MercoPress, en Español

Montevideo, November 22nd 2017 - 03:41 UTC

Energy & Oil

  • Tuesday, August 29th 2017 - 10:45 UTC

    YPF shake up: CEO replaced with a six-member executive committee

    YPF controls large swathes of the Vaca Muerta shale play in southwestern Argentina, one of the world’s largest unconventional oil and gas fields.

    The chief executive officer of Argentina’s state-owned oil company YPF has resigned and a six-member executive committee will run the company. The company did not name a replacement for CEO Ricardo Darre, who had held the job since July of last year. Darre, an engineer, had previously worked for French oil company Total in the United States.

  • Monday, August 28th 2017 - 07:52 UTC

    Falklands: Premier Oil is asking for export funds to develop Sea Lion, reports Financial Times

    According to the Financial Times report CEO Durrant is hopeful of securing about US$800m in UK export credit finance

    The Financial Times is reporting that Premier Oil is negotiating with the UK government about securing export finance to fund just over half of the US$1.5bn investment needed to develop a large oilfield in waters north of the Falkland Islands. If all works out as planned first oil in the Falklands would be in 2021.

  • Saturday, August 26th 2017 - 08:17 UTC

    Maduro reacts to Trump's sanctions: “we will sell our oil to other markets”

    President Maduro went on national television to denounce the US sanctions as an illegal act of aggression. “Venezuela will never surrender to any imperial power”

    Venezuela's President Nicolás Maduro has said that a preliminary analysis shows that new financial sanctions imposed by the United States will lead to a halt in oil exports to the US. President Trump's order bans trade in Venezuelan debt and blocks its state oil firm from selling bonds in the US.

  • Wednesday, August 23rd 2017 - 09:55 UTC

    Temer prepared to privatize one of Brazil's jewels of the crown

    The transaction should be concluded by mid-2018 and could involve the sale of new stock to help replenish Eletrobras capital, Minister Fernando Coelho Filho said.

    Brazil's surprise move to privatize Centrais Eletricas Brasileiras SA sent the utility's shares soaring nearly 50% on Tuesday as investors bet the plan augured further moves to loosen the government's grip on the economy.

  • Monday, August 14th 2017 - 12:02 UTC

    Brazil’s Pre-Salt Extraction Costs Fall To US$8 Per Barrel

    In June Brazilian oil output rose from May to a daily average of 2.675 million barrels. Production in the pre-salt areas jumped to an average of 1.353 million bpd

    By Haley Zaremba from Oilprice - Not too long ago Brazilian state oil company Petrobras was the most indebted oil & gas company in the world. The long-suffering company has faced dire mismanagement while being weighed down by allegations of involvement in Brazil’s widespread corruption. But that’s all changing.

  • Tuesday, August 8th 2017 - 17:28 UTC

    Petrobras cuts gasoline prices to regain market share lost to imports

    Petrobras gasoline cost 0.16 real per liter less than U.S. imported gasoline in Brazil as of Aug. 1, according to data from the consultancy.

    Brazil's Petrobras has reduced prices for the gasoline it sells in Brazil to below parity with the fuel imported from the United States, reducing profit margins to regain market share. The company has sharply reduced the price gap between the value of gasoline sold at its refineries and the spot price in the U.S. Gulf of Mexico since early July, when it announced changes to its pricing to adopt almost daily adjustments, according to fuel market experts.

  • Friday, August 4th 2017 - 07:08 UTC

    Venezuela diverting oil to Russia's Rosneft, ignoring contracts in the US

    Venezuela's oil output has declined since 2012 with the fall accelerating this year amid a lack of investment and payment delays to suppliers.

    Venezuela's state-run PDVSA has reduced crude sales to its U.S. refining unit Citgo Petroleum while increasing supply to Russia's Rosneft, following a plan signed in May to catch up on overdue deliveries, according to PDVSA documents, sources from the company and its joint ventures.

  • Friday, July 28th 2017 - 06:00 UTC

    Exxon puts Guyana on the world oil map with another major discovery

    The result increases the estimated recoverable resources in Guyana’s Stabroek Block formation to about 2.25 to 2.75 billion barrels

    Exxon Mobil said that it has discovered additional oil in the Payara reservoir offshore Guyana, increasing the total discovery to approximately 500 million barrels oil equivalent. The result increases the estimated recoverable resources in Guyana’s Stabroek Block formation to about 2.25 to 2.75 billion barrels. By way of comparison, the much-heralded Thunder Horse find in the Gulf of Mexico has reserves of about one billion barrels.

  • Tuesday, July 25th 2017 - 03:40 UTC

    Repsol caught in the middle of the Hanoi/Beijing South China Sea powder keg

    Hanoi ordered Repsol to leave the area and Block 136-03 after Beijing said it would attack Vietnam military bases in the contested Spratly Islands if drilling continued.

    Vietnam has ordered a Spanish private company conducting a gas-drilling expedition in a disputed area of the South China Sea to cease operations following military threats from China, according to reports.

  • Monday, July 24th 2017 - 06:49 UTC

    First full-scale floating wind farm begins to take shape off Scotland

     The operation to begin shifting the first of the 11,500 tons giants happened dramatically in the half-light of a Norwegian summer night.

    The world's first full-scale floating wind farm has started to take shape off the north-east coast of Scotland. The revolutionary technology will allow wind power to be harvested in waters too deep for the current conventional bottom-standing turbines used.