Energy & Oil

• Saturday, November 8th 2008 - 20:00 UTC

  Brazil admits pre-salt oil deposits could hold 80 billion barrels

  Brazil's pre-salt oil reserves already under concession could reach as much as 80 billion barrels of oil equivalent, said the head of Brazil's National Petroleum Agency (ANP), Haroldo Lima, on Friday.

• Sunday, November 2nd 2008 - 20:00 UTC

  For delaying new oil contract, Repsol is ousted from Ecuador

  Ecuador has told Spanish-Argentine oil company Repsol YPF to leave the country after having refused to accept a government demand to change the contract which enables it to extract 60.000 bpd.

• Thursday, October 30th 2008 - 20:00 UTC

  Brazil' Petrobras agrees to explore for oil offshore Cuba

  

  Brazil is scheduled to sign on Friday an agreement with Cuba for deep-water oil and gas exploration and production. The event is considered the highlight of the two day visit of President Lula da Silva to the island beginning late Thursday.

• Wednesday, October 29th 2008 - 20:00 UTC

  Mexico approves opening oil industry to private sector

  

  In a turbulent session, the Mexican Congress Tuesday approved seven bills reforming the state oil company Petroleos Mexicanos (Pemex), which holds a monopoly on the industry, to allow participation by private international firms.

• Saturday, October 25th 2008 - 20:00 UTC

  Falling oil market ignores OPEC production cut

  

  Crude prices plunged Friday despite a hefty OPEC cut in production as recession fears gripped global markets in panic, heightening concerns about declining energy demand. New York's main contract, light sweet crude for December delivery, tumbled to 64.15 USD a barrel, down 3.69 from its close Thursday.

• Saturday, October 25th 2008 - 20:00 UTC

  Mexico moves to reform oil industry with private sector

  Mexico's Senate approved this week changes to the country's oil sector designed to halt rapidly falling production and ensure Mexico's oil self-sufficiency in the medium term. The bill must now be considered by the Lower House.

• Thursday, October 23rd 2008 - 20:00 UTC

  Rockhopper denies FT; no agreement entered with BHP Billiton

  

  Rockhopper Exploration plc the AIM traded (RKH) oil and gas explorer with licences in the North Falkland Basin, notes the report in the Financial Times today entitled “Smaller producers get ready for consolidation”.

• Thursday, October 23rd 2008 - 20:00 UTC

  Oil price at a 16-month low as energy demand contracts

  

  Oil prices tumbled on Wednesday to a 16-month low amid more evidence that the economic downturn was drying up energy demand. Light, sweet crude on the New York Mercantile Exchange - the benchmark price - settled at 66.75 US dollars, around five dollars lower than the day's high.

• Sunday, October 19th 2008 - 20:00 UTC

  BHP Billiton visits Falklands to organize oil drilling program

  

  Representatives of global minerals giant, BHP Billiton, were in the Falkland Islands last week laying the groundwork for a Southern Ocean drilling programme, which they hope will begin in some 12 to 18 months time.

• Sunday, October 19th 2008 - 20:00 UTC

  Petrobras September oil-gas production sets new record

  

  Brazil's government managed oil and gas corporation Petrobras set a new production record in September with 1.897.563 barrels/day, surpassing the volume extracted in the previous month by 12.400 barrels, or 1%. Compared to a year ago, the increase was 7.26%.