VAALCO Energy, Inc. declared that its Board of Directors has determined to redeem the rights issued under the Company’s stockholder rights plan. This follows the Board’s previously announced decision to submit the plan for ratification at the Company’s 2009 Annual Meeting. For full story, click here
Mr Jose Botelho de Vasconcelos president of OPEC as saying that he only expected the next gathering of the 12 member OPEC to take place, as planned, in Vienna on March 15th 2009, he added the group could meet sooner if oil prices suddenly dropped. For full story, click here
Brazil plans to invest some $400 bn in coming 10 years to develop new offshore fields that may contain as much as 80 billion barrels of oil. For full story, click here
Petrobras has formed a venture with Cuba’s Cupet oil firm to carry out oil and gas exploration and production offshore Cuba, in order to tap oil from a 1,600 sq km concession block. For full story, click here For Petrobras’s website, click here
Another rough day for investors this Monday. As it became clear that the American House of Representatives would reject the authorization law for the executive’s $700 billion financial sector bailout plan, commodities began to tank. Oil futures shed more than $10 of their value during the day, dropping to $96.37 per barrel.
Barack Obama’s proposal for America’s energy security that will help lower the price of oil for consumers, increase the amount of oil in the SPR, increase energy security, and leave taxpayers better off by about $1 billion, deserves to be adopted. For more information, click here
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