Energy & Oil

Energy & Oil
Friday, September 30th 2016 - 15:00 UTC

Where will oil prices go after Algiers?

Goldman Sachs revised down its estimate for oil prices for the end of this year, lowering its 4th quarter estimate from US$50 to US$43 per barrel

Saudi Arabia and Iran may yet come to terms on some sort of production arrangement, but the outcome of the negotiations in Algeria this week may not do much to rescue oil prices. Following the media spectacle, the oil markets may have to shift their attention back to the supply and demand fundamentals, which are not reassuring

Friday, September 30th 2016 - 08:09 UTC

RRS James Clark Ross sails to Falklands collecting Mid-Atlantic Ridge data

As the ship slowly navigates its way following the contour of the Mid-Atlantic Ridge, data is being continually collected

British Antarctic Survey ship, the RRS James Clark Ross, set sail on its long voyage from Immingham in the UK to Stanley in the Falkland Islands last 20 September. The ship, which carries out important scientific research in the Southern Ocean during the Antarctic summer months, is conducting survey work as it makes its passage south.

Friday, September 30th 2016 - 07:54 UTC

Falklands would claim 9% oil royalty per barrel plus 26% profit corporation tax

MLA Edwards explained that Premier, as current operator of the Sea Lion field, had indicated that their current projected breakeven price was US$ 45 per barrel.

The Falkland Islands government would claim 9% royalty on one barrel of oil, plus 26% corporation tax on profit, confirmed Member of Legislative Assembly Roger Edwards this week.

Wednesday, September 28th 2016 - 12:26 UTC

Iran-Saudi Arabia can't agree on limiting oil supply: “maybe in November”

“The gap between OPEC countries is narrowing. I don't expect that an agreement will come out of the consultations tomorrow,” Saudi minister Khalid al-Falih said

Iran rejected on Tuesday an offer from Saudi Arabia to limit its oil output in exchange for Riyadh cutting supply, dashing market hopes the two major OPEC producers would find a compromise this week to help ease a global glut of crude.

Saturday, September 24th 2016 - 07:27 UTC

Petrobras sells major gas pipeline which feeds Brazil's core industrialized regions

The pipeline connects the Brazilian states of Rio de Janeiro, São Paulo and Minas Gerais with natural gas coming from Bolivia and Brazil’s offshore oil and gas fields

A consortium led by Canada's Brookfield Infrastructure has signed a deal to buy a controlling stake in a natural gas pipeline system in Brazil from Petrobras for US$5.2 billion. Under the deal, the consortium will acquire a 90% stake in Nova Transportadora do Sudeste S.A. (NTS). Petrobras will retain a 10% stake.

Friday, September 23rd 2016 - 11:16 UTC

Petrobras cuts 5-year budget by 25% and will focus on core oil and gas business

Petrobras will focus on the most profitable project in deep waters, CEO Parente said. “Petrobras wants to spend less to produce the same”.

Brazil’s Petrobras announced it will be spending US$74.1 billion over the next five years, 25% reduction on the US$98.4 billion for the previous five years capital expenditure. This is also the company’s lowest five-year budget since 2006.

Friday, September 23rd 2016 - 09:28 UTC

Brazilian lawmakers in late night vote fail “to neutralize” Petrobras investigation

Temer distanced himself from the bill sent for debate by coalition party whips, including from his Brazilian Democratic Movement Party (PMDB).

President Michel Temer criticized a surprise move by Brazilian lawmakers, including some members of his party and even a cabinet minister, to wipe the slate clean on illegal donations they allegedly received.

Sunday, September 18th 2016 - 06:52 UTC

Argentina/UK statement on Falklands and dialogue ”promising”, but Congress decides

“My position is very clear, I always support dialogue, but also the defense of our natural resources in the Malvinas and surrounding areas”, said governor Bertone.

The recent Argentina/UK joint cooperation statement, with a chapter on the Falklands/Malvinas Islands, is “promising”, however much rests to be defined and agreed, and additional air links should be carried out by Argentina's flag carrier, according to Rosana Bertone, governor of the extreme south province of Tierra del Fuego, Antarctica and South Atlantic Islands.

Thursday, September 15th 2016 - 10:34 UTC

Falklands' Sea Lion oil project break-even price reduced to US$ 45 a barrel

CEO David McManus said Rockhopper continues to make very good progress in advancing the Sea Lion development, reducing costs and the break-even oil price

Falkland Islands oil explorer Rockhopper Exploration Plc has confirmed cost cuts at its Sea Lion project, which will reduce the scheme´s break-even price to US$ 45 a barrel. Capital investment at Sea Lion to reach first oil is now estimated at US$ 1.5bn.

Wednesday, September 14th 2016 - 18:35 UTC

Falklands welcomes UK/Argentina future cooperation agreement, which leaves sovereignty discussions out

FIG will be represented at any future discussions on the above matters. Sovereignty of the Falkland Islands will not be part of these discussions.

The Falkland Islands Government (FIG) welcomed the UK/Argentina future cooperation agreement to remove all obstacles limiting the economic growth and development of the Falkland Islands and points out it will be represented at future discussions on these matters, the removal of sanctions on hydrocarbons, fisheries, shipping and tourism, and underlines that “sovereignty of the Falkland Islands will not be part of these discussions”.

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