Energy & Oil

Energy & Oil
Monday, July 6th 2015 - 14:59 UTC

PetroRio buys Petrobras 20% concession in Bijupirá and Salema oil and gas fields

These fields are located in the Campos Basin, between 480 and 850 meters depth. Daily production averages 22 thousand barrels of oil

Brazil's oil and gas corporation Petrobras on Friday signed with PetroRio S.A. (‘PetroRio’) the contracts for the sale of 20% of its stake in the concessions of Bijupirá and Salema fields, currently operated by Shell. The transaction amounts to US$ 25 million and is subject to adjustments that are common to this type of operation.

Friday, July 3rd 2015 - 07:38 UTC

BP agrees to a $18.7bn settlement on claims from the 2010 Gulf of Mexico spill

The April 20, 2010 rig explosion and spill killed 11 workers and spewed oil for nearly three months on to the shorelines of several states.

UK oil and gas giant BP said it has reached an $18.7 billion settlement of damages claims from the US government and five states after the 2010 Gulf of Mexico spill. The US Justice Department said it could be the largest settlement with a single entity in US history and the total value would top $20 billion.

Friday, July 3rd 2015 - 07:12 UTC

Petrobras investigation looks into corruption by a dozen foreign companies

Zelada, head of Petrobras international division 2008/2012, appeared to have received bribes on a contract with US companies

Brazilian police on Thursday arrested Jorge Zelada, former director of Petrobras' international division, as part of an ongoing investigation into bribery and corruption at the state-run oil producer, prosecutors have said. Zelada is suspected of money-laundering, appropriating public funds, corruption, tax evasion and contract fraud.

Wednesday, July 1st 2015 - 02:44 UTC

Falklands will continue to develop its legitimate oil industry as it moves from exploration to production

Falklands' people have “the unequivocal right to develop our natural resources as we see fit, including the development of a hydrocarbons industry” (Pic EPA)

The Falkland Islands government has no doubts about its right to licence legitimate offshore oil and gas exploration activities in accordance with Falklands' legislation and will continue to support the hydrocarbons industry as it moves from successful exploration towards oil production.

Tuesday, June 30th 2015 - 06:14 UTC

Petrobras drastically cuts investment by 37% in next five years

“The investment portfolio will give priority to petroleum exploration and production projects in Brazil, with the emphasis on the pre-salt”

State-controlled oil giant Petrobras, which is mired in a corruption scandal that has rocked Brazil, said Monday it was cutting investment by 37% during the 2015-2019 period. Investment during the period will now total $130.3 billion, down from the $220.6 billion originally planned, Petrobras said in a filing with the Sao Paulo Stock Exchange.

Tuesday, June 30th 2015 - 05:16 UTC

Argentina's threat against Falklands' oil companies with no impact on markets

A spokesman for Sam Moody, Rockhopper Exploration’s chief executive, said: “We will not be commenting on moves”

The Argentine court order that assets of several international oil companies drilling for oil in the Falkland Islands be seized has caused mild turbulence in their share prices. Tierra del Fuego judge Lilian Herraez ordered the authorities to seize bank accounts, boats and other assets worth an estimated US$156mln.

Monday, June 29th 2015 - 20:25 UTC

Strangling Falklands' hydrocarbons industry is 'unacceptable' with dangerous implications for global business

“We have been absolutely clear that Argentine domestic law does not apply in the Falkland Islands nor in the waters that surround them”

The government of Argentina's campaign to strangle the Falkland Islands hydrocarbons industry is 'unacceptable' and taking action against British and international oil and gas companies has dangerous implications for global business, warned Foreign Office minister Hugo Swire on Monday reacting to an Argentine federal court ordering the seizure of UK and US assets involved in Falklands' operations.

Monday, June 29th 2015 - 19:45 UTC

Falklands elected government: “Argentina courts have no jurisdiction in the Falklands”

“The Falkland Islands is an Overseas Territory of the UK, and not subject to the laws of Argentina or any of its provinces”, underlined MLA Summers

“Argentine courts have no jurisdiction in the Falkland Islands”, said Falklands' lawmaker Mike Summers early Monday in response to the latest Argentine attempt into bullying the Islands and derailing its economy.

Monday, June 29th 2015 - 05:38 UTC

Argentine judge orders seizure of Falklands' oil companies assets

Timerman anticipated that on Monday he will formally request that the stock exchange regulators in London and New York implement the judge's order.

Argentina will pursue in Britain and the United States a local judge's order to seize assets of oil drillers operating in the disputed Falklands Islands, the Argentine foreign minister Hector Timerman said in an interview published in a government financed newspaper on Sunday.

Friday, June 26th 2015 - 06:23 UTC

Petrobras bribery case reaches US courts on investors' class action lawsuit

Brazil's state-run oil company Petrobras urged a U.S. judge on Thursday to throw out an investors' class action lawsuit claiming a multibillion-dollar bribery scandal overvalued it for years. Speaking at a hearing in federal court in New York, Petrobras lawyer Roger Cooper said the company itself was a victim of the fraud, which he said was orchestrated by a handful of individuals.

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