Energy & Oil

Energy & Oil
Monday, March 2nd 2015 - 06:39 UTC

ExxonMobil ready to begin exploratory drilling offshore Guyana

 Persaud was updated on the deployment of the oil rig which will depart from Louisiana, for the Stabroek Block offshore Guyana to start drilling mid-March.

Exxon Mobil says plans are in place to start exploratory drilling in Guyana this month. In a release it was disclosed that the Guyana Minister of Natural Resources Robert Persaud, met with Chuck Calavan, ExxonMobil Vice President of US and Latin America and Jeff Simon, Country Manager, ESSO.

Sunday, March 1st 2015 - 22:03 UTC

Brazil consumers' power bills increase an average 23.4% as of next Monday

The rate hike is geared to cover the estimated 22.1 billion Real (7.77 billion dollars) cost of a subsidy program, the government no longer will finance

Brazil's utilities were granted an average special rate hike of 23.4% to cover the costs of a energy subsidy program that the government of President Dilma Rousseff has decided to stop funding directly, the country's electrical energy system regulator said on Friday, as reported by Folha de Sao Paulo.

Friday, February 27th 2015 - 05:29 UTC

Falklands oil rig arrives and readies to begin six-well drilling campaign

Two of the rig’s three supply vessels are in the Falklands along with three support helicopters

The semi-submersible oil rig oil rig Eirik Raude entered Falkland Islands waters to the north this week and has already been served by supply vessels and undergone a crew change operation. The Eirik Raude will shortly begin a six-well drilling campaign operated by Premier Oil and Noble Energy.

Thursday, February 26th 2015 - 17:30 UTC

Is oil returning to 100 dollars or dropping to 10?

Put simply, supply has increased faster than demand, so a rapid return to oil over $100/Barrel looks extremely unlikely

If you have been following the price of oil over the last few months, the chances are you're a little confused. On the one hand you have the likes of A. Gary Shilling who, in this Bloomberg article, loudly trumpets the prospect of oil at $10/Barrel, and on the other there is T. Boone Pickens, who, at the end of last year was predicting a return to $100 within 12-18 months.

Thursday, February 26th 2015 - 05:17 UTC

Truckers strike is bringing Brazil and Rousseff's administration to its knees

The Rousseff government said that Petrobras had no plan to lower diesel prices over the next six months, which is one of the principal demands of the strikers

The Brazilian government told truckers and transport companies late Wednesday it would extend a year of free financing for vehicles and pass a law that would benefit the sector if protesters ended a crippling strike now in its eighth day.

Thursday, February 26th 2015 - 04:48 UTC

Rousseff lashes out at Moody's for downgrading Petrobras debt to junk-bonds

“It's a lack of knowledge about what's happening at Petrobras. I have no doubt this is a company with a great ability to recover without major consequences”

Brazilian President Dilma Rousseff on Wednesday said credit rating agency Moody's Investors Service downgraded state-controlled oil giant Petrobras' debt to junk-bond territory due to ignorance of the company's situation.

Wednesday, February 25th 2015 - 16:41 UTC

The easy oil is gone so where do we look now?

The 'shale revolution' has seen U.S. shale oil production soaring from 600,000 barrels a day in 2008 to 3.5 million barrels a day in 2014

In 2008, Canadian economist Jeff Rubin stunned the oil market with a bold prediction: With the world economy growing at 5% a year, oil demand would grow with it, outpacing supply, thus lifting the oil price from $147 to over $200 a barrel.

Friday, February 20th 2015 - 07:28 UTC

Pemex cuts budget and postpones big projects due to sharp drop in oil prices

Mexican export crude-oil blend averaged U$S 86 in 2014, but is currently trading at 49 per barrel, having hit a low of 37 in January, Pemex said.

State-owned oil giant Petroleos Mexicanos, or Pemex, said its board approved budget cuts totaling 62 billion pesos (4.15 billion) and the postponement of some big projects in light of the sharp drop in oil prices.

Friday, February 20th 2015 - 04:51 UTC

Why oil prices must go up

It may be difficult to look beyond the current pricing environment for oil, but the depletion of low-cost reserves and the increasing inability to find major new discoveries ensures a future of expensive oil.

Thursday, February 19th 2015 - 06:02 UTC

GeoPark scales down operations in Magallanes because of falling oil prices

The company in a release said it was forced to adapt its structure to address the world oil crisis with the abrupt collapse in prices.

Oil company GeoPark which operates in Magallanes, extreme south of Chile, reiterated its commitment and long term investment in the region but also announced the redundancy of 30 staff, first time in twelve years, because of a restructuring of the company to the new global oil industry scenario.

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