Energy & OilEnergy & Oil
Despite current low oil prices, the oil and gas industry in the Falkland Islands is continuing to go from strength to strength as its first project, Premier Oil’s Sea Lion, moves closer to commercialization, according to an analyst with research and consulting firm GlobalData.
Norway’s Statoil said that it has signed an agreement with Tullow Oil to secure a 35% working interest in a Uruguay’s Pelotas basin exploration block 15, about 200 kilometers off the coast of Uruguay.
Four of the world's biggest oil-producing nations moved to freeze their production on Tuesday to try to halt the 70 percent drop in the price of crude because of a glut of oil on world markets. The agreement was reached by the oil ministers of Russia and three members of the Organization of the Petroleum Exporting Countries, Saudi Arabia, Venezuela and Qatar, during a closed-door meeting in Doha, the Qatar capital.
Ocean Rig UDW Inc. has officially announced that two of its drilling contracts have been terminated, one of them in the Falkland Islands where its Eirik Raude was working for Premier Oil as the main operator. Ocean Rig is demanding a termination fee of several million dollars and in case Premier Oil contests the payment, we intend to commence arbitration proceedings.
Falkland Islands based company, Argos Resources Ltd. said it has received notification from Noble Energy, the operator of license PL001 in which Argos holds a 5% overriding royalty interest, that it is exercising its rights to declare Force Majeure on the well.
Rockhopper Exploration which has a joint venture agreement with Premier Oil offshore the Falkland Islands, described the oil exploration campaign now terminated as a 'huge success' and underlines the postponement of the Chatham well drilling will have no impact on the Field Development Plan for the Sea Lion oil discovery development.
The Falkland Islands government and Premier Oil have announced on Friday the ocean rig 'Eirik Raude' contract termination, which in practical terms puts an end to the current exploratory campaign and the scheduled drilling of the Chatham well. Nevertheless both sides underlined the success of the now terminated campaign with the oil discoveries at the Zebedee and Isobel Deep prospects in the North Falkland basin and look forward to continue working in the near future.
Brazil’s troubled state oil firm Petrobras faces possible new legal challenges from a coalition of groups representing international investors based in Europe in the US. The financially hobbled and corruption-racked company is being sued over alleged fraud-related losses the investors suffered on its shares and bonds traded outside the Americas.
Rockhopper Exploration flagship project, offshore the Falkland Islands the Sea Lion oil field development, continues to advance despite the recent slump in crude prices.
Brazil's inflation rate rose to a 12-year high, officials said on Friday, as Latin America's largest economy continues to struggle through a protracted recession. Driven by rising food prices, the annual inflation rate hit 10.71%, the highest since November 2003 and well beyond the central bank's target ceiling of 6.5%, said national statistics institute IBGE.