Energy & Oil

Energy & Oil
Thursday, November 26th 2015 - 08:23 UTC

Brazil in shock: a leading senator and billionaire fund manager arrested for obstructing justice

Senator Delcidio Amaral, who leads President Dilma Rousseff's Workers' Party in the upper house, was the first sitting legislator to be put behind bars

Brazil is in shock following the arrest by police on Wednesday of a senior ruling-party senator and a billionaire investment banker in the intensifying probe of a huge corruption network centered on state oil giant Petrobras.

Wednesday, November 25th 2015 - 07:50 UTC

Falklands' oil industry deal: Rockhopper will take over FOGL for £57.1m

On Monday the two companies announced the start of drilling on a well in the Falklands: operator Premier Oil had spudded the 14/20-2 Isobel 2 well

Falkland Islands oil & gas explorer Rockhopper Exploration is launching a £57.1mln takeover of rival Falkland Oil & Gas. Rockhopper and FOGL have agreed a recommended all-share merger resulting in Rockhopper holding 65% of the enlarged group and FOGL owning the rest.

Wednesday, November 25th 2015 - 00:02 UTC

Falklands' oil industry re-spuds Isobel Deep reservoir

The well is located on licence PL004a, in which FOGL has a 40% working interest, and lies approx 4 km away from the 14/20-1 Isobel Deep oil discovery

Falkland Oil and Gas Limited, FOGL, one of several international companies involved in the Falklands' oil industry, announced on Monday that the 14/20 Isobel 2 well was spudded by Premier Oil as operator on Saturday, 21 November.

Tuesday, November 24th 2015 - 14:53 UTC

Summit of gas exporting countries opened in Tehran with nine leaders attending

Presidents of Iran, Russia, Venezuela, Iraq, Bolivia, Equatorial Guinea, Nigeria, Turkmenistan are currently in Teheran

A landmark summit of the Gas Exporting Countries Forum (GECF) has opened in the Iranian capital Tehran with the participation of the heads of nine member states. Presidents of Iran, Russia, Venezuela, Iraq, Bolivia, Equatorial Guinea, Nigeria, Turkmenistan as well as the Algerian prime minister are the key participants.

Saturday, November 21st 2015 - 08:01 UTC

Petrobras back to normal activity as splinter union ends 20-day strike

Sindipetro represents workers in the Campos Basin, Brazil’s most productive offshore region and had been resisting calls by FUP to end the strike.

Earlier on Friday a key Petrobras workers union voted to end a 20-day strike that disrupted output. Workers at the Sindipetro Norte Fluminense local, who had ignored the largest oil workers' union FUP's call to end the strike that started on November first, will return to work Friday evening at onshore operations, union spokesman Tezeu Bezerra.

Friday, November 20th 2015 - 07:36 UTC

Brazil considering plan to bolster Petrobras capital with 'hybrid securities'

Apparently, the Brazilian Treasury would transfer “hybrid securities” to Petrobras, which would then book the securities as equity until it sold new stock

Brazil’s government is considering a debt plan to bolster the capital of heavily indebted state-controlled oil Petrobras, Agencia Estado news agency reported on Thursday. Under the plan, the Brazilian Treasury would transfer so-called hybrid securities to Petrobras, which would then book the securities as equity until it sold new stock, Estado reported.

Friday, November 20th 2015 - 05:48 UTC

UK Export Finance extends US$ 500m credit to debt-strapped Petrobras

UK Minister of State for Trade and Investment Lord Francis Maude underlined the significance of the US$500m line of credit for Petrobras.

Brazil's oil company Petrobras has concluded negotiations with international export credit agencies (ECAs) for a total of US$1.84bn. According to a company statement. The financing will contribute towards its fundraising efforts for 2016.

Wednesday, November 18th 2015 - 08:22 UTC

Petrobras splinter union refuses to end strike and calls members to abandon offshore vessels

SindipetroNF members on 51 offshore units, including production platforms, drill-ships and support vessels, voted on Saturday against the offer

Brazilian oil workers union local responsible for the bulk of the country's oil and gas output told its members on Tuesday to abandon Petrobras vessels operating in the Campos Basin, Brazil's most productive oil district.

Wednesday, November 18th 2015 - 08:05 UTC

Statoil follows Shell and drops search for oil in the US Arctic

The move will see Statoil exit 16 operated leases, and its stake in 50 leases operated by ConocoPhillips, all in the Chukchi Sea.

Norway's Statoil has decided to quit its Alaskan exploration efforts in the Chukchi Sea, following a recent move by Shell to drop its search for oil in the US Arctic after a key drilling target came back dry.

Friday, November 13th 2015 - 14:04 UTC

Premier Oil defers project development and exploration spending into 2016

Premier Oil will move into 2016 some spending on projects such as its Sea Lion field in the Falkland Islands.

The successful Falkland Islands' exploration company Premier Oil has cut full-year capital expenditure as the oil producer deferred some project development and exploration spending into 2016, it said on Thursday. Like its peers, Premier Oil has to reduce spending to cope with a halving in oil prices since a peak in June last year that has eaten into revenues.

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