Energy & Oil

Energy & Oil
Monday, May 23rd 2016 - 11:28 UTC

What does the next OPEC meeting have in store?

The new Saudi oil minister, Khalid al-Falih, will attend his OPEC meeting, but experts doubt he will have the same clout as outgoing  Ali bin Ibrahim Al-Naimi.

The next OPEC meeting on the 2nd of June will act as little more than a forum for continued altercations between Saudi Arabia and Iran. The 2 June 2016 OPEC meeting will be held amid a backdrop of oil prices near $50 per barrel, a sharp drop in Nigerian production due to sabotage, turmoil in Venezuela, Saudi Arabia operating with a new oil minister, and Iran aggressively pumping close to pre-sanction levels.

Friday, May 20th 2016 - 11:05 UTC

Petrobras new CEO is a former energy minister and chief of staff

Parente served in a number of positions under President Cardoso. He was chief of staff from 1999 to 2003 and also minister of planning and of mines and energy.

Former Brazilian energy minister Pedro Parente has been named by acting President Michel Temer as the new CEO of state-run oil giant Petrobras. Parente was picked Thursday to replace Aldemir Bendine, an appointee of now suspended President Dilma Rousseff. The new Petrobras CEO was working as chairman of Sao Paulo-based financial bourse BM&FBovespa.

Thursday, May 19th 2016 - 06:33 UTC

Falklands' Rockhopper announces double contingent oil reserves: over 300m barrels

Rockhopper owns more than 50% of two oilfields, Sea Lion and Isobel Elaine, which are now estimated to hold 747 million barrels of oil and gas reserves

Falkland Islands oil and gas producer Rockhopper Exploration Plc has announced that its net contingent oil reserves have doubled to more than 300 million barrels, and independent experts are now eyeing this as nearly billion-barrel basin.

Wednesday, May 18th 2016 - 12:21 UTC

Petrobras: Temer pledges judicial independence and respect for prosecutors nomination process

Temer told Globo TV he would maintain the tradition of nominating the candidate chosen by the corps of prosecutors

Brazil's interim president, Michel Temer said he would continue a tradition of nominating a prosecutor general who comes recommended by peers, allaying concerns about judicial independence. Justice Minister Alexandre de Moraes, sworn in last week as part of Temer's new government, told the Folha de S.Paulo newspaper in an interview that the prosecutor general of Brazil could be selected at will by the president.

Tuesday, May 17th 2016 - 06:23 UTC

Falklands hopeful of improved relations with Argentina, Gilbert House tells BIMR conference

Cherie Clifford, MLA Dr. Barry Elsby meet CPA Secretary General Akbar Khan at the States of Assembly in the island of Jersey

Falkland Islands remains hopeful of improved relations with the new administration of Argentina and cooperation in the many areas of mutual interest such as fisheries and connectivity, but sovereignty of the Falklands is not for negotiation, reads the Gilbert House report to the 46th British Isles and Mediterranean Region Conference, which opened on Sunday in Jersey.

Monday, May 16th 2016 - 18:45 UTC

Petrobras implosion takes a major player from the floating production systems market

Petrobras’ situation needs to stabilize and begin improving before the company can again be a major driver of production floater contracts.

Brazil´s Petrobras problems has taken a major player from the market for new floating production systems in the oil business, according to a report from the industry. In effect absence of new contracts has forced fabricators and equipment suppliers to make huge cutbacks in personnel and spending and the past 12 to 18 months have been a difficult period the whole deepwater production sector.

Wednesday, May 11th 2016 - 12:14 UTC

Oil markets on alert: major overhaul in Saudi Arabia´s cabinet and economic policy

Ali al-Naimi has been replaced after more than 20 years in the role by former health minister Khalid al-Falih.

Saudi Arabia's King Salman removed the country's veteran oil minister as part of a broad government overhaul. Ali al-Naimi has been replaced after more than 20 years in the role by former health minister Khaled al-Falih.

Thursday, May 5th 2016 - 11:27 UTC

Petrobras sells stakes in Argentina and Chile, part of major divestment plan

Petrobras sold to Pampa Energia the 67.19% stake in PESA, but excludes two major gas formations in Neuquén (Argentina) and Bolivia

Brazil’s state-run oil firm Petrobras said it has concluded the sale of its 67.2% stake in Petrobras Argentina to Argentina’s Pampa Energía for US$ 892 million, according to a securities filing. Petrobras also sold all of Petrobras Chile Distribución to Southern Cross Group for about US$ 490 million as part of its divestment program, the company said.

Wednesday, May 4th 2016 - 08:46 UTC

Attorney General accuses Lula da Silva of a key role in Petrobras huge corruption scandal

Janot said corruption could not have taken place without the participation of the former leader. Lula was in office between 2003 and 2011, and denies allegations.

Brazil's Attorney General Rodrigo Janot has asked the Supreme Court to authorize an investigation against former President Lula da Silva for alleged corruption. Janot accused Lula of playing a key role in the huge corruption scandal at the state oil company, Petrobras.

Monday, May 2nd 2016 - 08:51 UTC

With a subsidy production scheme, Argentina is back exporting oil, mainly to China

Exports are expected to reach a record 91,000 barrels per day (bpd) of crude in April, including two cargoes sold by YPF to China

Argentine oil producers are shipping record volumes of crude this month, spurred by a new government subsidy that has also prompted state-owned oil company YPF to return to the export market for the first time in years.

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