Economy

Economy
Monday, April 6th 2015 - 16:56 UTC

Brazilian economy to contract 2% this year, and inflation 9% predicts French bank

Brazil's GDP inched up 0.1% in 2014, and private-sector economists surveyed weekly by the Central Bank are forecasting a contraction of 1% this year.

BNP Paribas said in Sao Paulo that it expects Brazil's gross domestic product to shrink 2% this year, or double the contraction the French financial services company had projected one quarter ago.

Monday, April 6th 2015 - 16:43 UTC

Mexican oil production drops following deadly fire on offshore rig

 Production fell from 650,000 barrels per day to 430,000 in the Campeche Sound region of the Gulf of Mexico after Wednesday's blast and blaze (Pic AFP)

Mexico's oil production dropped following a deadly fire at an offshore platform, while authorities are still searching for three missing workers, state-run energy firm Pemex said.

Monday, April 6th 2015 - 06:20 UTC

International legal actions against Petrobras keep climbing

Sweden's 30 billion AP1 pension fund plans to sue Petrobras separately from an existing class action lawsuit after revelations of a multibillion-dollar corruption scandal

One of Sweden’s largest investors has pledged to take direct legal action against Petrobras, becoming the third large investor to seek damages individually from the Brazilian oil group.

Monday, April 6th 2015 - 06:02 UTC

UK ratifies support for Falklands' oil and gas industry development

“We are satisfied that Falklands have the right to develop their hydrocarbons sector as a legitimate commercial venture with international oil and gas companies”

The British government has dismissed a reported threat from Argentina to prosecute oil firms drilling near the 
Falkland Islands. Argentine authorities said that the explorations “carry a huge environmental risk” and claimed that the London-registered companies, which announced last week they had found oil and gas in a remote field off the Islands, should be tried in Argentina

Friday, April 3rd 2015 - 07:08 UTC

Falklands first well of current drilling program declared “oil and gas discovery”

 MLA Jan Cheek said the Zebedee discovery identifies additional resources that could form part of subsequent phases of the Sea Lion field development

The Falkland Islands government welcomed on Thursday the announcement by Premier Oil and partners that the 14/15b=5 “Zebedee” well has been declared an oil and gas discovery following the completion of its evaluation program, Zebedee is the first of six wells from the current drilling campaign planned to take place in Falklands waters during 2015.

Friday, April 3rd 2015 - 06:52 UTC

Cable & Wireless consolidates in the Caribbean and targets Latin America

Bentley said CWC, which operates in the Caribbean under the name LIME expects significant operating synergies and an improved customer experience

British telecommunication company, Cable and Wireless Communications, Plc (CWC) Tuesday announced it had completed its US$1.85 billion acquisition Columbus International Inc (CII).

Thursday, April 2nd 2015 - 08:20 UTC

Brazil’s industrial production drops in February; 11 out of 24 sectors down

A drop in commodities prices and greater fiscal tightening is weighing on Brazil’s economy, which many analysts expect to fall into recession this year

Brazil's industrial production dropped in February after a momentary uptick at the beginning of the year, as factories and mines braced for what economists say could be the country's worst year in more than two decades.

Thursday, April 2nd 2015 - 08:08 UTC

Can Argentina capitalize on its vast shale reserves?

Experts have kept an eye since the US Energy Information Administration identified Argentina as holding the world's second largest shale gas and fourth largest shale oil reserves.

Argentina, once a regional energy leader, is now better known for financial busts and bombastic politicians than hydrocarbons prospects. Still, with a resource potential both vast and untapped, the nation has never been far from energy investors' minds. The question today is just how much Argentina is willing to change and how this plays into a low oil price environment that is already negatively impacting investment elsewhere.

Thursday, April 2nd 2015 - 07:42 UTC

Falklands oil explorer looking for associate to develop Darwin discovery

 Borders and Southern said it has been looking to secure partners against a backdrop of weaker oil prices, reduced expenditure but also cheaper rig and well service costs.

Falklands’ explorer Borders and Southern Petroleum PLC said this week its pre-tax loss widened in 2014 as costs increased, and admitted it has struggled to find a partner for the Darwin discovery to the south of the Falkland Islands, against a backdrop of reduced investment by companies caused by the fall in oil prices.

Thursday, April 2nd 2015 - 07:31 UTC

Brazil oil industry wants new auction rights rules and more efficient sourcing requirements

The IBP also wants the government to make changes to the legislation governing auctions to reduce “uncertainty that causes investors to stay away,” De Luca said.

The Brazilian Petroleum Institute, or IBP, has called on the government to change the regulatory framework to deal with the crisis caused by the collapse of oil prices and the corruption scandal at state-controlled oil giant Petrobras.

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