Energy & Oil

Energy & Oil
Tuesday, September 1st 2015 - 23:52 UTC

Mexico announces postponement of deep-water oil exploration auction

Coldwell said the government will change rules that scared off potential bidders earlier last month, when it only managed to auction only 2 of 14 blocks

Mexico, which has started to open its nationalized oil industry to additional private investment, will postpone auctions for deep-water oil exploration and production contracts and adjust the terms of upcoming tenders after an inaugural oil auction failed to meet the government's modest expectations.

Wednesday, August 26th 2015 - 06:00 UTC

Shell given a foothold at Argentina's vast shale resources in Neuquén

Areas leased to Shell are Sierras Blancas and Cruz de Lorena blocs, 325sq. kilometers overall. The company said it will invest US$250 million in the areas

Anglo-Dutch energy giant Shell made a stride forward in its push for part of Argentina’s nascent shale oil pie after the Neuquen province government gave it the rights to exploit two unconventional oil areas in the much-coveted Vaca Muerta region for the next 35 years.

Tuesday, August 25th 2015 - 20:09 UTC

Falklands' Humpback exploration well results delayed until September

“Drilling on the Humpback prospect in the South Falkland basin is currently on-going” announced CEO John Martin

Falkland Oil & Gas Ltd told investors that drilling of the deep water Humpback exploration well in South Falkland basin has run into delays. They were described as ‘unforeseen equipment and operational issues’ and it has added just over a month to the schedule – to about 100 days from 65 planned days – so the well results are now expected during September.

Wednesday, August 12th 2015 - 08:06 UTC

Brazil's subsalt could hold enough petroleum to supply the world five years

Brazil's Polygon contains at least 176bn barrels of undiscovered, recoverable resources of oil and natural gas, according to an INOG study

Brazil's Subsalt Polygon, the offshore area that has already yielded some of the world's largest recent oil finds, may hold enough undiscovered petroleum and gas to supply the world's current oil needs for more than five years, researchers said.

Tuesday, August 11th 2015 - 07:32 UTC

Falklands' GDP dropped in 2013 because of lesser oil and gas activity

MLA Michael Poole said that “such fluctuation is not unusual in the Falklands” since the Islands’ economy continues to be reliant on a few industries.

The Falkland Islands Gross Domestic Product (GDP) dropped in 2013 primarily due to lesser oil activity according to a recent Executive Council paper that included updated figures from the FIG Economist Commenting on the paper, according to a report from the latest edition of the Penguin News.

Monday, August 10th 2015 - 06:46 UTC

Global oil supply more fragile than you think

The growing acceptance that oil prices could stay lower for longer will kick off a fresh round of cuts in spending and workforces for the oil industry.

Many oil companies had trimmed their budgets heading into 2015 to deal with lower oil prices. But the rebound in April and May to $60 per barrel from the mid-$40s suggested that the severe drop was merely temporary.

Saturday, August 8th 2015 - 10:42 UTC

Petrobras profits plunge 89% in 2Q; underperforming assets dumped

Petrobras' quarterly profit fell to 531 million Real ($150.4 million) from 4.96 billion Real a year ago, the company said in a securities filing on Thursday.

Brazilian state-led oil company Petrobras said its second-quarter net income plunged 89% after a one-time charge for underperforming assets that caught analysts off guard. The 1.28-billion-real charge was taken as Petrobras' new executives and board of directors try to control the company's $132 billion debt, the oil-industry's largest, by preparing up to $15bn of assets for sale by the end of 2016.

Saturday, August 8th 2015 - 10:28 UTC

Shell planning to invest billions in Brazil, despite recent purchase of BG group

CEO Ben Van Beurden remains steadfast in his plans to buy BG, which will transform Shell into the world’s biggest liquefied natural gas (LNG) supplier.

Royal Dutch Shell is considering investing billions in Brazil, set to become a focal point after the planned acquisition of BG Group, even as it prepares to sell huge chunks of its business to pay for the $70bn deal.

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.


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