Energy & Oil

Energy & Oil
Thursday, February 12th 2015 - 05:45 UTC

Petrobras has trouble finding an independent chairman of the board

Barbosa's name for chairman of the board comes after Finance minister Joaquim Levy resisted taking the post

Petrobras plans to publish its delayed audited fourth-quarter results by the end of March, something it needs to do to avoid possible early repayment of its bonds, the Globo newspaper said on Wednesday. Globo also published that the Brazilian government was considering appointing Planning minister Nelson Barbosa as chairman of the oil giant.

Thursday, February 12th 2015 - 05:23 UTC

Explosion in Petrobras floating oil rig kills at least three; six missing

The Cidade de São Mateus is a floating oil production, storage and offloading ship (FPSO)

At least three oil workers were killed and others were injured in an explosion at an offshore oil and natural gas platform in Brazil operated by state-run energy company Petroleo Brasileiro SA , union officials have said.

Wednesday, February 11th 2015 - 15:31 UTC

Arctic oil on life support

The Anglo-Dutch company failed to achieve permits on time, had its drill ships run aground, and saw its oil spill containment dome “crushed like a beer can”

Oil companies have eyed the Arctic for years. With an estimated 90 billion barrels of oil lying north of the Arctic Circle, the circumpolar north is arguably the last corner of the globe that is still almost entirely unexplored.

Wednesday, February 11th 2015 - 15:26 UTC

Norway's Statoil appoints new CEO and identifies three main challenges

Sætre has 35 years’ experience from Norway's' Statoil and the oil and gas industry and has been acting as president and CEO since October

Statoil’s board of directors has appointed Eldar Sætre as the company’s new president and CEO. Sætre, who has 35 years’ experience from Norway's' Statoil and the oil and gas industry, has been acting as president and CEO since October, and assumes the role with immediate effect.

Friday, February 6th 2015 - 23:27 UTC

Market reacts negatively to Petrobras new CEO: too political and too close to Rousseff

Bendine, 51, is currently the chief executive of state-controlled Banco do Brasil and has no declared party militancy

Shares in Brazil's oil giant Petrobras plunged Friday as banking executive Aldemir Bendine, who is seen as too close to President Dilma Rousseff's party, was named the scandal-hit firm's new chief executive.

Friday, February 6th 2015 - 17:38 UTC

Falklands offered oil industry scholarships from Trinidad

A Falklands' delegation headed by MLA Ian Hansen was at the annual Trinidad and Tobago Energy Conference, a premier Energy Conference in the Caribbean

Three scholarships for Falkland Islanders at the National Energy Skills Centre (NESC) in Trinidad and related to the oil and gas industry are likely to be available within two years and will be overseen by the Training Centre in the Falklands.

Friday, February 6th 2015 - 06:57 UTC

Brazil ruling party's treasurer questioned on the Petrobras corruption probe

 Vaccari is the most senior politician to be officially questioned in the case, which led Petrobras' CEO and senior managers to resign this week

Brazilian federal police said on Thursday they had started questioning João Vaccari Neto, the treasurer of the country's ruling Workers' Party, as a corruption probe focused on state-run oil company Petrobras widened to include political figures.

Friday, February 6th 2015 - 02:11 UTC

Rise of the vulture investing class

During the last oil crash in the 1980’s, around 700 US banks failed after oil prices crashed.

The oil markets are showing some life, having rallied 11% over a two-day period. But if a bigger rebound is not around the corner, it won’t just be oil companies that will be feeling the pain: their lenders will also face some steep losses if drillers can’t come up with the cash to cover debt payments.

Thursday, February 5th 2015 - 09:44 UTC

YPF obtains through bonds 500 million dollars; target was 750 million

“YPF has placed more than 2.2 billion dollars on international capital markets in the last 18 months,” CEO Miguel Galuccio said.

Argentine state majority owned petroleum company YPF has secured funds worth around 500 million dollars on the international finance market after issuing new bond titles, according to the president of the enterprise.

Thursday, February 5th 2015 - 09:30 UTC

Petrobras new management to be elected on Friday

The firm's board of directors will meet on Friday to elect a new management team to replace CEO Maria das Graças Foster and five other senior directors

The chief executive and other senior management at Brazil's Petrobras officially resigned on Wednesday amid a festering corruption scandal, sending shares higher as the government scrambled to find replacements capable of restoring investor confidence in the state-run oil company.

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