Energy & Oil

Energy & Oil
Thursday, April 23rd 2015 - 07:09 UTC

Petrobras reveals extent of its losses because of corruption and mismanagement

CEO Bendine said, “we have made our best efforts to turn the page on this sad chapter that the company has passed through.”

Brazil's state-run oil giant Petrobras which has been bashed by a wide-spread corruption scandal, reported on Wednesday a 2014 net loss of 21.6 billion Reais (7.2 billion dollars) after taking 50.8 billion Reais in charges.

Wednesday, April 22nd 2015 - 06:35 UTC

Petrobras receives financial support from China and local banks

The deals announced include a 1.48bn export-credit note with Banco do Brasil, where current Petrobras CEO Aldemir Bendine worked before

Brazilian state-run oil company Petrobras approved a series of financial agreements with local and international banks that will meet its financing needs in 2015, the company announced. In a filing with local stock regulators, Petrobras said that the deals will provide the company with access to about 6.2 billion dollars, including a 3.5bn financing contract reached with China Development Bank on April 1.

Wednesday, April 22nd 2015 - 05:55 UTC

Gazprom and YPF will sign agreement to develop Argentina shale oil and gas deposits

YPF CEO Galuccio in Moscow to sign a contract on joint exploitation of the rich Vaca Muerta shale oil and gas fields

Argentine energy company YPF CEO Miguel Galuccio is scheduled to sign on Wednesday in Moscow a contract on joint exploitation of shale oil and gas in the rich Vaca Muerta fields of Patagonian province Neuquén. The contract is part of the bilateral agenda to be addressed by visiting Argentine president Cristina Fernandez on Thursday, when she meets with Vladimir Putin.

Wednesday, April 22nd 2015 - 01:58 UTC

Argentina sues Falklands' oil and support companies involved in hydrocarbons drilling

 “Argentina will defend its natural resources,” said Filmus, arguing that the companies are performing illegal acts by drilling near the Islands

The Argentine government on Tuesday sued several energy and support companies that are drilling for oil near the Falkland Islands, the latest chapter of a longstanding dispute over the South Atlantic archipelago, though analysts say it will have little practical effect. The criminal case was filed in Rio Grande, Tierra del Fuego province which according to the Argentine constitution includes the Falklands and Antarctica.

Tuesday, April 21st 2015 - 07:36 UTC

Falklands' public consultation period on oil industry impact extended until Friday

The survey offers the opportunity for Falklanders to express their say on what FIG, with the Oil & Gas companies and the wider community, should monitor

The Falkland Islands government (FIG) announced it has extended the public consultation period for the Oil & Gas Social Effects Monitoring Program, which was originally intended to end this week. The new deadline is Friday 24 April.

Monday, April 20th 2015 - 06:57 UTC

Has the U.S. reached “peak oil” at current price levels?

If prices don't rise to offset those higher drilling costs then production will start declining

The United States Energy Information Agency once again capitulated on the myth that rig counts don't matter and the productivity of wells would largely offset, leaving the industry on a continuous path to higher output. The current consensus of 500,000 B/D additional growth in 2015 US production now appears very much at risk.

Saturday, April 18th 2015 - 10:13 UTC

UK accuses Argentina of bullying the Falklands; it's time they begin acting 'responsibly'

“It is an outrageous piece of bullying and threatening against the Falkland Islanders’ perfect right to develop their own economic resources”, said Fallon

Britain's Foreign Secretary Philip Hammond has accused Argentina of bullying after it announced on Friday in London that it was starting legal action against companies drilling for oil and gas near the Falkland Islands.

Friday, April 17th 2015 - 04:12 UTC

Malvinas Secretary Filmus to talk about Falklands and oil in London

Filmus and Ambassador Castro will be hosting the conference and media round this Friday in London

Argentina's Secretary for Malvinas Islands Affairs, Daniel Filmus will be giving a conference on Friday in London on the Falkland Islands sovereignty dispute with the UK and the current round of oil drilling offshore the Islands, in what Argentina considers its territory.

Tuesday, April 14th 2015 - 11:49 UTC

Falklands oil explorers replace costly drilling in the south-east basin

The Eirik Rude semi-submersible platform is currently drilling a second well at Isobel Deep in the north Falkland basin

Three oil explorers drilling in the Falkland Islands, including Houston based Noble Energy have shelved plans to drill a second well in the south and east Falklands following the steep drop in oil prices, one of the partners said on Monday. Partners, which also include London-listed Falkland Oil and Gas (FOGL) and Edison International, said they would continue drilling in other parts of the region.

Tuesday, April 14th 2015 - 09:39 UTC

Falklands Argos in farm-out agreement with Noble Energy to drill exploratory well

“The Rhea prospect diversifies our prospect inventory and upgrades our chance of overall success”, said Noble's vice-president Susan M. Cunningham

Noble Energy announced Monday that it has acquired additional acres offshore the Falkland Islands and plans to start drilling, despite opposition from Argentina’s government. The Houston-based oil company now holds a 75% interest in a license in the North Falkland Basin from Argos Resources Limited, an oil and gas exploration company based in the Falkland Islands.

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