Energy & Oil

Energy & Oil
Wednesday, October 7th 2015 - 02:11 UTC

Japan's Mitsui Lines takes charge of re-gasifying unit project in Uruguay

In October 2013, MOL signed a 20-year charter contract for an FSRU in the port of Montevideo, with GNLS, which was entrusted with the construction

Japan's Mitsui O.S.K. Lines, Ltd. announced on Wednesday that the company has reached a basic agreement with Gas Sayago, a joint venture between Uruguay’s state oil company ANCAP and state power company UTE, to continue the floating storage and re-gasification unit (FSRU) project led by Gas Sayago and being built in Montevideo.

Wednesday, October 7th 2015 - 01:37 UTC

Noble Falklands Ltd oil activities are 'illegal' and 'clandestine' claims Argentina

Back in June, Tierra del Fuego Federal Judge Lilian Herráez ordered seizures for US$156 million of oil companies 'illegally' operating in 'Malvinas'

The Argentine government has declared “illegal” and “clandestine” the hydrocarbons' exploration activities carried out off the Falklands/Malvinas Islands by the Houston based Noble Falklands Limited company, according to a resolution by the country's Energy Office.

Tuesday, October 6th 2015 - 13:02 UTC

Debt-overwhelmed Petrobras cuts further capital spending plans for this year and 2016

Petrobras plans to cut 2015 investment by 11% to $25 billion from $28 billion and investment for 2016 will be cut 30% to $19 billion from $27 billion

Petrobras struggling with the biggest debt load among global oil firms, on Monday cut $11 billion from capital spending plans for this year and next as Brazil's currency and oil prices slump. Petrobras plans to cut 2015 investment by 11% to $25 billion from the previous $28 billion, according to a statement.

Tuesday, October 6th 2015 - 10:17 UTC

BP agrees to pay 20bn dollars to settle claims with Gulf of Mexico 2010 oil spill

Millions of barrels of oil were spilled into surrounding waters. The ensuing spill took 87 days to stop. BP says the deal gives it “certainty” over what it must pay.

Oil giant BP has agreed to pay $20bn to settle claims with the US stemming from the company's Deepwater Horizon oil spill. An explosion on BP's deep-water drill, off the coast of Louisiana in 2010 killed 11 workers.

Friday, October 2nd 2015 - 05:42 UTC

Italian oil giant ENI to attempt oil production in the Norwegian Arctic

The project’s 64,000-tonne floating platform is already in place and its wells have been drilled, ready for imminent production.

As Shell retreats from the Arctic, the Italian oil giant Eni is making final preparations for its own oil exploration venture in the Norwegian Arctic, reports the UK media. Eni has vowed to press ahead with oil production ($5.5bn project), in the Norwegian Arctic, by the end of the year, undeterred by Shell’s decision to abandon its quest for Arctic oil.

Thursday, October 1st 2015 - 08:51 UTC

Petrobras hikes gasoline and diesel prices to help with the company's finances

The price hikes, 6% and 4%, are the first since increases of 3% for gasoline and 5% for diesel imposed in November 2014.

Brazil's state-controlled Petrobras unexpectedly increased wholesale gasoline and diesel prices in the domestic market, potentially widening a controversial premium to international prices. The heavily indebted company said that the gasoline price would increase by 6%, and diesel by 4%, as of this Wednesday.

Monday, September 28th 2015 - 10:57 UTC

Shell stops Arctic oil exploration following 'disappointing' results

Shell said it did not find sufficient amounts of oil and gas in the Burger J well to warrant further exploration.

Royal Dutch Shell has stopped Arctic oil and gas exploration off the coast of Alaska after “disappointing” results from a key well in the Chukchi Sea. In a surprise announcement, the company said it would end exploration off Alaska “for the foreseeable future”.

Sunday, September 27th 2015 - 09:37 UTC

Major offshore drilling company accused of involvement in Petrobras scandal

“Transocean is investigating allegations made by Mr. Musa and will continue its efforts to ensure no violation of company policy or law has, or will, occur”

Transocean Ltd., a top offshore drilling company, has been mentioned in testimony in a corruption investigation focused on Brazil's state-run Petrobras, Brazilian court documents showed.

Saturday, September 26th 2015 - 08:03 UTC

Petrobras increases LPG price 11% for commercial and industrial clients

Brazil is an important oil producer but its refineries cannot produce enough LPG for domestic needs, forcing the country to import a quarter of LPG needs.

Petrobras announced that the price of liquefied petroleum gas (LPG) for commercial and industrial clients has risen 11%, effective midnight Friday. The company said the increase does not affect the price of LPG sold in smaller containers for residential uses such as household cooking, which rose 15% on September first.

Saturday, September 26th 2015 - 07:43 UTC

Falklands' oil companies agree to resume drilling at successful Sea Lion prospect

Premier Oil is the operator of the project with a 36% stake, with Falkland Oil and Gas holding a 40% stake and Rockhopper Exploration holding the balance.

Falkland Oil and Gas PLC on Friday announced it has agreed with Rockhopper Exploration PLC and Premier Oil PLC to drill another well on the Isobel/Elaine complex to replace the planned Jayne East well.


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