Investments

Investments
Tuesday, June 30th 2015 - 06:14 UTC

Petrobras drastically cuts investment by 37% in next five years

“The investment portfolio will give priority to petroleum exploration and production projects in Brazil, with the emphasis on the pre-salt”

State-controlled oil giant Petrobras, which is mired in a corruption scandal that has rocked Brazil, said Monday it was cutting investment by 37% during the 2015-2019 period. Investment during the period will now total $130.3 billion, down from the $220.6 billion originally planned, Petrobras said in a filing with the Sao Paulo Stock Exchange.

Tuesday, June 30th 2015 - 05:16 UTC

Argentina's threat against Falklands' oil companies with no impact on markets

A spokesman for Sam Moody, Rockhopper Exploration’s chief executive, said: “We will not be commenting on moves”

The Argentine court order that assets of several international oil companies drilling for oil in the Falkland Islands be seized has caused mild turbulence in their share prices. Tierra del Fuego judge Lilian Herraez ordered the authorities to seize bank accounts, boats and other assets worth an estimated US$156mln.

Monday, June 29th 2015 - 06:08 UTC

Loathed at home, Dilma Rousseff tries to rebuild image among US investors

Rousseff, who arrived Saturday, kicked off her US visit by meeting Sunday in New York with a group of about 20 Brazilian business leaders.

Brazil's President Dilma Rousseff met Sunday with investors in New York on the first day of a long-delayed US visit aimed at overcoming strains caused by the NSA spying scandal. Revelations two years ago that the US National Security Agency electronically eavesdropped on Rousseff's email and other communications prompted her to angrily call off an official visit to Washington that had been set for October 2013.

Friday, June 26th 2015 - 06:23 UTC

Petrobras bribery case reaches US courts on investors' class action lawsuit

Brazil's state-run oil company Petrobras urged a U.S. judge on Thursday to throw out an investors' class action lawsuit claiming a multibillion-dollar bribery scandal overvalued it for years. Speaking at a hearing in federal court in New York, Petrobras lawyer Roger Cooper said the company itself was a victim of the fraud, which he said was orchestrated by a handful of individuals.

Wednesday, June 17th 2015 - 04:38 UTC

Falklands have a bright future and Islanders the resolve to face harassment and bullying

Foreign Office Minister Hugo Swire MP delivers his speech

The Falkland Islands have a bright future, not without challenges, or harassment or bullying, but the Islanders will face them with the same strength, tenacity and resolve that helped them through the conflict 33 years ago, said Foreign Office minister Hugo Swire at the annual Falklands' Government Reception in London.

Tuesday, June 16th 2015 - 00:40 UTC

Falklands' rig drilling to the south east of the Islands at Humpback prospect

This is the third out of six wells to be drilled during the current exploratory round

Falkland Oil & Gas Ltd. said on Monday that drilling had started at the Humpback exploration well off the south-east coast of the Falkland Islands. The spudding of the well actually took place last Saturday.

Friday, June 12th 2015 - 06:14 UTC

Guyana turning to United Nations to address Venezuela's territorial ambition

Besides the UN, Greenidge said Guyana has been in contact with members of the international community, as well as Caribbean and Commonwealth states

Guyana is turning to the United Nations to reach a legal settlement in its border dispute with Venezuela, describing Caracas’ claim of a portion of maritime space where oil was recently discovered as “a baseless and shameless attempt” at usurping Guyana’s territory.

Wednesday, June 10th 2015 - 06:04 UTC

Brazil launches ambitious $64bn infrastructure package to prop the economy

 “Today is an important day in my second term. We're here especially to renew our commitment to the development of our country” said Rousseff.

Brazil announced a $64 billion infrastructure spending package on Tuesday, hoping to revive its flagging economy with investment in highways, railroads, ports and airports. Businesses and analysts have long pointed to overburdened infrastructure as a drag on the world's seventh-largest economy, which pays high prices to ship the raw materials it exports.

Saturday, June 6th 2015 - 09:46 UTC

Falklands oil companies planning to continue drilling into next year

“I can't go to Argentina and nearby countries. But operationally, this has no effect,” Tim Bushell, Falkland Oil and Gas chief executive, said.

Falkland Oil and Gas plans to continue drilling into next year, its chief executive said, defying legal threats made by the Argentine government against oil explorers in the Falkland Islands.

Wednesday, June 3rd 2015 - 09:24 UTC

Falklands advances despite Argentine disruption and blockade efforts, says Acting Governor Sandra Tyler-Haywood

“These are exciting times for the Falkland Islands. The past year has seen significant developments in many areas”, said Acting Governor Sandra Tyler Haywood

Falkland Islands' Her Honour the Acting Governor delivered on Tuesday his State of the Nation speech to the elected Legislative Assembly underlining progress and expansion achieved in the economy and community development, the UK resolute in defending the rights and wishes of the Falkland Islanders to develop their own natural resources, and despite Argentine disruption and blockade efforts, first oil is expected to be produced in 2019.

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