Energy & OilEnergy & Oil
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.
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.
Brazil's largest oil workers' union advised Petrobras that it plans to begin an open-ended strike against the state-run oil company starting at midnight (0300 GMT) on Friday. The strike is in protest at a recent cut of about 40% in investments by Petrobras and the planned sale of about $15.1 billion of assets, the union, known as FUP, said in a statement on Tuesday.
Brazil's Petrobras announced late Monday that it would raise the wholesale price of liquefied petroleum gas (LPG) by 15% effective Tuesday, the first price adjustment for the essential cooking gas in 13 years. The move is part of efforts by Petrobras to reduce losses on fuel sales, a company Petrobras source said.
Mexico, which has started to open its nationalized oil industry to additional private investment, will postpone auctions for deep-water oil exploration and production contracts and adjust the terms of upcoming tenders after an inaugural oil auction failed to meet the government's modest expectations.
Anglo-Dutch energy giant Shell made a stride forward in its push for part of Argentina’s nascent shale oil pie after the Neuquen province government gave it the rights to exploit two unconventional oil areas in the much-coveted Vaca Muerta region for the next 35 years.
Falkland Oil & Gas Ltd told investors that drilling of the deep water Humpback exploration well in South Falkland basin has run into delays. They were described as ‘unforeseen equipment and operational issues’ and it has added just over a month to the schedule – to about 100 days from 65 planned days – so the well results are now expected during September.
Brazil's Subsalt Polygon, the offshore area that has already yielded some of the world's largest recent oil finds, may hold enough undiscovered petroleum and gas to supply the world's current oil needs for more than five years, researchers said.
The Falkland Islands Gross Domestic Product (GDP) dropped in 2013 primarily due to lesser oil activity according to a recent Executive Council paper that included updated figures from the FIG Economist Commenting on the paper, according to a report from the latest edition of the Penguin News.
Many oil companies had trimmed their budgets heading into 2015 to deal with lower oil prices. But the rebound in April and May to $60 per barrel from the mid-$40s suggested that the severe drop was merely temporary.