Energy & Oil

Energy & Oil
Wednesday, March 25th 2015 - 07:07 UTC

Falklands' economy performance impressive, although volatile and vulnerable

Oil was discovered in 2010 on the Sea Lion field and production for the world markets is currently planned for 2019.

The Falkland Islands economy has witnessed impressive, although volatile, growth in recent years with unemployment rates low enough to be the envy of most countries in the world and the government is free of debt, according to the latest “State of the Economy” released by the Falklands Policy Unit.

Monday, March 23rd 2015 - 17:13 UTC

Petrobras corruption scandal reaches New York court: banks will have to explain sale of bonds to US investors

 Itau and Bradesco were book runners on a number of Petrobras bond issues.

Fifteen banks will join Petrobras next week, April 3, in a New York court to explain how they did nothing wrong when selling 98 billion dollars worth of the Brazilian state oil company’s bonds to American investors. Of the 15, lawyers representing the investment banking divisions of Itau and Bradesco will appear before New York judge Jed Rakoff in hopes to escape the scandal.

Monday, March 23rd 2015 - 17:05 UTC

Petrobras suspends operations in major offshore rig for safety reasons

The P-58 is one of Petrobras' biggest-producing platforms in the Campos basin, a region off the coast of the southeastern state of Rio de Janeiro

Brazilian state-controlled oil giant Petrobras on Saturday said it has suspended operations at a major offshore platform, citing safety concerns. The P-58 platform, which extracts 106,000 barrels per day, was taken out of service for unscheduled maintenance and to improve its operational efficiency, the company said in a statement Friday.

Friday, March 13th 2015 - 13:24 UTC

Brazil's meats giant JBS plans no further acquisitions; about 80% of debts in dollars

“Last year we made the decision to be 100 percent hedged. We paid a heavy price at the beginning of the year ... but we had the right strategy,” Batista said.

Brazilian meats giant JBS SA plans to focus on Australia, U.S. pork operations and its processed foods division under a 2015 strategy focused on “organic expansion” rather than acquisitions, CEO Wesley Batista said on Thursday, and estimated that between 2.5 billion to 3 billion reais (806 million/967 million dollars) in capital investment will be needed this year to support the strategy.

Thursday, March 12th 2015 - 11:45 UTC

Everyone is guessing when it comes to oil prices

Oil storage is at its highest level in 80 years, and storage at the all-important hub in Cushing, Oklahoma could begin to run out of space this spring.

Predicting and diagnosing the trajectory of oil prices has become something of a cottage industry in the past year. But along with all of the excess crude flowing from the oil patch, there is also an abundance of market indicators that while important, tend to produce a lot of noise that makes any accurate estimate nearly impossible.

Wednesday, March 11th 2015 - 03:02 UTC

Petrobras whistleblower says Rousseff's party received US$ 200 million from Petrobras contracts

Pedro Barusco, a former executive at Petrobras' services division, said he had received payments as early as 1997 and in larger amounts starting in 2004

A former Petrobras executive told a congressional hearing in Brazil on Tuesday that the ruling political party received up to 200 million dollars skimmed from contracts with the state-run oil company, reiterating claims made in plea bargain testimony.

Tuesday, March 10th 2015 - 07:05 UTC

Brazilian lawmakers accused of Petrobras graft fight back

Farias told Folha de Sao Paulo that while he may have acted improperly, his actions weren’t illegal. The senator admitted taking a US$650,000 donation

Brazil’s congressional heads denied involvement in the country’s largest graft scandal after being named among dozens of politicians for investigation. Renan Calheiros and Eduardo Cunha, the heads of the Senate and Lower House respectively, and Rio de Janeiro Senator Lindbergh Farias all rejected allegations of graft in the Petrobras kickback scheme dubbed “Carwash.”

Saturday, March 7th 2015 - 07:41 UTC

Petrobras corruption: Supreme Court approves investigation of 54 politicians

Leaders of the Senate Renan Calheiros and Lower House Eduardo Cunha are in the 54-name list. So is former president Collor and currently a Senator (photo)

Brazil's Supreme Court late Friday approved an investigation of dozens of top politicians, including a former president and leaders of congress, for alleged connections to what they call the biggest graft scheme ever uncovered in the country which has the largest economy in Latin America.

Friday, March 6th 2015 - 22:08 UTC

Falklands oil drilling campaign takes off with spudding on the Zebedee prospect

Drilling, coring and logging operations on the Zebedee well are expected to take 30 days. Cost of each well drilled by Eirik Raude rig is estimated in 50m dollars

Premier Oil spudded its first 2015 Falklands drilling campaign well, 14/15-5, using the Eirik Raude semisubmersible drilling rig on the Zebedee prospect on 6 March. The well, on license PL004b, will test a total of seven stacked fan bodies with varying geological chances of success (GCoS) of 9-52%.

Thursday, March 5th 2015 - 13:05 UTC

Here's what will send oil prices back up again

Advances in wind and solar power have been significant, but according to EIA, renewables currently account for 11% of the world's energy consumption.

Oil's rapid decline since August of last year has been dramatic. To listen to some commentators you would also think it is unprecedented and irreversible. Those claiming that oil will continue to fall from here and remain low for evermore, however, are flying in the face of both history and common sense. The question we should be asking ourselves is not if oil prices will recover, but when they will.

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