Energy & Oil

Energy & Oil
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.

Wednesday, September 2nd 2015 - 08:06 UTC

Petrobras union announces an 'open-end' strike to protest investment cuts

The union is against any sale of Petrobras assets and would like to see the company to be 100% owned by Brazil's government.

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.

Wednesday, September 2nd 2015 - 06:27 UTC

Petrobras increases price of LPG by 15%, the first adjustment in 13 years

The gas, sold in standard and ubiquitous steel bottles holding up to 13 kilograms of LPG, is essential for cooking and heating for millions in Brazil

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.

Tuesday, September 1st 2015 - 23:52 UTC

Mexico announces postponement of deep-water oil exploration auction

Coldwell said the government will change rules that scared off potential bidders earlier last month, when it only managed to auction only 2 of 14 blocks

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.

Wednesday, August 26th 2015 - 06:00 UTC

Shell given a foothold at Argentina's vast shale resources in Neuquén

Areas leased to Shell are Sierras Blancas and Cruz de Lorena blocs, 325sq. kilometers overall. The company said it will invest US$250 million in the areas

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.

Tuesday, August 25th 2015 - 20:09 UTC

Falklands' Humpback exploration well results delayed until September

“Drilling on the Humpback prospect in the South Falkland basin is currently on-going” announced CEO John Martin

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.

Wednesday, August 12th 2015 - 08:06 UTC

Brazil's subsalt could hold enough petroleum to supply the world five years

Brazil's Polygon contains at least 176bn barrels of undiscovered, recoverable resources of oil and natural gas, according to an INOG study

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.

Tuesday, August 11th 2015 - 07:32 UTC

Falklands' GDP dropped in 2013 because of lesser oil and gas activity

MLA Michael Poole said that “such fluctuation is not unusual in the Falklands” since the Islands’ economy continues to be reliant on a few industries.

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.

Monday, August 10th 2015 - 06:46 UTC

Global oil supply more fragile than you think

The growing acceptance that oil prices could stay lower for longer will kick off a fresh round of cuts in spending and workforces for the oil industry.

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.


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