Energy & OilEnergy & Oil
Brazil’s state-run oil company Petrobras approved the sale of the company's stake in two oil prospects in Uruguay's Punta del Oeste Basin to Royal Dutch Shell Plc for 17 million dollars, according to a filing late on Friday. The two prospects are identified as Blocks 3 and 4.
The Falkland Islands Government remains, confident that a mutually acceptable outcome can be reached with Rockhopper, on the matter of their tax bill from FIG, confirmed Financial Secretary Nicola Granger last week and indicated the situation would have no impact on local tax laws.
Uruguay’s consumer inflation soared 1.36% over August in September boosted by increases in energy and fuel, transport, milk and other basic items, according to the latest release from INE, the government’s data office. This means inflation in the last twelve months climbed to 9.02% from a month ago (8.86%) and 8.2% in the first nine months of 2013.
One day after the Argentine government extended the deadline to legalize undeclared cash, energy company Bridas International gave new life to the BAADE energy bonds, the most relegated portion of the whitewash scheme, by saying it would snap up 500 million dollars of the paper.
Falkland Oil & Gas is to buy a smaller Falklands-based firm to create a “combination” company with licences to search for oil both to the north and south of the Falkland Islands in the South Atlantic. FOGL said on Thursday it had agreed to buy Desire Petroleum offering 0.6 FOGL “consideration” shares for each Desire share, in a deal valuing Desire at 61 million pounds (99 million dollars).
Two days ago, former Brazilian billionaire Eike Batista crossed a line. He started to default on a 45 million dollars interest payments on his oil and gas company, OGX's, bonds. The default will be official on October 30th, according to Bloomberg. That leaves bondholders, like PIMCO, the largest bond fund in the world helmed by legendary investor Bill Gross, taking a massive hit. And what's worse is that there could be more to come, according to the Wall Street Journal.
Bolivian President Evo Morales and the chairman and CEO of Spanish energy major Repsol, Antonio Brufau, inaugurated the newly expanded Margarita natural gas processing plant, with a capacity increased of nearly 70%.
Lukoil, Russia's second-biggest oil producer wants to sell its stake in a Russian consortium developing a large oil project in Venezuela because it is not a high priority, Lukoil's head said on Wednesday.
A Brazilian federal judge on Tuesday dismissed a lawsuit against US oil company Chevron Corp after approving a negotiated settlement, a decision that closes a nearly two-year legal battle over an oil spill in November 2011.
Brazil’s state oil company Petrobras, which will mark its 60th anniversary on Thursday, has announced it will increase production by 50% in an effort to overcome the current situation. Nine production units now being installed will pump an additional one million barrels a day beginning next year said Petrobras CEO María das Graças Foster.