Global Energy Supplies: Germany's RWE buys 40 percent stake in Suriname oil block

Suriname's state oil company, Staatsolie, said on Wednesday that German energy company RWE DEA AG bought a 40 percent stake in an offshore block where Staatsolie is also partnered with Malaysia's Petronas.

Petronas is expected to invest $25 million in Block 52, which lies about 130 kms (80 miles) off the coast of the South American nation. In a statement, Staatsolie did not give further details on the German company's level of involvement.

Last year, Staatsolie signed a production sharing deal with Apache Corp of the United States to invest $230 million in the exploration of a different offshore block.

Staatsolie, founded in 1982, produces about 16,000 barrels of oil a day - mainly for local use. Global energy companies are showing growing interest in the potential of South America's northeastern shoulder. A 2011 discovery off French Guiana was described as a "game-changer" for the region's oil prospects.

Read more: Germany's RWE buys 40 percent stake in Suriname oil block | Reuters

CEPR - Analysis: Myth - That Offshore Drilling Would Lower Gas Prices Gets Boost from Major Media

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Myth - That Offshore Drilling Would Lower Gas Prices Gets Boost from Major Media

The media has played a significant role in convincing Americans that offshore drilling for oil in the United States could significantly lower the price of gasoline, according to an analysis released today by the Center for Economic and Policy Research. Even though the U.S. Department of Energy’s Energy Information Agency has stated that the benefits from such drilling would be too small to have any significant effect on oil prices, the media has overwhelmingly conveyed the impression that it could. Media coverage of the issue may have influenced public opinion, with a majority now favoring expanded drilling, as proposed by presidential candidate John McCain.