Energy & Oil

Energy & Oil
Wednesday, February 11th 2015 - 15:31 UTC

Arctic oil on life support

The Anglo-Dutch company failed to achieve permits on time, had its drill ships run aground, and saw its oil spill containment dome “crushed like a beer can”

Oil companies have eyed the Arctic for years. With an estimated 90 billion barrels of oil lying north of the Arctic Circle, the circumpolar north is arguably the last corner of the globe that is still almost entirely unexplored.

Wednesday, February 11th 2015 - 15:26 UTC

Norway's Statoil appoints new CEO and identifies three main challenges

Sætre has 35 years’ experience from Norway's' Statoil and the oil and gas industry and has been acting as president and CEO since October

Statoil’s board of directors has appointed Eldar Sætre as the company’s new president and CEO. Sætre, who has 35 years’ experience from Norway's' Statoil and the oil and gas industry, has been acting as president and CEO since October, and assumes the role with immediate effect.

Friday, February 6th 2015 - 23:27 UTC

Market reacts negatively to Petrobras new CEO: too political and too close to Rousseff

Bendine, 51, is currently the chief executive of state-controlled Banco do Brasil and has no declared party militancy

Shares in Brazil's oil giant Petrobras plunged Friday as banking executive Aldemir Bendine, who is seen as too close to President Dilma Rousseff's party, was named the scandal-hit firm's new chief executive.

Friday, February 6th 2015 - 17:38 UTC

Falklands offered oil industry scholarships from Trinidad

A Falklands' delegation headed by MLA Ian Hansen was at the annual Trinidad and Tobago Energy Conference, a premier Energy Conference in the Caribbean

Three scholarships for Falkland Islanders at the National Energy Skills Centre (NESC) in Trinidad and related to the oil and gas industry are likely to be available within two years and will be overseen by the Training Centre in the Falklands.

Friday, February 6th 2015 - 06:57 UTC

Brazil ruling party's treasurer questioned on the Petrobras corruption probe

 Vaccari is the most senior politician to be officially questioned in the case, which led Petrobras' CEO and senior managers to resign this week

Brazilian federal police said on Thursday they had started questioning João Vaccari Neto, the treasurer of the country's ruling Workers' Party, as a corruption probe focused on state-run oil company Petrobras widened to include political figures.

Friday, February 6th 2015 - 02:11 UTC

Rise of the vulture investing class

During the last oil crash in the 1980’s, around 700 US banks failed after oil prices crashed.

The oil markets are showing some life, having rallied 11% over a two-day period. But if a bigger rebound is not around the corner, it won’t just be oil companies that will be feeling the pain: their lenders will also face some steep losses if drillers can’t come up with the cash to cover debt payments.

Thursday, February 5th 2015 - 09:44 UTC

YPF obtains through bonds 500 million dollars; target was 750 million

“YPF has placed more than 2.2 billion dollars on international capital markets in the last 18 months,” CEO Miguel Galuccio said.

Argentine state majority owned petroleum company YPF has secured funds worth around 500 million dollars on the international finance market after issuing new bond titles, according to the president of the enterprise.

Thursday, February 5th 2015 - 09:30 UTC

Petrobras new management to be elected on Friday

The firm's board of directors will meet on Friday to elect a new management team to replace CEO Maria das Graças Foster and five other senior directors

The chief executive and other senior management at Brazil's Petrobras officially resigned on Wednesday amid a festering corruption scandal, sending shares higher as the government scrambled to find replacements capable of restoring investor confidence in the state-run oil company.

Thursday, February 5th 2015 - 03:31 UTC

China to supply Argentina five “Malvinas Class” offshore patrol vessels

A version of China's Shipbuilding Industry Corporation's P18 export corvette is the vessel which somewhat controversially, will be known as the Malvinas class

Argentine president Cristina Fernández de Kirchner is expected to sign agreements with China to increase military co-operation, including construction of new warships for the Argentine Navy, during her current state visit to Beijing, according to media reports and Jane's Defense Weekly.

Wednesday, February 4th 2015 - 09:09 UTC

Petrobras shares soar 15% ahead of CEO's and senior managers removal

The President tried to keep Foster (R), a close friend, in command of the company as much as possible, even the CEO had filed her resignation on several occasions

Brazilian President Dilma Rousseff will replace the chief executive and other senior managers at state-run oil company Petrobras later this month in an effort to turn the page on the widening corruption scandal. Petrobras shares jumped more than 15%, their biggest one-day gain in 16 years, after Folha do Sao Paulo first reported that Rousseff intended to replace CEO Maria das Graças Foster.


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