Energy & Oil

Wednesday, March 4th 2015 - 05:38 UTC
Petrobras corruption: top prosecutor hands the Supreme Court names of 54 politicians

Brazil's top prosecutor Rodrigo Janot asked the Supreme Court on Tuesday to open an investigation into 54 politicians who allegedly benefited from a multibillion-dollar kickback scheme at state-run oil company Petrobras a Supreme Court spokesperson said on Tuesday.
Monday, March 2nd 2015 - 06:39 UTC
ExxonMobil ready to begin exploratory drilling offshore Guyana

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

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

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?

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 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

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?

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

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.