Energy & Oil

Energy & Oil
Wednesday, May 11th 2016 - 12:14 UTC

Oil markets on alert: major overhaul in Saudi Arabia´s cabinet and economic policy

Ali al-Naimi has been replaced after more than 20 years in the role by former health minister Khalid al-Falih.

Saudi Arabia's King Salman removed the country's veteran oil minister as part of a broad government overhaul. Ali al-Naimi has been replaced after more than 20 years in the role by former health minister Khaled al-Falih.

Thursday, May 5th 2016 - 11:27 UTC

Petrobras sells stakes in Argentina and Chile, part of major divestment plan

Petrobras sold to Pampa Energia the 67.19% stake in PESA, but excludes two major gas formations in Neuquén (Argentina) and Bolivia

Brazil’s state-run oil firm Petrobras said it has concluded the sale of its 67.2% stake in Petrobras Argentina to Argentina’s Pampa Energía for US$ 892 million, according to a securities filing. Petrobras also sold all of Petrobras Chile Distribución to Southern Cross Group for about US$ 490 million as part of its divestment program, the company said.

Wednesday, May 4th 2016 - 08:46 UTC

Attorney General accuses Lula da Silva of a key role in Petrobras huge corruption scandal

Janot said corruption could not have taken place without the participation of the former leader. Lula was in office between 2003 and 2011, and denies allegations.

Brazil's Attorney General Rodrigo Janot has asked the Supreme Court to authorize an investigation against former President Lula da Silva for alleged corruption. Janot accused Lula of playing a key role in the huge corruption scandal at the state oil company, Petrobras.

Monday, May 2nd 2016 - 08:51 UTC

With a subsidy production scheme, Argentina is back exporting oil, mainly to China

Exports are expected to reach a record 91,000 barrels per day (bpd) of crude in April, including two cargoes sold by YPF to China

Argentine oil producers are shipping record volumes of crude this month, spurred by a new government subsidy that has also prompted state-owned oil company YPF to return to the export market for the first time in years.

Monday, May 2nd 2016 - 05:34 UTC

Venezuela moves local time 30 minutes up, back to normal

The measure is part of a government plan to attend to the electrical and water emergency caused by the drought, aggravated by this year's El Niño

Venezuelan government on Sunday moved local time up 30 minutes, to four hours behind UTC, with an eye toward dealing with the emergency caused by the ongoing severe drought. The time change will enter into effect as of this month and brings Venezuela back to the time schedule that prevailed until 2007, when the government shifted the nation's clocks back by half an hour.

Saturday, April 30th 2016 - 11:45 UTC

YPF will fight back legal claim seeking US$ 500 million for rescinding contracts

YPF said it was notified that it must pay damages of US$184.5 million to Brazilian electric utility AES and US$319.1 million to Transportadora de Gas del Mercosur

Argentina's state-run energy company YPF said this week it will fight a legal claim seek more than US$500 million in damages for rescinding natural gas export contracts in 2009. “YPF shall use all its legal resources to defend its interests and those of its shareholders,” the company said in a filing with the Buenos Aires Stock Exchange.

Thursday, April 28th 2016 - 07:34 UTC

Maduro blames the “crazy right” for riots sparked by daily several/hours blackouts

“The crazy right wing doesn't understand that in hard times, a family has to band together,” Maduro blasted. “They're trying to create a violent situation.”

Venezuelan cities cleaned up from a night of looting and fiery protests on Wednesday as government offices closed their doors for the rest of the week in the face of a worsening energy crisis that is causing daily blackouts. In Caracas, hundreds of angry voters lined up to sign a petition beginning the process of recalling the deeply unpopular President Nicolas Maduro.

Tuesday, April 26th 2016 - 08:04 UTC

Falklands renews VMS capability contract for tracking over 150 vessels

The South Atlantic is famous for the most hostile waters in the world, yet it has some of the richest fishing grounds to be found anywhere.

Big OceanData has been awarded a contract to provide the Government of the Falkland Islands with its vessel monitoring system (VMS) capability for another five years. For the first time the system will include AIS data, which will be integrated with existing Inmarsat tracking data from the fishing vessels.

Friday, April 22nd 2016 - 08:07 UTC

Venezuela imposes daily four/hours blackout to save power; brewery out of barley will stop beer production

“Each user will have a temporary suspension of four hours a day. The plan will last approximately 40 days” said Electricity Minister Luis Motta.

Recession-hit Venezuela will turn off the electricity supply in its 10 most populous states for four hours a day for 40 days to deal with a severe power shortage, the government said Thursday.

Monday, April 18th 2016 - 08:40 UTC

Leading oil exporters can't agree to cap production; Iran did not attend

Qatar'a Sada said the general conclusion was more time was needed “to consult among ourselves in Opec and non-Opec producers”

The meeting of the world's leading oil exporters to discuss capping production has ended without agreement. After hours of talks in Qatar, the country's energy minister Mohammed bin Saleh al-Sada said that the oil producers needed “more time”.

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