Subscribe to our free daily newsletters
  Energy News  

Subscribe to our free daily newsletters

Paraguay, Uruguay pitch for oil bonanza

Dust storm halts Kuwait oil exports, air traffic
Kuwait City (AFP) April 4, 2011 - A blinding dust storm hit Kuwait on Monday forcing a halt in oil exports which an official said would not affect commitments to clients, while air traffic was completely halted. A spokesman for Kuwait National Petroleum Co (KNPC) said oil exports were stopped and would resume when weather conditions improve. "We have stopped crude exports at terminals and also receiving vessels. This however will not impact commitments to clients," Mohammad al-Ajmi told AFP. Winds of up to 45 kilometres an hour (28 mph) reduced visibility to less than 150 metres (yards) at Kuwait airport and much less in the open desert.

OPEC's fourth-largest producer pumps around 2.3 million barrels of crude oil daily through KNPC export facilities in oil-rich southern Kuwait. Issam al-Zamel, head of operations at the civil aviation authority, told the official KUNA news agency that flights that were scheduled to land at Kuwait International Airport were being diverted to neighbouring Gulf countries. Departing flights were halted until weather conditions improve, said Zamel. Kuwait has had little rainfall for the fourth winter in a row, making the desert sand loose and easily carried aloft by strong winds. Dust storms are rare in winter but common in summer when the temperatures hits 50 degrees Celsius (122 Fahrenheit).
by Staff Writers
Montevideo, Uruguay (UPI) Apr 4, 2011
Paraguay and Uruguay are making independent bids for investors to take more interest in recent exploration that each hopes will yield commercially viable quantities of oil and natural gas.

Uruguay's state-run oil and gas company ANCAP said it hoped that recent discovery of subterranean rock formations could enable the country to become a producer of substantial quantities of shale oil or natural gas.

ANCAP President Raul Sendic cautioned against undue optimism. "It could be nothing or it could be the tip of the iceberg," he said, referring to the geological finds in the central region of Durazno.

He said the rock formations showed great quantities of organic material that likely held the key to substantial hydrocarbon deposits.

Argentine, U.S. and Russian corporate interests are looking into prospects for the region but the Paraguayan government is also interested in attracting other potential investors and expanding its quest for inland oil and gas resources.

Uruguay is working on oil exploration operations offshore with a consortium that includes Brazil's Petrobras, Argentina's YPF and Portugal's Gal.

The Latin American country is a net importer of oil. While it awaits results of its hydrocarbons quest, Uruguay is struggling to reduce its oil and gas import bills, seeking alternative or renewable energy from biofuels and wind power.

Meanwhile, Paraguay's state-run Petropar oil company is sounding out potential foreign partners for further exploration in the country's Chaco region.

Officials said talks were under way on a concession for exploration in an area close to the Argentine province of Formosa.

Petropar President Juan Gonzalez Meyer said Paraguay needs to secure its energy supplies for a sustainable economic growth. "We are totally dependent on imported fuel and the world situation reminds us all the time about it," Meyer said.

He indicated that Paraguay would need to attract investors to put multimillion-dollar resources into the effort. Drilling a single exploratory well can cost up to $15 million, he said.

Paraguay recently was host to investors from Bahrain and Russia but no deal was reached.

"We would also like to see Brazil's Petrobras interested, since they have expertise and a long proven experience in South America," said Meyer.

Paraguay has pursued investors to help develop its energy sector but has seen international companies lose interest in its unproven deposits and move on to other regions with potentially greater prospects.

Landlocked Paraguay is also hindered by transportation difficulties. The country is bordered by Argentina to the south and southwest, Brazil to the east and northeast and Bolivia to the northwest.

Paraguay lies on both banks of the Paraguay River, which runs through the center of the country from north to south and hopes it may exploit its river transport resources, with help from neighbors, as part of any energy development program.

Share This Article With Planet Earth DiggDigg RedditReddit
YahooMyWebYahooMyWeb GoogleGoogle FacebookFacebook

Related Links
Powering The World in the 21st Century at

Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

Company rewards executives despite Gulf oil spill
Washington (AFP) April 2, 2011
Transocean Ltd. has given its executives pay raises, bonuses and stock options after the company's "best year" for safety, despite a deadly oil platform explosion and massive leak in the Gulf of Mexico. "Notwithstanding the tragic loss of life in the Gulf of Mexico, we achieved an exemplary statistical safety record as measured by our total recordable incident rate and total potential severi ... read more

Developing Commercial Hydrokinetic Energy Projects

New Zealand to slash emissions by half

US energy future hazy on Japan, environment fears

Report: China leads in low-carbon energy

Giant Batteries For Green Power

Cuba to drill five new oil wells by 2013

Using River Water And Salty Ocean Water To Generate Electricity

First Practical Nanogenerator Produces Electricity With Pinch Of The Fingers

Manitoba wind farm comes online

Alstom Announces Commercial Operation Of First North American Wind Farms

Vestas unveils new offshore turbine

US hopes to resolve China wind turbine rift

UNI-SOLAR Powers Largest Solar Power Plant In French Riviera

Unirac Partners With Wise Power Systems On Breakthrough Solar Installation

First Polymer Solar-Thermal Device Heats Home, Saves Money

City to build solar carports with chargers

Bulgaria, Russia halt work on nuclear power plant

Nuclear Power Investment Must Not Be Delayed

Addressing The Nuclear Waste Issue

US nuke reprocessing would benefit French firm: study

Advance Toward Making Biodegradable Plastics From Waste Chicken Features

Short Rotation Energy Crops Could Help Meet UK's Renewable Energy Targets

Boeing Issues First Latin American Study On Jatropha Sustainability

Key Plant Traits Yield More Sugar For Biofuels

What Future for Chang'e-2

China setting up new rocket production base

China's Tiangong-1 To Be Launched By Modified Long March II-F Rocket

China Expects To Launch Fifth Lunar Probe Chang'e-5 In 2017

UN talks aim to thrash out tough details on climate

Japan nuclear crisis to affect climate battle: EU

Communicating Uncertain Climate Risks

Study: Ancient peoples had climate impact

The content herein, unless otherwise known to be public domain, are Copyright 1995-2010 - SpaceDaily. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement