Energy & Oil

Energy & Oil
Thursday, October 23rd 2014 - 06:15 UTC

Total makes two appointments to replace de Margerie killed in a plane crash

Pouyanne, 51, had a key role in merging Total's loss-making “downstream” refining and petrochemical units in recent years,

French oil major Total appointed on Wednesday refining head Patrick Pouyanne as chief executive and former CEO Thierry Desmarest as non-executive chairman. The nominations at the head of the world's fourth-largest integrated oil company came less than 48 hours after the brutal death of Chairman and CEO Christophe de Margerie in a plane crash in Moscow.

Wednesday, October 22nd 2014 - 08:14 UTC

“Criminal negligence” in the crash at Moscow airport that killed Total's CEO

Mr. Margerie, who had headed French firm Total since 2007, was one of the oil industries most recognizable leaders.

Russian investigators have said “criminal negligence” caused the crash at a Moscow airport that resulted in the death of Total's chief executive. Christophe de Margerie died along with three crew members when his corporate jet collided with a snow plough.

Wednesday, October 22nd 2014 - 04:55 UTC

Falklands' Noble Energy elected David Stover as president and CEO

Stover has previously been serving as the company's President and Chief Operating Officer and takes his new post in May.

Noble Energy, Inc., which is involved in Falkland Islands hydrocarbons exploration and confirmed its interest in the South Atlantic potential, said on Tuesday that its Board of Directors has elected David Stover as President and Chief Executive Officer, succeeding Charles Davidson as CEO.

Wednesday, October 22nd 2014 - 01:52 UTC

Venezuela “fully prepared” to cope oil price volatility and will honor sovereign debt

“We will fulfill the payment of the 2014 PDVSA bond for 3 billion due on Oct. 28,” Marco pledged

Venezuela's Finance Minister Rodolfo Marco said on Tuesday that the Mercosur member was “fully prepared” to cope with price volatility on the global oil market and would honor a 3 billion dollar bond payment due next week.

Tuesday, October 21st 2014 - 06:24 UTC

UK company confirms discovery of oil in the Paraguayan Chaco

“Whilst we are most satisfied with this discovery, President is now focused on drilling down to the original target which still lies in front of us”, said Levine

President Energy announced on Monday it has discovered good oil-bearing zones at its Lapacho drill in the Paraguayan Chaco and confirms strong hydrocarbon pay at its Jacaranda well.

Friday, October 17th 2014 - 07:01 UTC

IDB loan for a 48.6 MW wind farm to be developed by Uruguay's private sector

Currently, roughly 45% of Uruguay's power capacity is hydroelectric; 38% thermoelectric plants and the remaining 17% renewable energy

The Inter-American Development Bank (IDB) has approved a loan of up to 42.2 million dollars to help the private sector in Uruguay finance the development, construction, operation and maintenance of a 48.6 MW wind farm and its associated facilities.

Friday, October 17th 2014 - 06:53 UTC

Russia's Gazprom forecasts oil at 70 dollars a barrel in the short term

“It could be at 70-75 dollars in a question of months,” Gustavo Delgado, head of Gazprom in Venezuela

The global oil market slump looks likely to continue, with prices possibly nearing 70 dollars a barrel in the short term, an official of Russian gas producer Gazprom said. Crude fell more than on dollar a barrel on Thursday to a four-year low below 83 a barrel as growing concerns over the global economy stretched a four-month rout.

Wednesday, October 15th 2014 - 23:36 UTC

Brazil will rise fuel prices to help government managed debt-laden Petrobras

The government has not allowed Petrobras to raise domestic fuel prices in line with international prices, forcing the company to sell imports at home at a loss.

Brazil will maintain plans to raise domestic fuel prices this year, despite a sharp drop in international crude oil prices, to help debt-laden state-run oil company Petrobras, a government source said this week.

Wednesday, October 15th 2014 - 23:32 UTC

Petrobras sets a new oil and gas production record during September

Pre-salt output reached 532,000 bpd and 618,000 barrels on September 18th, setting a new record for daily exploration in that reserve

Petrobras announced a new oil output record in Brazil, during September with an average of 2.23 million barrels of oil per day (bpd) production in the country, including in this total the fields operated by the state-owned company for its partners. The volume is 0.3% higher than breaks August record.

Wednesday, October 15th 2014 - 20:00 UTC

The ten biggest energy company bankruptcies

In the 1980s, Texaco became embroiled in a legal battle with Pennzoil, and ended up owing the company $10.5 billion

Running a multi-billion dollar energy company isn't easy. Just ask the executives in the corner suites of some of the energy companies that have gone bust over the years. Some, like Enron, were brought down because of insider malfeasance.

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