Word: gas
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
Garcia has been dealing with a far-reaching corruption scandal that began Oct. 5, with the release of a secretly taped audio of two men talking about how they could grease the wheels for a Norwegian company to get oil and gas concessions in country. Garcia and his Cabinet chief, Jorge del Castillo, hastily called a press conference as soon as the audio was played on a local news show, trying to put distance between themselves and the men on the tape, who are also members of ruling APRA party...
...week ago, Garcia reached outside his party and picked a left-leaning governor as the new Cabinet chief. But the scandal has not faded. Congress has appointed a special committee to investigate 17 oil and gas exploration contracts awarded in September, including the five given the Norwegian company in a consortium with Peru's state-owned oil company, as well as 36 others handed out in the past two years. The head of the committee, Rep. Daniel Abugattas, said he expects to find a pattern of deceit. "The government has been giving away our natural resources to the lowest bidders...
There is a growing sense of urgency in Russia about all of this. Oil companies are posting declines in production as onshore oil and gas fields are getting depleted. Oil revenues account for 60% of Russia's budget, which has been calculated for 2009 on the basis of $70 per bbl. But if the price goes below that, the country's petroleum windfall may be drastically reduced, and the budget could go into deficit...
That is why the Arctic looks so enticing. Energy experts say the Arctic's continental shelf may contain up to a quarter of the world's undiscovered oil and natural gas. "The use of these energy reserves is a safeguard for Russia's energy security," Russian President Dmitri Medvedev said. "It is our duty to our descendants. We have to ensure the long-term national interests of Russia in the Arctic." Thus, the $5.4 billion - under terms more favorable than Moscow has extended to recapitalize one of its own major banks - seems a modest price to pay. Even if ordinary...
...pipeline is far from a sure thing, however, and the first cubic foot of North Slope gas years from production. Nevertheless, Irwin said, whatever quick help could have been provided from gas now headed for foreign markets pales by comparison...