Energy & Oil

Energy & Oil
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.

Tuesday, May 5th 2015 - 06:19 UTC

Petrobras sets record for exploratory drilling in water depth of 3.000 meters

The corporation is a world leader in deep-water drilling technology and accounts for nearly 30% of the world's 50 deepest wells.

Petrobras has set a new Brazilian record for exploratory drilling by reaching a water depth of nearly 3,000 meters, the state-controlled oil giant said. The 3-BRSA-1296-SES well was drilled to a water depth of 2,988 meters - eight meters more than the 3-SES-184 well Petrobras drilled in February in that same basin - and a total depth of 6,060 meters.

Monday, May 4th 2015 - 05:37 UTC

Falklands implements 'local content register' for companies to become suppliers of oil sector

Mike Brough said FIG has now set up the process, and how we will verify the information we receive in order to approve companies on to the register”.

Falkland Islands are implementing the 'local content register' the process by which companies can be recognized as local and thus become suppliers for the oil and gas sector, which is expected to continue advancing following the current round of drilling and successful discovery announcements. A first company already registered last 7 April.

Saturday, May 2nd 2015 - 07:16 UTC

US environmental group petitions SEC to investigate Shell' info to investors on Arctic drilling

The U.S. Interior Department is mulling whether Shell can drill test wells for crude and gas off Alaska this summer.

An environmental group and a law clinic petitioned the U.S. Securities and Exchange Commission to investigate whether Royal Dutch Shell has adequately disclosed to investors the risks of oil exploration in the harsh Arctic waters, the groups said this week.

Saturday, May 2nd 2015 - 07:09 UTC

Why the US should worry about oil sector jobs

There is little doubt that as oil prices fall, some people working in that sector will lose their jobs, but what will the impact be on other sectors of the economy.

Outside of individual's holding oil stocks, damage to the economy from the fall in oil has been pretty minimal so far. Indeed, the price cut in home heating oil and gasoline has probably outweighed the damage from lower oil prices… so far. Unfortunately, this situation may not last.

Friday, May 1st 2015 - 06:22 UTC

Euro zone scrapes out of deflation in April; unemployment remains above 11%

Energy prices in the Euro zone fell by 5.8% in April - a slightly slower pace than the 6% decline recorded in March.

Consumer prices in the Euro zone scraped out of deflation in April after four months, official data has shown, boosting hopes of economic recovery in Europe. The inflation rate in the 19 nations that use the Euro stood at 0% in April, up from a rate of -0.1% in March. Eurostat said that low energy costs were continuing to cut living costs.

Wednesday, April 29th 2015 - 09:14 UTC

Oil rich but power short Venezuela cuts working day to save electricity

Vice-President Arreaza said very hot weather caused a surge in energy demand. State employees would now work from 07:30-13:00 to save on air conditioning.

Venezuela says it will cut the working day for public sector workers to five-and-a-half hours to conserve energy, down from eight to nine hours. The initiative is part of a nationwide electricity rationing plan.

Wednesday, April 29th 2015 - 08:18 UTC

Petrobras contracting companies' officials released from jail and moved to house arrest

Brazil's prosecutor general Rodrigo Janot criticized the Court's decision arguing that forming the cartel constituted a risk to public order

Brazil's Supreme Court has ordered the release from jail of nine executives from engineering corporations charged in the corruption investigation at state-run oil firm Petrobras. In a statement the court said that the executives had the right to defend themselves out of jail, although they will be under house arrest.

Wednesday, April 29th 2015 - 01:18 UTC

Falklands confident of its oil industry safety regime and environment protection commitment

Falklands' Mineral Resources Director, Stephen Luxton, said that precisely the high standards of safety helped to identify the problem with the BOP.

The Falkland Islands maintain strong regulatory oversight on all oil and gas operations and its offshore safety regime is based on the North Sea’s Safety Case regulatory structure, recognized as one of the highest standards in the world, said the Falklands' government in a release following concerns related to technical issues on the rig Eirik Raude, currently operating in the South Atlantic.

Tuesday, April 28th 2015 - 05:13 UTC

China's oil giant Sinopec under investigation over corruption suspicions

China's Central Commission for Discipline Inspection named Wang Tianpu, an oil industry veteran and president of Sinopec Group, in a statement

A senior executive at state energy firm China Sinopec Group is under investigation for suspected “serious disciplinary violations”. The China Central Commission for Discipline Inspection (CCDI) named Wang Tianpu, an oil industry veteran and president of Sinopec Group, in a statement on its website. Sinopec Group is the parent of Sinopec Corp, Asia's largest oil refiner.

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