Energy & Oil

Energy & Oil
Tuesday, August 4th 2015 - 05:49 UTC

ExxonMobil rig concludes exploration offshore Guyana: resumes seismic studies

Minister Trotman said the Deepwater Champion left the disputed area because its exploratory work was done, having found a major deposit of crude oil.

An ExxonMobil rig that re-ignited a maritime boundary dispute between Guyana and Venezuela has now left the area, a Guyanese official said on Monday, but denying it was because of Venezuelan pressure.

Tuesday, August 4th 2015 - 05:18 UTC

Oil glut and China's poor manufacturing data reflected in global markets

Crude prices are now on course for their weakest 3Q performance since the financial crisis in 2008. Iran's planned increased output also weighed on markets

United States stocks fell on Monday as oil prices touched a six-month low and factory data from China raised concerns about the world's second-biggest economy. Energy stocks were the biggest losers among the main S&P sectors, recording their worst three-day decline in seven months. Exxon Mobil and Chevron, which also reported poor results on Friday, led the losses.

Sunday, August 2nd 2015 - 22:18 UTC

Former Exxon president on mission to clean up oil sands

 Imagine extracting high-quality oil out of the estimated 32 billion barrels buried in Utah's oil sands, without creating toxic wastelands

Canada has given oil sands a dirty reputation, but a breakthrough, commercially viable technology has caught the eye of a former Exxon Mobil president who is putting it to use to clean up Utah's billions of barrels of oil sands.

Wednesday, July 29th 2015 - 06:12 UTC

“Operation radioactivity” unveils corruption in Brazil's Electrobras

“Unfortunately, it looks like we will go into other sectors as well, and the energy sector alone is already huge,” federal police agent Igor Romario de Paulo said

Brazilian police on Tuesday arrested two executives involved in building a nuclear power plant for Eletrobras, pulling the state-run utility into a corruption scandal that has engulfed government-owned oil company Petrobras.

Saturday, July 25th 2015 - 06:16 UTC

Petrobras workers on a nationwide 24 hour strike to protest sale of assets

Caroline Cavassa, a press officer for the National Oil Workers Federation, said 90% of the company's 86,000 workers joined the strike in 12 states.

Tens of thousands of workers at Brazil's state-owned Petrobras went on a nationwide 24-hour strike on Friday to protest the oil company's plans to sell 15.1 billion dollars worth of assets by the end of next year to help pay off a debt of about 120 billion dollars.

Friday, July 24th 2015 - 11:18 UTC

More job losses coming to U.S. shale

With prices of both Brent and WTI moving towards $50 per barrel, this is bad news for the U.S. shale sector which is already dealing with rising debt

With the recently concluded nuclear deal between Iran and the P5+1 countries, oil prices have already started heading downward on sentiments that Iran's crude oil supply would further contribute to the already rising global supply glut. The economic crisis in Greece, OPEC's high production levels and China's market turmoil have created more pressure on oil prices, making a price rebound look highly unlikely in the near future.

Friday, July 24th 2015 - 09:38 UTC

ExxonMobil find in Guyana's waters could be worth 12 times the country's GDP

Liza-1 was drilled in the Stabroek Block and encountered more than 295 feet of “high-quality oil-bearing sandstone reservoirs.”

The Exxon Mobil oil find in Guyana, which has triggered a strong reaction from neighboring Venezuela could be worth 12 times more than that nation’s GDP. In effect according to a Guyanese minister, the find at Liza-1well in offshore Guyana could be worth about $40 billion at current international crude prices.

Friday, July 24th 2015 - 06:01 UTC

Falklands/Malvinas: Argentina asks why UK is not punished for not complying with UN

“Why some countries are punished if they don't accept UN resolutions, while others that are founding members” can look aside and not comply asked Filmus

Argentine diplomats questioned in Montevideo why the United Kingdom is not punished for its denial to comply with the UN General Assembly Resolution from 1965 which calls on Argentina and the UK to sit and dialogue on the Falklands/Malvinas dispute. They also denied any attempts from Argentina to suffocate the Falklands economy or hydrocarbons industry.

Friday, July 24th 2015 - 00:07 UTC

Shell allowed to drill in Alaska's Arctic, once the required emergency equipment arrives

BSEE conditionally granted Shell permits for exploration in the Chukchi Sea off Alaska, in a season which sea ice limits from July until October.

The U.S. Interior Department on Wednesday granted Royal Dutch Shell two final permits to explore for crude in the Arctic this summer, but said the company cannot drill into the oil zone until required emergency equipment arrives in the region.

Tuesday, July 21st 2015 - 05:42 UTC

Three Brazilian top executives convicted in relation with Petrobras corruption

Convictions came the day Federal Police decided to formally accuse Marcelo Odebrecht, CEO of Odebrecht SA, of having a role in the scandal.

Three executives of Brazil's Camargo Correa group were convicted of money laundering, corruption and other charges, the first construction-industry executives to be sentenced in a giant price fixing and bribery scandal involving state-run oil company Petrobras.


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