Energy & Oil

Energy & Oil
Wednesday, August 13th 2014 - 09:30 UTC

Petrobras sells natural gas pipeline operations in Bolivia

Transierra operates Gasbol pipeline, which is the primary path for Petrobras to import about 30 million cubic meters/day of Bolivian gas.

Brazil's Petrobras sold its stake in a Bolivian natural gas pipeline operator, continuing a string of asset sales aimed at generating cash for development of offshore oil fields at home. The Brazilian giant said it sold its 44.5% stake in Transierra to Bolivian state-owned YPFB for 106.7 million dollars.

Wednesday, August 13th 2014 - 05:52 UTC

Three Finnish icebreakers for Russia's oil and gas operations in the Arctic

The contract for the three 95 meters long vessels sums 380 million dollars and should be delivered by 2017

Finland-based Arctech Helsinki Shipyard has been contracted to build three icebreaking stand-by vessels for Russian shipping company Sovcomflot, for a total cost of 380 million dollars.

Tuesday, August 12th 2014 - 06:24 UTC

Petrobras earnings down 20%; subsidized fuels strangling the company

The fuel subsidy, combined with a massive investment budget, has turned Petrobras into the world's most indebted oil major

Second quarter profits for Brazil's Petrobras dropped 20% compared to the same period one year earlier, the state-run oil giant said. Petrobras recorded profits of 4.96 billion Reais (about 2.22 billion dollars) in the quarter, compared to 6.2 billion Reais (nearly 3 billion) for the same period in 2013.

Tuesday, August 12th 2014 - 06:10 UTC

Venezuelan oil company begins operations with China’s Citic Bank

 PDVSA told buyers payments can still be made in dollars or Euros, but every transfer must go to China Citic Bank and use Deutsche Bank as intermediary.

Venezuela’s state-run oil company PDVSA has started using China Citic Bank to collect money from crude and fuel sales instead of Portugal’s Banco Espirito Santo, according to media reports in Caracas.

Tuesday, August 12th 2014 - 06:05 UTC

Mexico signs energy reform bills: now to wait for interested private companies

“This represents a historic change that will accelerate the economic growth and development of Mexico in the coming years,” said Peña Nieto

Mexican President Enrique Peña Nieto signed on Monday a package of landmark energy reform bills, ending the 76-year-old state monopoly on oil drilling and reopening the sector to foreign companies.

Tuesday, August 12th 2014 - 05:44 UTC

Brazilian government anticipates 6% hike in fuel prices, after October election

President Dilma Rousseff, who is running for re-election on Oct. 5, has kept fuel prices below international levels to curb above-target inflation

Brazilian president Dilma Rousseff admitted on Monday the government could increase domestic fuel prices at refineries by up to 6% after the October presidential election. The increase of 5.5% and 6% is a preliminary calculation and is geared to help prop the finances of the government managed oil and gas giant Petrobras.

Monday, August 11th 2014 - 08:11 UTC

Brazil oil output at record 2.246m bpd in June: 6.9% higher over a year ago

Around 90% of the oil and natural gas output originated from oilfields operated by Petrobras

Brazilian oil output reached a record 2.246 million barrels per day (bpd) in June and exceeded the previous record of 2.231 million bpd in January 2012, the National Agency of Petroleum (ANP) reported. Output is up 2.6% from May 2014 and 6.9% June on June.

Tuesday, August 5th 2014 - 06:21 UTC

IDB finances photovoltaic solar energy project for private sector in Uruguay

With a total installed capacity of 64.8MW, the plant will be part of the La Jacinta Solar Energy Project located in northwest Uruguay

The Inter-American Development Bank (IDB) has approved a 40.9 million dollars loan from its ordinary capital and 25 million from the Canada Climate Fund, which is administered by the Bank, to finance the private sector in Uruguay in the construction, operation and maintenance of a photovoltaic solar energy plant and its related facilities.

Monday, August 4th 2014 - 06:55 UTC

GeoPark has plans to drill 35 exploratory wells in Chilean Tierra del Fuego by end of 2014

GeoPark Chile CEO Harambour said the company has created 183 direct jobs and 930 indirect

Oil and gas explorer GeoPark expects to end the year having drilled 35 wells in Chilean Magallanes and Tierra del Fuego, which must be added to the 560 million dollars the company has invested in the region since it began operations in 2006, said the company in an economic impact report presented by consultants Gemines.

Friday, August 1st 2014 - 14:52 UTC

Five industries worried about peak oil

 From war veterans seeking a replacement limb to young children who run with scissors, crude oil helps; not to say bandages and artificial arms and legs alike

The debate over the impact of peak oil has been raging for decades. Although few deny that the end of mass oil consumption is drawing nearer, educated estimates now range between 2020 and 2030.

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