Thursday, September 10th 2015 - 07:52 UTC

Brazil loses investment-grade credit rating, with outlook remaining negative

S&P cut Brazil's rating to BB-plus, which means substantial credit risk, from BBB-minus. Outlook remains negative because of possible further downgrades

Standard & Poor's has stripped Brazil of its investment-grade credit rating, further hampering President Dilma Rousseff's efforts to regain market trust and pull Latin America's largest economy out of recession.

Friday, September 4th 2015 - 09:00 UTC

First oil production off Rio de Janeiro with FPSO 'Cidade de Itaguai', five months ahead of schedule

Moored 240km off Rio at a water depth of 2,240 meters, the FPSO is capable of processing  150,000bopd and 280 MM standard cubic feet of gas per day

MODEC Inc. announced on Thursday that its FPSO 'Cidade de Itaguai MV26', operating in the Iracema Norte area of Lula field, in the Pre-Salt layer of Santos Basin offshore Brazil, has achieved First Oil production on July 31, 2015, five months ahead of the schedule anticipated under the contract.

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, August 27th 2015 - 01:50 UTC

Montevideo to build a 1.000 meter-pier and storage facilities for fishing industry

The project will add 1,000 meters of piers and calls for filling 2.5 hectares, paving, installing a wastewater system, connecting utilities and fuel pumps

Spanish engineering and renewable energy company Abengoa announced it has won a contract to build a new fishing terminal in the port of Montevideo, Uruguay, a contract worth 81 million Euros ($93 million). The terminal will be constructed in Capurro, a district in Montevideo helping to expand the port's capacity, Abengoa said.

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 - 08:06 UTC

Google restructures creating new parent company, Alphabet

Google founder Larry Page said it would create a simpler structure for what had become a diverse group of businesses.

Google has unveiled a surprise restructuring, creating a new parent company called Alphabet Inc. Under the rebranding, Google will retain its best-known businesses, such as search, apps, YouTube and Android.

Saturday, August 8th 2015 - 10:28 UTC

Shell planning to invest billions in Brazil, despite recent purchase of BG group

CEO Ben Van Beurden remains steadfast in his plans to buy BG, which will transform Shell into the world’s biggest liquefied natural gas (LNG) supplier.

Royal Dutch Shell is considering investing billions in Brazil, set to become a focal point after the planned acquisition of BG Group, even as it prepares to sell huge chunks of its business to pay for the $70bn deal.

Friday, August 7th 2015 - 05:55 UTC

Lan and Tam consolidate under an only brand of Latam Airlines

The changes will “gradually become visible” in 2016, though the company has not announced a timeline for all specific elements.

LATAM Airlines Group will consolidate all its carriers, including Lan Airlines and Tam Linhas Aéreas S.A., into a single brand over the next three years, the company announced Thursday. Since Lan and Tam merged in 2012, they've operated as separate brands, but the parent company's goal has been to provide a carrier that can provide seamless coverage to the entire South American continent.

Wednesday, August 5th 2015 - 08:36 UTC

Milestone for Peregrino field off Brazil: 100 million barrels of oil in four years

”We are pleased to have reached a major milestone in our Peregrino operations,” says Pål Eitrheim, country manager of Statoil Brazil.

After just four years in production, the Peregrino field in the Campos basin offshore Brazil has passed a significant milestone, with 100 million barrels of oil produced since April 2011. The field, jointly owned by Statoil and Chinese Sinochem, achieved the milestone on August 2.


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