Energy & Oil

Energy & Oil
Tuesday, December 1st 2015 - 07:32 UTC

Petrobras board chairman resigns; apparent disagreements with CEO Bendine

Unconfirmed media reports say that Ferreira has disagreed with a number of measures taken by CEO Bendine to deal with the financial squeeze

Murilo Ferreira has resigned as chairman of Brazilian state oil company Petrobras, the firm said Monday. Ferreira, the CEO of mining giant Vale, took a leave of absence in September and Luiz Nelson Guedes de Carvalho, who has served as interim chairman since then, will continue in that role for the moment, the company said in a brief statement.

Friday, November 27th 2015 - 15:22 UTC

Oil jobs lost: 250.000 and counting, Texas likely to see massive layoffs soon

According to Graves & Co., oil and gas companies have laid off more than 250,000 workers around the world, a tally that will rise if prices remain so low

Crude oil just capped off a third straight week of declines, as WTI nears the $40 per barrel threshold. Goldman Sachs is once again raising the possibility of oil dipping into the $20s per barrel. That spells more pain for the energy sector. Many companies have already slashed spending and culled their payrolls, but the total number of job losses continues to climb.

Thursday, November 26th 2015 - 08:23 UTC

Brazil in shock: a leading senator and billionaire fund manager arrested for obstructing justice

Senator Delcidio Amaral, who leads President Dilma Rousseff's Workers' Party in the upper house, was the first sitting legislator to be put behind bars

Brazil is in shock following the arrest by police on Wednesday of a senior ruling-party senator and a billionaire investment banker in the intensifying probe of a huge corruption network centered on state oil giant Petrobras.

Wednesday, November 25th 2015 - 07:50 UTC

Falklands' oil industry deal: Rockhopper will take over FOGL for £57.1m

On Monday the two companies announced the start of drilling on a well in the Falklands: operator Premier Oil had spudded the 14/20-2 Isobel 2 well

Falkland Islands oil & gas explorer Rockhopper Exploration is launching a £57.1mln takeover of rival Falkland Oil & Gas. Rockhopper and FOGL have agreed a recommended all-share merger resulting in Rockhopper holding 65% of the enlarged group and FOGL owning the rest.

Wednesday, November 25th 2015 - 00:02 UTC

Falklands' oil industry re-spuds Isobel Deep reservoir

The well is located on licence PL004a, in which FOGL has a 40% working interest, and lies approx 4 km away from the 14/20-1 Isobel Deep oil discovery

Falkland Oil and Gas Limited, FOGL, one of several international companies involved in the Falklands' oil industry, announced on Monday that the 14/20 Isobel 2 well was spudded by Premier Oil as operator on Saturday, 21 November.

Tuesday, November 24th 2015 - 14:53 UTC

Summit of gas exporting countries opened in Tehran with nine leaders attending

Presidents of Iran, Russia, Venezuela, Iraq, Bolivia, Equatorial Guinea, Nigeria, Turkmenistan are currently in Teheran

A landmark summit of the Gas Exporting Countries Forum (GECF) has opened in the Iranian capital Tehran with the participation of the heads of nine member states. Presidents of Iran, Russia, Venezuela, Iraq, Bolivia, Equatorial Guinea, Nigeria, Turkmenistan as well as the Algerian prime minister are the key participants.

Saturday, November 21st 2015 - 08:01 UTC

Petrobras back to normal activity as splinter union ends 20-day strike

Sindipetro represents workers in the Campos Basin, Brazil’s most productive offshore region and had been resisting calls by FUP to end the strike.

Earlier on Friday a key Petrobras workers union voted to end a 20-day strike that disrupted output. Workers at the Sindipetro Norte Fluminense local, who had ignored the largest oil workers' union FUP's call to end the strike that started on November first, will return to work Friday evening at onshore operations, union spokesman Tezeu Bezerra.

Friday, November 20th 2015 - 07:36 UTC

Brazil considering plan to bolster Petrobras capital with 'hybrid securities'

Apparently, the Brazilian Treasury would transfer “hybrid securities” to Petrobras, which would then book the securities as equity until it sold new stock

Brazil’s government is considering a debt plan to bolster the capital of heavily indebted state-controlled oil Petrobras, Agencia Estado news agency reported on Thursday. Under the plan, the Brazilian Treasury would transfer so-called hybrid securities to Petrobras, which would then book the securities as equity until it sold new stock, Estado reported.

Friday, November 20th 2015 - 05:48 UTC

UK Export Finance extends US$ 500m credit to debt-strapped Petrobras

UK Minister of State for Trade and Investment Lord Francis Maude underlined the significance of the US$500m line of credit for Petrobras.

Brazil's oil company Petrobras has concluded negotiations with international export credit agencies (ECAs) for a total of US$1.84bn. According to a company statement. The financing will contribute towards its fundraising efforts for 2016.

Wednesday, November 18th 2015 - 08:22 UTC

Petrobras splinter union refuses to end strike and calls members to abandon offshore vessels

SindipetroNF members on 51 offshore units, including production platforms, drill-ships and support vessels, voted on Saturday against the offer

Brazilian oil workers union local responsible for the bulk of the country's oil and gas output told its members on Tuesday to abandon Petrobras vessels operating in the Campos Basin, Brazil's most productive oil district.


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