Energy & Oil

Energy & Oil
Friday, July 24th 2015 - 09:38 UTC

ExxonMobil find in Guyana's waters could be worth 12 times the country's GDP

Liza-1 was drilled in the Stabroek Block and encountered more than 295 feet of “high-quality oil-bearing sandstone reservoirs.”

The Exxon Mobil oil find in Guyana, which has triggered a strong reaction from neighboring Venezuela could be worth 12 times more than that nation’s GDP. In effect according to a Guyanese minister, the find at Liza-1well in offshore Guyana could be worth about $40 billion at current international crude prices.

Friday, July 24th 2015 - 06:01 UTC

Falklands/Malvinas: Argentina asks why UK is not punished for not complying with UN

“Why some countries are punished if they don't accept UN resolutions, while others that are founding members” can look aside and not comply asked Filmus

Argentine diplomats questioned in Montevideo why the United Kingdom is not punished for its denial to comply with the UN General Assembly Resolution from 1965 which calls on Argentina and the UK to sit and dialogue on the Falklands/Malvinas dispute. They also denied any attempts from Argentina to suffocate the Falklands economy or hydrocarbons industry.

Friday, July 24th 2015 - 00:07 UTC

Shell allowed to drill in Alaska's Arctic, once the required emergency equipment arrives

BSEE conditionally granted Shell permits for exploration in the Chukchi Sea off Alaska, in a season which sea ice limits from July until October.

The U.S. Interior Department on Wednesday granted Royal Dutch Shell two final permits to explore for crude in the Arctic this summer, but said the company cannot drill into the oil zone until required emergency equipment arrives in the region.

Tuesday, July 21st 2015 - 05:42 UTC

Three Brazilian top executives convicted in relation with Petrobras corruption

Convictions came the day Federal Police decided to formally accuse Marcelo Odebrecht, CEO of Odebrecht SA, of having a role in the scandal.

Three executives of Brazil's Camargo Correa group were convicted of money laundering, corruption and other charges, the first construction-industry executives to be sentenced in a giant price fixing and bribery scandal involving state-run oil company Petrobras.

Tuesday, July 21st 2015 - 04:28 UTC

Falklands' oil industry: Mercosur special declaration in support of Argentina's Malvinas dispute

“Aware of the presence of a semi-submersible rig in the Argentine continental shelf involved in hydrocarbons exploration activities non authorized by Argentina...”

The latest Mercosur summit, held last week in Brazil included a special statement, --besides the main regular declaration with 69 articles--, blasting the UK for violating international law and Argentine domestic law over the exploration of hydrocarbons “in the Argentine continental shelf in proximity of the Malvinas Islands”.

Monday, July 20th 2015 - 07:17 UTC

Petrobras working to match domestic and international fuel prices

The gap between local and international fuel prices led Petrobras to accumulate debts in recent years as it imported gasoline and diesel and sold them at a loss.

Brazil's Petrobras is working to bring domestic diesel and gasoline prices into parity with international levels in order to attract downstream buyers or partners. The oil and gas giant needs to sell assets to survive a combination of mounting debt, low oil prices and a giant corruption scandal.

Friday, July 17th 2015 - 06:42 UTC

Falklands' Premier secures two blocks in Mexico's oil industry privatization

Mexico’s oil and gas privatization process began with shallow offshore assets; the licenses are in waters off the states of Veracruz and Tabasco

Premier Oil, with strong involvement in the development of the Falkland Islands' oil and gas industry is among the winners in the first round of Mexico’s oil and gas privatization. The two licences secured by the London listed oil firm’s consortium were the only assets successfully auctioned by the Mexican authorities.

Monday, July 13th 2015 - 09:30 UTC

Petrobras faces major class action lawsuit in US next February

The investors of the company argue that Petrobras had window dressed the company’s accounts in order to make them appear more attractive

Brazil's state-run oil producer Petrobras, said in a securities filing on Friday that its motion to dismiss a class-action lawsuit in the United States had been denied by the court. Petrobras said part of the complaint against the company relating to bonds issued in the United States in 2012 was denied.

Saturday, July 11th 2015 - 06:45 UTC

Keeping Falklands pristine: waste fuels and oil recycled into energy

Miller at the oil yard depot and the IBC's. A four ton oil tank currently being pumped comes from the current Noble Energy Humpback exploration drill.

The Falkland Islands have been for many years utilizing waste fuels and oil for energy from a variety of different sources and now the oil companies operating in the Falklands, having complied with all the safety regulations on storage and handling, are also contributing to the local 'processing' industry managed by Tim Miller and his greenhouse fresh vegetables enterprise.

Saturday, July 11th 2015 - 06:18 UTC

Premier Oil Falklands' exploration budget increased given successful drilling

2015 exploration expenditure has increased by $20m to around $240m primarily due to additional expenditure on the Isobel Deep well in the Falklands

Premier Oil has increased its 2015 exploration budget by $20 million to account for higher investments in its drilling campaign in the Falkland Islands, the company said this week in a trading update. The company also revealed it is considering further drilling at the Isobel Deep recent discovery instead of going on to Jayne East in North Falkland.

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