Petrobras to invest $1.1bn in Bolivia

Brazilian President Luiz Inacio Lula da Silva plans to invest $1.1 billion to develop Bolivia’s natural-gas reserves as the Andean nation struggles to meet supply contracts to Brazil and Argentina.

Brazil’s state oil company “has made the commitment to invest $1.1 billion in the coming years,” Lula said. “We need gas and we will act with the Bolivian government to fulfill that need.” Bolivia has struggled to keep up with supply contracts to Brazil and Argentina as investment dropped off under President Evo Morales’ administration. Petrobras suspended projects in Bolivia in 2006 after Bolivia raised taxes by 80%. Lula and Morales also visited the Bolivian town of Puerto Suarez and announced the two countries would work on exploration of new gas deposits in Bolivia, without elaborating.
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Gazprom, ENI to handle South Stream project preparations

A joint working group of Gazprom and ENI (Italy) will meet to address preparations to the South Stream project.

The meeting was approved by Gazprom and ENI chiefs Alexei Miller and Paolo Scaroni. Miller gave Scaroni details of the ongoing gas dispute with Ukraine and steps Gazprom had been taking to resolve the standoff. Against the background of the gas row, the task of diversifying gas routes has become even more pressing. In particular, the two chiefs discussed the South Stream project which will link Russia directly to Europe and enhance its energy security.
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Russia outlines Arctic waterway ambitions

Russia intends to substantially increase the volume of cargo transportation across the Arctic waterway in accordance with plans to develop the country's Arctic and Far Eastern regions, Russian Transport Minister Igor Levitin said.

Levitin is taking part in a ministerial conference on environment protection and energy in the transport sector that is being held in Tokyo. The Russian government plans to create a free economic zone at the Far Eastern port of Vanino that will be linked through the northern waterway to a transportation hub in Murmansk in the northwest of Russia, Levitin said. "This is the shortest waterway linking Russia's Far East, as well as Japan, with Europe," he said. To develop the Arctic Region, the government plans to upgrade existing ports and build new ones on Russia's northern coast, namely on the Barents Sea and near the mouths of major Siberian rivers, he said. New marine safety services should be created and all ships and shipping companies should be equipped with receivers of Russia's global satellite navigation system GLONASS, Levitin said.

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Ensco International Updates Contract Status of Offshore Rig Fleet

Ensco International Incorporated announced that its Contract Status of Offshore Rig Fleet Report has been updated as of January 15, 2009.

The Report is available on the Company's Web site at http://www.enscointernational.com and can be accessed from the home page by clicking on "Rig Contract Status." The Report also can be accessed through the SEC EDGAR System. The Company updates and files the Report with the SEC on Form 8-K on or about the 15th of each month. Ensco routinely posts all material information on its Website. Ensco, headquartered in Dallas, Texas, owns and operates a modern fleet of offshore drilling rigs servicing the petroleum industry on a global basis.

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Vinalines receives bank loan for fleet and seaport development

Viet Nam National Shipping Lines Corp has signed a co-operative agreement with the Bank for Investment and Development of Viet Nam for a US$857 million loan for 2009 to 2011.

The capital will be invested in the development of seaports, fleets and marine services. Vinalines posted a 2008 revenue earning of US$1.2 billion, which is 41 percent higher than its 2007 figure.

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