Energy & Oil

Energy & Oil
Friday, March 11th 2016 - 05:22 UTC

Purge in YPF; financial expert chosen as successor of Galuccio

Gutiérrez, formerly head of telecommunications giant Telefónica with 25 years experience in global financial circles, will be proposed at a shareholders meeting

Miguel Ángel Gutiérrez looks is to become the new president of Argentina’s state-controlled energy giant YPF, it was revealed this week after Miguel Galuccio confirmed he will step down as head of the company on April 30.

Thursday, March 10th 2016 - 05:49 UTC

CEO Galuccio confirms he's leaving YPF and pledges “ordered transition”

“It has been 4 years of a lot of intensity in which we changed the direction of YPF to turn it again into the energy engine of the country”, Galuccio said.

Miguel Galuccio confirmed he will be resigning as Argentina's YPF CEO and said he will guarantee an “ordered transition” ahead of the appointment of his successor. In a statement released on Wednesday, Galuccio said he will remain in his position until the upcoming Ordinary Shareholders Assembly takes place. He is expected to leave the state-run company after April 30.

Monday, March 7th 2016 - 05:12 UTC

Argentina's YPF planning to cut capital expenditure by at least 20/25%

“We do not see a meaningful production growth this year,” Chief Executive Officer Miguel Galuccio told an investor conference call.

Argentina's state-controlled energy company YPF will cut capital expenditure by at least 20-25% this year to mitigate the impact of the global oil price rout — leading to growing concerns among union leaders, who claim up to 2,000 workers would be laid off because of the company’s decision.

Thursday, March 3rd 2016 - 05:35 UTC

Brazilian company admits, in plea bargain, illegal payments to Rousseff presidential campaign

The testimony, as part of a plea bargain by 11 executives, would be the first direct link into Petrobras bribes and political kickbacks and the election of Rousseff

Executives from Brazil's second-largest engineering company, Andrade Gutierrez have testified that the company paid suppliers for President Dilma Rousseff's 2010 electoral campaign off the books, newspaper a Folha de S.Paulo reported on Tuesday.

Thursday, March 3rd 2016 - 05:27 UTC

Petrobras loses tax case; discussing sale of assets in Argentina to Pampa Energia

Petrobras may be forced to pay 7.3 billion Reais (US$1.9 billion) in back taxes and fines after a decision by Brazil's tax authority Carf,

Brazil's state-run oil company Petrobras may be forced to pay 7.3 billion Reais (US$1.9 billion) in back taxes and fines after a decision by the country's tax authority Carf, newspaper Valor Economico reported on Wednesday.

Wednesday, March 2nd 2016 - 22:43 UTC

US becomes a net natural gas exporter for a week with a shipment to Brazil

But US is not expected to become a net exporter of gas on an annual basis until 2017 after more pipelines to Mexico and LNG export terminals enter service

United States turned into a net natural gas exporter for a week after the first liquefied natural gas export from Cheniere Energy Inc's Sabine Pass terminal in Louisiana left for Brazil. The United States however is not expected to become a net exporter of gas on an annual basis until 2017 after more pipelines to Mexico and LNG export terminals enter service, according to federal energy estimates.

Monday, February 29th 2016 - 09:16 UTC

Esso to intensify oil exploration in Guyana's Maritime Zone

Minister Trotman told the National Assembly that there is growing interest in Guyana’s hydrocarbons and Exxon-Mobil will drill another exploratory well.

Oil exploration efforts have intensified following the discovery of commercial quantities of oil in Guyana’s Maritime Zone. Esso Exploration and Production Guyana Ltd. (EEPGL) has commenced a meteorological and oceanographic survey in the Stabroek Block, scheduled to be completed during May 2018.

Friday, February 26th 2016 - 10:19 UTC

Total starts production at Argentine Tierra del Fuego offshore gas field

”It's Total's second start up this year and will contribute to our production growth in 2016 and for the years to come,” said Arnaud Breuillac from Total

French oil company Total has started up production at the offshore Vega Pleyade gas and condensate field in the Tierra del Fuego region of Argentina. Operated by Total, the project will have a production capacity of 10 million cubic meters of gas per day (70,000 barrels of oil equivalent per day (boe/d)).

Wednesday, February 24th 2016 - 07:43 UTC

Argentina's YPF submits copy of contract with Chevron but warns about 'confidential information'

”Confidentiality of terms had the objective of protecting geological, commercial and financial information, which have strategic value for both companies” says YPF

Argentina's oil and gas company YPF submitted a copy of the contract signed with Chevron back in 2013 for joint works at the Loma Campana field in the province of Neuquén. Still, Argentina’s state-run energy giant demanded “confidential information” not to be revealed.

Saturday, February 20th 2016 - 10:32 UTC

Shell suggests Petrobras should cede some drilling rights to foreign firms

 ”I think it makes sense to call on other companies who have the technology, who have the money,” said Shell CEO van Beurden

Brazil’s government-owned oil giant Petrobras should cede some of its drilling rights to foreign firms, Royal Dutch Shell Oil CEO Ben van Beurden was quoted saying in Estado de Sao Paulo newspaper.

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