Energy & Oil

Energy & Oil
Friday, November 13th 2015 - 10:56 UTC

WTI oil falls below US$ 42; millions of barrels held in ships at sea

Traders and oil producers have filled flotillas of stationary supertankers and are waiting for oil prices to recover, or storage to be available on land

Oil prices were testing fresh lows on Thursday, with a report that 100 million barrels of crude and heavy oil products are being held in ships at sea. West Texas Intermediate oil, the main North American contract, fell below $42 US a barrel, amid predictions that it would fall to the $20-30 level next year.

Friday, November 13th 2015 - 09:23 UTC

Mine disaster: Brazil fines BHP Billiton and Vale; expects companies to pay cleanup costs

Rousseff, who overflew the disaster area said the fines could be followed by penalties from other federal or state agencies.

Brazilian President Dilma Rousseff has slapped preliminary fines worth 250 million Reais ($94 million) against a BHP Billiton-Value owned mine in Minas Gerais state where two dams burst, killing at least seven people.

Friday, November 13th 2015 - 09:10 UTC

Petrobras reports huge 3Q losses: sharp devaluation of the currency blamed

Petrobras posted losses of 3.76 billion Reais (1bn dollars) in the quarter, compared with a loss of 5.3 billion Reais a year earlier.

Brazil's scandal-plagued state oil giant Petrobras on Thursday announced third-quarter losses of about US$ 1 billion, mainly due to the sharp devaluation of the Brazilian currency.Petrobras, mired in a hugely damaging scandal involving bribes and high-level political payoffs, posted losses of 3.76 billion Reais in the quarter, compared with a loss of 5.3 billion Reais a year earlier.

Thursday, November 12th 2015 - 08:07 UTC

Petrobras striking workers consider salary offer but insist the company must reverse investment cuts

 At $130 billion, Petrobras' debt is the largest in the oil industry. The strike, which cut output from oil fields and refineries, is also the biggest in 20 years.

Brazil's energy giant Petrobras offered striking workers a 9.54% wage hike on Wednesday in an effort to end a 10-day strike and prevent it from causing further production losses. But union officials said the deal makes almost no concessions on their most important demands. These include calls on Petrobras to reverse investment cuts and block planned assets sales designed to reduce Petrobras' debt.

Wednesday, November 11th 2015 - 06:11 UTC

Argentina's Supreme Court orders YPF to publicly release 2013 contract with Chevron

Justices noted that president Cristina Fernandez appointed Miguel Galuccio as YPF chief executive and economy minister Axel Kicillof is a board director.

Argentina's supreme court has ordered state-controlled YPF to publicly release all clauses of a 2013 contract with Chevron to develop shale oil in the country's vast Vaca Muerta formation. In a 3-1 ruling, the justices sided with opposition Socialist Senator Hector Ruben Giustiniani, ruling that the state's 51% stake in the firm effectively makes it a public company subject to transparency laws.

Tuesday, November 10th 2015 - 07:39 UTC

Oil megaprojects won't stay on the shelf for long

Oil majors are scrambling to cut costs, and large-scale projects with high costs and long time-horizons are not making the cut.

One casualty of the oil price downturn could be the megaproject. For years, as conventional oil reserves depleted and became increasingly hard to find, oil companies ventured into far-flung locales to find new sources of production.

Tuesday, November 10th 2015 - 06:49 UTC

Another can of worms in Petrobras: 1.2bn dollars for a century old Texas refinery

Petrobras paid $1.2bn for the nearly century-old refinery complex, almost 30 times the amount the Belgian company Astra Oil purchased it for in 2005

Brazilian officials are investigating allegations that Petrobras overpaid hundreds of millions of dollars for the Pasadena, Texas, refinery and funneled money into a massive kickback scheme that's led to dozens of convictions and arrests and fueled calls for the impeachment of president Dilma Rousseff, who chaired the company until 2010.

Saturday, November 7th 2015 - 07:48 UTC

YPF focusing on boosting natural gas production; investors waiting for “post-election clarity”

“We have been shifting and we will continue to shift as much as we can from oil to natural gas production,” Chief Financial Officer Daniel Gonzalez said

Argentina's state-run energy company YPF said on Friday it plans to focus on boosting natural gas production in 2016, while also pursuing a gradual reduction in drilling and completion costs and looking for more partnerships for shale and tight play projects. It also admitted that potential investors are waiting for post-election clarity on economic and energy policies before “making any decisions”.

Friday, November 6th 2015 - 14:16 UTC

Petrobras strike strong support fuelled by resistance to sale of assets and cutting investments

Petrobras said management contingency plans had reduced the cut in output to about 100,000b/d. However unions claim the drop is closer to 500.000bpd.

Brazilian union leaders say stronger than expected support for a strike at Petrobras is due to growing worker opposition to a creeping privatization of the state oil company. The strike, which began on Sunday, has become the biggest stoppage in two decades at Petrobras and shows workers back union efforts to renationalize the company and cut foreign participation in the oil industry, union leaders say.

Tuesday, November 3rd 2015 - 09:58 UTC

Brazil oil workers stage national strike and stopped operations at 22 rigs

The strike had spread by early Monday to 34 of Petrobras's rigs in the basin and 22 “are totally paralyzed,” the oil industry union FUP, said in a statement.

Oil workers staging a national strike in Brazil said on Monday they had stopped all operations at 22 of state-controlled oil giant Petrobras's 44 rigs in the Campos basin, an offshore area that accounts for about 80% of the country's oil output. Oil workers declared a strike on Sunday.


Get Email News Reports!

Get our news right on your inbox.
Subscribe Now!