Energy & Oil

Energy & Oil
Friday, February 5th 2016 - 08:04 UTC

Falklands: Contractual dispute with rig company raises speculation over drilling program

Luxton confirmed that FIG “will not permit anything less than full and proper abandonment of exploration wells drilled by any operator in Falklands”

The Falkland Islands government would not permit anything less than full and proper abandonment of exploration wells drilled by any operator in the Falkland Islands, stated Director of Mineral Resources Stephen Luxton this week, following news of a contractual dispute between Premier Oil and Ocean Rig over the drilling rig Eirik Raude.

Thursday, February 4th 2016 - 08:17 UTC

Magallanes region in south Chile could hold a treasure of unconventional tight gas

USGS provided a mean estimate of 8.27 trillion cubic feet of gas and 83 million barrels of natural gas liquids.

The U.S. Geological Survey estimates that the Glauconitica zone of Chile's southernmost Magallanes region holds nearly 8.3 trillion cubic feet of technically recoverable, unconventional tight gas, or nearly double Chile's production of that fossil fuel over the past 70 years.

Wednesday, February 3rd 2016 - 05:52 UTC

Norway's Statoil confirms interest in Uruguay's offshore potential, acquires 15% of exploration block

“With this transaction, we are positioning ourselves in yet another underexplored basin with upside potential” says Nicholas Alan Maden, from Statoil exploration

Norway's Statoil giant announced on Tuesday an agreement with French Total to acquire a 15% working interest in an offshore exploration block in Uruguay's continental shelf. The announcement comes only weeks before Total is preparing to drill its first exploratory well in Uruguayan waters.

Wednesday, February 3rd 2016 - 05:38 UTC

BP reported its biggest annual lost and announced 7.000 job cuts

BP still grappling with $55 billion of costs from the oil spill in the Gulf of Mexico in 2010, said it would cut 7,000 jobs by the end of 2017, or nearly 9% of its workforce.

BP slumped to its biggest annual loss last year and announced thousands more job cuts on Tuesday, showing that even one of the nimblest oil producers is struggling in the worst market downturn in over a decade.

Monday, February 1st 2016 - 06:22 UTC

Venezuelan lobbying for oil production reduction: tour begins Monday in Russia

 “These are four key countries we’ll be meeting as part of the formal proposal Venezuela made to OPEC and non-OPEC countries,” said Del Pino

Venezuelan Oil Minister Eulogio Del Pino will visit Russia, Qatar, Iran and Saudi Arabia on a tour of OPEC and non-OPEC countries intended to drum up support for action to stem the tumble in crude prices.

Monday, February 1st 2016 - 05:48 UTC

Chile to provide gas to Argentina in winter months; Enap and YPF will increase production in Magallanes

The accord was sealed under the agreements signed between Energy Minister Juan José Aranguren and his Chilean counterpart Máximo Pacheco.

The government of Chile will be selling energy-short Argentina 5.5 million cubic feet of natural gas a day starting in May, providing also 200 MW of electricity through the interconnection system between both countries. Chile also committed to invest 200 million dollars in the Incremental Project of the Magallanes Area to boost hydrocarbon production.

Saturday, January 30th 2016 - 13:11 UTC

Petrobras plans to slash 30% of management jobs in non-operating areas

Petrobras said the reforms are a response to lower oil prices and mark a shift to more profitable activities. It hopes the restructuring will trim US$440 million

As Brazil struggles with a corruption scandal in which executives and politicians face investigations of alleged bribery, Brazil’s state-run oil company Petrobras announced it will slash management jobs as part of an efficiency drive approved by its board of directors.

Wednesday, January 27th 2016 - 08:20 UTC

SBM Offshore reaches out of court settlement with Brazilian prosecution

CEO Bruno Chabas, and Sietze Hepkema from the supervisory board, has agreed to a settlement which will be paid by the Amsterdam-based company.

SBM Offshore’s CEO and another company executive have agreed an out-of-court settlement with the Brazilian public prosecutor’s office (Ministério Público Federal) for charges relating to the Petrobras corruption scandal.

Wednesday, January 27th 2016 - 07:04 UTC

Oil forecasted to stabilize at US$ 37 a barrel this year, says World Bank

Oil prices fell 47% in 2015 and are expected to decline, on an annual average, by another 27% in 2016, but a gradual recovery is expected over the course of the year

The World Bank is lowering its 2016 forecast for crude oil prices to $37 per barrel in its latest Commodity Markets Outlook report from $51 per barrel in its October projections.

Monday, January 25th 2016 - 10:36 UTC

Oil price plunge distorts Brazilian market and leaves Rio cash strapped

“Brent Dated” index, based on a seven-day rolling average price for crude, will be used up to the price level of $50 a barrel, said the decree signed by Rousseff

Brazil's President Dilma Rousseff approved a resolution to maintain the current system for establishing the minimum price of oil on which royalty payments are paid by state-run oil company Petrobras to local governments.

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