Pan American Energy finds oil reserve in Argentina
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Pan American Energy has discovered an oil reserve in southern Argentina in one of the biggest such finds of recent years in the energy-hungry country, a provincial governor said on Saturday.
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Britain is seeking to legally annex stretches of the south Atlantic seabed in a bid to tap gas, mineral and oil wealth, in a move that could raise tension with Argentina, a newspaper reported Saturday.
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Production at Mexicoâs giant Cantarell oil field will fall by 15 percent this year, JesÃºs Reyes HerÃ³les, left, the director general of PetrÃ³leos Mexicanos, Mexicoâs state-owned oil monopoly, said. Output dropped 13.1 percent last year. Mr. Reyes HerÃ³les, a former energy minister who took over at Pemex in December, said other projects would help make up for the shortfall at Cantarell, which last year accounted for about 55 percent of Pemexâs overall production of 3.26 million barrels a day. Mexico is a top supplier of imported oil to the United States. Mr. Reyes HerÃ³les said that the company needed additional investment of $8 billion to $10 billion a year to keep up production, develop new reserves, expand its refining capacity and modernize its storage and transport network. But Pemex is closed to private investment and cannot finance the investment itself. Last year, Pemex sales surpassed $100 billion but it paid $79 billion in taxes, which accounted for almost 40 percent of Mexicoâs federal budget.
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Venezuela plans talks with Panama next week on the possibility of pumping oil from the Caribbean to the Pacific through an existing pipeline, Foreign Minister Ali Rodriguez said Wednesday.
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The Bush administration plans to release oil from the nation&#39;s emergency stockpile to make up for supply disruptions caused by Hurricane Ivan - the first time in nearly two years the reserve has been tapped.
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ChevronTexaco reports that its United Kingdom subsidiary and its partners, Statoil, OMV and DONG, have made a significant oil and gas discovery at the offshore Rosebank/Lochnagar well in the Faroe-Shetland ...
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BUENOS AIRES (Dow Jones)--Argentine officials announced Tuesday night that Chinese companies have pledged to invest $19.7 billion in Argentina over the next decade on projects ranging from railroad expansion to offshore petroleum projects.
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JAKARTA, Indonesia -- The Organization of Petroleum Exporting Countries has asked the United States to use its strategic petroleum reserves to help reduce oil prices, the cartel&#39;s president said Wednesday.
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Exxon Mobil has won a British court order freezing up to $12 billion of worldwide assets belonging to the Venezuelan national oil company, Petroleos de Venezuela, in a dispute over President Hugo ChÃÂ¿vez's efforts to seize control of oil ventures in his country.
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Argentina rations energy supplies as cold weather blamed for 17 deaths strains the country's power system.
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People form a line to enter a Noah&#39;s arc replica in Buenos Aires, Argentina, Monday Dec. 6, 2004. Greenpeace activist built the giant arc and placed it at the Plaza Republica to demonstrate and demand governments
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Officials at Mexico&#39;s state-owned oil monopoly said Monday that the company has detected massive new oil deposits in the Gulf of Mexico that could
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&quot;We have asked them (the United States) to use their oil reserves to help cool down the prices,&quot; OPEC President Purnomo Yusgiantoro, who is also Indonesia&#39;s minister of energy and mineral resources, told reporters.
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Organization of Petroleum Exporting Countries President Purnomo Yusgiantoro said he has requested that the US use more of its oil reserves to calm the markets.
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American taxpayers have invested about $20 billion to stock the U.S. Strategic Petroleum Reserve, which is about to be filled to the brim for the first time.
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SANTA FE, N.M.  - A Texas energy company may get  rights to drill in a pristine swathe of a New Mexico national  forest after a White House task force intervened on its behalf,  a move that has become a hot issue in the battleground state  before next week's presidential election.
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By Anonymous  Petrobras, PDVSA plan refinery in Brazil  Brazil's state-owned Petroleo Brasileiro SA (Petrobras) and Venezuela's Petroleos de Venezuela SA jointly plan to build a $2 billion refinery in Brazil's northern Pernambuco state.