Energy & OilEnergy & Oil
Brazil's President Dilma Rousseff approved a resolution to maintain the current system for establishing the minimum price of oil on which royalty payments are paid by state-run oil company Petrobras to local governments.
Ecuador President Rafael Correa said that his government was “tired” of pushing OPEC to decrease output and that the nation would keep working as if the oil cartel “did not exist.”
The Falkland Islands' government is attending the annual January 18/20 Trinidad and Tobago Energy Conference sponsored by the Energy Chamber of the Caribbean country. Member of the Legislative Assembly Ian Hansen is representing FIG at what is considered the premier energy conference in the Caribbean which promotes vigorous debate and discussion among leaders of the industry, government and academia.
Two leading firms in Falkland Islands offshore oil exploration have completed their merger, it was announced on Monday.
Brazil's state-controlled oil company Petrobras said it increased its crude production last year by 4.6% relative to 2014, exceeding the target set forth in its business plan for the first time in 13 years. Oil output in 2015 amounted to an average of 2.128 million barrels per day (bpd), up 0.15% from the 2.125 million bpd forecast by the company.
By James Stafford of Oilprice.com - The rift between Saudi Arabia and Iran has quickly ballooned into the worst conflict in decades between the two countries. The back-and-forth escalation quickly turned the simmering tension into an overt struggle for power in the Middle East
Falklands' Sea Lion development will utilize 18 wells to recover 220 mmbbls, anticipates Premier Oil
Premier Oil provided on Wednesday a Trading and Operations Update ahead of its 2015 Full Year Results which will be announced on Thursday 25 February 2016, which included an upbeat on its Falkland Islands operations mainly at the Sea Lion field.
Brazilian prosecutors looking into possible foreign and local banks involvemrny in Petrobras corruption
Brazil's federal tax authority and prosecutors are investigating 13 foreign and local banks for possible financial crimes intermediating loans to Brazilian engineering conglomerate Grupo Schahin, newspaper O Estado de S Paulo says.
Rockhopper Exploration and Falkland Oil and Gas Ltd have confirmed a significant oil discovery at the Isobel/Elaine project to the north of the Falkland Islands. According to a release from the companies the new 14/20-2 well was a ‘re-drill’ of the prior Isobel Deep well which had to be abandoned prematurely due to operational issues despite encountering oil.
Brazil state-run hydrocarbons giant Petrobras will reportedly present a five-year investment plan next month with a target lower than the US$19 billion plan announced last year. Despite two budget cuts last year, Petrobras' plans for the 2016 to 2020 period will include a further drop, with the cuts expected to come from onshore and shallow-water areas, according to a report in the Brazilian daily Estado de S Paulo.