Energy & Oil

Energy & Oil
Thursday, June 23rd 2016 - 02:56 UTC

Renewables the focus of EU Energy Week in the Falklands

MLA Michael Poole visited the Sand Bay Wind Farm last week to discuss the benefits of renewable energy.

The Power & Electrical Department hosted an open day last week at their Sand Bay Wind Farm to showcase the work being undertaken by the Falkland Island’s Government (FIG) to utilise and promote renewable energy sources. The open day, which included guided tours and demonstrations, formed part of wider initiatives recently undertaken by FIG to address issues surrounding climate change.

Wednesday, June 15th 2016 - 19:06 UTC

Federal Reserve cautious about the future, leaves interest rates unchanged

“The pace of improvement in the labor market has slowed” However “economic activity will expand at a moderate pace”

United States Federal Reserve in a unanimous vote kept interest rates unchanged on Wednesday and signaled that it will assess labor market conditions, inflation expectations and financial and international developments before deciding on future actions. The U.S. central bank also lowered its economic growth forecasts for 2016 and 2017 and indicated it would be less aggressive in tightening monetary policy after the end of this year.

Tuesday, June 14th 2016 - 08:22 UTC

Petrobras pre-salt fields production climb to a new high in May: 1.1MMboe/d

Pre-salt production of oil and natural gas climbed to a new high, breaking the 1 MMb/d mark for the first time on May 8.

Petrobras’s oil production in Brazil averaged 2.16 MMboe/d in May, its fifth highest monthly figure to date. The growth was due mainly due increases from the company’s pre-salt fields, with new wells connected to the FSPO Cidade de Maricá serving the Lula field in the Santos basin.

Tuesday, June 7th 2016 - 09:04 UTC

Ex Total top engineer named Argentina's YPF CEO

Ricardo Darre, an engineer, previously worked for French oil company Total in the United States. He will take up his post on July 1.

Argentina's state oil company YPF said on Monday it has named Ricardo Darre chief executive officer, as the company makes leadership changes under the new pro-business government.

Monday, June 6th 2016 - 10:46 UTC

Petrobras will have full independence to set domestic fuel prices

Energy Minister Coelho said the energy, finance and planning ministries would review expected changes by Petrobras to gasoline, diesel and other fuel prices<br />

Brazil's energy ministry said on Saturday it backed full independence for Petrobras to set domestic fuel prices, blaming past controls for saddling the state-controlled oil company with crippling debt that is the oil industry's largest.

Saturday, June 4th 2016 - 09:29 UTC

OPEC summit fails to agree on a clear oil policy output strategy

Tensions between the Sunni-led kingdom and Shiite Iran had blighted several previous OPEC meetings, but the strains were less acute on Thursday in Vienna

The Organization of the Petroleum Exporting Countries failed to agree on a clear oil-output strategy on Thursday as Iran insisted on steeply raising its production, though archrival Saudi Arabia promised not to flood the market and sought to mend fences within the organization.

Saturday, June 4th 2016 - 08:57 UTC

YPF and ENAP agree to increase gas and oil production off Magellan Strait

Argentina's YPF and Chile's Enap Sipetrol announced a joint project to expand the production of natural gas and crude from the offshore Magallanes Deposits, (PIAM), to the east of Magellan Strait Reserve. Representatives from Tierra del Fuego province and Magallanes Region, and from the two companies, attended the announcement ceremony.

Friday, June 3rd 2016 - 06:40 UTC

Falklands are “my homeland”, with the right to freely choose our own future

Ms. Krysteen Ormond, JP, Falkland Islands Government Representative to the United Nations Decolonization Committee

The Falklands are a people, “my homeland”, with the right to freely choose our own future, as enshrined as leading principle in the UN Charter and safeguarded by the several covenants on civil and political rights, said Falklands' government representative Krysteen Ormond addressing the Pacific Regional Seminar of the C24, Special Decolonization Committee.

Monday, May 30th 2016 - 07:36 UTC

Venezuela's public sector will only work Mondays and Tuesdays for another two weeks

President Maduro's administration blames the power shortage on a drought caused by the El Niño weather phenomenon

Venezuela's government on Saturday extended by two weeks a decree reducing the public sector workweek to Mondays and Tuesdays in a bid to tackle the oil-rich country's electricity crisis. The enforced leave was first announced in late April, a drastic move for a government also grappling with an economic crisis that has Venezuelans queuing for hours to buy scarce supplies.

Monday, May 30th 2016 - 06:49 UTC

Petrobras faces “tens of billions of dollars” in claims in US court; trial opens in September

“We are seeking multiple tens of billions of dollars,” says lead counsel Jeremy Lieberman of Pomerantz, New York law firm leading the charge against Petrobras.

Petrobras will finally get its day in a U.S. court on Sept. 19 in a trial that pits 18 former executives and 13 investment banks, including J.P. Morgan Securities, against U.S. and U.K. investors. Claimants are seeking “tens of billions of dollars” in losses from the Brazilian oil and gas giant.

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