Energy & Oil

Energy & Oil
Wednesday, June 4th 2014 - 20:26 UTC

Falklands' welcomes rig-contract which marks beginning of oil drilling season in first quarter of 2015

“FIG looks forward to working closely with the oil industry to deliver a safe and successful campaign”, said Luxton

The Falkland Islands Government welcomed the announcement on Thursday morning that a drilling rig has been contracted by a consortium of licensees for a new six-well program of offshore exploration and appraisal work commencing in early 2015.

Wednesday, June 4th 2014 - 08:58 UTC

Mexico's Pemex sells its majority stake in Repsol over management disputes

The Mexican government wanted Brufau ousted of his leading post

Mexico's state-owned oil giant Pemex has sold the majority of its stake in Spanish energy firm Repsol for approximately 2.2bn Euros with the intervention of Citigroup and Deutsche Bank. Pemex has been a shareholder in Repsol for more than 25 years.

Monday, June 2nd 2014 - 07:42 UTC

YPF announces the discovery of 'tight gas' in Mendoza

Paso de las Bardas Norte well reached a depth of 2.784 meters, is in the initial phase of evaluation contributing at least 70,000 cubic meters of gas

Argentina state oil producer YPF announced on Sunday it had made a discovery of 'tight gas' in the western Argentine province of Mendoza. The find by the Paso de las Bardas Norte xp-37 exploration well has a potential 25 million barrels equivalent of recoverable resources, the company said in a statement.

Sunday, June 1st 2014 - 12:59 UTC

Exxon, BP defy White House and extend partnership with Russia

”(They're) eager to continue work on projects in Russia,” Russia's Energy Minister Novak said of ExxonMobil and Shell

Several of the largest oil companies in the world are doubling down in Russia despite moves by the West to isolate Russia and its economy. ExxonMobil and BP separately signed agreements with Rosneft – Russia's state-owned oil company – to extend and deepen their relationships for energy exploration.

Wednesday, May 28th 2014 - 20:54 UTC

China's oil giant at center of corruption probe

There's a spiraling drive against corruption that has become a hallmark of President Xi Jinping's rule

Grins were on the faces of China National Petroleum executives last week as they celebrated a blockbuster 30-year deal for Russian gas. It was a good day for CNPC, the state-owned colossus at the center of China's oil and gas webs and one of Eurasia's biggest energy investors.

Tuesday, May 27th 2014 - 11:01 UTC

Brazil considering proposals to open operatorship of pre-salt projects

Brazilian officials realize Petrobras needs help with finances and technology on developing the pre-salt resources

Brazil's government is considering proposals to open operatorship of its pre-salt projects to companies other than state-run Petrobras and this change might be made, Mayer Brown partner Alexandre R. Chequer told the law's firm's annual energy conference in Houston last week.

Tuesday, May 27th 2014 - 08:42 UTC

Argentina promises no gas shortage this winter, but industry has already suffered the first cuts

De Vido made the announcement during the bidding process for a gas pipeline

Argentina's Planning minister Julio De Vido guaranteed publicly on Monday that there will be no gas cuts next winter (21 June), while Energy Secretary Daniel Cameron described the “situation as the best in the last four years”.

Saturday, May 24th 2014 - 00:37 UTC

The California shale bubble just burst

Santa Cruz county and Los Angeles banned fracking

The great hype surrounding the advent of a shale gas bonanza in California may turn out to be just that: hype. The U.S. Energy Information Administration (EIA) – the statistical arm of the Department of Energy – has downgraded its estimate of the total amount of recoverable oil in the Monterey Shale by a whopping 96%. Its previous estimate pegged the recoverable resource in California’s shale formation at 13.7 billion barrels but it now only thinks that there are 600 million barrels available.

Friday, May 23rd 2014 - 23:50 UTC

Argentina with 'Vaca Muerta' won the 'geological lottery': 305 meters-thick shale oil and gas

Chevron Kent Robertson has only words of praise for the development prospects of Vaca Muerta

Argentina has won the “geological lottery” with its 305 meters-thick Vaca Muerta shale oil and gas field in Patagonia, a spokesman for Chevron said on Thursday, as the U.S. energy giant increases its investments in the country. The company and state-owned oil firm YPF announced plans last month to invest an additional 1.6 billion to develop Vaca Muerta.

Friday, May 23rd 2014 - 23:38 UTC

Bye, bye Argentina: Spain's Repsol sells all assets and end operations in the country

Cristina Fernandez seized a majority of assets in Repsol's YPF in 2012 and two years later reached a compensation deal

Spanish oil company Repsol has ended its operations in Argentina, two years after the government seized its assets. Last month the Argentine congress gave final approval to pay 5bn dollars in compensation for Repsol's stake in Argentine oil firm YPF.


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