cretaceous Springhill sandstone. The well is the first large producer drilled following Apache's 1,800 sq-km, 3D seismic survey in the area.

• Monday, January 7th 2008 - 20:00 UTC

  New gas field could increase Bolivia's total production 5%

  A new gas field has been found in east Bolivia, which will have a production capacity of 2.4 million-cubic-meter a day by October, Bolivian President Evo Morales announced. The new field, called Tacobo and operated by Argentine Pluspetrol, is located in San Isidro, the Bolivian eastern province of Santa Cruz rich in oil and natural gas reserves.

• Monday, January 7th 2008 - 20:00 UTC

  Argentina bans fuel exports and calls for pump price rollback

  

  Argentina halted fuel exports and called for a pump price rollback on Monday amid reports of fuel shortages, government news agency Telam reported, citing unidentified government sources.

• Sunday, January 6th 2008 - 20:00 UTC

  Argentina and Brazil worry over Bolivia's limited gas supply

  

  Brazilian Mines and Energy minister Nelso Hubner proposed a tripartite meeting with Argentina and Bolivia to ensure the supply of Bolivian natural gas for the two main economies of South America highly energy dependent of their inland resource-rich neighbor.