Energy & Oil

Energy & Oil
Friday, August 22nd 2014 - 00:08 UTC

Premier oil shows stronger than expected output in first half of the year

The company's four-well drilling program in the Falkland Islands, is expected to start in the second quarter of 2015.

Falkland Islands involved oil and gas explorer Premier Oil may upgrade its 2014 production forecast after stronger-than-expected output in the first half of the year, pending the outcome of summer maintenance work, its Chief Executive said. The company reported a 7% rise in first-half profit after tax on Thursday, helped by strong oil production from its British fields.

Tuesday, August 19th 2014 - 09:16 UTC

Falklands pricing for valuation of hydrocarbons will follow Norwegian model

 Financial Secretary Ms Granger said that the Falklands' oil legislation regime “is robust and encourages investment”

The Falkland Islands has an oil legislation regime that is robust and encourages investment, believes Financial Secretary Nicola Granger. Details of a law firm’s report to the Falkland Islands Government (FIG) on tax legislation in relation to the oil and gas industry, and recommendations to Government by Ms Granger, were released to the public this week in a paper that outlines the report from Freshfields Bruckhaus Deringer LLP.

Saturday, August 16th 2014 - 11:15 UTC

Billionaire Soros becomes the fourth largest holder of YPF shares

Soros Fund added 8.47 million YPF shares, said a regulatory filing, bringing its total position to 3.5% of the company’s American depositary receipts.

George Soros’s 28 billion family office boosted its stake in YPF SA, making Argentina’s largest oil company its biggest U.S.-traded stock holding in the second quarter. Soros Fund Management LLC added 8.47 million shares of YPF, according to a regulatory filing Thursday, bringing its total position to 3.5% of the company’s American depositary receipts.

Friday, August 15th 2014 - 02:24 UTC

YPF announces new shale oil find in Neuquen-Mendoza area

”It's the third time we've discovered oil at a non-conventional (shale) well,” said Galuccio

Argentine state-controlled energy company YPF on Thursday announced a shale oil find in the southwestern province of Neuquen in Patagonia. The discovery was made at the Agrio formation, according to CEO Miguel Galuccio, who said at a press conference that production operations will be carried from the neighboring province of Mendoza.

Wednesday, August 13th 2014 - 09:30 UTC

Petrobras sells natural gas pipeline operations in Bolivia

Transierra operates Gasbol pipeline, which is the primary path for Petrobras to import about 30 million cubic meters/day of Bolivian gas.

Brazil's Petrobras sold its stake in a Bolivian natural gas pipeline operator, continuing a string of asset sales aimed at generating cash for development of offshore oil fields at home. The Brazilian giant said it sold its 44.5% stake in Transierra to Bolivian state-owned YPFB for 106.7 million dollars.

Wednesday, August 13th 2014 - 05:52 UTC

Three Finnish icebreakers for Russia's oil and gas operations in the Arctic

The contract for the three 95 meters long vessels sums 380 million dollars and should be delivered by 2017

Finland-based Arctech Helsinki Shipyard has been contracted to build three icebreaking stand-by vessels for Russian shipping company Sovcomflot, for a total cost of 380 million dollars.

Tuesday, August 12th 2014 - 06:24 UTC

Petrobras earnings down 20%; subsidized fuels strangling the company

The fuel subsidy, combined with a massive investment budget, has turned Petrobras into the world's most indebted oil major

Second quarter profits for Brazil's Petrobras dropped 20% compared to the same period one year earlier, the state-run oil giant said. Petrobras recorded profits of 4.96 billion Reais (about 2.22 billion dollars) in the quarter, compared to 6.2 billion Reais (nearly 3 billion) for the same period in 2013.

Tuesday, August 12th 2014 - 06:10 UTC

Venezuelan oil company begins operations with China’s Citic Bank

 PDVSA told buyers payments can still be made in dollars or Euros, but every transfer must go to China Citic Bank and use Deutsche Bank as intermediary.

Venezuela’s state-run oil company PDVSA has started using China Citic Bank to collect money from crude and fuel sales instead of Portugal’s Banco Espirito Santo, according to media reports in Caracas.

Tuesday, August 12th 2014 - 06:05 UTC

Mexico signs energy reform bills: now to wait for interested private companies

“This represents a historic change that will accelerate the economic growth and development of Mexico in the coming years,” said Peña Nieto

Mexican President Enrique Peña Nieto signed on Monday a package of landmark energy reform bills, ending the 76-year-old state monopoly on oil drilling and reopening the sector to foreign companies.

Tuesday, August 12th 2014 - 05:44 UTC

Brazilian government anticipates 6% hike in fuel prices, after October election

President Dilma Rousseff, who is running for re-election on Oct. 5, has kept fuel prices below international levels to curb above-target inflation

Brazilian president Dilma Rousseff admitted on Monday the government could increase domestic fuel prices at refineries by up to 6% after the October presidential election. The increase of 5.5% and 6% is a preliminary calculation and is geared to help prop the finances of the government managed oil and gas giant Petrobras.

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