Investments

Investments
Friday, April 10th 2015 - 03:06 UTC

Uruguay considering extending length of oil exploration contracts

“If we find oil, there is no possible scenario in which this could be profitable and be developed” said de Santa Ana, ANCAP exploration manager

Uruguay is considering extending the length of its oil exploration contracts with foreign companies drilling in its waters in order to shore up investment at a time of plunging crude prices, it said on Wednesday. BP, BG Group, Total, a joint venture of Tullow Oil and Inpex, and a consortium of YPF, Royal Dutch Shell and Galp all have exploration agreements and have invested around $2 billion to date.

Friday, April 10th 2015 - 03:03 UTC

Argentina ordered to pay 405m dollars to nationalized Suez water works

The French group released a short statement indicating it accepted the judgment and expressing its hope that Argentina complies with the compensation order.

The World Bank's International Centre for Settlement of Investment Disputes (ICSID) has ordered Argentina to pay 405 million dollars to French company Suez, who saw their contract for water and drainage provision cancelled in 2006. The service had been privatized in the nineties during the presidency of Carlos Menem.

Friday, April 10th 2015 - 00:44 UTC

Cristina Fernandez will visit his close new friend Putin on April 22/23

Putin made an official visit to the Buenos Aires in July 2014, during which time the two countries signed energy and cooperation deals

Argentine President Cristina Fernández will be heading to Moscow in just under two weeks upon invitation from Russian President Vladimir Putin to mark 130 years of diplomatic relations between the two countries. The announcement of the president’s 22/23 April visit to Russia came amid news that she would also visit Pope Francis in the Vatican on June 7.

Friday, April 10th 2015 - 00:25 UTC

Five Falklands' oil companies accused of violating Argentine law and UN resolutions

CFK accused the companies of “carrying out hydrocarbon exploration activities on Argentina's continental shelf without obtaining the corresponding authorization”

Argentina's government on Thursday formally accused five oil companies of conducting illegal exploration work off the British-ruled Falkland Islands, which Buenos Aires claims as its own. The companies are Britain's Rockhopper Exploration plc, Premier Oil plc and Falkland Oil and Gas Ltd; Houston-based Noble Energy Inc.; and Italy's Edison International SpA, Argentina's Foreign Ministry said in a statement.

Thursday, April 9th 2015 - 04:24 UTC

Royal Dutch Shell buys BG Group for £47 Billion. Becomes main foreign oil producer in Brazil

Ben van Beurden, CEO of Shell and Andrew Gould, Chairman of BG Group shake hands as Shell and BG their takeover deal at the London Stock Exchange

Oil and gas company Shell has agreed to buy British rival BG Group for the equivalent of 70 billion dollars, making Europe's largest oil company the pre-eminent player in global natural gas and adding world-class fields in Brazil. The deal may signal a new wave of mega-mergers as the energy industry tries to adapt to lower prices.

Thursday, April 9th 2015 - 03:28 UTC

Brazilian ruling coalition members sign letter pledging to support austerity package

Rousseff's unruly coalition pledged in a letter to support her austerity package, a deal  brokered by Vice President Michel Temer as the link between Executive and congress

Brazilian congressional leaders within President Dilma Rousseff's coalition signed a joint letter on Wednesday pledging to support her austerity package, an unexpected sign that the ties with her unruly coalition are improving. The deal was brokered by Vice President Michel Temer on his first day as the official go-between tasked with mending Rousseff's tense relations with coalition lawmakers.

Thursday, April 9th 2015 - 02:45 UTC

With the end of commodities prices 'super-cycle', UN panel lowers Latin American growth forecast to 1%

Meanwhile, the end of the so-called “super-cycle” in commodity prices is affecting several countries in the region negatively.

The Economic Commission for Latin America and the Caribbean (ECLAC) has revised downward its economic growth projection for the region in 2015, forecasting a 1.0% increase in the regional Gross Domestic Product (GDP), the United Nations organization said today in a press release.

Wednesday, April 8th 2015 - 18:26 UTC

Santos port soy exports expected to resume at slow pace after six-day fire

Trucks heading to the port through the city of Santos on the Anchieta Highway were prevented from entering, although they could proceed to Guaruja

Brazil’s soy exports will likely slow because a six-day fire at a nearby fuel-storage facility has restricted access to Brazil’s largest port, Santos, a port official and the soy industry association Abiove said. Authorities have agreed to restrict truck access to some terminals at the port at least through Wednesday while flames are extinguished.

Tuesday, April 7th 2015 - 22:40 UTC

Falklands oil exploration rig moves to Isobel Deep, following Zebedee drilling success

The Eirik Raude rig successful drill at Zebedee was announced last week. The operation partners are Premier Oil (36%), Rockhopper, (24%) and Falkland Oil and Gas (40%)

Following its success with the Zebedee drill, the rig Eirik Raude is moving a short distance to start the second well of the latest Falkland Islands exploration campaign. The next target of the current four prospects exploration campaign is Isobel Deep, later followed by Jayne East and finally Chatham.

Monday, April 6th 2015 - 06:02 UTC

UK ratifies support for Falklands' oil and gas industry development

“We are satisfied that Falklands have the right to develop their hydrocarbons sector as a legitimate commercial venture with international oil and gas companies”

The British government has dismissed a reported threat from Argentina to prosecute oil firms drilling near the 
Falkland Islands. Argentine authorities said that the explorations “carry a huge environmental risk” and claimed that the London-registered companies, which announced last week they had found oil and gas in a remote field off the Islands, should be tried in Argentina

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