Energy & Oil

Energy & Oil
Tuesday, April 28th 2015 - 05:13 UTC

China's oil giant Sinopec under investigation over corruption suspicions

China's Central Commission for Discipline Inspection named Wang Tianpu, an oil industry veteran and president of Sinopec Group, in a statement

A senior executive at state energy firm China Sinopec Group is under investigation for suspected “serious disciplinary violations”. The China Central Commission for Discipline Inspection (CCDI) named Wang Tianpu, an oil industry veteran and president of Sinopec Group, in a statement on its website. Sinopec Group is the parent of Sinopec Corp, Asia's largest oil refiner.

Monday, April 27th 2015 - 10:14 UTC

Shell confident Petrobras will recover and willing to purchase more assets from the Brazil oil giant

CEO Ben van Beurden said production from Brazil's offshore subsalt region will remain profitable, and predicted oil prices will rise from the current low levels

Royal Dutch Shell Plc has taken into account the risks presented by the Petrobras graft scandal to its expanding operations in Brazil and is confident the Brazilian state-run oil company will emerge stronger, Shell's CEO said in an interview.

Monday, April 27th 2015 - 10:04 UTC

Petrobras halts production in four platforms off Sergipe following a leak

The four platforms are PCM-5, PCM-6, PCM-8 and PCM-9, and together produce 400b of oil and 60,000 cubic meters of natural gas a day says ANP

Petrobras oil platforms off the north-east coast of Brazil have halted production after a leak of about 44 barrels (7000 liters) of oil was detected coming from a pipeline linking them, a local oil workers union head said over the weekend.

Saturday, April 25th 2015 - 06:33 UTC

Oil price war may benefit both US Shale and Saudi Arabia

After the oil price crash in 1985, it took almost twenty years for prices to revert to previous levels; this could mean oil does not return to $100 a barrel until 2035

Even as financial commentators on CNBC are starting to come around to the idea of a bottom in oil prices, the key question for US oil producers remains one of timing. How long will the oil price slump last? Is this a relatively short term event like 2008, or a longer term slump like the one in the mid 1980’s?

Saturday, April 25th 2015 - 06:19 UTC

Malvinas' oil rig drilling 'technical problem' triggers strong concern release from Argentina

The Argentine Foreign Ministry stressed a similar failure caused the infamous environmental catastrophe of the Mexican Gulf.

Argentina's Foreign Ministry expressed concerns on Friday over the failure in the blow-out preventer, BOP, valve of the “Isobel Deep” exploration well currently being drilled to the north of the Falklands/Malvinas Islands, as reported by Falkland Oil and Gas Limited (FOGL).

Saturday, April 25th 2015 - 06:04 UTC

Falklands' oil drilling at Isobel Deep suspended two weeks because of a technical problem

FOGL said that the problem was detected after the rig set a 13⅜-in. casing, performed at a water depth of 1,274m, located on license PL004a.

Oil explorers drilling in the waters north of the Falkland Islands have suspended work on the second well of their 2015 current six-well drilling campaign after a technical problem, two of the companies involved said on Friday.

Friday, April 24th 2015 - 22:08 UTC

Eight first convictions in Petrobras corruption case including a former manager

The convictions stemmed from activities related to the construction of an oil refinery in the northeastern Brazilian state of Pernambuco.

The Brazilian judge overseeing the investigation into alleged corruption at Petrobras on Wednesday convicted eight people of crimes related to kickbacks and bribery. Judge Sergio Moro found former Petrobras executive Paulo Roberto Costa and currency dealer Alberto Youssef guilty of money laundering, and Mr. Costa of belonging to a criminal organization.

Friday, April 24th 2015 - 08:51 UTC

Petrobras normalizing links with investors on improved governance and transparency

“It's impossible to have a normal relationship with investors because there's no transparency without the numbers,” Ivan Monteiro

With the release of audited financials, Brazilian oil giant Petrobras believes it has started to normalize its relationship with investors and to implement better corporate governance in the wake of the financial scandal that has rocked the company, its chief financial officer said on Thursday.

Friday, April 24th 2015 - 08:08 UTC

EU regulators Russia's Gazprom of abusing dominant position; fine could reach 16bn

“Gazprom may have built artificial barriers, …hindering cross-border competition,” said European Competition Commissioner Margrethe Vestager

Russia’s biggest gas utility, Gazprom, was hit with an antitrust case by European Union regulators for “abusing” its dominant position and overcharging customers for gas supplies. The investigation against the Gazprom has been ongoing for two years.

Friday, April 24th 2015 - 07:51 UTC

Russia and Argentina agree on an “all-encompassing strategic partnership”

“The memorandums are a massive breakthrough for economic relations between Russia and Argentina”, said Putin next to Cristina Fernandez

Russia and Argentina signed agreements which amounted to an “all-encompassing strategic partnership” during Argentine President Cristina Fernandez visit to Moscow, which ended on Thursday with the meeting at the Kremlin with her counterpart Vladimir Putin.

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