Energy & Oil

• 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).

• Monday, April 28th 2008 - 21:00 UTC

  Market talk of Shell's renewed interest in Falklands' oil

  

  Borders & Southern Petroleum Plc from the UK and which explores for oil near the Falkland Islands rose in London trading on Monday on speculation Royal Dutch Shell Plc may make a takeover bid, according to Bloomberg News.

• Monday, April 28th 2008 - 21:00 UTC

  OPEC and Bush agree: speculation dominates oil prices

  

  For once OPEC and US president George Bush seem to agree there's no short term fix to oil international prices. The convergence occurred Monday as crude prices edged closer to 120 dollars a barrel, fueled by the shutdown of a key pipeline and concerns about violence in Nigeria.

• Thursday, April 24th 2008 - 21:00 UTC

  North Falklands Basin oil pre-drilling campaign begins

  

  Rockhopper Exploration plc announced it was moving to the final phase prior to the drilling campaign for hydrocarbons in the North Falkland Basin which will involve two to four wells out of a potential of eight with another company.

• Thursday, April 24th 2008 - 21:00 UTC

  Lack of rains forecasts energy rationing in Chile

  Chile seems to be inevitably heading for a serious energy shortage in the coming months with electricity rationing almost a certain possibility because of the hydrological conditions suffered by the country under the full impact of the Pacific Ocean La Niña current.