Tuesday, November 17th 2015 - 09:07 UTC

Marriott agrees to buy Starwood, making it the largest hotel chain in the world

Marriott CEO Arne Sorenson will remain CEO of the combined company. Deal is expected to close in 2016, following shareholder and regulatory approvals.

Marriott International has agreed to buy Starwood Hotels and Resorts in a $12.2 billion deal that will make it the largest hotel chain in the world. The boards of directors of both companies have unanimously approved a merger agreement, Marriott announced this morning. The combined companies will operate or franchise more than 5,500 hotels with 1.1 million rooms worldwide. About 35% of the properties are outside the USA.

Monday, November 16th 2015 - 06:49 UTC

St Helena airport official opening has been delayed from February to May 2016

In September, a Beechcraft King Air 200 plane landed at St Helena Airport for the first time, prior to conducting a series of calibration flights.

The opening of St Helena Airport in the south Atlantic Ocean has been delayed from February 2016 to May 2016 to allow for additional refinement of the aerodrome's infrastructure.

Friday, November 13th 2015 - 14:04 UTC

Premier Oil defers project development and exploration spending into 2016

Premier Oil will move into 2016 some spending on projects such as its Sea Lion field in the Falkland Islands.

The successful Falkland Islands' exploration company Premier Oil has cut full-year capital expenditure as the oil producer deferred some project development and exploration spending into 2016, it said on Thursday. Like its peers, Premier Oil has to reduce spending to cope with a halving in oil prices since a peak in June last year that has eaten into revenues.

Wednesday, November 11th 2015 - 06:47 UTC

Argentina to purchase Israel fighter jets, according to defense media reports

In 2013, the Argentine Air Force began negotiations with Israel for 18 Kfir Block 60 fighters as an alternative to another deal for surplus Spanish Mirage

After almost two years of negotiations and endless speculations surrounding the question of what fighter jet Argentina would go for, Argentine media report that a decision has been made to purchase the IAI Kfir jets to replace the Air Force’s Mirages. According to the report, in Interdefensa Militar Argentina, the decision is currently awaiting final approval from the Cabinet.

Wednesday, November 11th 2015 - 06:11 UTC

Argentina's Supreme Court orders YPF to publicly release 2013 contract with Chevron

Justices noted that president Cristina Fernandez appointed Miguel Galuccio as YPF chief executive and economy minister Axel Kicillof is a board director.

Argentina's supreme court has ordered state-controlled YPF to publicly release all clauses of a 2013 contract with Chevron to develop shale oil in the country's vast Vaca Muerta formation. In a 3-1 ruling, the justices sided with opposition Socialist Senator Hector Ruben Giustiniani, ruling that the state's 51% stake in the firm effectively makes it a public company subject to transparency laws.

Tuesday, November 10th 2015 - 07:39 UTC

Oil megaprojects won't stay on the shelf for long

Oil majors are scrambling to cut costs, and large-scale projects with high costs and long time-horizons are not making the cut.

One casualty of the oil price downturn could be the megaproject. For years, as conventional oil reserves depleted and became increasingly hard to find, oil companies ventured into far-flung locales to find new sources of production.

Tuesday, November 10th 2015 - 06:49 UTC

Another can of worms in Petrobras: 1.2bn dollars for a century old Texas refinery

Petrobras paid $1.2bn for the nearly century-old refinery complex, almost 30 times the amount the Belgian company Astra Oil purchased it for in 2005

Brazilian officials are investigating allegations that Petrobras overpaid hundreds of millions of dollars for the Pasadena, Texas, refinery and funneled money into a massive kickback scheme that's led to dozens of convictions and arrests and fueled calls for the impeachment of president Dilma Rousseff, who chaired the company until 2010.

Saturday, November 7th 2015 - 07:48 UTC

YPF focusing on boosting natural gas production; investors waiting for “post-election clarity”

“We have been shifting and we will continue to shift as much as we can from oil to natural gas production,” Chief Financial Officer Daniel Gonzalez said

Argentina's state-run energy company YPF said on Friday it plans to focus on boosting natural gas production in 2016, while also pursuing a gradual reduction in drilling and completion costs and looking for more partnerships for shale and tight play projects. It also admitted that potential investors are waiting for post-election clarity on economic and energy policies before “making any decisions”.

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.

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).


Get Email News Reports!

Get our news right on your inbox.
Subscribe Now!