Energy & Oil

Energy & Oil
Friday, July 17th 2015 - 06:42 UTC

Falklands' Premier secures two blocks in Mexico's oil industry privatization

Mexico’s oil and gas privatization process began with shallow offshore assets; the licenses are in waters off the states of Veracruz and Tabasco

Premier Oil, with strong involvement in the development of the Falkland Islands' oil and gas industry is among the winners in the first round of Mexico’s oil and gas privatization. The two licences secured by the London listed oil firm’s consortium were the only assets successfully auctioned by the Mexican authorities.

Monday, July 13th 2015 - 09:30 UTC

Petrobras faces major class action lawsuit in US next February

The investors of the company argue that Petrobras had window dressed the company’s accounts in order to make them appear more attractive

Brazil's state-run oil producer Petrobras, said in a securities filing on Friday that its motion to dismiss a class-action lawsuit in the United States had been denied by the court. Petrobras said part of the complaint against the company relating to bonds issued in the United States in 2012 was denied.

Saturday, July 11th 2015 - 06:45 UTC

Keeping Falklands pristine: waste fuels and oil recycled into energy

Miller at the oil yard depot and the IBC's. A four ton oil tank currently being pumped comes from the current Noble Energy Humpback exploration drill.

The Falkland Islands have been for many years utilizing waste fuels and oil for energy from a variety of different sources and now the oil companies operating in the Falklands, having complied with all the safety regulations on storage and handling, are also contributing to the local 'processing' industry managed by Tim Miller and his greenhouse fresh vegetables enterprise.

Saturday, July 11th 2015 - 06:18 UTC

Premier Oil Falklands' exploration budget increased given successful drilling

2015 exploration expenditure has increased by $20m to around $240m primarily due to additional expenditure on the Isobel Deep well in the Falklands

Premier Oil has increased its 2015 exploration budget by $20 million to account for higher investments in its drilling campaign in the Falkland Islands, the company said this week in a trading update. The company also revealed it is considering further drilling at the Isobel Deep recent discovery instead of going on to Jayne East in North Falkland.

Thursday, July 9th 2015 - 06:18 UTC

Petrobras 'suspicious' activities could involve as much as 16bn dollars

Rodrigues told a congressional committee that the “suspicious movement of 51.9 billion Reales in operations linked to Petrobras” had been detected

Investigators with Brazil’s Finance Ministry say they have identified as much as US$16 billion worth of suspicious activity that may be part of a kickback scandal engulfing the state-owned oil company Petrobras.

Thursday, July 9th 2015 - 02:38 UTC

Don't panic, nothing has really changed in the oil markets

   Demand for oil is heading towards record levels both internationally and in the U.S. The Greek issue is not new and it has not changed.

Monday's 8% WTI crude decline is setting up a big opportunity for buyers. And there could be more to come. But this is driven by momentum, not by the fundamental conditions in the physical market.

Monday, July 6th 2015 - 14:59 UTC

PetroRio buys Petrobras 20% concession in Bijupirá and Salema oil and gas fields

These fields are located in the Campos Basin, between 480 and 850 meters depth. Daily production averages 22 thousand barrels of oil

Brazil's oil and gas corporation Petrobras on Friday signed with PetroRio S.A. (‘PetroRio’) the contracts for the sale of 20% of its stake in the concessions of Bijupirá and Salema fields, currently operated by Shell. The transaction amounts to US$ 25 million and is subject to adjustments that are common to this type of operation.

Friday, July 3rd 2015 - 07:38 UTC

BP agrees to a $18.7bn settlement on claims from the 2010 Gulf of Mexico spill

The April 20, 2010 rig explosion and spill killed 11 workers and spewed oil for nearly three months on to the shorelines of several states.

UK oil and gas giant BP said it has reached an $18.7 billion settlement of damages claims from the US government and five states after the 2010 Gulf of Mexico spill. The US Justice Department said it could be the largest settlement with a single entity in US history and the total value would top $20 billion.

Friday, July 3rd 2015 - 07:12 UTC

Petrobras investigation looks into corruption by a dozen foreign companies

Zelada, head of Petrobras international division 2008/2012, appeared to have received bribes on a contract with US companies

Brazilian police on Thursday arrested Jorge Zelada, former director of Petrobras' international division, as part of an ongoing investigation into bribery and corruption at the state-run oil producer, prosecutors have said. Zelada is suspected of money-laundering, appropriating public funds, corruption, tax evasion and contract fraud.

Wednesday, July 1st 2015 - 02:44 UTC

Falklands will continue to develop its legitimate oil industry as it moves from exploration to production

Falklands' people have “the unequivocal right to develop our natural resources as we see fit, including the development of a hydrocarbons industry” (Pic EPA)

The Falkland Islands government has no doubts about its right to licence legitimate offshore oil and gas exploration activities in accordance with Falklands' legislation and will continue to support the hydrocarbons industry as it moves from successful exploration towards oil production.

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