Energy & Oil

Energy & Oil
Wednesday, October 21st 2015 - 06:35 UTC

Venezuela presents 2016 budget based on a US$40 per barrel estimate

“This budget will allow us to return to the path of economic growth” said Finance minister Rodolfo Marco. He did not mention inflation or GDP growth

Venezuela's proposed 2016 government budget is based on an estimate of $40 per barrel for the OPEC nation's oil exports, Finance Minister Rodolfo Marco said in a presentation to congress on Tuesday.

Monday, October 19th 2015 - 10:16 UTC

Bristow adds new hangar to support Falklands' oil and gas industry

The new BVE helicopter hangar facility was designed, manufactured and constructed by RUBB UK to house three Sikorsky S-92 helicopters.

Bristow has added a new hangar and modular offices at Stanley Airport in the Falkland Islands to help improve operational efficiencies for oil and gas commercial services and search and rescue (SAR) support.

Monday, October 19th 2015 - 10:02 UTC

US imposes new curbs on Arctic waters oil and gas exploration

In light of Shell's announcement “it does not make sense to prepare for lease sales in the Arctic in the next year and a half,” said Interior Secretary Jewell

The US government has announced new curbs on oil and gas exploration in Arctic waters off Alaska's northern coast. It comes after oil giant Royal Dutch Shell last month stopped its Arctic activity citing “disappointing” tests.

Saturday, October 17th 2015 - 06:54 UTC

Falklands' southeast exploratory well has found 'oil and gas shows', says FOGL

FOGL and Noble have decided to drill deeper at Humpback well. At a depth of 4,718m it recorded oil and gas shows

Exploring group Falkland Oil and Gas Ltd. said on Friday the Humpback 53/02-01 exploration well to the southeast of the Falkland Islands has found oil and gas shows, while wire-line logging indicates there are hydrocarbons bearing sandstones within the main target area.

Friday, October 16th 2015 - 07:35 UTC

Petrobras strikes further discovery at giant pre-salt Libra field in Santos basin

The first exploration well, 3-RJS-731, was spud by the Schahin Cerrado drillship in August 2014, just 5km southwest of the discovery well 2-ANP-2A-RJS.

Petrobras announced a further hydrocarbon discovery at the giant pre-salt Libra field in the Santos basin, offshore Brazil. The company said that well 3-BRSA-1310-RJS, in the central portion of the block, identified the presence of hydrocarbons in a low-porosity reservoir. This is the fourth well drilled in the Libra area since exploratory drilling began last August.

Friday, October 16th 2015 - 07:26 UTC

Respsol selling assets, slashing investments and cutting working force 6%

Repsol's new five year strategic plan aims to reorganize the company in the wake of a slump in oil prices and its $8.3 billion takeover of Canada's Talisman.

Spanish oil giant Repsol said on Thursday it plans to sell 6.2 billion Euros ($7.1 billion) in assets and slash investment in exploration and production over the next five years to help its preserve dividends and pay back debt.

Thursday, October 15th 2015 - 20:16 UTC

China to continue expanding its influence in the oil and gas sector

China has three major state owned oil companies: CNOOC, oil and gas producer; PetroChina and Sinopec, which is primarily a refining company.

Since 2009, China has been taking a much more active role in its pursuit of international oil contracts. In 2009, for the first time, Saudi Arabia exported more of its oil to China than it did to the US. China also made large investments in Saudi Arabia's oil refining industry as well. But China's oil investments didn't stop there; they also pursued oil producing Canadian assets in 2011/12.

Wednesday, October 14th 2015 - 08:01 UTC

China to the rescue of cash strapped Petrobras with $2bn for a 10-year lease of two platforms

Petrobras will lease the platforms P-52 and P-57 for 10 years as part of efforts to raise cash and reduce the world's biggest debt load among oil firms.

Brazil's state-run oil firm Petroleo Brasileiro SA will raise $2 billion through a 10-year leasing contract with China's Industrial and Commercial Bank of China Leasing, the Brazilian company said in a statement on Tuesday.

Wednesday, October 14th 2015 - 06:46 UTC

Falklands: Argentina declares Italy's Edison oil activities 'illegal' and 'clandestine'

The move to ban Edison is “part of the strategy Argentina has been developing against companies that operate illegally in areas near the Malvinas Islands” (Pic Reuters)

The oil and gas operations being undertaken by Italy's Edison International S.p.A. on “the Argentine continental shelf” near the disputed Falkland Islands are “illegal” and “clandestine,” the Argentine Energy Ministry said Tuesday.

Friday, October 9th 2015 - 07:39 UTC

Eirik Raude oil rig operating in Falklands, faces scrapping after contract ends January 2016

Eirik Raude is currently completing its third in a six-well program in the Falklands and is expected to remain employed in the Islands into January 2016.

Ocean Rig, the Greek offshore drilling contractor has highlighted in its latest fleet update two rigs coming out of employment shortly with no immediate prospects. Both rigs have little or no “further prospects of employment” according to Ocean Rig and will be cold stacked while disposing of or scrapping the rigs is considered.


Get Email News Reports!

Get our news right on your inbox.
Subscribe Now!