Energy & Oil

• Saturday, March 7th 2009 - 09:52 UTC

  Brazil begins commercial extraction of oil at 6.000 metres

  

  Brazil's energy managed corporation Petrobras will extract its first crude oil from the potentially huge offshore Tupi field find, of late 2007, below the salt layer of the Santos basin next May, announced President Lula da Silva.

• Thursday, March 5th 2009 - 17:23 UTC

  Falklands’ oil company submits green impact report

  

  As was anticipated Desire Petroleum has submitted an environmental impact assessment (EIA) to the Falkland Islands government it was reported in London.

• Thursday, March 5th 2009 - 17:22 UTC

  Exxon reports oil discovery off the Brazilian coast

  

  United States ExxonMobil has notified Brazilian regulatory agency Agencia Nacional de Petroleo, Gas Natural e Biocombustiveis (ANP) that it has found indications of hydrocarbons in block BM-S-22 off the Brazilian coast. The discovery was made in well 1-ESSO-3SPS.

• Thursday, March 5th 2009 - 16:54 UTC

  Petrobras unveils ambitious bio-fuels expansion program

  

  Brazil’s government managed oil and gas corporation Petrobras announced its bio-fuels business plan for 2009/2013 which involves 2.4 billion US dollars to increase the production of bio-diesel and ethanol, most of which to be sourced in Brazil.

• Thursday, March 5th 2009 - 16:38 UTC

  Successful drilling of new gas well in Magallanes region

  

  GeoPark Holdings has announced the successful drilling and testing of a new gas well - Yagan 1 - on the Fell Block in the extreme south of Chile at an initial production test rate exceeding 10 million cubic feet per day (mmcfpd) of gas.

• Tuesday, March 3rd 2009 - 23:00 UTC

  Venezuela to slash oil industry suppliers costs by 40%

  

  Venezuela's government owned oil company PDVSA plans to slash costs by 40% as it struggles with low crude prices amid the global financial crisis, according to the president of the corporation.

• Sunday, March 1st 2009 - 23:00 UTC

  Mexico's oil company Pemex reports massive loss in 2008

  Mexico's government owned oil and gas company Pemex reported a fourth-quarter net loss of 115 billion pesos (8.3 billion US dollars) on Friday, 254% more than in the year-ago period on declining crude exports, low oil prices and currency losses.

• Thursday, February 26th 2009 - 23:00 UTC

  UK banks and regulators point fingers to political sector

  

  The chairman of United Kingdom's Financial Services Authority has said its failure to spot the banking crisis in advance was partly due to the style of regulation. A “light touch” approach at the City watchdog had been seen as politically preferred, Lord Turner said.

• Wednesday, February 25th 2009 - 23:00 UTC

  Gibraltar “nothing to fear” from tougher EU controls

  As European Union leaders met over the weekend in Berlin ahead of the G20 summit in April, Gibraltar Chief Minister Peter Caruana has welcomed the call for a tightening of regulatory standards, transparency and co-operation of financial markets on a global basis.

• Wednesday, February 25th 2009 - 20:00 UTC

  Holocaust row bishop Williamson leaves Argentina

  

  A British Catholic bishop embroiled in a row over Holocaust denial has flown out of Argentina days after being told to leave the country.