Energy & Oil

Energy & Oil
Friday, February 12th 2016 - 06:27 UTC

Petrobras faces legal challenges in the billions from international investors

U.S. District Judge Jed Rakoff in Manhattan certified two classes of plaintiffs, saying their claims are similar enough to be pursued as groups.

Brazil’s troubled state oil firm Petrobras faces possible new legal challenges from a coalition of groups representing international investors based in Europe in the US. The financially hobbled and corruption-racked company is being sued over alleged fraud-related losses the investors suffered on its shares and bonds traded outside the Americas.

Friday, February 12th 2016 - 06:15 UTC

Falklands' oil industry development continues despite slump in crude prices

”Despite the low oil price environment, the Sea Lion project continues to move forward,” said chief executive Sam Moody.

Rockhopper Exploration flagship project, offshore the Falkland Islands the Sea Lion oil field development, continues to advance despite the recent slump in crude prices.

Saturday, February 6th 2016 - 05:31 UTC

Brazil's inflation at 12-year high in January driven by food and transportation prices

Food prices jumped 2.28% in January from 1.50% in December as a strong El Niño weather pattern caused floods and disrupted production of fresh vegetables

Brazil's inflation rate rose to a 12-year high, officials said on Friday, as Latin America's largest economy continues to struggle through a protracted recession. Driven by rising food prices, the annual inflation rate hit 10.71%, the highest since November 2003 and well beyond the central bank's target ceiling of 6.5%, said national statistics institute IBGE.

Friday, February 5th 2016 - 08:04 UTC

Falklands: Contractual dispute with rig company raises speculation over drilling program

Luxton confirmed that FIG “will not permit anything less than full and proper abandonment of exploration wells drilled by any operator in Falklands”

The Falkland Islands government would not permit anything less than full and proper abandonment of exploration wells drilled by any operator in the Falkland Islands, stated Director of Mineral Resources Stephen Luxton this week, following news of a contractual dispute between Premier Oil and Ocean Rig over the drilling rig Eirik Raude.

Thursday, February 4th 2016 - 08:17 UTC

Magallanes region in south Chile could hold a treasure of unconventional tight gas

USGS provided a mean estimate of 8.27 trillion cubic feet of gas and 83 million barrels of natural gas liquids.

The U.S. Geological Survey estimates that the Glauconitica zone of Chile's southernmost Magallanes region holds nearly 8.3 trillion cubic feet of technically recoverable, unconventional tight gas, or nearly double Chile's production of that fossil fuel over the past 70 years.

Wednesday, February 3rd 2016 - 05:52 UTC

Norway's Statoil confirms interest in Uruguay's offshore potential, acquires 15% of exploration block

“With this transaction, we are positioning ourselves in yet another underexplored basin with upside potential” says Nicholas Alan Maden, from Statoil exploration

Norway's Statoil giant announced on Tuesday an agreement with French Total to acquire a 15% working interest in an offshore exploration block in Uruguay's continental shelf. The announcement comes only weeks before Total is preparing to drill its first exploratory well in Uruguayan waters.

Wednesday, February 3rd 2016 - 05:38 UTC

BP reported its biggest annual lost and announced 7.000 job cuts

BP still grappling with $55 billion of costs from the oil spill in the Gulf of Mexico in 2010, said it would cut 7,000 jobs by the end of 2017, or nearly 9% of its workforce.

BP slumped to its biggest annual loss last year and announced thousands more job cuts on Tuesday, showing that even one of the nimblest oil producers is struggling in the worst market downturn in over a decade.

Monday, February 1st 2016 - 06:22 UTC

Venezuelan lobbying for oil production reduction: tour begins Monday in Russia

 “These are four key countries we’ll be meeting as part of the formal proposal Venezuela made to OPEC and non-OPEC countries,” said Del Pino

Venezuelan Oil Minister Eulogio Del Pino will visit Russia, Qatar, Iran and Saudi Arabia on a tour of OPEC and non-OPEC countries intended to drum up support for action to stem the tumble in crude prices.

Monday, February 1st 2016 - 05:48 UTC

Chile to provide gas to Argentina in winter months; Enap and YPF will increase production in Magallanes

The accord was sealed under the agreements signed between Energy Minister Juan José Aranguren and his Chilean counterpart Máximo Pacheco.

The government of Chile will be selling energy-short Argentina 5.5 million cubic feet of natural gas a day starting in May, providing also 200 MW of electricity through the interconnection system between both countries. Chile also committed to invest 200 million dollars in the Incremental Project of the Magallanes Area to boost hydrocarbon production.

Saturday, January 30th 2016 - 13:11 UTC

Petrobras plans to slash 30% of management jobs in non-operating areas

Petrobras said the reforms are a response to lower oil prices and mark a shift to more profitable activities. It hopes the restructuring will trim US$440 million

As Brazil struggles with a corruption scandal in which executives and politicians face investigations of alleged bribery, Brazil’s state-run oil company Petrobras announced it will slash management jobs as part of an efficiency drive approved by its board of directors.

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