Energy & OilEnergy & Oil
The latest Mercosur summit, held last week in Brazil included a special statement, --besides the main regular declaration with 69 articles--, blasting the UK for violating international law and Argentine domestic law over the exploration of hydrocarbons in the Argentine continental shelf in proximity of the Malvinas Islands.
Brazil's Petrobras is working to bring domestic diesel and gasoline prices into parity with international levels in order to attract downstream buyers or partners. The oil and gas giant needs to sell assets to survive a combination of mounting debt, low oil prices and a giant corruption scandal.
Premier Oil, with strong involvement in the development of the Falkland Islands' oil and gas industry is among the winners in the first round of Mexico’s oil and gas privatization. The two licences secured by the London listed oil firm’s consortium were the only assets successfully auctioned by the Mexican authorities.
Brazil's state-run oil producer Petrobras, said in a securities filing on Friday that its motion to dismiss a class-action lawsuit in the United States had been denied by the court. Petrobras said part of the complaint against the company relating to bonds issued in the United States in 2012 was denied.
The Falkland Islands have been for many years utilizing waste fuels and oil for energy from a variety of different sources and now the oil companies operating in the Falklands, having complied with all the safety regulations on storage and handling, are also contributing to the local 'processing' industry managed by Tim Miller and his greenhouse fresh vegetables enterprise.
Premier Oil has increased its 2015 exploration budget by $20 million to account for higher investments in its drilling campaign in the Falkland Islands, the company said this week in a trading update. The company also revealed it is considering further drilling at the Isobel Deep recent discovery instead of going on to Jayne East in North Falkland.
Investigators with Brazil’s Finance Ministry say they have identified as much as US$16 billion worth of suspicious activity that may be part of a kickback scandal engulfing the state-owned oil company Petrobras.
Monday's 8% WTI crude decline is setting up a big opportunity for buyers. And there could be more to come. But this is driven by momentum, not by the fundamental conditions in the physical market.
Brazil's oil and gas corporation Petrobras on Friday signed with PetroRio S.A. (‘PetroRio’) the contracts for the sale of 20% of its stake in the concessions of Bijupirá and Salema fields, currently operated by Shell. The transaction amounts to US$ 25 million and is subject to adjustments that are common to this type of operation.
UK oil and gas giant BP said it has reached an $18.7 billion settlement of damages claims from the US government and five states after the 2010 Gulf of Mexico spill. The US Justice Department said it could be the largest settlement with a single entity in US history and the total value would top $20 billion.