Energy & Oil

Energy & Oil
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.

Thursday, May 26th 2016 - 06:53 UTC

Rousseff claims Temer intends to “privatize” Brazil's pre-salt oil reserves

The pre-salt region is estimated to hold tens of billions of barrels of crude equivalent, at 7.000 meters depths offshore Brazil's southeastern coast.

Brazil's suspended president, Dilma Rousseff, on Wednesday accused interim head of state Michel Temer of intending to “privatize” the oil discovered in recent years in deep waters of the Atlantic Ocean and thus deprive the nation's education sector of funding.

Thursday, May 26th 2016 - 06:05 UTC

Argentina confident Patagonia's shale formation foreign interest remains strong

“Vaca Muerta will continue to be for YPF and, for the country, a very good option to regain the energy sovereignty,” minister Aranguren said

Argentina's Vaca Muerta shale formation in Patagonia remains an attractive asset for international investors, many of which are looking to increase the amount they have invested so far, according to the country's Energy Minister Juan José Aranguren, a former Shell Argentina CEO.

Wednesday, May 25th 2016 - 08:35 UTC

Argentine government agrees a 400% cap on natural gas hikes for Patagonia provinces

“We decided that no Patagonian resident will pay hikes above 400%” Interior Minister Rogelio Frigerio said.

The Argentine government has announced a cap on hikes to natural gas prices for the country’s southernmost provinces, after pushback from governors, the Judiciary and even local demonstrators prompted Energy Minister Juan Jose Aranguren to reconsider the scope of his most recent reforms.

Wednesday, May 25th 2016 - 07:02 UTC

UK tremor: North Yorkshire approve fracking operations

 The vote triggered a fierce response from environmentalists who see fracking as a threat to local countryside and a deviation from UK climate-change promises.

The first fracking operation in the UK since 2011 earthquake scares has been approved by North Yorkshire councilors, stirring a fresh debate on the benefits and risks of the controversial gas extraction method. Councilors granted permission to UK firm Third Energy to use hydraulic fracturing, or fracking, at an existing drilling site near the village of Kirby Misperton.

Monday, May 23rd 2016 - 11:28 UTC

What does the next OPEC meeting have in store?

The new Saudi oil minister, Khalid al-Falih, will attend his OPEC meeting, but experts doubt he will have the same clout as outgoing  Ali bin Ibrahim Al-Naimi.

The next OPEC meeting on the 2nd of June will act as little more than a forum for continued altercations between Saudi Arabia and Iran. The 2 June 2016 OPEC meeting will be held amid a backdrop of oil prices near $50 per barrel, a sharp drop in Nigerian production due to sabotage, turmoil in Venezuela, Saudi Arabia operating with a new oil minister, and Iran aggressively pumping close to pre-sanction levels.

Friday, May 20th 2016 - 11:05 UTC

Petrobras new CEO is a former energy minister and chief of staff

Parente served in a number of positions under President Cardoso. He was chief of staff from 1999 to 2003 and also minister of planning and of mines and energy.

Former Brazilian energy minister Pedro Parente has been named by acting President Michel Temer as the new CEO of state-run oil giant Petrobras. Parente was picked Thursday to replace Aldemir Bendine, an appointee of now suspended President Dilma Rousseff. The new Petrobras CEO was working as chairman of Sao Paulo-based financial bourse BM&FBovespa.

Thursday, May 19th 2016 - 06:33 UTC

Falklands' Rockhopper announces double contingent oil reserves: over 300m barrels

Rockhopper owns more than 50% of two oilfields, Sea Lion and Isobel Elaine, which are now estimated to hold 747 million barrels of oil and gas reserves

Falkland Islands oil and gas producer Rockhopper Exploration Plc has announced that its net contingent oil reserves have doubled to more than 300 million barrels, and independent experts are now eyeing this as nearly billion-barrel basin.

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