Energy & Oil

Energy & Oil
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.

Thursday, April 23rd 2015 - 07:09 UTC

Petrobras reveals extent of its losses because of corruption and mismanagement

CEO Bendine said, “we have made our best efforts to turn the page on this sad chapter that the company has passed through.”

Brazil's state-run oil giant Petrobras which has been bashed by a wide-spread corruption scandal, reported on Wednesday a 2014 net loss of 21.6 billion Reais (7.2 billion dollars) after taking 50.8 billion Reais in charges.

Wednesday, April 22nd 2015 - 06:35 UTC

Petrobras receives financial support from China and local banks

The deals announced include a 1.48bn export-credit note with Banco do Brasil, where current Petrobras CEO Aldemir Bendine worked before

Brazilian state-run oil company Petrobras approved a series of financial agreements with local and international banks that will meet its financing needs in 2015, the company announced. In a filing with local stock regulators, Petrobras said that the deals will provide the company with access to about 6.2 billion dollars, including a 3.5bn financing contract reached with China Development Bank on April 1.

Wednesday, April 22nd 2015 - 05:55 UTC

Gazprom and YPF will sign agreement to develop Argentina shale oil and gas deposits

YPF CEO Galuccio in Moscow to sign a contract on joint exploitation of the rich Vaca Muerta shale oil and gas fields

Argentine energy company YPF CEO Miguel Galuccio is scheduled to sign on Wednesday in Moscow a contract on joint exploitation of shale oil and gas in the rich Vaca Muerta fields of Patagonian province Neuquén. The contract is part of the bilateral agenda to be addressed by visiting Argentine president Cristina Fernandez on Thursday, when she meets with Vladimir Putin.

Wednesday, April 22nd 2015 - 01:58 UTC

Argentina sues Falklands' oil and support companies involved in hydrocarbons drilling

 “Argentina will defend its natural resources,” said Filmus, arguing that the companies are performing illegal acts by drilling near the Islands

The Argentine government on Tuesday sued several energy and support companies that are drilling for oil near the Falkland Islands, the latest chapter of a longstanding dispute over the South Atlantic archipelago, though analysts say it will have little practical effect. The criminal case was filed in Rio Grande, Tierra del Fuego province which according to the Argentine constitution includes the Falklands and Antarctica.

Tuesday, April 21st 2015 - 07:36 UTC

Falklands' public consultation period on oil industry impact extended until Friday

The survey offers the opportunity for Falklanders to express their say on what FIG, with the Oil & Gas companies and the wider community, should monitor

The Falkland Islands government (FIG) announced it has extended the public consultation period for the Oil & Gas Social Effects Monitoring Program, which was originally intended to end this week. The new deadline is Friday 24 April.

Monday, April 20th 2015 - 06:57 UTC

Has the U.S. reached “peak oil” at current price levels?

If prices don't rise to offset those higher drilling costs then production will start declining

The United States Energy Information Agency once again capitulated on the myth that rig counts don't matter and the productivity of wells would largely offset, leaving the industry on a continuous path to higher output. The current consensus of 500,000 B/D additional growth in 2015 US production now appears very much at risk.

Saturday, April 18th 2015 - 10:13 UTC

UK accuses Argentina of bullying the Falklands; it's time they begin acting 'responsibly'

“It is an outrageous piece of bullying and threatening against the Falkland Islanders’ perfect right to develop their own economic resources”, said Fallon

Britain's Foreign Secretary Philip Hammond has accused Argentina of bullying after it announced on Friday in London that it was starting legal action against companies drilling for oil and gas near the Falkland Islands.

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