Russia has taken over from Saudi Arabia as the world’s largest supplier of crude oil, according to the Riyadh based Joint Organizations' Data Initiative. Russia pumped 10.49 million barrels a day in December, with Saudi Arabia just behind at 10.46 and the US third at 8.9 million barrels. Iraq came up in fourth place with 5 million barrels.
Argentina's state-run oil company YPF said it reached a preliminary deal with Royal Dutch Shell Plc to develop oil and gas assets in the Vaca Muerta shale field, involving a US$300 million investment from Shell.
The impact of Brexit on the Falkland Islands and the economy in general were subjects raised with visiting Members of Parliament this week. The delegation of four made a flying visit to the Falkland Islands last weekend accompanied by FI Representative in London Sukey Cameron.
Rising output from Brazil’s sub-salt offshore oil fields is allowing Petrobras to export record volumes of oil and import less light crude for its refineries, a senior executive said. Cláudio Mastella, executive manager for refining and natural gas logistics, said the move is helping to reduce Petrobras’ operational and logistical costs because lighter oil is easier and cheaper to refine into products like gasoline and diesel.
Credit rating agency Standard & Poor’s on Friday raised its corporate credit rating on Petrobras, one notch, from B+ to BB-. The rating change does not lift Petrobras out of the non-investment grade category, but it lowers the risk from “highly speculative” to “speculative.”
Rockhopper Exploration plc has provided its latest operational and corporate update which includes the North Falkland Basin Sea Lion project and has announced that the technical engineering is approaching conclusion and a settlement on the Eirik Raude rig dispute has been reached.
Argentina has declared 2017 as the ‘Renewable Energy Year’ as the country looks to increase awareness about the advantages of renewable energy and the important of sustainability. A decree issued by the government calls for energy diversification through the use of renewable energy sources in the electricity generation as well as thermal energy sector.
The Falkland Islands government is attending the Annual Trinidad and Tobago Energy Conference from January 23rd – 25th, 2017 at the Hyatt Regency, Port-of-Spain. The Trinidad and Tobago Energy Conference is the premier Energy Conference in the Caribbean and promotes vigorous debate and discussion among leaders of industry, Government and academia.
Petrobras’ average oil production in Brazil in 2016 went up 0.75% in comparison to the previous year and reached 2,144,256 barrels per day. According to the company, the result was in line with the established target of 2.145 million and represents an annual all-time high.
Argentina's government has agreed to extend a natural gas wellhead price subsidy until 2020 and reduce labor costs in a bid to jumpstart investment in the Vaca Muerta shale formation. The agreement, reached between the national government, the provincial government of Neuquen, industry and labor unions, comes at a time of lackluster upstream activity, reflecting an uncertain price environment and cost concerns.