Energy & Oil

Monday, January 19th 2009 - 20:00 UTC
Venezuela supports OPEC production cuts of 2 to 4m bpd

Venezuela is ready to sponsor a new cut in crude production to protect the oil market, two to four million barrels per day, confirmed Rafael Ramirez, Energy Minister and President of Petroleos de Venezuela (PDVSA), the country's government owned oil corporation.
Saturday, January 17th 2009 - 20:00 UTC
Spain's Repsol announces oil discovery offshore Brazil

Spanish oil company Repsol anounced this week the discovery of “traces” of hydrocarbons at a deepwater well being drilled off the Brazilian coast. In an official statement Repsol said the well was completed in Block BM-S-48, located in the Santos Basin off the coast of the south-eastern state of Sao Paulo.
Friday, January 16th 2009 - 20:00 UTC
World oil demand forecasted to continue contracting

While oil prices ended this week's trading in the range of 35 US dollars the barrel, the International Energy Agency (IEA) has cut its estimates on world oil demand and for the first time since 1982-1983, expects two consecutive years of contracting demand for crude oil.
Thursday, January 15th 2009 - 20:00 UTC
Dr. Colin Phipps, a visionary of the Falklands oil future

Dr Colin Phipps, long linked to the Falkland Islands and one of the driving forces behind the promising frontier oil industry passed away in London on January 10.
Thursday, January 15th 2009 - 20:00 UTC
Chile-Peru consortium to invest in natural gas plant

A Chilean-Peruvian consortium plans to invest 650 million USD in a project to produce ammonium and ammonium nitrate from natural gas, Peruvian President Alan Garcia said Wednesday.
Wednesday, January 14th 2009 - 20:00 UTC
To comply with OPEC, Ecuador cuts private oil output

The Ecuadorian government has decided to suspend oil production by Italy's Agip and France's Perenco, both of which operate in the Amazon region, to comply with new OPEC cuts.
Wednesday, January 14th 2009 - 20:00 UTC
Abundant rainfall “shrinks” Brazil's Bolivian gas demand

Brazil will temporarily shut down power plants fired by natural gas from Bolivia and will reduce imports of the Bolivian fuel through the end of April, announced Mines and Energy mister Edison Lobao.
Wednesday, January 14th 2009 - 20:00 UTC
Brazil exported 620.000 bpd of crude last December

Brazilian state oil company Petrobras exported in December an average of 620,000 barrels of crude per day, establishing a new record.
Wednesday, January 14th 2009 - 20:00 UTC
Uruguay: 6 companies interested in possible offshore oil & gas

Six companies to date have purchased data packages for Uruguay's first offshore Exploration and Production round, mining and energy minister Daniel Martínez said after making a presentation at an energy conference in Santiago de Chile.
Wednesday, January 7th 2009 - 20:00 UTC
Chilean Congress investigates ENAP losses & gas projects

Chile's Lower House unanimously approved this week the naming of a special committee to investigate the financial performance of government owned hydrocarbons corporation ENAP, that suffered huge losses in 2008, and gas exploration projects in Tierra del Fuego which have been described as commercially “non viable”.