Energy & Oil

Energy & Oil
Thursday, February 5th 2015 - 03:31 UTC

China to supply Argentina five “Malvinas Class” offshore patrol vessels

A version of China's Shipbuilding Industry Corporation's P18 export corvette is the vessel which somewhat controversially, will be known as the Malvinas class

Argentine president Cristina Fernández de Kirchner is expected to sign agreements with China to increase military co-operation, including construction of new warships for the Argentine Navy, during her current state visit to Beijing, according to media reports and Jane's Defense Weekly.

Wednesday, February 4th 2015 - 09:09 UTC

Petrobras shares soar 15% ahead of CEO's and senior managers removal

The President tried to keep Foster (R), a close friend, in command of the company as much as possible, even the CEO had filed her resignation on several occasions

Brazilian President Dilma Rousseff will replace the chief executive and other senior managers at state-run oil company Petrobras later this month in an effort to turn the page on the widening corruption scandal. Petrobras shares jumped more than 15%, their biggest one-day gain in 16 years, after Folha do Sao Paulo first reported that Rousseff intended to replace CEO Maria das Graças Foster.

Tuesday, February 3rd 2015 - 00:10 UTC

Falklands' oil drilling program confirmed; rig from Western Africa on its way

The Eirik Raude exploration rig is leaving from Africa and should be drilling in Falklands waters in the first week of March

Falkland Oil and Gas Ltd has confirmed that the Eirik Raude rig has commenced mobilization from West Africa to the Falkland Islands for the 2015 drilling program, which will be operated by Premier Oil and Noble Energy.

Saturday, January 31st 2015 - 10:44 UTC

Moody's downgrades Petrobras credit rating because of corruption scandal

The rating “reflected concerns about corruption investigations and liquidity pressures that might result from delays in delivering audited financial statements.”

Moody's Investors Service has downgraded the credit rating of Brazil's state-owned oil company Petrobras because of the widening kickback-corruption scandal affecting the country's largest corporation.The credit rating agency announced its decision late Thursday in a statement posted on its website.

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%.

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