Energy & Oil

Energy & Oil
Friday, August 7th 2015 - 06:53 UTC

YPF profits up, but no new joint-ventures in sight to develop Patagonia shale

YPF earnings have been cushioned from the collapse of international oil prices by a government-controlled price for domestic production: $78 dollars a barrel

Argentina's state-managed energy firm YPF posted a second quarter net income of 2.297 billion pesos ($252.8 million) on Wednesday, a 50.5% increase on the same period last year. YPF earnings have been cushioned from the collapse of international oil prices by a government-controlled price for oil produced in the country, which sits at about $78 dollars per barrel.

Friday, August 7th 2015 - 05:18 UTC

Scottish lab identifies “super-algae” to make bio-fuels for vehicles and aircraft

Dr. Stephen Slocombe said that in order to produce bio-fuels from micro-algae “we need to know which strains will produce the most oil.”

Researchers at the Scottish Association for Marine Science (SAMS) have unlocked a treasure chest of ‘super-algae’ that could provide a previously untapped source of oil. Using a newly devised technique, scientists examined micro-algae strains in the Culture Collection of Algae and Protozoa (CCAP), an internationally important algal store based at SAMS in Oban, to find out which ocean-based strains had the highest oil content.

Wednesday, August 5th 2015 - 10:27 UTC

BG announces first oil with FPSO vessel, 240kms off Rio de Janeiro coast

Cidade de Itaguaí is a floating, production, storage and offloading (FPSO) vessel, the sixth unit to start production across BG's discoveries in Santos Basin

BG Group announced first oil from the Cidade de Itaguaí floating, production, storage and offloading (FPSO) vessel, the sixth unit to start production across the group's discoveries in the Santos Basin, offshore Brazil. The FPSO will produce from the Iracema North area of the Lula field in the Petrobras-operated BM-S-11 block.

Wednesday, August 5th 2015 - 08:36 UTC

Milestone for Peregrino field off Brazil: 100 million barrels of oil in four years

”We are pleased to have reached a major milestone in our Peregrino operations,” says Pål Eitrheim, country manager of Statoil Brazil.

After just four years in production, the Peregrino field in the Campos basin offshore Brazil has passed a significant milestone, with 100 million barrels of oil produced since April 2011. The field, jointly owned by Statoil and Chinese Sinochem, achieved the milestone on August 2.

Tuesday, August 4th 2015 - 18:40 UTC

US closer to lifting 40-year ban on oil and natural gas exports; bill needs Senate floor vote

Senate Energy Committee chair Lisa Murkowski said the the ban, 'was outdated due to the rise of the US as an energy power'.

The United States is closer to begin exporting oil. The Senate Energy Committee passed a bill last week that would lift a decades-old ban on the export of crude oil. The 22-member panel approved the initiative to allow the US to export oil and boost state revenue-sharing for offshore oil and gas drilling by a vote of 12-10.

Tuesday, August 4th 2015 - 10:04 UTC

BP halts exploration activities off Uruguay and targets lower-risk projects

BP confirmed its exit from Uruguay, three years after it won rights to explore an area of almost 26,000 sq km in waters ranging from 50 to 2,000 meters deep.

British oil major BP has halted its deepwater exploration activities off Uruguay as it prioritises lower-risk projects at a time of low international prices, an official at Uruguay's state-owned oil company Ancap said on Monday.

Tuesday, August 4th 2015 - 06:06 UTC

Repsol makes first shipment from offshore gas field in the Gulf of Venezuela

President Nicolas Maduro called the arrival of the gas a “historic” event during a ceremony on Saturday to mark the completion of the first shipment.

The first shipment to onshore facilities has been made from the offshore gas field discovered in 2009 in the Gulf of Venezuela by Spain's Repsol and Italy's Eni, Venezuelan officials said.President Nicolas Maduro called the arrival of the gas a “historic” event during a ceremony on Saturday to mark the completion of the first shipment.

Tuesday, August 4th 2015 - 05:49 UTC

ExxonMobil rig concludes exploration offshore Guyana: resumes seismic studies

Minister Trotman said the Deepwater Champion left the disputed area because its exploratory work was done, having found a major deposit of crude oil.

An ExxonMobil rig that re-ignited a maritime boundary dispute between Guyana and Venezuela has now left the area, a Guyanese official said on Monday, but denying it was because of Venezuelan pressure.

Tuesday, August 4th 2015 - 05:18 UTC

Oil glut and China's poor manufacturing data reflected in global markets

Crude prices are now on course for their weakest 3Q performance since the financial crisis in 2008. Iran's planned increased output also weighed on markets

United States stocks fell on Monday as oil prices touched a six-month low and factory data from China raised concerns about the world's second-biggest economy. Energy stocks were the biggest losers among the main S&P sectors, recording their worst three-day decline in seven months. Exxon Mobil and Chevron, which also reported poor results on Friday, led the losses.

Sunday, August 2nd 2015 - 22:18 UTC

Former Exxon president on mission to clean up oil sands

 Imagine extracting high-quality oil out of the estimated 32 billion barrels buried in Utah's oil sands, without creating toxic wastelands

Canada has given oil sands a dirty reputation, but a breakthrough, commercially viable technology has caught the eye of a former Exxon Mobil president who is putting it to use to clean up Utah's billions of barrels of oil sands.

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