Energy & Oil

Energy & Oil
Wednesday, May 13th 2015 - 08:29 UTC

Petrobras still Latam's top company but fell to second-worst performer because of corruption losses

Petrobras has gone from Latam's most profitable company to the second-worst performer after Mexican state oil company Pemex (a perennial money loser).

Brazil's state oil giant Petrobras remains Latin America's top company in revenues, but has lost its position as the profit leader after posting record losses last year due to a growing corruption scandal and administrative inefficiencies, according to a new ranking of the region's 500 largest companies from digital publication Latinvex.

Tuesday, May 12th 2015 - 22:03 UTC

Falklands' Isobel Deep drilling operations have recommenced

Technical issues relating to Eirik Raude rig's blow-out preventer (BOP) control system have now been fully resolved and Premier Oil resumed drilling

Energy company Rockhopper Exploration and Falkland Oil and Gas Ltd., have announced that drilling operations at Isobel Deep well have recommenced. Isobel Deep is located in the North Falklands basin and is part of the current round of drilling in Falklands' waters.

Tuesday, May 12th 2015 - 08:43 UTC

Obama approves oil drilling in the Arctic Sea under certain conditions

“We have taken a thoughtful approach to carefully considering potential exploration in the Chukchi Sea,” said BOEM Director Abigail Ross Hopper.

President Barack Obama's administration on Monday approved petroleum giant Shell's request to begin drilling for oil and gas in the Arctic Sea under certain conditions, despite opposition from environmental groups.

Saturday, May 9th 2015 - 08:46 UTC

US economy created 233.000 new jobs in April and unemployment falls to 5.5%

Big job gains in the service sector helped to offset weakness in mining, and investors welcomed the report, sending shares broadly higher on Wall Street.

Employers in the US created 223,000 new jobs in April, a much larger increase than the month before. At the same time, the US Department of Labor said the unemployment rate dropped to a seven-year low of 5.4%, down from 5.5% in March.

Wednesday, May 6th 2015 - 18:40 UTC

Is this where investors should be looking when oil recovers?

Saskatchewan remains the last highly accessible onshore North American oil frontier and it is home to part of the prolific Williston Basin.

When oil prices recover-and plenty of analysts think the climb back up will start soon-Canada's western frontier of Saskatchewan and neighboring Alberta will 'still have the edge'', according to a report from TD Economics. Depressed oil prices may have skewed the view from Canada's oil-producing west, but this will be one of the better places to bet on the oil rebound.

Wednesday, May 6th 2015 - 17:36 UTC

Brazil's securities regulator CVM formally accuses Petrobras former board members

The former Petrobras board was presided by ex Finance Minister Guido Mantega for several years.

Brazil's securities industry regulator accused the former board of state-run oil producer Petrobras of setting a fuel pricing policy that misguided investors and hurt the company.

Wednesday, May 6th 2015 - 17:24 UTC

Petrobras awarded in Houston highest recognition for offshore oil operators

Accepting the award Guedes highlighted the importance of the recognition for Petrobras' technical staff and partnerships, as well as suppliers and academics

Petrobras’ Exploration and Production Director, Solange Guedes, received the OTC Distinguished Achievement Award for Companies, Organizations and Institutions, the highest recognition that an oil company can be given as an offshore operator.

Tuesday, May 5th 2015 - 17:38 UTC

Brad Pitt invited to Ecuador to observe the 'pollution disaster” allegedly caused by Chevron

Correa asked his government to launch a worldwide Internet campaign aimed to warn the Hollywood A-list actor Brad Pitt that he is being “used” by Chevron

US cinema star Brad Pitt has been invited by the Ecuadorian government to observe the pollution in the country's Amazon region allegedly caused by Chevron. President Rafael Correa announced the invitation in his regular weekend report, saying that the oil giant is in preparation of spearheading a film with the movie star about an alleged case against the company.

Tuesday, May 5th 2015 - 06:41 UTC

Brazil's Vale CEO becomes chairman of Petrobras board of directors

The appointment of Murilo Ferreira takes place just one week after Petrobras recorded an impairment charge of 15 billion dollars (44.6 billion Real).

The CEO of Vale SA Murilo Ferreira was voted Chairman of the Board of Directors at Petroleo Brasileiro Petrobras SA (ADR). The Rio de Janeiro-based oil corporation is the most indebted energy company in the world, and is battling to get its way around one of the biggest corruption and bribery scandal that has surrounded the company since October last year.

Tuesday, May 5th 2015 - 06:34 UTC

Brazil pledges rule changes to make oil exploration and production concessions more dynamic

“We need to adjust policies because the economy is so dynamic,” minister Braga told reporters at the Offshore Technology Conference in Houston.

Brazil's government is discussing changes to its oil regulations but any new rules will not be in place before an October auction of exploration and production concessions, the country's energy minister Eduardo Braga said on Monday.

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