Energy & Oil

Energy & Oil
Thursday, March 17th 2016 - 06:01 UTC

Falklands' oil industry making steady advance 'with positive signs from Argentina', says GlobalData

The report entitled 'Falkland Islands Steadily Advances Towards First Oil', links the future of the industry with Argentina's new attitude

Falkland Islands' oil and gas industry is making steady advancement in spite of global concerns about falling prices, according to new analysis by GlobalData. With positive signs coming from the neighboring Argentina, which recently witnessed a change in government, the Falklands is preparing to commercialize production of its first oil project, Premier Oil's Sea Lion.

Sunday, March 13th 2016 - 22:40 UTC

Oil at US$ 67 in Argentina has all the Majors converging

With the crash in prices since mid-2014, the effect of the regulation has reversed: motorists are now effectively subsidizing the oil industry.

By Nick Cunningham of Oilprice.com

Argentina offers one of the few places on earth where oil companies are not suffering from the full force of the collapse in prices. Argentina regulates oil prices, a policy originally intended to insulate the public from the whims of the market, protecting people from triple-digit crude prices. But with the crash in prices since mid-2014, the effect of the regulation has reversed: motorists are now effectively subsidizing the oil industry.

Saturday, March 12th 2016 - 07:21 UTC

France's Total ready to begin drilling offshore Uruguay: risky project but it could be AN ”elephant''

Uruguay’s offshore potential has triggered a spurt of deal-making in recent months even as benchmark oil prices trade at 12-year lows.

France’s Total SA announced it is preparing to begin drilling one of its most important offshore exploration wells in the Americas this year as it hunts for a giant oil field in Uruguayan waters. A discovery could extend an exploration boom in a country that currently imports all of its oil and gas needs.

Friday, March 11th 2016 - 20:47 UTC

Odebrecht's involvement in Petrobras corruption scandal costing the conglomerate dearly

Creditors are demanding the company's crown jewel as collateral to refinance the group's debt. The company has an annual turnover of US$ 31bn

The Odebrecht group of companies, whose top officials have been sentenced to prison for involvement in the corruption scheme of Brazil's largest company Petrobras, has come under strong pressure from its creditors to use the crown jewel, the petrochemical company Braskem as collateral to avoid filing for bankruptcy.

Friday, March 11th 2016 - 20:06 UTC

Brazil's February inflation down, but central bank calls for structural reforms and budget control

Inflation slowdown came on easing food and transportation costs. Food prices rose 1.06% in February (2.28% in January). Transportation 0.62% versus 1.77%

Brazil’s consumer-price index slowed in February, providing relief for the country’s central bank amid its efforts to curb inflationary pressures. The consumer-price index, IPCA, rose 0.90% in February, compared with an increase of 1.27% in January, the Brazilian Institute of Geography and Statistics, or IBGE, said.

Friday, March 11th 2016 - 05:22 UTC

Purge in YPF; financial expert chosen as successor of Galuccio

Gutiérrez, formerly head of telecommunications giant Telefónica with 25 years experience in global financial circles, will be proposed at a shareholders meeting

Miguel Ángel Gutiérrez looks is to become the new president of Argentina’s state-controlled energy giant YPF, it was revealed this week after Miguel Galuccio confirmed he will step down as head of the company on April 30.

Thursday, March 10th 2016 - 05:49 UTC

CEO Galuccio confirms he's leaving YPF and pledges “ordered transition”

“It has been 4 years of a lot of intensity in which we changed the direction of YPF to turn it again into the energy engine of the country”, Galuccio said.

Miguel Galuccio confirmed he will be resigning as Argentina's YPF CEO and said he will guarantee an “ordered transition” ahead of the appointment of his successor. In a statement released on Wednesday, Galuccio said he will remain in his position until the upcoming Ordinary Shareholders Assembly takes place. He is expected to leave the state-run company after April 30.

Monday, March 7th 2016 - 05:12 UTC

Argentina's YPF planning to cut capital expenditure by at least 20/25%

“We do not see a meaningful production growth this year,” Chief Executive Officer Miguel Galuccio told an investor conference call.

Argentina's state-controlled energy company YPF will cut capital expenditure by at least 20-25% this year to mitigate the impact of the global oil price rout — leading to growing concerns among union leaders, who claim up to 2,000 workers would be laid off because of the company’s decision.

Thursday, March 3rd 2016 - 05:35 UTC

Brazilian company admits, in plea bargain, illegal payments to Rousseff presidential campaign

The testimony, as part of a plea bargain by 11 executives, would be the first direct link into Petrobras bribes and political kickbacks and the election of Rousseff

Executives from Brazil's second-largest engineering company, Andrade Gutierrez have testified that the company paid suppliers for President Dilma Rousseff's 2010 electoral campaign off the books, newspaper a Folha de S.Paulo reported on Tuesday.

Thursday, March 3rd 2016 - 05:27 UTC

Petrobras loses tax case; discussing sale of assets in Argentina to Pampa Energia

Petrobras may be forced to pay 7.3 billion Reais (US$1.9 billion) in back taxes and fines after a decision by Brazil's tax authority Carf,

Brazil's state-run oil company Petrobras may be forced to pay 7.3 billion Reais (US$1.9 billion) in back taxes and fines after a decision by the country's tax authority Carf, newspaper Valor Economico reported on Wednesday.

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