Energy & Oil

Energy & Oil
Tuesday, November 3rd 2015 - 06:42 UTC

Petrobras import of US condensate help address refining shortage, but faces tax controversy in Brazil

Condensate is considered a very light form of crude found in oil or natural gas wells and in raw form is not taxable in Brazil.

Petrobras’ move to start buying processed U.S. condensate will help output at its domestic refining network, but the purchases have exposed a wrinkle in Brazilian law that could allow the state-run company to import the light oil duty-free, tax lawyers and traders said. Typically, condensate is considered a very light form of crude found in oil or natural gas wells and in raw form is not taxable in Brazil.

Tuesday, November 3rd 2015 - 06:20 UTC

Falklands sports clubs receive significant donation from Argos Ltd

Overseas Games Association Chairman Mike Summers receives a cheque from Argos Ltd Directors Sheila Stewart and Ian Thomson

Three Falkland Islands sports clubs benefitted from the generosity of local business Argos Ltd with a donation of £25,000 via the Overseas Games Association (FIOGA).

Monday, November 2nd 2015 - 09:30 UTC

Petrobras largest union on strike protesting sale of company's assets

FUP, which represents platform, refinery and other workers joined a number of smaller unions already on strike when it began industrial action at (18:00 BST).

Brazil's largest oil union began an open-ended strike on Sunday, protesting against attempts by the government to shrink the state-run oil company Petrobras, which is reeling from a corruption crisis and a crash in the oil price.

Friday, October 30th 2015 - 06:37 UTC

Falklands' Humpback well finds non-commercial quantities of oil and gas

Following the Humpback well, the Eirik Raude rig returns to the North Falkland basin where it will drill an appraisal of the Elaine-Isobel fan complex

Humpback is the first well to encounter oil in the potentially larger systems in deeper waters off the southeast of the Falkland Islands; however the oil and gas across a number of reservoir targets in the well drilled to a depth of 5.136 meters, were in non-commercial quantities.

Thursday, October 29th 2015 - 06:06 UTC

Noble Energy begins production in Gulf of Mexico deepwater oil development

“Big Bend is the first of three major projects planned to come online for us in the Gulf of Mexico over the next nine months” said  Gary W. Willingham

Noble Energy with interests in Falklands' exploration, has commenced production from the Big Bend oil development in Mississippi Canyon 698 of the deepwater Gulf of Mexico. Noble and partners expect the single-well field to reach a maximum gross production rate of approximately 20,000 boe/d over the next couple of weeks. Approximately 90% of the volumes being produced from Big Bend are oil, Noble said.

Tuesday, October 27th 2015 - 10:22 UTC

Day of reckoning for U.S. shale will have to wait

Banks are allowing drillers to continue to borrow, which could delay the inevitable balancing needed in the market and a wave of bankruptcies.

October has been billed as a pivotal month in which indebted shale companies would see their credit lines cut, precipitating a faster consolidation in the industry that would sow the seeds of a rebound.

Tuesday, October 27th 2015 - 07:43 UTC

Japanese company acquires part of Petrobras gas distribution unit

Through Mitsui Gas, Mitsui is set to acquire 49% of shares in Gaspetro which has equity stakes in local gas distribution companies in 19 Brazilian states.

Japan-based Mitsui has signed an agreement with Petrobras for partial acquisition of shares in the latter's natural gas distribution unit Petrobras Gás (Gaspetro) for about R$1.9bn ($489m).

Monday, October 26th 2015 - 05:34 UTC

Argentina announced Malvinas basin huge gas prospect off Patagonia

The news of the 3D seismic surveying results in the Calamar block from Malvinas basin, offshore Santa Cruz and Chubut was published in Pagina 12

Argentina' Energy company, Enarsa, in association with Venezuela's PDVSA, allegedly has detected very positive natural gas deposits off the Patagonia coast, which according to reports in the Buenos Aires press could be equivalent a third of the country's reserves.

Thursday, October 22nd 2015 - 06:51 UTC

Venezuela's proposal to cut oil production and up prices receives little echo

Saudi Arabia and other Gulf states pushed OPEC's strategy shift last year to defend market share rather than cut output to support oil prices

Russia and Mexico – non-OPEC countries, which have been invited to participate Venezuela-proposed meeting this week – have no intention to cut oil production, International Oil Daily reported.

Wednesday, October 21st 2015 - 06:35 UTC

Venezuela presents 2016 budget based on a US$40 per barrel estimate

“This budget will allow us to return to the path of economic growth” said Finance minister Rodolfo Marco. He did not mention inflation or GDP growth

Venezuela's proposed 2016 government budget is based on an estimate of $40 per barrel for the OPEC nation's oil exports, Finance Minister Rodolfo Marco said in a presentation to congress on Tuesday.


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