Energy & Oil

Energy & Oil
Monday, June 6th 2016 - 10:46 UTC

Petrobras will have full independence to set domestic fuel prices

Energy Minister Coelho said the energy, finance and planning ministries would review expected changes by Petrobras to gasoline, diesel and other fuel prices<br />

Brazil's energy ministry said on Saturday it backed full independence for Petrobras to set domestic fuel prices, blaming past controls for saddling the state-controlled oil company with crippling debt that is the oil industry's largest.

Saturday, June 4th 2016 - 09:29 UTC

OPEC summit fails to agree on a clear oil policy output strategy

Tensions between the Sunni-led kingdom and Shiite Iran had blighted several previous OPEC meetings, but the strains were less acute on Thursday in Vienna

The Organization of the Petroleum Exporting Countries failed to agree on a clear oil-output strategy on Thursday as Iran insisted on steeply raising its production, though archrival Saudi Arabia promised not to flood the market and sought to mend fences within the organization.

Saturday, June 4th 2016 - 08:57 UTC

YPF and ENAP agree to increase gas and oil production off Magellan Strait

Argentina's YPF and Chile's Enap Sipetrol announced a joint project to expand the production of natural gas and crude from the offshore Magallanes Deposits, (PIAM), to the east of Magellan Strait Reserve. Representatives from Tierra del Fuego province and Magallanes Region, and from the two companies, attended the announcement ceremony.

Friday, June 3rd 2016 - 06:40 UTC

Falklands are “my homeland”, with the right to freely choose our own future

Ms. Krysteen Ormond, JP, Falkland Islands Government Representative to the United Nations Decolonization Committee

The Falklands are a people, “my homeland”, with the right to freely choose our own future, as enshrined as leading principle in the UN Charter and safeguarded by the several covenants on civil and political rights, said Falklands' government representative Krysteen Ormond addressing the Pacific Regional Seminar of the C24, Special Decolonization Committee.

Monday, May 30th 2016 - 07:36 UTC

Venezuela's public sector will only work Mondays and Tuesdays for another two weeks

President Maduro's administration blames the power shortage on a drought caused by the El Niño weather phenomenon

Venezuela's government on Saturday extended by two weeks a decree reducing the public sector workweek to Mondays and Tuesdays in a bid to tackle the oil-rich country's electricity crisis. The enforced leave was first announced in late April, a drastic move for a government also grappling with an economic crisis that has Venezuelans queuing for hours to buy scarce supplies.

Monday, May 30th 2016 - 06:49 UTC

Petrobras faces “tens of billions of dollars” in claims in US court; trial opens in September

“We are seeking multiple tens of billions of dollars,” says lead counsel Jeremy Lieberman of Pomerantz, New York law firm leading the charge against Petrobras.

Petrobras will finally get its day in a U.S. court on Sept. 19 in a trial that pits 18 former executives and 13 investment banks, including J.P. Morgan Securities, against U.S. and U.K. investors. Claimants are seeking “tens of billions of dollars” in losses from the Brazilian oil and gas giant.

Thursday, May 26th 2016 - 06:53 UTC

Rousseff claims Temer intends to “privatize” Brazil's pre-salt oil reserves

The pre-salt region is estimated to hold tens of billions of barrels of crude equivalent, at 7.000 meters depths offshore Brazil's southeastern coast.

Brazil's suspended president, Dilma Rousseff, on Wednesday accused interim head of state Michel Temer of intending to “privatize” the oil discovered in recent years in deep waters of the Atlantic Ocean and thus deprive the nation's education sector of funding.

Thursday, May 26th 2016 - 06:05 UTC

Argentina confident Patagonia's shale formation foreign interest remains strong

“Vaca Muerta will continue to be for YPF and, for the country, a very good option to regain the energy sovereignty,” minister Aranguren said

Argentina's Vaca Muerta shale formation in Patagonia remains an attractive asset for international investors, many of which are looking to increase the amount they have invested so far, according to the country's Energy Minister Juan José Aranguren, a former Shell Argentina CEO.

Wednesday, May 25th 2016 - 08:35 UTC

Argentine government agrees a 400% cap on natural gas hikes for Patagonia provinces

“We decided that no Patagonian resident will pay hikes above 400%” Interior Minister Rogelio Frigerio said.

The Argentine government has announced a cap on hikes to natural gas prices for the country’s southernmost provinces, after pushback from governors, the Judiciary and even local demonstrators prompted Energy Minister Juan Jose Aranguren to reconsider the scope of his most recent reforms.

Wednesday, May 25th 2016 - 07:02 UTC

UK tremor: North Yorkshire approve fracking operations

 The vote triggered a fierce response from environmentalists who see fracking as a threat to local countryside and a deviation from UK climate-change promises.

The first fracking operation in the UK since 2011 earthquake scares has been approved by North Yorkshire councilors, stirring a fresh debate on the benefits and risks of the controversial gas extraction method. Councilors granted permission to UK firm Third Energy to use hydraulic fracturing, or fracking, at an existing drilling site near the village of Kirby Misperton.

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