Energy & Oil

• Saturday, November 17th 2007 - 20:00 UTC

  Magallanes extends oil licences to five global companies

  

  Five international corporations have won bids for hydrocarbons exploration and production in nine out of ten blocks in the extreme south of Chile, --Magallanes Region--, was announced on Thursday by the country's Deputy Mining Minister Diego Vio in Punta Arenas.

• Saturday, November 17th 2007 - 20:00 UTC

  Chavez warns US at Opec summit but is rebuked by Saudis

  

  In his opening address at a rare Organisation of Petroleum Exporting Countries (Opec) summit in the Saudi capital, Hugo Chavez, the Venezuelan president, has warned the US over rising oil prices.

• Friday, November 16th 2007 - 20:00 UTC

  Venezuela, like Iran to launch peaceful nuclear program

  Venezuelan President Hugo Chávez this week told a French TV channel that Venezuela, just like Iran, is launching a peaceful nuclear program.

• Friday, November 16th 2007 - 20:00 UTC

  “Weak US dollar” at the heart of the OPEC Riyadh summit

  

  A blunder by OPEC on Friday exposed serious discrepancies between Saudi Arabia and Iran about whether the oil exporters' group should address the issue of the falling dollar at a rare summit of leaders this weekend in Riyadh.

• Thursday, November 15th 2007 - 20:00 UTC

  OPEC: no output increase decision until December

  

  The Organisation of Petroleum Exporting Countries (OPEC) ruled out an output increase in the coming summit and said that the surge in global fuel prices can not be tracked to shortage of oil in the market and certainly not because of the fast-growing Indian and Chinese economies.

• Thursday, November 15th 2007 - 20:00 UTC

  Plenty of oil for another century says Saudi Arabia

  

  World oil reserves at current demand are sufficient for the next century and the global oil industry should aim to produce at least 3 trillion bbl from conventional recoverable resources in known fields and discoveries over the next several decades, according to the head of Saudi Aramco.

• Wednesday, November 14th 2007 - 20:00 UTC

  Petrobras walks out of major Venezuelan offshore gas project

  

  Brazil's government controlled oil corporation Petrobras has cut out from plans to help develop Venezuela's Mariscal Sucre offshore natural-gas field, which was to become the source of the gas to be pumped through the 20 billion US dollars projected Southern Gas Pipeline.

• Tuesday, November 13th 2007 - 20:00 UTC

  Petrobras bids US$ 900 for Exxon assets in Chile

  

  Brazilian government owned oil giant Petrobras has offered 900 million US dollars for Exxon's assets in Chile as part of its regional downstream expansion policy that includes Argentina, Chile, Paraguay and Uruguay.

• Tuesday, November 13th 2007 - 20:00 UTC

  Biofuels costs and benefits balance analyzed by UN

  

  Biofuels have the potential to cause both good and harm and governments must therefore be careful to balance the costs and benefits of developing them as energy sources, Secretary-General Ban Ki-moon has said in Brazil as he continues an official trip focused on climate change.

• Sunday, November 11th 2007 - 20:00 UTC

  Lula Says Brazil Oil Find May Lead to OPEC Membership

  

  Brazilian President Luiz Inacio Lula de Silva said the discovery of reserves that may total as much as 8 billion barrels of oil and natural gas may lead the country to join the Organization of Petroleum Exporting Countries