Energy & Oil

Energy & Oil
Friday, October 17th 2014 - 07:01 UTC

IDB loan for a 48.6 MW wind farm to be developed by Uruguay's private sector

Currently, roughly 45% of Uruguay's power capacity is hydroelectric; 38% thermoelectric plants and the remaining 17% renewable energy

The Inter-American Development Bank (IDB) has approved a loan of up to 42.2 million dollars to help the private sector in Uruguay finance the development, construction, operation and maintenance of a 48.6 MW wind farm and its associated facilities.

Friday, October 17th 2014 - 06:53 UTC

Russia's Gazprom forecasts oil at 70 dollars a barrel in the short term

“It could be at 70-75 dollars in a question of months,” Gustavo Delgado, head of Gazprom in Venezuela

The global oil market slump looks likely to continue, with prices possibly nearing 70 dollars a barrel in the short term, an official of Russian gas producer Gazprom said. Crude fell more than on dollar a barrel on Thursday to a four-year low below 83 a barrel as growing concerns over the global economy stretched a four-month rout.

Wednesday, October 15th 2014 - 23:36 UTC

Brazil will rise fuel prices to help government managed debt-laden Petrobras

The government has not allowed Petrobras to raise domestic fuel prices in line with international prices, forcing the company to sell imports at home at a loss.

Brazil will maintain plans to raise domestic fuel prices this year, despite a sharp drop in international crude oil prices, to help debt-laden state-run oil company Petrobras, a government source said this week.

Wednesday, October 15th 2014 - 23:32 UTC

Petrobras sets a new oil and gas production record during September

Pre-salt output reached 532,000 bpd and 618,000 barrels on September 18th, setting a new record for daily exploration in that reserve

Petrobras announced a new oil output record in Brazil, during September with an average of 2.23 million barrels of oil per day (bpd) production in the country, including in this total the fields operated by the state-owned company for its partners. The volume is 0.3% higher than breaks August record.

Wednesday, October 15th 2014 - 20:00 UTC

The ten biggest energy company bankruptcies

In the 1980s, Texaco became embroiled in a legal battle with Pennzoil, and ended up owing the company $10.5 billion

Running a multi-billion dollar energy company isn't easy. Just ask the executives in the corner suites of some of the energy companies that have gone bust over the years. Some, like Enron, were brought down because of insider malfeasance.

Wednesday, October 15th 2014 - 08:16 UTC

Oil prices hit new lows with prospects of further slide; excess supply, weak demand

In its monthly oil market report, the IEA said Opec production hit a 13-month high in September.

Global oil prices have fallen further after the International Energy Agency (IEA) reported higher output and cut its forecast for demand growth. Brent crude fell 2.72 to 86.17 dollars a barrel before seeing a slight recovery, while US crude dropped 1.75 to 83.99.

Saturday, October 11th 2014 - 03:22 UTC

Morales confident he will win Sunday's election in all nine Bolivian districts

“Bolivia is now united, the so-called ‘half-moon’ (the opposition’s bastion of support in the east) has now become a full moon. We’ve all joined together”

At an event to mark the closing of his campaign ahead of Sunday’s elections, a self-assured Evo Morales told Bolivians that he will win all over the country and will even take the opposition’s bastions of support in the east.

Friday, October 10th 2014 - 09:12 UTC

Will Ukraine commit economic suicide?

Ukrainian President Poroshenko signed off on the new tax code on Aug. 1, which effectively doubles the tax private gas producers in Ukraine will have to pay

Ukraine is on the brink of committing economic suicide after imposing a crippling 55% tax on private gas producers, while parliament prepares to vote on next year's budget, which aims for a continuation of the same.

Thursday, October 9th 2014 - 10:36 UTC

YPF goes overseas: signs agreement with Ecuador to recover mature fields

CEO Galuccio said the Petroamazonas project is part of YPF's strategy to diversify overseas and become a top league player in the region's oil industry

Argentina's state-run energy company YPF closed on Wednesday an agreement with Ecuador's state-owned company Petroamazonas for the enhanced recovery of the mature field of El Campo Yuralpa which will demand an investment in the range of 170 million dollars.

Thursday, October 9th 2014 - 06:38 UTC

YPF admits contacts with Russia's Gazprom but no accord or MOU has been reached

Ms Giorgi  met in Russia with Gazprom head Alexey Miller, who told her a “confidential” deal had been reached with Argentine state-run YPF

Argentina's state-run energy company YPF admitted on Wednesday having held promising meetings with Russia's Gazpron to consider different collaboration and business opportunities, “but so far has not signed any Memorandum of Understanding, MOU or agreement”.

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