• 1 min Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 15 mins Gazprom Speaks Out Against OPEC Production Cut Extension
  • 45 mins Statoil Looks To Lighter Oil To Boost Profitability
  • 2 hours Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 3 hours Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 4 hours Whitefish Energy Suspends Work In Puerto Rico
  • 5 hours U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 17 hours Thanksgiving Gas Prices At 3-Year High
  • 21 hours Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 23 hours South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 1 day Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 1 day Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 1 day Iraq Steps In To Offset Falling Venezuela Oil Production
  • 1 day ConocoPhillips Sets Price Ceiling For New Projects
  • 4 days Shell Oil Trading Head Steps Down After 29 Years
  • 4 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 4 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 4 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 4 days Venezuela Officially In Default
  • 4 days Iran Prepares To Export LNG To Boost Trade Relations
  • 4 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 5 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 5 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 5 days Rosneft Announces Completion Of World’s Longest Well
  • 5 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 5 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 5 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 5 days Santos Admits It Rejected $7.2B Takeover Bid
  • 6 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 6 days Africa’s Richest Woman Fired From Sonangol
  • 6 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 6 days Russian Hackers Target British Energy Industry
  • 6 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 6 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 6 days Lower Oil Prices Benefit European Refiners
  • 6 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 7 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 7 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 7 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 7 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
Are Oil Prices About To Turn Lower?

Are Oil Prices About To Turn Lower?

As too many bearish factors…

Tesla To Spike, Then Crash

Tesla To Spike, Then Crash

Electric car giant Tesla is…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

Chile's Acceptance as a Developed Nation is Hampered by its Energy Problems

Chile's Acceptance as a Developed Nation is Hampered by its Energy Problems

In 2010 Chile had a GDP per capita of $15,400, far more than most of its neighbours and a sign that it could be become one of the first Latin American nations to become a fully developed country. However it faces a major obstacle before it could hope to achieve this status; the fact that it has been struggling to fulfil its energy needs.

In September 2010, nearly 60 percent of the Chilean population found themselves without electricity due to a blackout caused by the inability to match the power supply to demand. The blackout left the country’s copper mines stranded, and brought the capital of Santiago to a halt; it also raised some serious questions about Chile’s energy future.

Chile relies upon hydroelectric sources to provide 40 percent of its electricity, which has led to drought-related power shortages. In light of this current struggle, the economic growth of the country is actually set to cause more dilemmas. Business Monitor International (BMI) have predicted that energy demand will increase from 58.8 TWh in 2011 to 70.5 TWh by 2015 and 87.8 TWh by 2020.

The President Sebastián Piñera has recently approved plans to develop a giant hydroelectric project, HidroAysen, which would see the construction of five plants in the pristine region of Patagonia. The project will cost about $3.2 billion and have a capacity of 2.75 gigawatts that will provide about 18 terrawatt hours a year.

However the HidroAysen project is attracting a lot of criticism and public outcry due to the fact that is will see approximately 5900 hectares of pristine wilderness flooded, endangering rare animals and habitats. A poll found that 74 percent of Chileans were against the project.

Piñera was hoping that the HidroAysen development will help Chile achieve 20 percent of its energy needs (about 5 gigawatts) from non-conventional renewable energy (NCRE) sources by 2020, a goal he set when he first took office in 2010.

The Electricity Development Advisory Committee (CADE), who were appointed to help advise the Chilean government the best ways to achieve their energy goals, said that the development of NCRE’s is too slow, and have supported HidroAysen as “a potential energy source highly relevant to the future matrix.”

It now seems that Piñera is backtracking on his promise and downgrading the ‘20 percent by 2020’ from a firm goal to an ambition, some believe it is because his government realises that it will not be able to reach the target so soon.

By. James Burgess of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News