Energy & Oil

Wednesday, May 14th 2008 - 21:00 UTC
Lack of rainfall forces energy restrictions in Uruguay

Uruguay moved on Monday into phase II of compulsory energy saving measures since lack of sufficient rainfall has seriously limited hydroelectric generation, the country's main source of energy. However the announced restrictions have resurfaced fears about street crime and the manufacturing industry believes the country is on the edge of an emergency situation.
Sunday, May 11th 2008 - 21:00 UTC
France's Total purchased lubricant plant in Chile

France's TOTAL, one of the world's largest oil companies, confirmed its purchase of the Chilean lubricant plant Castrol. TOTAL currently supplies Chile with 3% of its oil consumption, a figure that will grow as a result of the Castrol purchase.
Friday, May 9th 2008 - 21:00 UTC
Sugar cane becomes Brazil's second energy source

Sugar cane and cane-based ethanol became a more important energy source than hydroelectric power in Brazil's overall energy production last year, topped only by petroleum and oil products according to a report from the government's energy planning agency, EPE.
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.