Energy & Oil

Energy & Oil
Thursday, July 14th 2016 - 07:43 UTC

Petrobras tenth FPSO vessel in the pre-salt Santos Basin begins production

Petrobras is the operator of the Lula field with a 65% interest. Royal Dutch Shell has a 25% stake while the remaining 10% is in the possession of Petrogal Brasil SA.

Petrobras declared the commencement of production from the Cidade de Saquarema floating production, storage and offloading (FPSO) vessel at the Lula oil field on Jul 8. The offshore oil field is situated in the pre-salt Santos Basin and most importantly, the Cidade de Saquarema unit is the tenth FPSO that is working in the pre-salt region of Brazil.

Wednesday, July 13th 2016 - 02:30 UTC

Beijing rejects adverse international ruling on South China Sea islands and maritime space

President Xi Jinping said China's “territorial sovereignty and marine rights” in the seas would not be affected by the ruling “in any way”

China has firmly rejected an international tribunal ruling that its claims to rights in the South China Sea have no legal basis. President Xi Jinping said China's “territorial sovereignty and marine rights” in the seas would not be affected by the ruling “in any way”, however he added that Beijing was still “committed to resolving disputes” with its neighbors.

Monday, July 4th 2016 - 09:56 UTC

Exxon-Mobil-Hess confirm that off Guyana coast oil discovery is largest in two years

The Liza field could turn out to be the largest oil discovery reported in two years and the companies say that it could cost US$18 billion to develop.

ExxonMobil and its partner Hess Corp. have announced that the major discovery off the coast of Guyana, in the north of South America and bordering with Venezuela, is a discovery that is much larger than previously expected.

Wednesday, June 29th 2016 - 04:57 UTC

Investors suing Petrobras argue top executives knew of the massive bribery scheme

Prosecutors claim over US$2 billion of bribes were paid over a decade to Petrobras executives by construction and engineering companies to win lucrative contracts.

Investors suing Petrobras to recoup billions of dollars in losses argued on Tuesday that the arrests and plea deals of top company executives prove that it knew of a massive bribery and political kickback scheme. Lawyers for the investors asked U.S. District Judge Jed Rakoff in Manhattan to rule, ahead of a trial set for Sept. 19, on claims that the company violated U.S. securities laws, according to a court filing.

Friday, June 24th 2016 - 22:10 UTC

Oi telecommunications US$ 19bn bankruptcy, the largest in Brazil's history

Oi sought protection from creditors on 65 billion reais (US$19 billion) in debt after failing to reach a restructuring agreement following a long saga of mergers

Brazilian telecoms giant Oi has filed the largest bankruptcy request in the country’s history, after failing to reach an agreement with creditors.

Thursday, June 23rd 2016 - 13:22 UTC

German coalition bans fracking for shale gas indefinitely, but with parliament reassess in 2021

German industry is keen to keep the door open to fracking arguing it could help lower energy costs, but opposition from the green lobby is strong

Germany's coalition government agreed this week to ban fracking for shale gas indefinitely after years of fractious talks over the issue, but environmental groups said the ban did not go far enough and vowed to fight the deal. Test drilling will be allowed but only with the permission of the respective state government, officials said.

Thursday, June 23rd 2016 - 02:56 UTC

Renewables the focus of EU Energy Week in the Falklands

MLA Michael Poole visited the Sand Bay Wind Farm last week to discuss the benefits of renewable energy.

The Power & Electrical Department hosted an open day last week at their Sand Bay Wind Farm to showcase the work being undertaken by the Falkland Island’s Government (FIG) to utilise and promote renewable energy sources. The open day, which included guided tours and demonstrations, formed part of wider initiatives recently undertaken by FIG to address issues surrounding climate change.

Wednesday, June 15th 2016 - 19:06 UTC

Federal Reserve cautious about the future, leaves interest rates unchanged

“The pace of improvement in the labor market has slowed” However “economic activity will expand at a moderate pace”

United States Federal Reserve in a unanimous vote kept interest rates unchanged on Wednesday and signaled that it will assess labor market conditions, inflation expectations and financial and international developments before deciding on future actions. The U.S. central bank also lowered its economic growth forecasts for 2016 and 2017 and indicated it would be less aggressive in tightening monetary policy after the end of this year.

Tuesday, June 14th 2016 - 08:22 UTC

Petrobras pre-salt fields production climb to a new high in May: 1.1MMboe/d

Pre-salt production of oil and natural gas climbed to a new high, breaking the 1 MMb/d mark for the first time on May 8.

Petrobras’s oil production in Brazil averaged 2.16 MMboe/d in May, its fifth highest monthly figure to date. The growth was due mainly due increases from the company’s pre-salt fields, with new wells connected to the FSPO Cidade de Maricá serving the Lula field in the Santos basin.

Tuesday, June 7th 2016 - 09:04 UTC

Ex Total top engineer named Argentina's YPF CEO

Ricardo Darre, an engineer, previously worked for French oil company Total in the United States. He will take up his post on July 1.

Argentina's state oil company YPF said on Monday it has named Ricardo Darre chief executive officer, as the company makes leadership changes under the new pro-business government.

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