Energy & Oil

Energy & Oil
Thursday, September 17th 2015 - 09:45 UTC

Petrobras oil/gas production in August sets new records; subsalt output up 61% in twelve months

 Domestic oil production averaged 2.21mn b/d in August, almost on par with the previous record set in December 2014 and up by 3% compared with July.

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.

Thursday, September 17th 2015 - 09:40 UTC

Repsol and BG group discover natural gas reserves in southern Bolivia

Caipipendi, Repsol's main natural gas-production project in Bolivia, yields around 18 million cubic meters (634.4 million cubic feet) per day

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.

Wednesday, September 16th 2015 - 09:18 UTC

OPEC refuses to cut output pushing higher-cost oil producers out of the market

The cartel expects demand for its crude next year to average 30.31 million barrels per day (bpd), up 190,000 bpd from last month

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.”

Saturday, September 12th 2015 - 11:23 UTC

Falklands' oil company unaware of reasons for share prices increase

Drilling continues on the Humpback exploration well to the south of the Falklands and none of the reservoir objectives have been penetrated yet.

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.

Saturday, September 12th 2015 - 09:59 UTC

UK offshore oil sector lost 65.000 jobs; industry's challenge: taking a barrel's operational cost to £15

The Oil and GAS UK report said the number of jobs supported by direct, supply chain and indirect employment had fallen from 440,000 to 375,000.

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.

Wednesday, September 9th 2015 - 12:06 UTC

The default next move for oil is downwards, and here's way

Over the last week or so we have seen some violent swings in the price of oil, swings that in many ways defy logic.

By Martin Tillier of - 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

Tuesday, September 8th 2015 - 06:24 UTC

Maduro pledges a comprehensive PetroCaribe plan spanning 2015/2025

Maduro said that without PetroCaribe “our Caribbean would be a Mediterranean,” referring to the refugee crisis in the Mediterranean Sea

Venezuelan President Nicolas Maduro has pledged to build a comprehensive plan for PetroCaribe, in the next ten years, spanning 2015-2025.

Friday, September 4th 2015 - 09:00 UTC

First oil production off Rio de Janeiro with FPSO 'Cidade de Itaguai', five months ahead of schedule

Moored 240km off Rio at a water depth of 2,240 meters, the FPSO is capable of processing  150,000bopd and 280 MM standard cubic feet of gas per day

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.

Friday, September 4th 2015 - 08:26 UTC

Falklands approves Noble and Premier plans to drill Rhea-1 and Jayne East

Attending Ex Co. plus the regular members were, Director of Mineral Resources, Stephen Luxton, and Head of Environmental Planning, Steve Butler.

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.

Thursday, September 3rd 2015 - 09:15 UTC

China warns Delhi, “India should rethink its oil exploration plants”

Global Times reported that India's Oil and Natural Gas Corporation is ready to move an oil platform into the South China Sea to help Vietnam

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.


Get Email News Reports!

Get our news right on your inbox.
Subscribe Now!