Energy & Oil

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

  OPEC policy “unchanged” for next September meeting

  

  OPEC is likely to keep oil output policy unchanged at its meeting in September as prices remain high despite a sharp fall from July's peak, a source from the Organization of Petroleum Exporting Countries said on Monday.

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

  Brazilian government will manage pre-salt mega oil deposits

  

  Brazilian president Lula da Silva proposed the review of the current oil exploitation model and the creation of another company to manage the so called pre-salt oil fields which are believed to hold anywhere from 50 to 70 billion barrels of light crude.

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

  Brazil's ultra-deep water oil deposits production in 2013

  

  Brazil's state-run oil company Petrobras CEO Sergio Gabrielli said Friday he expects new ultra-deep-water finds to yield 100,000 barrels of oil a day by 2010 and announced the company would begin testing production in the fields next September 2 although “we don't expect the new fields to have a significant impact on oil production until 2013”.

• Thursday, August 21st 2008 - 21:00 UTC

  Brazil undecided on how new oil resources should be developed

  

  Brazilian President Luiz Inacio Lula da Silva is pondering whether to create a new state-run oil company to manage oil production from Brazil's new sub-salt reserves, according to press reports in Sao Paulo

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

  Comodoro Rivadavia readies to become oil exploration town

  

  A jack-up oil platform for exploration in shallow waters is expected to arrive in the coming weeks in the Argentine San Jorge Gulf basin where three exploratory wells have been scheduled for drilling plus a fourth offshore Santa Cruz province, according to reports in the Argentine press.

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

  Venezuela supports production oil cut if prices continue to fall

  

  Venezuela will sponsor an oil production cut at the next OPEC (Organization of Petroleum Exporting Countries) meeting in September if prices continue to fall, cautioned Energy minister Rafael Ramírez in Caracas.

• Thursday, August 14th 2008 - 21:00 UTC

  Chile's top tourism official warns on dam project for Patagonia

  

  Chile's director of tourism bureau, SERNATUR Oscar Santelices said that the country's tourism industry is worried about potential negative effects of the HidroAysén dam project slated for Chilean Patagonia.

• Thursday, August 14th 2008 - 21:00 UTC

  YPF announces plans for off-shore drilling in Santa Cruz

  

  Argentine Oil Corporation YPF announced this week a 500 million US dollars annual investment plan to be mainly implemented in the Patagonian province of Santa Cruz to help sustain hydrocarbons extraction in the San Jorge Gulf basin

• Thursday, August 14th 2008 - 21:00 UTC

  Desire Petroleum closer to begin drilling in Falklands

  

  AIM listed Desire Petroleum Plc. announced on Thursday that a formal farm-out agreement has been entered into with Arcadia Petroleum Ltd following the approval of the Falkland Islands Government.

• Thursday, August 14th 2008 - 21:00 UTC

  Brazil invests in research for bio-fuels from micro-algae

  

  Brazil will allocate 4.5 million Reais (approx. 2.8 million US dollars) in non-refundable credits to research projects exploring the use of aquaculture or micro-algae products in biodiesel production.