Energy & Oil

• Monday, February 25th 2008 - 21:00 UTC

  Falklands' oil drilling prospects boosted by Desire Petroleum

  

  Falkland Islands hydrocarbons exploration development and the potential to hire a rig for a minimum six-well drilling program advanced considerably on Monday when Desire Petroleum announced that it had accepted the terms of an offer to farm in to three of the company's eighteen exploration prospects in the North Falkland basin.

• Sunday, February 24th 2008 - 21:00 UTC

  Britain's Virgin Atlantic in first biofuel flight

  

  The first flight by a commercial airline to be powered partly by biofuel is to take off from London.

• Sunday, February 24th 2008 - 21:00 UTC

  Regional summit anticipates energy shortage next winter

  

  In spite of the smiles and pictures the Buenos Aires presidential summit of leaders from Argentina, Brazil and Bolivia could not agree on a way out to the energy and distribution situation that threatens the three countries this coming winter and apparently could only be solved in the mid term.

• Saturday, February 23rd 2008 - 21:00 UTC

  Argentina, Brazil to build joint uranium enrichment plant

  

  In a declaration spanning energy, transport and space satellite cooperation, Cristina Fernández de Kirchner and visiting Luiz Inácio Lula da Silva of Brazil, instructed their governments to begin negotiations over the next 120 days toward creating the binational commission.

• Friday, February 22nd 2008 - 21:00 UTC

  Bolivian gas test for Argentina/Brazil presidential summit

  Argentina may apply pressure on local units of Brazil's government owned Petrobras in a battle to increase its share of Bolivian natural gas supplies and ease potential wintertime shortages, reported on Thursday Buenos Aires daily, Clarin.

• Friday, February 22nd 2008 - 21:00 UTC

  Oil price surge is driven by demand growth, argues IMF

  

  The surge in oil prices this week to over 100 US dollars a barrel is part of a trend of higher oil prices driven largely by sustained growth in demand that is likely to have little effect on global growth, according to an International Monetary Fund spokesperson.

• Friday, February 22nd 2008 - 21:00 UTC

  Brazil's proven oil reserves in the range of 12.6 billion barrels

  

  Brazil at the end of 2007 had 12.623 billion barrels in proven oil reserves, the National Petroleum Agency, ANP, said on its Web site this week. Brazil also had 364.99 billion cubic meters of natural gas reserves.

• Wednesday, February 20th 2008 - 21:00 UTC

  Venezuela and Exxon still distant but seem willing to negotiate

  

  Venezuela agreed on Tuesday to compensate Eni of Italy 700 million US dollars in cash for the takeover of an oil field but warned that Exxon Mobil Corp nationalized assets are worth less than a billion US dollars, far below what the US company is seeking.

• Wednesday, February 20th 2008 - 21:00 UTC

  Uruguay's energy situation “delicate but not critical”

  

  Uruguay's energy situation is “delicate, but not critical”, however demand is higher than estimated and water reserves although sufficient are not being replenished as would be desirable admitted the country's head of the government owned electricity corporation.

• Tuesday, February 19th 2008 - 21:00 UTC

  Computers stolen from Petrobras had “state secrets”

  

  Brazilian President Luiz Inacio Lula da Silva said the computers and hard drives stolen from the state oil company Petrobras last month contained information considered a “state secret”.