Energy & Oil

Energy & Oil
Friday, March 6th 2015 - 22:08 UTC

Falklands oil drilling campaign takes off with spudding on the Zebedee prospect

Drilling, coring and logging operations on the Zebedee well are expected to take 30 days. Cost of each well drilled by Eirik Raude rig is estimated in 50m dollars

Premier Oil spudded its first 2015 Falklands drilling campaign well, 14/15-5, using the Eirik Raude semisubmersible drilling rig on the Zebedee prospect on 6 March. The well, on license PL004b, will test a total of seven stacked fan bodies with varying geological chances of success (GCoS) of 9-52%.

Thursday, March 5th 2015 - 13:05 UTC

Here's what will send oil prices back up again

Advances in wind and solar power have been significant, but according to EIA, renewables currently account for 11% of the world's energy consumption.

Oil's rapid decline since August of last year has been dramatic. To listen to some commentators you would also think it is unprecedented and irreversible. Those claiming that oil will continue to fall from here and remain low for evermore, however, are flying in the face of both history and common sense. The question we should be asking ourselves is not if oil prices will recover, but when they will.

Wednesday, March 4th 2015 - 05:38 UTC

Petrobras corruption: top prosecutor hands the Supreme Court names of 54 politicians

Janot's office did not release names of the politicians. Under Brazilian law, politicians and cabinet members can only be tried by the Supreme Court

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

 Persaud was updated on the deployment of the oil rig which will depart from Louisiana, for the Stabroek Block offshore Guyana to start drilling mid-March.

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

The rate hike is geared to cover the estimated 22.1 billion Real (7.77 billion dollars) cost of a subsidy program, the government no longer will finance

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

Two of the rig’s three supply vessels are in the Falklands along with three support helicopters

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?

Put simply, supply has increased faster than demand, so a rapid return to oil over $100/Barrel looks extremely unlikely

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 Rousseff government said that Petrobras had no plan to lower diesel prices over the next six months, which is one of the principal demands of the strikers

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

“It's a lack of knowledge about what's happening at Petrobras. I have no doubt this is a company with a great ability to recover without major consequences”

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?

The 'shale revolution' has seen U.S. shale oil production soaring from 600,000 barrels a day in 2008 to 3.5 million barrels a day in 2014

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.

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