Energy & OilEnergy & Oil
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.