Energy & Oil

Energy & Oil
Friday, January 30th 2015 - 08:03 UTC

Petrobras former CEO has assets frozen under court investigation

Gabrielli was CEO of Petrobras between 2005 and 2012 and allegedly is involved in a scheme to overbill the company an estimated 12.4 million dollars

A Brazilian state court froze the assets of former Petrobras Chief Executive Officer Jose Sergio Gabrielli amid an investigation of graft and money-laundering in the government-run oil producer's contracts with construction companies.

Thursday, January 29th 2015 - 07:38 UTC

YPF and China's Sinopec sign memorandum to develop shale oil and gas in Patagonia

The MOU is a “great step forward” that opens new possibilities for the long-term development of Argentine oil and gas resources, said Galuccio (R)

Argentine state-controlled energy company YPF said it signed a memorandum of understanding Wednesday with China's Sinopec pertaining to the eventual development of conventional and non-conventional oil and gas projects in Patagonia.

Thursday, January 29th 2015 - 07:23 UTC

Petrobras releases long delayed 3Q results but did not include reserves for corruption scandal

CEO Graças Foster said testimony indicates bribes were “improperly recognized as part of the cost of our fixed assets, therefore requiring adjustments.”

Brazil’s embattled Petrobras released its long delayed third quarter results Wednesday but did not include any reserves tied to an ongoing corruption scandal that has already landed three former executives in jail. The company recorded a third quarter 2014 net profit of 1.18 billion dollars, down from 1.32 billion during the same period last year.

Wednesday, January 28th 2015 - 07:21 UTC

US moves into the Caribbean to replace Venezuela as cheap gas supplier

“We (US) have more oil and gas… than all the states in the world combined. Mexico Canada the United States is the new epicenter of energy,” Biden said.

The United States Monday rolled out a new initiative for Caribbean countries to ensure energy security in a move widely seen as distancing the Caribbean from Venezuela for their oil and energy needs.

Tuesday, January 27th 2015 - 06:50 UTC

Oil Prices Changing The Face Of Global Geopolitics

Venezuela is even more dependent than Russia on the price of oil

In a documentary that aired recently on the Canadian Broadcasting Corporation's popular The Fifth Estate program, an allegory of Vladimir Putin was presented. The wily Russian president was described growing up in a shabby St. Petersburg apartment, where he would often corner rats.

Friday, January 23rd 2015 - 05:43 UTC

In “God will provide” speech Maduro admits economic failure and calls for unity

Maduro announced a new, third dollar exchange system using private brokers to counter the black market, where the currency trades at some 177 Bolivares

In a three-hour State of the Nation speech to the National Assembly on Wednesday night, president Nicolás Maduro acknowledged some of the economic realities facing Venezuela: the economy contracted by 2.8% in 2014 and inflation stood at 64%.

Thursday, January 22nd 2015 - 11:36 UTC

Oil price collapse hurting some more than others

With weak demand, drillers can negotiate down rig prices. This leads to lower costs, helping drillers stay in the game.

U.S. oil and gas rig counts dropped to their lowest level in over four years, falling by an additional 74 units for the week ending on January 16. The lower count provides fresh evidence that low oil prices are forcing drillers to pare back operations and slash spending.

Tuesday, January 20th 2015 - 05:48 UTC

Party is over in Brazil: increase in fuel, tax on consumer loans and imports

“The main goal of these measures is to boost confidence on the economy,” said Levy, who took office at the start of the year

Brazil on Monday announced tax increases on fuel, imports and consumer loans aimed at raising 20.6 billion Reais (7.7bn dollars) in additional revenues this year. The plan is part of an effort to help balance budget accounts and revive investor confidence, Finance Minister Joaquim Levy said at a news conference.

Tuesday, January 20th 2015 - 05:27 UTC

Heat wave in Brazil forces power cuts; to recover fragile system rates could increase by 60%

Brazilian officials have repeatedly denied the need for energy rationing, even as the driest spell in 80 years drains hydropower and forces use of thermal plants

Rolling blackouts swept across parts of Brazil as the grid operator ordered select power cuts to avoid a larger crisis, drawing attention to a fragile electric system that is buckling under the strains of record-breaking heat and dryness.

Saturday, January 17th 2015 - 08:00 UTC

Petrobras CEO confirmed in the job by the Energy minister

“I believe she is the right person because she is competent, and few others know the Petrobras system,” said Braga, Brazil’s minister of mines and energy

Brazil’s energy minister this week threw his support behind the CEO of Petrobras, the embattled state-run oil company embroiled in a vast corruption scandal that has dominated national headlines. Maria das Graças Silva Foster will keep her job as CEO, the minister said, despite growing demands for her resignation.

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