Venezuela, China to Create Joint Venture to Supply New Refinery

Venezuela agreed with China, the world's fastest-growing major economy, to form a joint venture that will produce oil in Venezuela's Orinoco Belt to supply a new 400,000 barrel-a-day refinery they will build in China.
 

PdVSA To Have 49% Shares In Refineria Del Pacifico

Petroleos de Venezuela, or PdVSA, will have 49% of the shares in the Refineria del Pacifico-CEM, a company that will be established with Petroecuador to build a new refinery for heavy crude, Petroecuador said Monday.
 

Brazil's Petrobras quarterly profit soars 68 pct

Brazilian state oil company Petrobras posted on Monday a 68 percent rise in its first-quarter net profit, beating market expectations, on higher oil output and prices of some fuels it sells.
 

Congress divided on energy plan

As millions of people approach the summer vacation season under the threat of $4-per-gallon gasoline, Congress is scrambling to respond. But don't wait for anything that will drive down prices at the pump.

McCain speaks on global warming

John McCain breaks with the Bush administration, but also with many environmentalists in a major global warming speech today.
 

Natural Gas Advances as Crude Hovers Near Record, Dollar Falls

Natural gas in New York advanced as crude oil surged to a record and the euro climbed against the U.S. dollar.
 

North Sea Brent Daily Shipments to Fall 9.5% in June

Daily shipments of North Sea Brent crude, part of the price benchmark for almost two-thirds of the world's oil, will decline by 9.5 percent in June.
 

Nuclear missiles parade across Red Square

Nuclear missiles and tanks paraded Friday across Red Square for the first time since the Soviet era but new President Dmitry Medvedev warned other nations against "irresponsible ambitions" that he said could start wars.
 

Global LNG Trade Rose 7.3% in 2007 on U.S. Demand, Cedigaz Says

The global trade in liquefied natural gas grew 7.3 percent last year as imports into North America jumped more than a third, industry group Cedigaz said.
 

Natural Gas in New York Advances as Crude Oil Rises to Record

Natural gas in New York advanced to the highest since December 2005 as crude oil rose to a record.
 

Oil falls as Nigeria strike ends

Oil prices have fallen on expectations that oil giant Exxon will restart production following the resolution of a strike in Nigeria.
 

Indonesia, Oil Dwindling, Ponders A Future Out of OPEC

Indonesian President Susilo Bambang Yudhoyono said Tuesday that Indonesia might have to quit the Organization of the Petroleum Exporting Countries because the nation is finding itself no longer able to export oil.
 

Goldman's Murti Says Oil `Likely' to Reach $150-$200

Crude oil may rise to between $150 and $200 a barrel within two years as growth in supply fails to keep pace with increased demand from developing nations, Goldman Sachs Group Inc. analysts led by Arjun N. Murti said in a report.
 

European 2009 Power Rises to Record on Higher Fuel, Carbon Cost

European electricity contracts for next year climbed to records as oil and coal reached an all-time high, increasing production costs for utilities.
 

Petrobras to Start Output at Tupi Ahead of Schedule

Petroleo Brasileiro SA, Brazil's state-controlled oil company, plans to begin pumping crude from its 8 billion-barrel Tupi field in 2009, a year ahead of schedule, and to start its Carioca field in four to five years.
 

Petrobras confident over deep water well

In more than 2,000 metres of water off the coast of Brazil, Petrobras, the Brazilian national oil company, is drilling what could become one of most important oil wells of recent years.
 

Chile's GasAtacama clinches energy deal with miners

Power generation costs rose in 2007 as lower reservoir levels hit hydroelectric output, compounding the impact of scarcer natural gas and high international oil prices. (Reporting by Monica Vargas, Writing by Simon Gardner, editing by Todd Eastham) - SANTIAGO, April 29 - GasAtacama, a major electricity supplier to Chile's northern mining region, said on Tuesday medium-size and big mining firms had agreed to pay $650 million to ensure power supplies amid an energy squeeze.
 

Bolivia completes takeover of 4 energy companies

Bolivia's leftist government said Thursday it completed the purchase of majority ownership of four energy companies by buying back shares in the firms as part of a nationalization drive started exactly two years ago.
 

Opec warns oil could reach $200

Opec, the oil producing cartel, has warned that the price of crude could keep rising to reach $200 a barrel.
 

Exxon profit up 17% on oil surge

Oil giant Exxon Mobil made $10.9bn (£6bn) profit in the first three months of 2008 - up 17% but less than some had expected, analysts said.
 

Ethanol betraying its promises

It is now beyond dispute that congressional mandates on ethanol use are having a number of deleterious effects, soaring food prices chief among them. So given that, plus recent findings that greenhouse gas emissions from ethanol and biofuels may actually be greater than those created by conventional gasoline, a natural question arises: Which presidential candidate will first call for a change in U.S. ethanol policy?
 

Brazil Oil Trapped by 500-Degree Heat, Salt Barrier

Brazil's plan to become one of the world's biggest oil exporters hinges on exploiting crude 6 miles below the ocean surface in deposits so hot they can melt the metal used to carry uranium to nuclear plants.
 

Mexico's Pemex posts 1st-qtr net profit vs loss

Mexican state-run oil monopoly Pemex posted a 3.3 billion peso first-quarter net profit on Monday, compared to a net loss of 10.4 billion pesos a year earlier, aided by improved operating results and higher sales.
 

Bolivia races to complete energy firms' takeover

Bolivia's leftist government said on Monday it was on track to take control of three privatized energy companies by buying back shares in the firms as part of a nationalization drive started in 2006.
 

Refinery strike has oil near $120

Oil prices have hit a fresh high just below $120 a barrel after a strike at a UK refinery disrupted production from the North Sea.