Energy & OilEnergy & Oil
US cinema star Brad Pitt has been invited by the Ecuadorian government to observe the pollution in the country's Amazon region allegedly caused by Chevron. President Rafael Correa announced the invitation in his regular weekend report, saying that the oil giant is in preparation of spearheading a film with the movie star about an alleged case against the company.
The CEO of Vale SA Murilo Ferreira was voted Chairman of the Board of Directors at Petroleo Brasileiro Petrobras SA (ADR). The Rio de Janeiro-based oil corporation is the most indebted energy company in the world, and is battling to get its way around one of the biggest corruption and bribery scandal that has surrounded the company since October last year.
Brazil's government is discussing changes to its oil regulations but any new rules will not be in place before an October auction of exploration and production concessions, the country's energy minister Eduardo Braga said on Monday.
Petrobras has set a new Brazilian record for exploratory drilling by reaching a water depth of nearly 3,000 meters, the state-controlled oil giant said. The 3-BRSA-1296-SES well was drilled to a water depth of 2,988 meters - eight meters more than the 3-SES-184 well Petrobras drilled in February in that same basin - and a total depth of 6,060 meters.
Falkland Islands are implementing the 'local content register' the process by which companies can be recognized as local and thus become suppliers for the oil and gas sector, which is expected to continue advancing following the current round of drilling and successful discovery announcements. A first company already registered last 7 April.
An environmental group and a law clinic petitioned the U.S. Securities and Exchange Commission to investigate whether Royal Dutch Shell has adequately disclosed to investors the risks of oil exploration in the harsh Arctic waters, the groups said this week.
Outside of individual's holding oil stocks, damage to the economy from the fall in oil has been pretty minimal so far. Indeed, the price cut in home heating oil and gasoline has probably outweighed the damage from lower oil prices… so far. Unfortunately, this situation may not last.
Consumer prices in the Euro zone scraped out of deflation in April after four months, official data has shown, boosting hopes of economic recovery in Europe. The inflation rate in the 19 nations that use the Euro stood at 0% in April, up from a rate of -0.1% in March. Eurostat said that low energy costs were continuing to cut living costs.
Venezuela says it will cut the working day for public sector workers to five-and-a-half hours to conserve energy, down from eight to nine hours. The initiative is part of a nationwide electricity rationing plan.
Brazil's Supreme Court has ordered the release from jail of nine executives from engineering corporations charged in the corruption investigation at state-run oil firm Petrobras. In a statement the court said that the executives had the right to defend themselves out of jail, although they will be under house arrest.