Energy & OilEnergy & Oil
Brazil's state-controlled Petrobras produced a record 2.69mn b/d of oil equivalent (boe/d) in August, 3.1% increase over July and almost 1% higher than the previous 2.67mn boe/d record set in December 2014, the company said on Wednesday.
President Evo Morales confirmed the discovery of new natural gas reserves at two adjacent fields in southern Bolivia that are managed by a consortium led by Spanish oil major Repsol. The Margarita and Huacaya fields are located in the Caipipendi block, in which Repsol and Britain's BG Group each has a 37.5% stake and Anglo-Argentine oil company Pan American Energy holds a 25% interest.
The monthly report from the Organization of the Petroleum Exporting Countries said a weaker outlook for China would contribute to slower global oil demand growth next year. U.S. oil production has shown signs of slowing, OPEC said in the report. This could contribute to a reduction in the imbalance of oil market fundamentals, however, it remains to be seen to what extent this can be achieved in the months to come.
Falkland Oil and Gas Limited, the oil and gas exploration company focused on its extensive licence areas to the North, South and East of the Falklands islands, notes Friday's increase in the Company's share price and confirms that it is not aware of any reason that would lead to such a movement.
UK offshore oil sector lost 65.000 jobs; industry's challenge: taking a barrel's operational cost to £15
The contraction of Britain's offshore oil sector has already stripped out 65,000 jobs, according to a new report. The calculation of a 15% drop since the start of last year came from the annual economic impact report of trade body Oil and Gas UK.
By Martin Tillier of Oilprice.com - As traders, investors and pundits, we all like to think that what we do is akin to a science. We believe that by working harder and being smarter we can give ourselves an edge, that enough research will reveal to us the next move, either a long term trend or an intraday blip on a chart, and that we can profit from that knowledge
Venezuelan President Nicolas Maduro has pledged to build a comprehensive plan for PetroCaribe, in the next ten years, spanning 2015-2025.
First oil production off Rio de Janeiro with FPSO 'Cidade de Itaguai', five months ahead of schedule
MODEC Inc. announced on Thursday that its FPSO 'Cidade de Itaguai MV26', operating in the Iracema Norte area of Lula field, in the Pre-Salt layer of Santos Basin offshore Brazil, has achieved First Oil production on July 31, 2015, five months ahead of the schedule anticipated under the contract.
The most recent meeting of the Falkland Islands' Executive Council (ExCo) was dominated by matters relating to oil exploration and development including recommendations for plans of Noble Energy and Premier Oil to go ahead with drilling of Rhea-1 and Jayne East wells.
The state-run China Daily has said that India's plans to conduct oil exploration off Vietnam coast in the South China Sea is illegal and is an unwise move that may sabotage” positive momentum in ties.