Energy & Oil

Energy & Oil
Wednesday, February 25th 2015 - 16:41 UTC

The easy oil is gone so where do we look now?

The 'shale revolution' has seen U.S. shale oil production soaring from 600,000 barrels a day in 2008 to 3.5 million barrels a day in 2014

In 2008, Canadian economist Jeff Rubin stunned the oil market with a bold prediction: With the world economy growing at 5% a year, oil demand would grow with it, outpacing supply, thus lifting the oil price from $147 to over $200 a barrel.

Friday, February 20th 2015 - 07:28 UTC

Pemex cuts budget and postpones big projects due to sharp drop in oil prices

Mexican export crude-oil blend averaged U$S 86 in 2014, but is currently trading at 49 per barrel, having hit a low of 37 in January, Pemex said.

State-owned oil giant Petroleos Mexicanos, or Pemex, said its board approved budget cuts totaling 62 billion pesos (4.15 billion) and the postponement of some big projects in light of the sharp drop in oil prices.

Friday, February 20th 2015 - 04:51 UTC

Why oil prices must go up

It may be difficult to look beyond the current pricing environment for oil, but the depletion of low-cost reserves and the increasing inability to find major new discoveries ensures a future of expensive oil.

Thursday, February 19th 2015 - 06:02 UTC

GeoPark scales down operations in Magallanes because of falling oil prices

The company in a release said it was forced to adapt its structure to address the world oil crisis with the abrupt collapse in prices.

Oil company GeoPark which operates in Magallanes, extreme south of Chile, reiterated its commitment and long term investment in the region but also announced the redundancy of 30 staff, first time in twelve years, because of a restructuring of the company to the new global oil industry scenario.

Thursday, February 19th 2015 - 05:57 UTC

Colombia's Ecopetrol slashes offshore exploration budget

In 2014, Ecopetrol discovered hydrocarbons in three out of eight wells it drilled, five of which were in the Gulf of Mexico.

Colombia's state-run oil producer Ecopetrol will drill three offshore wells this year, two off its Caribbean Coast and a third in the Gulf of Mexico, after slashing its offshore exploration budget to 200 million dollars down from 632 million last year, the company said.

Wednesday, February 18th 2015 - 04:28 UTC

Venezuela ready to address fuel prices: “piece of candy cannot cost more than a liter of gasoline”

Gasoline is so heavily subsidized in Venezuela that one US cent buys about five gallons, costing the government as much as 12 dollars billion annually

Venezuelan Finance minister Rodolfo Marco Torre announced that ”soon there will be important announcements on the issue of gasoline”, underlining that “a piece of candy cannot cost more than a liter of gasoline”.

Tuesday, February 17th 2015 - 05:49 UTC

Chilean city delegation visits UK to explore energy efficiency and new technologies

The Antofagasta delegation during their visit to UK

A Chilean delegation representing the city of Antofagasta visited the UK to explore energy efficiency best practices and new technologies. The visit was an essential component of the “Action Plan for the city of Antofagasta´s Sustainable Energy Strategy” project that the British Embassy Santiago is currently supporting through the Prosperity Fund.

Tuesday, February 17th 2015 - 05:40 UTC

Peru asks Argentine oil company to leave conflict zone while it reassesses contract

“That contract must be evaluated” minister Mayorga said on state television from Pichanaki, where deadly clashes took place earlier in the week

Peru will evaluate a natural gas contract it signed with Pluspetrol in 2005 and is asking the Argentine company to leave a restive Amazonian town following deadly protests, the government said on Thursday. Pluspetrol started exploratory activities in natural gas block 108 last year, upsetting locals in the town of Pichanaki who fear it will lead to pollution and hurt farming.

Tuesday, February 17th 2015 - 05:09 UTC

Rolls-Royce allegedly caught in the Petrobras bribery scandal

Court documents show that Pedro Barusco, a Petrobras informants, received at least $200,000 in bribes from RR which makes gas turbines for Petrobras rigs

Rolls-Royce has said it does not “tolerate improper business” after the Financial Times reported that the firm had been accused of being caught up in a bribery scandal in Brazil. Ft reported allegations that the company paid bribes for a contract with Brazilian oil firm Petrobras.

Monday, February 16th 2015 - 21:50 UTC

Falklands begins consultation on oil impact on society and local culture

The overall aim is to provide a detailed understanding of the many different ways that oil and gas developments could affect the daily lives of Falkland Islanders

Falkland Islands will this month begin to grapple with the big questions about how oil and gas development will impact on their society and culture. The start of a series of focus groups run as part of the Social Effects Monitoring Programme study, led by Regeneris Consulting, and Falkland Island partners Karen Lee and Carolyn Montgomerie, reports the Penguin News in its latest edition.

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