Energy & Oil

• Wednesday, May 16th 2007 - 21:00 UTC

  Magallanes economy hit by Argentina's gas restrictions

  

  Argentina's erratic supply of natural gas had a direct impact on the Magallanes Region economy according to the latest official release from the Chilean Statistics Office.

• Tuesday, May 15th 2007 - 21:00 UTC

  Food and fuel push US inflation in first four months to 4.8%

  United States consumer prices increased by 0.4% in April, down from 0.6% in March with prices of goods such as clothing offsetting higher petrol costs, according to the latest release from the US Labor Department.

• Monday, May 14th 2007 - 21:00 UTC

  Higher costs make Petrobras first quarter profit drops 38%

  Petrobras Brazil's government owned hydrocarbons company said first-quarter profit fell 38% as oil prices dropped and costs rose. Net income dropped to 4.13 billion reais (2.05 billion US dollars), 6.68 billion reais in the first quarter of 2006, and net sales rose 8.4 % to 38.98 billion reais.

• Saturday, May 12th 2007 - 21:00 UTC

  Brazil Petrobras to sell two refineries to Bolivia YPFB for US$112mn

  

  Bolivia and Brazil have reached agreement after an acrimonious dispute over the nationalisation of two oil refineries in Bolivia owned by Petrobras, the Brazilian government-controlled oil group.

• Saturday, May 12th 2007 - 21:00 UTC

  Argentina confronts Latin American biofuels craze

  

  Former U.S. Vice President Al Gore warned that the drive to produce alternative fuels to combat global warming must not create new forms of environmental damage.

• Friday, May 11th 2007 - 21:00 UTC

  Petrobras discovers gas reserves off shore Espirito Santo

  

  Brazil's government owned petroleum company Petrobras announced the discovery of natural gas reserves in the Espirito Santo Basin in the country's southeastern coast.

• Wednesday, May 9th 2007 - 21:00 UTC

  UN cautions on drawbacks and benefits of bio-fuels

  

  As the demand for biofuels surges with over one billion people living without access to electricity, a new United Nations report released this week cautions that the world's energy needs must be met in a sustainable and environmentally sound manner.

• Wednesday, May 9th 2007 - 21:00 UTC

  Petrobras/Bolivia refineries dispute escalates

  

  President Evo Morales said Bolivia would respond in the coming hours to a proposal from Brazil's state-run oil company, Petrobras, regarding compensation for its two refineries in Bolivia recently nationalized.

• Saturday, May 5th 2007 - 21:00 UTC

  Only Conoco-Phillips resisting Chavez Orinoco basin control

  

  Venezuela threatened to expel Conoco-Phillips, the US oil company, if it does not abide by the nationalization of stakes held by foreign investors in the country's Orinoco heavy oil operations.

• Friday, May 4th 2007 - 21:00 UTC

  Brazil considering nuclear option for energy shortage

  

  Brazil will increase the use of nuclear energy if it cannot build enough hydroelectric plants, President Luiz Inacio Lula da Silva said on Thursday.